ANSWER
For a condo near Roosevelt University, you usually need your own HO-6 condo policy, while the condo association’s master policy covers the building’s shared structure and common areas. Flood insurance is separate if you want coverage for flood damage.
YOUR NEXT DECISION
Turn the answer into your next step
- Request the condo association’s master insurance summary.
- Buy an HO-6 policy that covers your unit interior, belongings, liability, and loss of use.
- Ask your lender whether it requires HO-6 coverage.
- Check flood insurance eligibility separately if flood risk matters.
- Review whether you need extra endorsements for water backup or sewer overflow.
What insurance a condo owner needs
A condo owner typically needs an HO-6 policy for the inside of the unit, personal property, liability, and loss of use. The association’s master policy usually covers the building structure and shared areas, so you are not buying a standard single-family homeowners policy for the whole property.
- HO-6 is the condo form of homeowners insurance for unit owners.
- The master policy usually covers common areas and the building shell.
- If you finance the condo, a lender may require coverage; the Illinois condo law context also points to specific condo insurance requirements.
Flood coverage is separate
If flood damage is a concern near your condo, flood insurance is a separate policy. Illinois says any homeowner or renter in an NFIP-participating community can buy flood insurance, even without living in a floodplain; if the community is not participating, private flood insurance is the alternative.
- Homeowners insurance typically does not cover flood damage.
- Check NFIP eligibility first.
- If NFIP is not available, look at private flood insurance.
What to verify before you buy
Ask the condo association for its master policy details, because your HO-6 needs to fit what the association does and does not cover. Then confirm whether your lender requires a policy amount or specific endorsements, and whether you want extra protection for water backup, sewer overflow, or other exclusions.
- Get the master policy before you bind coverage.
- Confirm lender requirements if you are financing.
- Ask about exclusions and endorsements, especially water backup and flood.
Sources
- Changing Times Require a New Look at Condo Insurance ↗
- Flood Insurance - Illinois Department of Insurance ↗
- Condo Insurance in Chicago, IL - Affordable Insurance Premiums ↗
- Shop for homeowner's insurance | Consumer Financial Protection Bureau ↗
- HO-6 Policy vs. HOA Master Policy: What Condo Owners Need to Know | RowCal ↗
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