The Windy City is one of the nation’s most vital and dynamic cities. With more than 2.7 million residents, Chicago is by far the largest city in the Midwest. There are an estimated 260,000 condos in Chicago, making it the nation’s third-largest condo market. Many people don’t realize that condos are a primary part of the Windy City’s skyline. Chicago, IL condo insurance is an important factor for anyone who currently owns one of these homes or is considering a purchase.
Condo insurance is different from regular homeowner’s insurance. Your condominium insurance will likely cover your personal property and liability. It may also cover additions, alterations, and improvements you make to your condo, depending on the condo association agreement. Any additional insurance, such as loss assessment coverage, is optional. Your insurance needs will differ, depending on whether or not you own or rent your home. Contact an independent agent in the Trusted Choice® network today to compare Chicago condo insurance quotes and options.
- Condominium association master insurance policies can have deductibles as high as $25,000.
- Some condo associations cover window maintenance and replacement, while others place that responsibility on the condo owner.
- Not all condo master plans provide coverage for damages caused by sewer or drainage backups, so it may need to be included in the HO-6 insurance plan.
- Some condominium associations offer “all-in” master policies that will include coverage for interior walls, floors, and ceilings of the condo units.
Condo Insurance Costs
The rate you pay for your Chicago condo insurance can vary, depending on the value of your unit, your geographical area, and your condo association policy. Other considerations include the amount of coverage needed, the options you choose, your deductible, the location, the construction of your condo, and what deals and discounts are available. Your Trusted Choice independent agent can present you with the options that are available to you.
Make sure you have a clear understanding of your condo association policies. Not all Chicago condo insurance requirements are the same. Understanding your association’s policies will help you choose the insurance coverage that is right for you.
Tips for Getting the Best Chicago Condo Insurance Quotes
- Compare coverage options and quotes from more than one insurance company.
- Make sure you request quotes on full replacement value, not a depreciated value.
- Consider any items of special value and determine whether you need additional riders.
- Ask for all available discounts such as multi-policy discounts.
Getting the best condo insurance quotes can be a challenge. A Trusted Choice independent agent can assist by putting together a comparison list that will not only save you a lot of time, but potentially can save you a lot of money.
Condo Owners Can Take Precautions to Lower Risks
- For approximately 56% of residential fires within homes that have working smoke alarms, the fire can be controlled quickly enough to minimize damages.
- When used in conjunction with other safety precautions, burglar alarms can reduce your risk of burglary by 66.2%.
- The use of a dead bolt lock discourages intrusion and theft in more than 50% of all home burglaries.
- Implementing these safety and security measures can result in discounts on your condo insurance.
Anything you can do to lower your risks may reduce your condo insurance premium. Your local independent Trusted Choice member agent will be able to help you with this, as well as give you your options.
Reducing Chicago Condo Insurance Costs
There are several ways you can cut the costs of your condo insurance:
- Get certification from the Leadership in Energy and Environmental Design (LEED) rating system.
- If your home is eligible, you may be able to get the homeowners association credit, which puts you at a lower risk.
- You can receive a credit on your policy if you or your spouse is retired. This is referred to as the Matured Insurance Credit.
- You can save money by having more than one type of policy with the same insurance company.
- If your home is newer, you may qualify for the Newer Home Credit.
- Are you a non-smoker? You may qualify for a reduced premium.
- Do you have a fire alarm, burglar alarm, special locks, or smoke detectors that reduce your risk? You may qualify for the Protective Device Credit.
- Long-term customers often qualify for the Renewal or Long-Term Customer Credit.
Chicago condo insurance clearly has a great deal of flexibility. While every condo owner must have some type of coverage, there are a lot of variables to consider. An independent agent in the Trusted Choice network can help you learn everything you need to know to make an informed choice about your coverage. Find a local member agent today to get started comparing quotes.