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  • Do I Need Condo Insurance in Belleville Illinois?

    March 16, 2020 | Blog Services
  • Do I Need Condo Insurance in Belleville Illinois?

    condo insurance belleville il
    The state of Illinois does not require condo owners to maintain property insurance coverage. However, that doesn’t mean that you should go without it. Like other types of properties, a condo is a major investment, and you want to make sure you are protected in case of an emergency. The last thing you want is to lose the condo you worked so hard to buy.

    When You Might Need to Have Condo Insurance

    Although there is no law requiring you to have condo insurance in Belleville, IL, there may be certain scenarios in which you must purchase it. For starters, if you took out a mortgage to pay for your condo, your bank or other lenders will likely require a certain amount of coverage. This way, they’ll be protected in case something happens to your condo. They’ll still expect you to pay back your loan, even in hard times.

    In addition, your condo association may also require you to have some amount of coverage. If required, this will likely be explained in the community’s bylaws or other documents you received from the association when you moved in. The documents should also explain the minimum coverage levels required, as well as any penalties for not maintaining adequate coverage.

    Components of Condo Insurance

    Insurance functions similarly to standard homeowners insurance and is made up of the same components:
    • Liability Insurance – This is one of the most critical components of your condo insurance coverage. If anyone is injured while visiting your condo, from invited guests to door-to-door salespeople, personal property insurance belleville illinoisthis aspect of coverage will apply to their medical expenses. It can also be applied to legal costs if the person decides to sue. This is the type of coverage your condo association is most likely to require.
    • Property Insurance – This aspect of your policy applies to the physical structure of your condo. In the event of a fire, break-in, or other emergencies, your insurance coverage can help cover the cost of repairs. Your mortgage lender will likely require this type of coverage as it applies to the property itself.
    • Personal Property Insurance – Your condo association and lender typically won’t require this coverage component, but you’ll likely want to have it anyway. It applies to the contents of your condo, like furniture, appliances, and other belongings, and can help pay to replace them when damaged or stolen.
    For all your condo insurance needs in Belleville, IL, you can count on KMK Insurance. Reach out to us today for more information.