Sustaining a major loss is devastating to any person - period. When you’re involved in a major loss within

a condo or townhome community, typically multiple families are involved, thus making the devastation extreme. Recently there was a very large condominium fire in a Chicagoland suburb. The following statistics of that fire regarding insurance are very alarming:

   

            

                    

           

 

 mind through quality workmanship!

                       

Association’s Responsibility

Associations are responsible for insuring the replacement cost of the common elements, and limited common elements. The Illinois Condominium Property Act describes common elements as all portions of the property except the units. Limited common elements are a portion of the common elements specifically designated in the condominium’s documents as being reserved for use of the owners of one or more units to the exclusion of all other units. In essence, limited common elements are common elements, but not vice versa. Therefore, the association will be responsible for the replacement of all facets of the common areas including structure, fixtures, flooring, paint, etc.

When it comes to the individual units, this is where there are some gray areas. Typically, because of Illinois condo law, the association will be responsible for the structure of the unit: studs, subfloor, drywall, tape, and first coat of primer. The association may also cover cabinetry and fixtures that

  

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  

44 | COMMON INTEREST® A Publication of CAI-Illinois Chapter