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Archive for the ‘Condo Insurance’ Category
Tuesday, January 19th, 2010
When looking for condominium insurance there are crucial questions to ask to help guide you to the coverage you need. To state the obvious, a condominium is not the same thing as a house. Usually, there is no backyard or basement, and you don’t have to worry about cutting the grass or shoveling the front walk. Insurance is another area where homes and condos differ. Condo owners are typically responsible for insuring just a portion of their property on their own. However, rules differ from complex to complex, and it is important to ask the right questions to ensure you have proper insurance coverage.
What are your ownership and insurance responsibilities in the condo association’s Master Deed? In other words, what does the association expect from you regarding insurance requirements? Individual owners have a collective responsibility for insuring areas of the complex owned in common – building exteriors, hallways, pool area, etc. Individual unit owners typically are responsible for separately insuring everything within the four walls of their unit. The condo association’s master policy, as well as association rules, should spell out clearly which parts of the complex are insured through association dues and which parts are not.
How much is the association deductible? This is an area many condo owners don’t think about. Condominium insurance typically includes commercial insurance coverage for the commonly shared building and common areas which usually includes an association deductible. In the event of a natural disaster or hurricane or whatever and the condo association needs major work the association will tender the claim to their commercial insurer. But would be a deductible and that deductible would be assessed against all unit owners so if there were 10 unit owners, it would be divided 10 ways. You could really be hit with bill you weren’t expecting or did not know about if you didn’t do your homework.
It is also important to know how to lower you condominium insurance. Several questions need to be asked that can factor in to reducing your costs.
- Have your agent properly estimate the value of what is being insured by you for your condo.
- Apply modification credits. For condos that can mean sprinkler systems and central monitoring burglar and/or fire alarm.
- Shop around. It is often inconvenient and may require some effort but finding the right policy and coverage can save you money in the long run. Finally, keep in mind that there may be discounts. Many companies offer discounts such as non-smoker or retired.
Tags: Chicago Condo, Chicago condo company, Chicago Condos, Chicago condos for sale, Chicago Real Estate, Condominium, condos in Chicago
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Monday, November 23rd, 2009
When looking for condominium insurance there are crucial questions to ask to help guide you to the coverage you need. To state the obvious, a condominium is not the same thing as a house. Usually, there is no backyard or basement, and you don’t have to worry about cutting the grass or shoveling the front walk. Insurance is another area where homes and condos differ. Condo owners are typically responsible for insuring just a portion of their property on their own. However, rules differ from complex to complex, and it is important to ask the right questions to ensure you have proper insurance coverage.
What are your ownership and insurance responsibilities in the condo association’s Master Deed? In other words, what does the association expect from you regarding insurance requirements? Individual owners have a collective responsibility for insuring areas of the complex owned in common – building exteriors, hallways, pool area, etc. Individual unit owners typically are responsible for separately insuring everything within the four walls of their unit. The condo association’s master policy, as well as association rules, should spell out clearly which parts of the complex are insured through association dues and which parts are not.
How much is the association deductible? This is an area many condo owners don’t think about. Condo insurance typically includes commercial insurance coverage for the commonly shared building and common areas which usually includes an association deductible. In the event of a natural disaster or hurricane or whatever and the condo association needs major work the association will tender the claim to their commercial insurer. But would be a deductible and that deductible would be assessed against all unit owners so if there were 10 unit owners, it would be divided 10 ways. You could really be hit with bill you weren’t expecting or did not know about if you didn’t do your homework.
It is also important to know how to lower you condominium insurance. Several questions need to be asked that can factor in to reducing your costs.
- Have your agent properly estimate the value of what is being insured by you for your condo.
- Apply modification credits. For condos that can mean sprinkler systems and central monitoring burglar and/or fire alarm.
- Shop around. It is often inconvenient and may require some effort but finding the right policy and coverage can save you money in the long run. Finally, keep in mind that there may be discounts. Many companies offer discounts such as non-smoker or retired.
Tags: Buy a Condo, Chicago Condos, Chicago condos for sale, Chicago Real Estate, Condo Associations, condos in Chicago, new condos in Chicago
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Friday, November 6th, 2009
When purchasing a home, there are many things that you should “keep an eye out for” so to speak. This article will be helpful information in avoiding someone from purchasing a home that may be very expensive to repair down the road. There are some products in a home that could be very costly to replace and people should know about these items and have them inspected before they purchase.
