If im living in a condo with a homeowners association, what does the HOA insurance pay for?

Living in a condo in Mount Prospect, IL is the way to go. You have all the benefits of home ownership, but less responsibility. But when you were purchasing your condo insurance at Com-Co Insurance Agency Inc, you may have had some questions about what you are responsible for and what the homeowners association is responsible for. 

It’s actually a good idea to find out what the HOA insurance policy looks like before purchasing your own. You don’t want to duplicate coverage or find out you’re not covered in the event of a disaster. 

"All-in" or "Bare Walls-in"

Most HOA insurance policies are the Bare Walls-in type. They don’t cover anything contained within the walls of your unit. Anything outside the walls is their responsibility. The All-in policy is rare, and it is when the entire physical structure is ensured but none of your personal property. 

There may even be a slight mix, as your pipes and plumbing are attached to the rest of the building. Make sure you read the policy, so you are prepared to get the right policy for yourself. 

Your Own Policy 

Typically, the condo insurance someone buys covers personal possessions, like clothing and furniture. It also protects small and large appliances, carpets, window trim, and furniture. It will also provide liability coverage, in case someone gets hurt while visiting your property. 

Some kinds of events, like fire or burglary, could affect your unit and the outside. You may need to file a claim with the HOA insurance for certain occasions like these.

If you want to make sure your condo in Illinois has the protection it needs, call Com-Co Insurance Agency Inc in Mount Prospect, IL today for advice and a free quote. 

Mineral Rights of a Neighbor and Your Homeowner’s Insurance

Far more frequently in the Midwest, like Mount Prospect IL, land intersects with mineral rights. The issue of mining and cross-mining rights can be a bit complicated, especially when the activity causes related geological activity affecting property on the surface. Many folks have long been under the assumption that the land their home sits on includes the rights to the land below the house. This is not true. The law separates real estate property rights from mineral rights and even airspace. And that can lead to situations where a neighbor mines for minerals right underneath another’s home.

Usually, the folks above ground don’t notice, but today’s mining is including far more aggressive approaches to reach minerals once thought unobtainable. Fracking, for example, can mine horizontally, the side effects of the water pressure can be realized both below and above ground, especially when that mining water mixes with natural water tables and even plumbing to a home.

In some cases, the cross-mining can trigger damage, either immediately or after the fact. At first, the homeowner might think it’s simply the home or a structural issue, but once a claim is filed, the insurance provider is very likely to investigate it fully and determine the damage may have been caused by mining. Depending on the terms, a standard homeowner’s policy may not provide coverage for mining-related damage.

If you’re a property owner in Mount Prospect, IL and suddenly finding yourself dealing with a neighbor who has decided to impact your life with mining, you may want to have a sit down session with experts like those at Com-Co Insurance Agency Inc to understand how your homeowner’s insurance will actually work in case of damage. Being forewarned with knowledge is a far better thing than to find out the hard way that coverage isn’t available as assumed. Give Com-Co Insurance Agency Inc a call today and know that your home is covered.

Do I Need Umbrella Coverage?

Umbrella coverage functions kind of like a safety net. Not a primary policy, but a sort of backup plan. Just in case your auto or home claim exceeds the bounds of your primary policy, you have your umbrella policy to dip into. Com-Co Insurance Agency Inc. can set you up with a good umbrella plan in Mount Prospect, IL, but do you need umbrella insurance?

It essentially comes down to how much protection you want. It makes a lot more sense to buy a single policy providing additional coverage for everything you have protected than it does to buy more coverage on each individual policy. In general, the more protection you have, the better. If you have the budget to buy additional protection with umbrella coverage, then we’d recommend it. Even if you live a fairly Spartan lifestyle in a small home with few major assets, liability can be a major concern whether or not you have any assets that the court would want to seize from you following a trial.

The real question then is: What do you have at stake? If you need to make a claim beyond what your current policy covers, will you be able to cover those extra costs yourself? If the answer is no, then it may be worth calling Com-Co Insurance Agency Inc in Mouth Prospect, IL and seeing if they can set you up with an umbrella package that fits your needs. The whole point of buying insurance in the first place is to make sure that you’re covered no matter what happens. An umbrella insurance policy is a great way to provide yourself with that added security.

Should You Have A Fire Extinguisher In Your Home?

Fire safety is something that everyone should be concerned about. Homeowners and renters in Mount Prospect, IL can find out answers to important safety questions by calling the agents at Com-Co Insurance Agency Inc. They can provide tips on eliminating fire hazards from your home as well as things you can do to reduce your risk of a fire. 

Fire Safety should Be Your First Concern

Fire safety should always be your first concern. Working with your family to create a fire escape plan is just one way of stressing the importance of knowing what to do in case a fire breaks out in your home. Take proper precautions when it comes to grilling, like setting the grill on a fireproof surface. It’s also important to make sure the grill is sitting far enough away from your home that sparks won’t land on any flammable material. This is just one area where a fire extinguisher is a must.

