If you are a member of a condo association, it can be very confusing to discover who is responsible for what. In the past few years, insurance policies on things such as this have become much more detailed. If you purchase a policy for condominium association insurance in Chicago, it is likely that your policy will contain a detailed list of what is covered by the insurance policy and what is not. Here are a few examples of the different types of policies you may find.
There are three subsets to a Master Package policy. Your property coverage will generally be categorized in this type of policy by a few things. First is bare walls, which is coverage for common elements. This does not usually include any structure that is inside the building, such as interior walls, appliances, fixtures, floors and ceilings. The second part of this is single entity, which is coverage again for the common elements, but usually includes property that was initially installed. The third part of this type of policy of condominium association insurance in Chicago is an all in type of coverage. This is coverage for both of the above, but also includes coverage for things that may be done to better the property and to make it look nicer or to make it safer.
It is important for the association to survey property and determine what is to be covered in the master package and what is the responsibility of the resident or the owner of the individual unit. Some things to think specifically about are buildings such as residences, clubhouses, garages and carports. Also, does the definition of building include pipes, wires, conduits, and things that are similar? The second thing to survey is the structures such as awnings, courts, cabanas, fences or fountains. The third is the other property category and can include things such as antennas, landscaping, furnishings and fine art. Also consider property that is not covered by the policy. Some examples of this are bridges, roadways and underground infrastructure. Oftentimes these things can be insured for a higher premium, so it is the responsibility of the association to decide what they need and what they want to pay.
An association can be a great thing for those who are not interested in the basic maintenance of their building and surrounding areas. But associations must also make sure that they are protected and that the definition of what they are responsible for is well defined to the resident or the owner of the individual unit. Purchasing condominium association insurance in Chicago is an absolute necessity to protect the rights of both the association and the residents.
If you are involved in an association where you live, be sure to inquire into the type of condominium association insurance in Chicago that the association has purchased. Condominium association insurance in Chicago will protect the rights of the resident and the association equally.