The first thing to look out for when purchasing a home, is the siding on the home. There is siding out there that is not good quality and can be very expensive to replace if need be. Watch out for L.P (Louisiana Pacific) and OSB (Oriented Strand Board) products. They have received a lot of bad press in terms of their life span and reliability.
The other thing to look out for would be the plumbing in the home. Certain systems are more prone to having certain problems than others. Galvanized water pipe is the most prone to rusting on the horizontal surfaces (floors) and it corrodes from the inside out. Some rigid plastic systems have been recalled, while others fared very well. Take the time to check the plumbing and see what plumbing system your potential home has.
The type of wiring in residential homes is important to check as well. Generally this depends on when the home was built, where it was built and if it has been updated. Look for the newer Romex-wrapped wiring, which is copper. This type of wiring has replaced outdated wiring and is a safer bet as well. It is always a good idea to speak to an electrician and/or inspector about the wiring in the home. A little homework today can save you a ton of money down the road.
Make sure that the home has Energy Efficient Windows. There are many types of windows including, single pane, double pane, thermo pane, triple pane, plain glass, leaded glass, low e glass, wired glass and tempered glass. Tempered glass windows are good against shattering. Fogged thermal pane windows may need to be replaced if their seals are broken, which again can be costly. The new argon gas filled windows are good for insulation and low energy bills.
There are many more factors to consider when purchasing a home, but these are just some of the more costly items that if in need of repair, can cost you. Purchasing homeowners insurance and understanding what that covers will help you avoid spending money out of pocket. Again, make sure to consult with a professional when purchasing a home because it can save a lot of money in the long run.
Tags: Buy a Condo, home inspections, homeowners insurance, purchasing a home
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Sunday, June 28th, 2009
Why insure your Chicago condo? You’ll need to insure your condo in Chicago because the association fees that you pay each month do not cover any of your contents. It’s critical for you to understand this.Â
The condo association fees you pay each month do cover insurance. The insurance that’s covered in for the condo complex, not for anything inside your four walls. If a tornado came and swept away the complex, the complex would be rebuilt but would not have any of your contents inside including kitchen cabinets, toilets, flooring, etc.
Basically, when you bought your condo, everything that is inside of it, including the fixtures are yours and you have to insure them. When you insure a condo, you’re insuring all the fixtures and all contents, such as your clothes, your mattress, your TV’s and computer; things like that. Can you imagine if all that was stolen or damaged tomorrow? How would you replace it all? Look around and add up the price. You’ll find that you have more stuff than you thought.Â
How do you insure a condo in Chicago? Most agencies will do this type of insurance but you may have to check around. Basically the type of insurance we’re talking about is called contents insurance also known as renters or apartment insurance. It insures the contents of the unit. The association fees that you pay for that also has a line item for insurance expense covers everything outside your four walls. It covers the hallways, the roof, the windows, the landscaping and overall, everything that’s not inside the units. This is also mandatory, but the complex does not let you know that it doesn’t carry coverage for you. You have to get this insurance yourself.
If you go to the website “InsureACondo.com†you’ll find a number of choices on this subject. Don’t get caught without this insurance. You might never need it, but if you do some day, it will invaluable to you. The cost is very inexpensive as well. Many insurance firms will charge less than $50 per month for this depending on the policy you put in place and how much you’re planning to insure.
Insure a condo in Chicago or chance it? What will you do? Look around the condo and assess how much you would have to replace if it was all scooped up today. You probably have more stuff in your condo than you thought.
Tags: Condo Insurance, condos, insurance, insure a condo in Chicago, Insuring Condos
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Tuesday, February 17th, 2009
Have you ever heard of Chicago condo insurance? Why would anyone need to buy insurance for a condo? It’s extremely important you understand what is involved in your condo insurance when you close and own your own condo.
When you close on a condo, you have to pay into a condo association each month, known as “association feesâ€. As an example, let’s assume your monthly association fee is $200. This $200 Is paid to the association by all the owners of the condos in the complex. It gets pooled together and used for various expenses to run the complex and improve it.
