Category: Condo Insurance

Here at Arial Insurance Group in Chicago, IL, we understand that living in a condo involves automatically being a part of an HOA (homeowners association). They manage the shared spaces, handle community issues, and have the authority to administer fines for what they consider violations of the neighborhood’s bylaws. When the homeowner and the HOA cannot resolve these issues, lawsuits can result. Here’s how condo insurance helps protect your interest.

Condo Insurance Serves as a Safeguard

Condo insurance is crucial to protecting your home and its contents. But did you know that this coverage helps protect owners should there be any HOA-related legal issues? It does! Some key things to know include:

• Property Coverage: Protects the home’s interior areas, including personal possessions, against vandalism, fire, and theft.
• Liability Coverage: Covers expenses owners incur due to being responsible for any injuries or property damage they cause within the common areas.
• Loss Assessment Coverage: Should a covered loss cost exceed the HOA’s limits, owners can be charged, and this coverage can help cover those.
• Legal Expense Coverage: Some policies offer legal cost coverage for HOA disputes.

Strategies for Mitigating Risks

There are a few ways to minimize the potential impact of a lawsuit from the HOA. They include:

• Knowing Your HOA’s Bylaws & Covenants: Following the rules to avoid HOA fines and lawsuits requires knowing them. This allows owners to navigate conflicts better.
• Actively Participate in the HOA: Going to meetings helps owners stay informed of any new rules to contribute to disputes before they escalate.
• Regularly Review Condo Insurance: As rules and property values change, owners may need to alter the current policy.

Protect Yourself With the Right Insurance

If you need a condo insurance policy, contact Arial Insurance Group in Chicago, IL, to learn more. We’ll give you a quote and answer any questions you may have.

When you own a condo, you have ownership of specific areas of the building and not of other areas. The areas that you own are required to have condo insurance on them. If you have a mortgage loan, your lender will require you to have this type of insurance. Your condo board will also require it. Even in the rare cases when it isn’t required, it’s still an essential way to protect your home and your investment.

If you need a condo insurance policy, call us at Arial Insurance Group in Chicago, IL to get started. 

Insuring the Home

Your condo insurance policy will be written so that it protects the precise areas that you own. This doesn’t include the outer walls of the home. In some cases, it doesn’t include the interior of the outer walls either. It also doesn’t cover any common spaces. Your condo policy will protect your home against many different events that can happen to it. From calamities to disasters, it can pay for the damages that need repairs when a damaging event has happened. 

Protecting Your Belongings

As with home and renter’s insurance, condo insurance also protects all of the belongings you have inside your home. A damaging event that ruins your things can mean an enormous amount of money is needed to replace it all. Condo insurance pays for those replacements so that you won’t have to. 

Liability Protection

Condo insurance also pays for the medical bills of someone who gets injured while they’re in your condo. Medical bills can be sky-high, so this is important coverage to have. It may also pay for other expenses related to the accident. 

Get Your Condo Insurance Policy

To learn more about these policies, give us a call today at Arial Insurance Group in Chicago, IL. 

When it comes to condominium living, there are two different types of policies that you need to be aware of: the unit policy and the master condo policy. Each has its own set of rules and regulations, and it’s important for owners to understand the differences between them. At Arial Insurance Group, we have been helping condo owners and condo associations in the Chicago, IL area for many years and would be glad to help you understand the differences as well.

The differences between a unit policy and a master policy

The unit policy applies to each individual unit within a condominium complex. It outlines specific details that must be adhered to in order to maintain the aesthetics and safety of your particular unit. Things like pet policies, noise levels, parking restrictions, etc. are defined by this document. 

On the other hand, the master condo policy is much more comprehensive. It covers issues like structural safety standards, hazardous material management protocols, community amenities upkeep, and general maintenance guidelines. This document affects all units in a complex as well as common areas such as lobbies, hallways, and recreational facilities shared by multiple residents. 

Both documents are important for condo owners to understand in order to ensure compliance with their building’s rules and regulations. Understanding the differences between a unit policy and a master condo policy can help make living in a condominium much smoother for everyone involved!

Reach Out To Us

If you have any questions about the differences between a master condo policy and a unit condo policy, or if you’re interested in exploring insurance options for your condo or condo association, give us a call at Arial Insurance Group today. We proudly serve the Chicago, IL area.

Condo associations are similar to landlords and homeowners’ associations in that they are responsible for maintaining the condo complex grounds and shared spaces. Examples of shared spaces could include a complex gym, parking garage, elevators, pool, and anything else that is used by all residents and does not directly belong to the condo owner. With that said, if you cause severe damage to a shared area, the condo association may decide to hold you responsible for any required reimbursement or deductible payment. Because condo owners have freedom and flexibility in the interior of their unit, the condo association policy ends at your door, and your individual condo insurance policy kicks in.  

