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PTP Insurance
Agents of Naperville, IL, an independent insurance agency
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Condominium
(Condo) Insurance
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What is Condo Insurance?
 Insurance
requirements are different for an owner of a condominium than
for owners of single family homes or renters. Condominiums typically
have an association which is responsible for insuring the common
elements that includes the physical exterior of the building(s),
hallways, stairways and elevators. The hazard insurance purchased
by the condominium association typically does not insure any
of the real property within the condo owner's unit. For example,
the interior walls, fixtures, plumbing, electrical items, etc.
are not covered by the hazard insurance obtained by the association.
Since these items are considered real property, and not personal
property, renters insurance would not cover them. Therefore there
is a void in coverage.
Condominium (Condo) Insurance
has been designed to fill that void. Simply put, condo insurance
is a hybrid of traditional home insurance and renters insurance.
It is designed to cover those real property items not insured
by the associations hazard insurance policy. Condo insurance
also covers personal property as well as liability. As to be
expected, premiums for condo insurance tend to be less then premiums
for traditional house insurance because there is less to insure.
Insurance agents should help
you co-ordinate the coverage you will be getting in your condo
insurance policy with the coverage specified in the association's
hazard insurance policy. it is important to find out what is,
and what is not, covered by your association's policy. |
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People
to People Insurance Services Inc. - 1240 Iroquois, Naperville, IL, DuPage County - Serving Chicagoland (630) 355-2355 |
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Naperville Illinois personal and commercial independent insurance agents, PTP Insurance Agency, serves clients throughout
the metropolitan Chicagoland area which includes Cook County, DuPage County, Kane County, Kendall County and Will County;
including, but not limited to, Naperville, Bolingbrook, Plainfield, Aurora, Batavia, Barrington, Berwyn,
Bedford Park, Bloomingdale, Brookfield, Burbank, Burr Ridge, Carol Stream, Chicago, Clarendon Hills, Countryside,
Darien, Downers Grove, Elgin, Elmhurst Glen Ellyn, Glendale Heights, Hickory Hills, Hoffman Estates, LaGrange,
LaGrange Park, Lemont, Lisle, Lockport, Lombard, Lyons, Mokena, Montgomery, Oak Brook, Oswego, Romeoville,
St Charles, Schaumburg, Shorewood, Sycamore, Warrenville,West Chicago, Westmont, Woodridge and Yorkville.
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