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Condominium Insurance

Condominium Insurance Information

Homeowners need homeowners insurance. However, they must tailor their plan to optimally cover their property and possessions, whatever shape or size they come in. Therefore, a standard property owner is going to need vastly different coverage than someone who owns a condominium. Condos are not freestanding properties, nor do they present the same liabilities to the owner. However, the risks that condo owners do face are in no way the lesser of two evils.

SAMCO Agency has provided Illinois insurance customers with quality personal insurance benefits for more than 45 years. We offer customizable condominium insurance options that will always protect you and your family within your home, while ensuring you are covered for liabilities that are specifically yours and not the condo association’s.

To get your policy, call us at (630) 227-9000 or request your quote now!

Common Condo Insurance Questions

What Is Condo Insurance?

Condominium associations frequently purchase master insurance policies that protect them against certain damage risks and liabilities present throughout the property. However, those policies are not specific to the individual unit owner.

Therefore, condominium residents need their own insurance to help them cover their possessions, liabilities, and parts of the structure that are their responsibility. Any property damage, loss of possessions or liability lawsuit could be very expensive, frustrating and time-consuming. However, with the quality financial benefits within your condo insurance policy, you will be able to pick up the pieces of these accidents without a significant personal cost.

What Condo Insurance Do I Need?

Every condo is different. They are built with unique features, contain numerous possessions and are at risk of unique hazards. That’s why you’ll need to include several different benefits within your policy:

  • Building Property Protection: Portions of the condo’s structure—usually from your interior walls inward—might be your responsibility to maintain. Therefore, this coverage can help you make repairs following hazards like fires or vandalism.
  • Contents Insurance: Pays for damaged belongings. Protection might cover everything from furniture to food in the pantry and computer systems.
  • Liability Coverage: If you accidentally cause bodily injuries or property damage to someone who doesn’t live with you, like a neighbor, then you can use this coverage to repay them.
  • Accidental Medical Payments: If someone gets hurt on your property, then this coverage can help you compensate them even if you had no fault in their accident.
  • Additional Living Expense Protection: Do you need to move out temporarily after household damage? Let this coverage reimburse you for expenses like dining or hotel bills.

Additional benefits that can help you further customize your plan include:

  • Scheduled items riders
  • Replacement cost value possessions coverage
  • Umbrella liability insurance
  • Pet bite liability insurance
  • Identity theft coverage
  • Coverage for community property loss fees assessed by the condo association
  • Coverage for alterations to the condo that are not covered by the master plan

How Much Does Condo Insurance Cost?

Countless factors can impact your condo policy’s final cost. Generally, the higher your risk of filing a costly claim on your policy, the more you will have to pay.

However, your SAMCO agent is committed to working with you to develop the condo insurance package that does not cut corners on coverage, but also remains affordable. We’ll apply all eligible discounts and savings opportunities to your plan from day one.