Prior to purchasing a condominium, be sure to request a copy of the condo association’s master policy so you can learn precisely what is and is not covered. Thus, you’ll then be able to shop for a condo insurance policy that best protects your interests without paying for coverage that you don’t need. Purchasing an individual condo insurance policy will cover the interior of your unit along with your personal belongings such as furniture, clothing, and electronics. Additionally, an individual condo insurance policy will include liability coverage that can protect you should a third party be injured while at your home.

At Arial Insurance Group in Chicago, we have the experience and resources needed to assist condo owners in obtaining the best condo insurance for their needs. To find out more, give us a call today to schedule a no-obligation consultation with one of our friendly, knowledgeable, and professional team members.

Most residents of Chicago, IL have discovered the advantages of owning or renting a condo. They are conveniently located near growing centers, allowing you to access almost anything with ease. Getting condo insurance with Arial Insurance Group is an excellent way of ensuring that you are protecting your investment. Considering that the condo association insurance policy only covers the external part of your residence, here are a few benefits you will enjoy by getting your own condo insurance.  

Liability Coverage

If your guests suffer an accident in your house and they get injured, or their property is damaged, you automatically become liable. That means you are supposed to cover their medical expenses and the cost to repair and replace the damaged property. However, your policy comes in handy with condo insurance and covers these costs, saving you from a financial loss.

Covers Personal Belongings

Like furniture, electronics, fine art, and jewelry, your personal property faces various risks like fire, water damage, theft, and vandalism. With condo insurance, if you are exposed to any covered risk, your policy covers the cost of repairing or replacing items, ensuring you are compensated for that loss.

Loss of Use

If your condo unit becomes inhabitable after suffering a covered loss, you will have to relocate till the unit is repaired. Condo insurance helps cover the additional expenses such as accommodation and transport. This ensures you are not left stranded for the time being.

Covers the Interior

Your condo association policy covers only the external structure of your home. When renting a condo, you are responsible for the internal structure, including fittings, fixtures, drywall, and carpets. When any of these are damaged, condo insurance covers replacement and repair costs.

At Arial Insurance Group, we want you to enjoy these benefits and more by insuring your condo. Our agents in Chicago, IL are ready to help you pick the right coverage designed for your needs. Contact us today for any assistance.

Condos are a popular housing option in Chicago. They are an affordable way to break into the housing market. Condos give the benefits of homeownership and often provide other appealing amenities. When it comes to insurance, condo insurance shares many aspects with home insurance but has its differences. Arial Insurance Group in Chicago, IL offers outstanding service, and our team knows to provide our customers with the answer they are looking for.

Doesn’t my condo association have insurance on my condo? 

Yes, the condo association does have a master policy. A master policy covers the common areas owned by all the owners, and it also covers the exterior portions of the building. It provides coverage for the building and also liability coverage for public and common areas. While this is valuable protection, it doesn’t do a lot for you and your personal possessions inside your unit. It is important you make yourself aware of the exact coverage the master policy provides and how deeply the coverage goes into your unit. 

What kinds of coverage does condo insurance offer? 

The main types of coverage condo insurance provide are:

• Liability coverage
• Contents
• Loss of use

Liability coverage protects you from legal actions that may be taken against you when someone is injured at your home or by a family member. It will pay for a judgment against you up to the limit of your policy. 

Contents coverage pays to replace or repair your possessions. It can be actual cash value or replacement costs. 

Loss of use provides the money you need to find a place to stay while your condo is not habitable due to a covered peril. 

Am I required to carry condo insurance? 

In Chicago, IL, you are not required to have condo insurance unless you have a mortgage, and then your lender will require it. 

Contact Arial Insurance Group in Chicago, IL, when you’re in the market for condo insurance.

Anyone that lives in the Chicago, IL area will have plenty of housing options available. One great option to consider is to purchase a condo. With a condo, you will not have as many maintenance obligations and can enjoy property amenities. If you do purchase a condo, you do still need to get proper insurance. There are several reasons why you need to get a condo insurance policy for your Chicago home. 

Insurance is an Association Requirement

You will need to get condo insurance because it could be a requirement to live in your association. Having condo insurance protects you and everyone else in your building. If your property has a leak that causes damage, your condo insurance will step in to pay for damages. Due to this, having this coverage is a requirement for any condo association. 

Insurance is a Lender Requirement

Condo owners in Chicago also need to get condo insurance because it will satisfy lender requirements. Anyone that buys a condo in this area and takes out a mortgage will need to meet their lender requirements. Most of the time, the lender will have specific requirements and could even escrow for your payments to ensure there is no lapse in coverage. 

If you are looking for a condo in the Chicago, IL area, you will need to make sure that you get the right insurance policy. When looking for insurance in the Chicago area, a great company to reach out to is the Arial Insurance Group. The team at the Arial Insurance Group will be able to explain to you what your needs and options are. This will help ensure you can get into a policy that is right for your situation.