Condominium
Insurance
Your Neighborhood Realtor since 1931
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Condominium |
| Parker-Holsman Co. 1461 E. 57th Street Chicago, IL 60637 773-493-2525 Your Neighborhood Realtor since 1931 | |
The Illinois Condominium Property Act requires your condominium board to obtain insurance coverage. Most associations have coverage that includes property damage, public liability, boiler and machinery, and officers' and directors' liability. If you have any full-time, part-time, or incidental employees, your association probably carries workers compensation and employer's liability coverage. Your board works closely with Parker-Holsman's insurance broker to make sure you have proper coverage for your building.
Please remember that an insurance contract is designed to protect the Association from sudden and unexpected loss. An insurance policy is not a maintenance contract and should not be purchased with that expectation. A good insurance contract is not a substitute for regular maintenance and upkeep of your property.
Unit owners need to be aware that the building's policy does not and cannot duplicate the coverage of an individual homeowner's policy. According to your needs, a homeowner's policy can cover damage or loss to personal property, whether in your apartment, in the common elements of the condominium, or off the premises. It can cover carpets, wallpaper, cabinets, appliances, paneling, decorating, and other improvements and betterments.
A homeowner's policy can cover personal liability for accidents inside your unit, guest medical payments, and additional expenses incurred if damages make it impossible to live in your apartment. Coverage is available for damage to contents and unit improvements caused by backup of sewers and drains, leekage and seepage, and wind-driven rain.
Over the last seventy years, Parker-Holsman Co. has become adept at helping customers obtain the right insurance coverage at a competitive price, and at controlling premiums by controlling risks. We can help you find a financially secure carrier and a policy that will coordinate with the Association's master contract.
Call our office with any questions about what a homeowner's policy can do. If you already have coverage, we would be happy to look over your existing policy and give you a competitive quotation. And remember, renters need insurance too!
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