Mind the Gap Understanding Your Insurance Responsibilities

 Insurance is designed to be there for us when we need it most. Without knowing  the full extent of our coverage, though, we may find ourselves with less  protection than we thought. For condominium owners, it is imperative to  understand exactly what liabilities and risks are covered by individual  resident homeowner policies and what is covered by the building’s policy.  

 “Unfortunately, many unit owners are under the assumption that the association  will insure their entire unit and all of their personal items—this is incorrect!” says Jennifer Eilert, commercial lines manager at CISA Insurance in Elgin.  

 “The most common misconception of unit owners is that they do not understand how  much of the inside of the building itself they are responsible to insure,” says Charles J. Hruska III, president of Hruska Insurancenter, Inc. in Mokena. “As an example, any buildout or updates done by themselves or any previous owner  are theirs to insure.”  

 Knowing exactly what is protected and by whose policies is imperative in  ensuring that properties and possessions are in good hands should an emergency  arise.  

 Know Your Insurance

 In order to avoid problems later, it is important for unit owners to learn as  much as they can about their own policy, their building’s policies and where any gaps may exist. The responsibilities of the resident  will vary depending on the type of community they reside in.  

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