High-rise condo living in Chicago offers stunning views and convenient access to the city’s best amenities. However, owning a condo in a high-rise building comes with specific insurance needs that every owner should understand. One of the most important aspects of protecting your investment is knowing how your building’s master policy works—and why individual condo insurance is essential.
What Is a Master Policy?
A master policy is an insurance policy held by your condo association or HOA that covers the building’s shared spaces and structural elements. This typically includes areas like hallways, elevators, lobbies, and the exterior of the building. While this coverage is important for maintaining the building, it doesn’t extend to your personal unit or belongings.
Why High-Rise Condo Owners Need Individual Insurance
Many Chicago condo owners assume that the master policy is enough to protect them. Unfortunately, this isn’t the case. Individual condo insurance is necessary to cover your personal property, liability, and any upgrades you’ve made to your unit. For example, if a pipe bursts in your unit and damages your furniture, the master policy won’t cover the cost of repairs or replacements—your condo insurance will.
Key Coverage Areas to Consider
- Personal Property: Protect your belongings, such as furniture, electronics, and clothing, from theft or damage.
- Liability: Coverage for accidents or injuries that occur inside your unit.
- Unit Improvements: If you’ve upgraded your flooring, countertops, or fixtures, condo insurance ensures these investments are protected.
Local Expertise Matters
At Skylight Insurance, we understand the needs of Chicago high-rise condo owners. From navigating your building’s master policy to customizing your individual coverage, we’re here to help you protect your home and belongings. Contact Skylight Insurance today to learn more about condo insurance options for Chicago residents.
Visit Skylight Insurance to explore your options and get started on securing your high-rise condo today.