Where Should Fire Extinguishers Be Located?

One of the best ways to reduce your risk of a fire is to have fire extinguishers placed in areas of your home where a fire may break out. Fire extinguishers should always be placed where fires are most likely to occur. In addition to your grilling area, they should also be placed in the kitchen, garage, workshop, and near your furnace.

The agents of Com-Co Insurance Agency Inc are always available for Mount Prospect, IL residents who have questions about their fire extinguishers or other fire safety concerns. Call and schedule an appointment with us today so that you have all of the information you need on how to protect your home from a fire or other types of emergencies.

 

How Does Condo Insurance Work if I Rent Out My Condo?

Owning a condo can be very fun, especially when it sits on the water. Any time you want to get away from the hustle and bustle of ordinary life, you can take off to your condo and enjoy a few days of relaxation. Many people, however, who own condos don’t always live in them year-round. In fact, they choose to rent them out as a way to supplement their income. If you own a condo in Mount Prospect, IL and you want to rent it out, it is important that you know which type of insurance you need to buy. Com-Co Insurance Agency Inc would like to help you take a look at how condo insurance works if you rent out your unit. 

Landlord Coverage

First and foremost, you are going to need landlord coverage, especially if you plan on renting out the condo to a tenant for more than a week’s time. There is a lengthy process that you must go through to have someone evicted from a condo if they don’t leave when they are supposed to or fail to meet the terms of the agreement the two of you made when they signed a rental lease. With landlord insurance, though, you can rest easy knowing you will have coverage for any legal liabilities that arise. Also, landlord coverage may be able to make a payout if you get stuck with a repair bill for damage that was made to the property by one of your tenants. 

Renter’s Insurance

To show that you care about your tenants, you may also want to invest in a renter’s insurance policy. A landlord policy does not provide coverage for your renter’s personal belongings, but a renter’s insurance policy does. 

To learn more about renting out a condo and the types of insurance you need to buy, contact Com-Co Insurance Agency Inc serving the Mount Prospect, IL area. 

Why is Auto Insurance Required by Law?

Auto insurance is something that is required by law in almost every state in the United States. Each state has its own requirement when it comes to the basic coverage that you have to have to comply with insurance laws. There are also federal regulations that have to be followed for a car to be considered legal to be driven on the streets. For those in the Mount Prospect, IL area, the agents with Com-Co Insurance Agency Inc. can help you find the policy that is going to work for you.

Why is auto insurance required by law?

For starters, it is necessary so that other drivers are covered if they are in an accident with you that is not their fault. This is the main reason that you have to have auto insurance. Without it, the fault and payment of bills and insurance premiums to have cars replaced and repaired would fall to the people that were in the accident even if it was not their fault.

Insurance that is required by law is put in place to protect other drivers so that the cost of medical bills does not fall solely to the injured to pay. It is important that you take the time to make sure you comply with insurance law so that you can be sure you are not going to be in violation if you are pulled over by police or should you be in an accident. Each state has a liability threshold that your policy must meet which is usually around $10,000. This means that if there is an accident, there is $10,000 coverage for medical bills for the other driver.

For those in the Mount Prospect, IL area, Com-Co Insurance Agency Inc. can help. Reach out to our Illinois offices to speak with an agent and learn how you can get started on a policy.

What Type of Companies Benefit the Most From Umbrella Policies?

The agents of Com-Co Insurance Agency Inc. can offer advice about many different types of business policies. If you own a business in or near Arlington Heights or Mount Prospect, IL, our agents are always available to discuss the specific needs your business may have in terms of insurance. Some companies need umbrella coverage while others may do well with a simple, liability policy.

The Benefits of an Umbrella Policy

To put it simply, an umbrella policy will take up where your other forms of insurance leave off. There may be an instance when your bodily injury or liability insurance coverage isn’t enough to cover a claim. An umbrella policy continues your coverage until the overage is paid. Umbrella policies can be a lifesaver for small- to mid-size companies with limited financial resources. 

What Type of Companies Should Consider an Umbrella Policy

If you use your personal car for business or your business is open to the public, it’s a good idea to look into an umbrella policy. This will protect you from heavy financial loss if you are involved in an accident or someone is injured while on your property. Umbrella coverage is also good to have if your work involves a higher level of risk than a more traditional job. 

In Mount Prospect, IL, many business owners turn to Com-Co Insurance Agency Inc. for all of their insurance needs. Our agents have experience when it comes to working with businesses and protecting their financial interests. Don’t let an accident stall the success of your business. Schedule a consultation today to find out if an umbrella policy would be beneficial for your business.

How Much Auto Insurance Do You Need?

