Condominium insurance for each individual unit within a larger project is a must-have for unit owners because the condominium association’s coverage is typically limited to the unit’s exterior, up to, but not including, the interior of the walls of the unit.
Condominium unit coverage is a separate and distinct insurance policy purchased to protect owners in the event the unit and/or personal belongings are either stolen or damaged by the policy’s defined perils.
In addition, as the insurance professionals at George Ryan Jr. Insurance Group Inc advise, condominium unit owners must also proactively protect themselves from potential lawsuits (or liability claims) if someone becomes injured in the unit or if the unit owner damages another’s property. It is important to note that liability coverage most often covers the insured for slander, libel, and bodily injury claims.
But how much condominium insurance coverage is needed to protect a condominium in and around the Bourbonnais, IL area? How does one evaluate the amount of coverage to protect themselves financially?
The simplest way to get a general idea as to the amount of insurance coverage needed for a condominium in and around the Bourbonnais IL area is –
- To create a written itemized inventory of the owner’s property.
- Determine the approximate cost to replace each item should it be damaged, destroyed, or stolen.
But note that certain valuable pieces may require special specialized coverage, like jewelry, as one item’s value may exceed a ‘per-item limit.’
To find the condominium insurance coverage that best meets your needs, please reach out to our insurance professionals at George Ryan Jr. Insurance Group Inc or call us, to allow us to create the insurance coverage that will protect your investments and personal assets.