More and more, individuals and families are investing in vacation condos. This provides their own little piece of paradise that they can get away to whenever they have time, without having to deal with hotels. If you've recently bought a condo, you are probably looking forward to being able to throw some clothes in a bag and know that your home away from home is waiting for you with everything else you will need. 
While just about everything about a vacation condo is fun and enjoyable, take a few minutes to think about insurance. Some people make the mistake of thinking that their current homeowner's insurance would cover all the properties they own, and that isn't the case.
For your new property, you would need a new policy that covers the part of the building you are responsible for. In a condo, there is usually an association that insures the exterior of the building as well as any common areas, but you would be responsible for the inside of your unit in the case of an incident.
If your condo is near a body of water, such as the ocean, a river or lake, you may also want to consider additional insurance to make sure you are covered in the event of a natural disaster. Hurricanes, floods and wind are all common problems at vacation condos; you'll want to ask if these sorts of issues are covered in a traditional policy, or if you will need to purchase additional insurance.
The other thing to consider is whether you will rent out your condo. Whether you intend to run it as a rental business, or even if you just let friends and family members use it every once in a while, if it's not owner occupied, you may need a special landlord's policy to cover any damage that occurs when somebody else is using the property.
Purchasing a vacation condo is an exciting step, but don't forget insurance. Once you know you're covered, you can sit back, relax and really enjoy your new home.
We’ll help you get the right coverage. Call 1st American Insurance Agency at (616) 531-1900773-467-2200 for more information on Chicago home insurance.