The expenses associated with condo buildings are heat for the building (sometimes the units themselves), an electric expense to light up the hallways and the parking lot, scavenger (garbage pick-up), weekly maintenance, snow removal and grass cutting. There is also a certain amount of the fees that go toward long term expenses like roofing, asphalting, balconies and heating systems. How about Chicago condo insurance? Well, the association does pay for insurance, but it’s just on the complex itself, not on anything within your four walls. If a fire damages the building, the association insurance will cover that, but not the stuff inside your unit, such as your possessions. It’s extremely important to get “condo contents†insurance so that if anything is damaged or stolen, your stuff is taken care of.
If the association finds itself in need of a major improvement but does not have enough of funds in its account, they must collect money from everyone in the complex to handle this expense. This is known as a “special assessmentâ€. Let’s say the heating system needs to be replaced and the cost is going to be $25,000. They can do it a few different ways, but let’s say the heating company will allow the complex to finance the heating unit over a five year period. They would take the $5,000 per year needed or $ 400 per month and divide the expense it among the owners. Your association fees may go up $20 a month to cover this expense.
 One way or another, make sure your covered on the insurance end. You never know when something will happen. So many people don’t really realize the cost of completely having to replace everything that they live with. If a fire comes and wipes you out, there’s a huge expense to get back on your feet. The Chicago condo insurance may also take casre of you staying in a hotel until the damaged gets fixed as well.
Tags: Add new tag, Chicago Condo, Chicago Condo Insurance, Condo Insurance, condos, insure a condo
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Thursday, February 5th, 2009
When looking for condominium insurance in Chicago there are crucial questions to ask to help guide you to the coverage you need. To state the obvious, a condominium is not the same thing as a house. Usually, there is no backyard or basement, and you don’t have to worry about cutting the grass or shoveling the front walk. Insurance is another area where homes and condos differ. Condo owners are typically responsible for insuring just a portion of their property on their own. However, rules differ from complex to complex, and it is important to ask the right questions to ensure you have proper insurance coverage.
What are your ownership and insurance responsibilities in the condo association’s Master Deed? In other words, what does the association expect from you regarding insurance requirements? Individual owners have a collective responsibility for insuring areas of the complex owned in common – building exteriors, hallways, pool area, etc. Individual unit owners typically are responsible for separately insuring everything within the four walls of their unit. The condo association’s master policy , as well as association rules, should spell out clearly which parts of the complex are insured through association dues and which parts are not.
How much is the association deductible? This is an area many condo owners don’t think about. Condo association insurance typically includes commercial insurance coverage for the commonly shared building and common areas which usually includes an association deductible. In the event of a natural disaster or hurricane or whatever and the condo association needs major work the association will tender the claim to their commercial insurer. But would be a deductible and that deductible would be assessed against all unit owners so if there were 10 unit owners, it would be divided 10 ways. You could really be hit with bill you weren’t expecting or did not know about if you didn’t do your homework.
It is also important to know how to lower you condominium insurance in Chicago. Several questions need to be asked that can factor in to reducing your costs.
1. Have your agent properly estimate the value of what is being insured by you for your condo.
2. Apply modification credits. For condos that can mean sprinkler systems and central monitoring burglar and/or fire alarm.
3. Shop around. It is often inconvenient and may require some effort but finding the right policy and coverage can save you money in the long run. Finally, keep in mind that there may be discounts. Many companies offer discounts such as non-smoker or retired.
Tags: chicago condomimiums, Chicago Condos, Chicago condos for sale, Chicago Real Estate
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Tuesday, December 23rd, 2008
The insurance that you pay for as part of your monthly association fee almost never covers the contents of your condo in case of fire, theft or other loss. What defines “contents?” Well, it’s just about everything within your walls, including furniture, appliances, jewelry, personal papers, even sinks, cabinets, carpet, floor tile–everything.
Don’t forget about, or skimp on, contents insurance for your Chicago condo or suburban Chicago condo. OwnACondo.com now offers a one-stop insurance resource. Click here to learn more about condo insurance and to get a free quote.
Protect your hard-earned belongings and enjoy the peace of mind you’ll have knowing that you are insured.
Tags: Condo Insurance, condos, insure a condo, insure your condo Chicago condo insurance
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