Whether you have owned a vehicle in the Mount Prospect, IL area for some time or you are a new driver, one of the biggest concerns you probably have is making sure that you have the proper auto insurance coverage. In Illinois, it is illegal to drive without the state minimum requirements for your coverage. If you fail to have this auto insurance, you can end up paying a lot in fines an even lose your license. However, you can easily get set up with the right amount of coverage from policies you can get with Com-Co Insurance Agency Inc. 

How Much Auto Insurance Do You Need?

In order to remain compliant and not get into any legal trouble, you need to have the following coverages for your auto insurance:

  • $20,000 in coverage for bodily injury per person and per accident
  • $40,000 in coverage for bodily injury for all persons per accident
  • $15,000 in coverage for property damage liability
  • $20,000/$40,000 in coverage for uninsured motorist for bodily injury
  • $25,000/$50,000 of  underinsured motorist coverage
  • $15,000 in coverage with a $250 deductible for uninsured motorist property damage

It is important to note that these are the current state minimum requirements. However, these minimum requirements can change at any time, so it is always a good idea to verify with your insurance provider that you are still compliant at least every six months that you are covered.

The state minimums are the lowest amount of coverage that you should have for your auto insurance policy. However, you may decide that you need to have more coverage or would like to have more. Either way, we can help you find the perfect policy here at Com-Co Insurance Agency Inc., serving Glenview and Mount Prospect, IL. We can provide you with a free quote and can even make sure that it fits within your budget. Be sure to reach out to us today to learn more and get started!

Does Condo Insurance Cover Bodily Injury in Your Condo Unit?

You never plan on someone coming into your condo and injuring themselves. Unfortunately, a friend or family member may enter your condo and slip and fall on a wet floor or a number of other different incidents could take place. One of the questions that we at Com-Co Insurance Agency Inc. are asked about condo insurance policies in the greater Mount Prospect, IL area is whether it covers bodily injury to guests in your condo like a homeowners insurance does. 

Just like a homeowner’s insurance policy, a condo insurance policy does offer protection if someone is injured in your condo. However, where they are injured plays a key role in who is responsible for the damages. In order for your condo insurance to kick in, they must be injured within your condo. This does not include common places, such as the lobby, pool area, or gym. If they are injured in a common area, even if they are just your guest, they will have to file a claim with the owner of the condo. Their property liability damage will cover the other party’s injuries and medical expenses. 

If someone is injured on your property, they can come after your condo insurance. If the amount of the insurance is not high enough to cover their injuries, they can come after you personally. As such, it is extremely important that your policy amount be high enough to provide you with the coverage you need. If you are looking to increase your policy limits or start a new condo insurance policy in the greater Mount Prospect, IL area, Com-Co Insurance Agency Inc. is here to help. Contact us now to discuss your insurance needs and let us help you get started on a policy.

What Are The Risks If My Homeowners Insurance Lapses?

It can happen to any homeowner. You’re sorting through the unopened mail that’s been piling up on the counter and you come across a renewal notice from your home insurance provider – dated three months prior. You realize that you don’t presently have homeowners insurance coverage. But, the lapse wasn’t for very long, and won’t affect your insurance coverage, right? Think again!

What Is A Homeowners Insurance Coverage Lapse?

Your Mount Prospect, IL homeowners insurance is considered lapsed if you go without coverage for any length of time, whether it’s a month or just one day. There are several common reasons homeowners let their insurance lapse, including:

  • You failed to make required policy payments on time.
  • Your insurance canceled your policy.
  • You allowed your policy to expire before securing a new one.

Each of these situations are easily preventable. Because there are a number of mishaps that can happen when you let your policy lapse, it’s smart to keep up to date with your policy (and your mail) to eliminate hardships down the road.

What Can Occur If My Homeowners Insurance Lapses?

There’s a reason you were sent a renewal notification from Com-Co Insurance Agency Inc. three months ago — it’s important to keep your insurance coverage consistent. Here’s what can happen if you don’t:

  • Your premium rates may go up – even if your policy has only lapsed for a few days, your rates may go up. Insurance companies know that people who maintain consistent coverage are less of a financial risk.
  • Your lender may purchase insurance for you – Most lenders require continuous insurance coverage, so if yours lapses your mortgage company may buy coverage on your behalf – and increase your mortgage payments to cover the premiums of a more expensive policy with less coverage.
  • You may have trouble getting insured again – Insurers typically look into your insurance history. If you haven’t been consistently covered it will be more difficult to obtain coverage.
  • If an incident occurs while your insurance has lapsed, you’re out of luck – If a burglar breaks into your home or a tree falls on your roof, you won’t have any financial protection in place to cover the loss. Securing insurance after the fact won’t cover a loss event.

If you’re a Com-Co Insurance Agency Inc. customer and have questions about your Mount Prospect, IL homeowners insurance policy renewal or other insurance concern, please give us a call at (847) 673-1212.