Condominium Associations — Insurance Is Mandatory

Illinois law has specific insurance requirements for condominium associations.

Under the Illinois Condominium Property Act, qualifying condominium association coverage includes property insurance on common elements and covered portions of the units.

The law requires property coverage at not less than the full insurable replacement cost, subject to applicable deductibles and statutory requirements.

Condominium associations must also carry Commercial General Liability insurance with a minimum limit of:

$1,000,000

or a greater amount considered appropriate by the board.

Read more:Illinois Condominium Property Act — Section 12 Insurance