Condo Insurance in Chicago
Coverage for the parts of your unit you're responsible for, plus belongings, liability and other available protections that work alongside the association's master policy.
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A condo policy is written to fill the space between what your association's master policy handles and what you are personally responsible for as a unit owner. That dividing line is set by your association's declarations, which is why condo coverage is one of the more document-driven conversations we have.
Two units in the same building can need different coverage, depending on what has been upgraded inside them and how the association's bylaws allocate responsibility.
What this coverage may include
Building property coverage for the unit
Coverage for the interior elements you are responsible for, such as improvements, fixtures and finishes, depending on the policy and the association's documents.
Personal property
Your furniture, electronics, clothing and other belongings, subject to limits and category sub-limits.
Personal liability and medical payments
Responds to bodily injury or property damage you are legally responsible for, subject to policy terms.
Loss assessment
May help with certain assessments the association charges unit owners after a covered loss, subject to the policy's terms and limit.
Additional living expenses
May help with extra living costs if the unit is not fit to live in after a covered loss.
Water backup
Often available as an endorsement, and frequently relevant in buildings with below-grade space.
Who may benefit from this coverage
- Unit owners in Chicago condo and townhome associations
- Owners who have renovated a kitchen, bath or flooring inside their unit
- Buyers whose lender requires unit-owner coverage at closing
- Owners in buildings with a high master-policy deductible
- Owners who rent their unit out and need the occupancy reflected correctly
Coverage decisions worth thinking through
How much building property coverage to carry
This depends on what the association insures. Some declarations cover original fixtures; others leave more to the owner. Read that section before choosing a limit.
Loss assessment limits
Assessments after a large building loss can be significant. Higher loss assessment limits may be available.
The association's master-policy deductible
A high master deductible can be passed through to owners in some situations. Knowing the number helps you decide what to carry.
Reviewing association documents
The declarations, bylaws and the master policy's certificate of insurance together define the split. Send them over and we will read them with you.
Chicago condo associations
Chicago has an unusually wide range of association types — three-flat conversions with a handful of owners, mid-rise buildings on the north and west sides, and high-rises downtown. Master policies and deductibles vary widely across them, and a small self-managed association often insures less than a professionally managed high-rise.
Below-grade storage, shared laundry rooms and garage parking are common places where responsibility and coverage need to be checked against the documents rather than assumed.
Why work with the Joe Schneider Agency?
The agency has served Chicago since 2005 from its office on North Avenue, and Joe and his team bring more than 20 years of local experience to conversations like this one. We explain options in plain English, review what you already have, and leave the decision with you.
More than 800 customer reviews across Google, Yelp and the agency website. Read customer reviews
The Joe Schneider Agency is licensed to sell insurance in Illinois, Indiana and Wisconsin.
Coverage availability varies by product, location, eligibility and underwriting requirements. Some products may be offered or issued by third-party insurance providers.
Things people ask us about this coverage.
What does condo insurance cover?
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Generally the parts of the unit you are responsible for, your personal property, personal liability, and — depending on the policy — certain assessments after a covered loss.
Why do I need it if the association has a master policy?
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Master policies typically cover the building and common areas, not the interior items you are responsible for or your belongings and liability.
What is loss assessment coverage?
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It may help pay certain amounts your association assesses to unit owners after a covered loss, subject to the policy's terms, exclusions and limit.
Does my policy cover a leak from the unit above me?
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It depends on the cause of the loss and on the policy's terms. Water damage from some sources may be covered while others, including backup without the endorsement, generally are not.
What documents should I send before a quote?
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Your association's declarations, the master policy certificate showing the deductible, and a note on any renovations inside your unit.