Are Your Pricey Goods Covered by Your Home Insurance?

Standard home insurance is designed to protect both your home and personal belongings. Personal goods include clothing, furniture, appliances, electronics, artwork, jewelry, sporting goods, kids toys, and more. At Com-Co Insurance Agency Inc., we can help you select a policy that adequately protects your assets without paying for unnecessary coverage. If you own pricey goods, it’s even more critical to get the right coverage to protect your investments.

Understanding Home Insurance

As a homeowner, it’s crucial you understand how home insurance works to ensure you’re getting the level of protection you need. Your choice of insurance coverage will depend on the value of your home in Arlington Heights or Mount Prospect, IL and its contents. The more expensive your property, the higher the level of protection you’ll need.

When it comes to dwelling protection, insurers suggest homeowners get enough coverage to rebuild their home in the event it’s destroyed in a catastrophe. In like manner, you should get adequate coverage to replace personal goods should they be stolen or ruined. If you own pricey goods, you should have them evaluated to determine their value so you’ll have a better idea of the coverage you’ll need. You should also make a detailed inventory of your goods to include photos of costly items to have proof of ownership when making a claim.

Standard Homeowner’s Policy

Standard home insurance comes with limits on coverage for personal belongings. These limits may not be enough to cover costly goods like jewelry, antiques, or original artwork. You can, however, protect these items by adding a floater or endorsement to your policy. With this additional coverage, you can have peace of mind that your valuables are protected from theft or unforeseen disasters.

To learn more about home insurance options for protecting your valuable assets, contact Com-Co Insurance Agency Inc. in Mount Prospect, IL.

Determining the Condo Insurance You Need

Condo insurance in Mount Prospect, IL is crucial and is designed so you can help protect your belongings and home after a loss. It’s important to get the right amount of coverage for your needs and there are some questions to ask yourself.

What Does Your HOA Policy Cover?

The first step in determining the condo insurance needed is figuring out what you are responsible for and what is covered by the HOA. There are two types of coverage the HOA may provide. A bare walls-in policy only covers the exterior of the building, so you have to insure everything in the home, including fixtures, flooring, and appliances. An all-in policy includes the interior contents as well, with the exception of your belongings. Speak with an agent at Com-Co Insurance Agency Inc if you are confused about what the master policy covers.

How Much Would It Cost to Repair or Replace the Interior?

Your condo insurance will need to cover what is not included in the master policy and how much it will cost to replace. If you have had upgrades done to your unit, then even an all-in policy won’t cover those and you need to purchase more coverage. Estimating how much it would cost to replace will help you get the right coverage. Get more insurance than you think you need.

How Much Are Your Belongings Worth?

Do a home inventory to get an idea of the value of your belongings. It can be easy to underestimate your property and forget to include things like furniture and clothing. Check to see if your expensive items, such as jewelry or artwork, are covered.

How Much Do You Have in Assets?

You want to have enough liability coverage to protect you if you are sued. Assets, investments, and your future wages could be at risk.

Contact Com-Co Insurance Agency Inc, serving Mount Prospect, IL, to get a quote on condo insurance. 

Auto Insurance: Beyond Minimum Coverage

First-time car owners are usually first-time auto insurance purchasers too. While simply buying the state minimum coverage might seem to be the simplest solution, it also means missing out on necessary coverage. Read on to learn the different sections of a complete auto insurance policy from Com-Co Insurance Agency Inc of Mount Prospect, IL and why you should go beyond the state minimum requirements for liability and property damage.

Bodily Injury Liability

The coverage referred to as bodily injury liability pays the medical bills of those you cause injury to in an accident who are traveling in another vehicle or are pedestrians. This coverage applies to the driver(s) specifically named on the policy.

Medical Payments

Also referred to as personal injury protection (PIP), medical payments insurance pays the medical bills of the driver and their passengers. It can also provide lost wages payments or the cost of replacing the services provided by an injured party. In some cases, it covers funeral costs.

Property Damage Liability

Property damage liability pays for damage a driver named in the policy causes to another person’s property. It includes vehicles, fences, mailboxes, etc.

Collision

You’ll need collision coverage to pay for repairs to your own vehicle. While deer collisions are covered by comprehensive, collision handles the repair costs if your vehicle collides with another vehicle and it is your fault.

Comprehensive

Comprehensive coverage covers repairs due to other items besides another vehicle or stationary object, such as birds or deer. It covers catastrophic events like earthquakes, explosions, falling objects, fire, flood, hail, missiles, riot, vandalism, and windstorms.

Uninsured and Underinsured Motorist Coverage

Uninsured and underinsured motorist coverage pays for your damages if you’re hit by an uninsured or underinsured driver. It also covers your injuries if you’re struck as a pedestrian or the victim of a hit-and-run.

Contact Com-Co Insurance Agency Inc of Mount Prospect, IL to learn more about how the right auto insurance coverage can protect your vehicle and you. With the right policy, you’ll have peace of mind knowing everything that could go wrong is covered.

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.