Home Insurance in Chicago>Question Details

Jack Bolous, Home Buyer in Chicago, IL

I am buying a condo as my first home purchase and trying to determine the best condo insurance to go with.

Asked by Jack Bolous, Chicago, IL Thu Jan 21, 2010

I have gotten several quotes that range from $277 to $581 a year. Can someone recommend the best coverage amount to go with. I'm not sure if I should be using a $50,000 building coverage or I should go higher or lower. The unit is fairly standard. Hardwood floors, basic cabinets, standard counter tops and standard bathrooms. Thanks in advance.

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2
That's a wide price range!

Make sure they're all quoting on the same thing--a condo (the association, as Gerard notes, will have its own policy), not a single-family home or a rental unit. That may account for the price variation.

As Gerard says, also, find a reputable agent. Also, preferably, go with a company you've heard of and recognize. Stay away from Internet-only type companies. (They might be good . . . but they might not be.)

Hope that helps.
0 votes Thank Flag Link Thu Jan 21, 2010
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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The condominium will have insurance in place to cover the physical structure of the building.

Any policy you purchase will cover the interior of the unit.

Find a reputable local insurance agent to advice you - and if in doubt regarding the coverage - ask them to walk the unit with you.

A good agent will do this!

Good Luck!
0 votes Thank Flag Link Thu Jan 21, 2010
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