How much is homeowners insurance in IL for townhome that's not covered by the common insurance?

Question

I'm planning to purchase a townhome and the assessments does include common insurance. I've been told it doesn't protect any misc assets I have in my home in case a disaster occurs. I want to factor this into my monthly expense estimates. I'm looking for a purchase price at $200,000. How much should estimate for homeowners insurance? Is it a monthly and annual payment?

Thanks

Answer 1

You need to call an insurance company for quotes, start with your auto insurance company & go from there.  There are many questions, what does the master policy cover?  You would need to read the condo bylaws to find out.  Does that policy cover everything attached to the unit or only to the studs?  Does it cover anything that you add to or alter in the unit?  So, you would purchase a condo policy (HO6 form), you would need to find out from the condo association what you actually need to cover.  That would be the dwelling limit you need.  Then you need to tell the insurance company how much contents coverage you want (if you had to replace everything you own), then get at least $500,000 liability, $5,000 medical payments & get $50,000 (or the company maximum) loss assessment (this covers if you are assessed for damages to common property - simplified definition - you would need to speak to an agent to explain it to you).  You would also need to tell the agent the deductible you want (property coverage).

Good luck in your purchase but no one here can give you a quote.

Homeowners insurance is always an annual policy.

Answer 2

Your common insurance covers only your building’s exterior structure, including the roof, basement, elevators, and walkways. The inside of your unit and all of your possessions are not covered by the master condominium insurance policy. You need a policy that covers five basic areas: 1) Dwelling, 2) Personal property, 3) Temporary “loss of use” of your dwelling and possessions, 4) Personal liability, and 5) Medical payments. I recommend speaking with an insurance broker. A broker works with many different companies and can find the best coverage and price for you. To find one, log onto a website like http://www.homeownerswiz.com and request a free quote.