As you near the age of retirement, you need to increase your net worth increases. Umbrella insurance protects you from losses due to liability, libel, and slander. This blog from Com-Co Insurance Agency Inc. looks at why your need for umbrella insurance increases as you near retirement.
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A home renovation is an excellent way to transform your house to better fit your personal needs. It can also increase property value, allowing you to sell your home for more, should you ever decide to put it on the market. However, before you pursue the home renovation, you need to first consider whether it is necessary (or if you should) inform your insurance provider about the renovation (or restoration). If you live in or around Mount Prospect, IL, Com-Co Insurance Agency Inc can help you with this.
Protect Your Renovation
In truth, you don’t need to tell your insurance provider about the home renovations. There is no law mandating you do so. Naturally, if you tell your insurance provider about the addition your insurance policy may go up. So, if you might assume it is better to just not say anything. However, that’s not necessarily the case. If you put $20,000 into a kitchen renovation and your home burns down, these renovations will not be covered. So that $20,000 will be completely out the window. It’s well worth to tell your insurance provider and pay the few extra dollars a month it might cost to cover this.
It’s generally better to tell your insurance provider about any renovations you make that cost more than a few thousand dollars.
Protecting Your Property
When you live around Mount Prospect IL it is always recommended to tell your insurance provider about home renovations. Due to the weather and possibility of damage from flooding, tornadoes, burst pipes, and other potential problems, you’ll want to have the added coverage for your new additions. So, if you have more questions regarding the renovations and what you should do, now is a great time to give the team at Com-Co Insurance Agency Inc a call.
Home insurance is never a cut and dry product and can vary depending upon each individual’s needs and current state of affairs. This is also true if the owner’s living arrangements and marital status change over the course of time. Many American’s today have adopted a different lifestyle and family living arrangement than in decades past. Knowing the facts about insurance and divorce can help make a difficult situation easier to navigate and understand.
Coverage During Divorce
During a marriage, if both partners are named as an insured party on the policy, either can make changes in most cases, however, once a divorce is filed or there is a legal separation, it is difficult to make changes. Most judges will prohibit any policy changes during divorce proceedings or during a separation unless there is an official agreement between both parties and is allowed by the divorce judge. Once the divorce is final, the insurance company may make the requested changes upon receiving appropriate documentation of ownership.
Working With An Experienced Agency
It’s much easier to navigate changes in your living and marital arrangements when you work with an experienced insurance agency that had skilled agents with in-depth knowledge of this common situation. They can answer any questions, and help you make policy changes as well as instruct you regarding the necessary paperwork to get your affairs handled appropriately. If you live in or near the Mount Prospect, IL are you should consult with Com-Co Insurance Agency Inc and let them help you get the outcome you need for peace of mind during a difficult time.
Get the information you need to prevent issues during a divorce or other similar living situation that affects your home policy. Residents of Mount Prospect, IL know they can get high-quality products and expert help through all of life’s ups and downs at Com-Co Insurance Agency Inc. Call or stop by today for more details and to schedule a meeting with an agent.
Auto insurance is a must if you want to be able to drive on the road legally. Auto insurance does a great deal to help make sure that if there is an accident, no one is going to be responsible for all the costs of the accident and for the costs of repair. For those that live in the Mount Prospect, IL area, the agents with Com-Co Insurance Agency Inc can help you to find the auto policy that works for you.
For the most part, when you are in an accident fault is established to do a few different things. First, it helps to provide information to the insurance companies and it helps the police to fill out paperwork should there be any sort of legal filing made in regards to the accident. In some states, there is an on fault clause which means there is no fault established. No matter if your state is a no-fault state or not, your insurance is still going to pay out, even if you are found to be at fault for the accident.
In most cases, an insurance company is going to pay out, even if you are at fault, as long as you have been paying your premiums and your policy is current. It is important to note that if you have not paid your premiums up, your policy is not going to pay out. Though your insurance company may not seek to establish fault, the size of the claim is likely going to affect if your insurance company is going to keep insuring you after the accident. In many cases, your insurance company will keep insuring you but will increase your premiums. For those that live in the Mount Prospect, IL area, the agents with Com-Co Insurance Agency Inc can help you to find the best policy for you.
There is a lot of money to be made taking a place you own and turning it into a vacation or short-term rental. Here at Com-Co Insurance Agency Inc, serving the greater Mount Prospect, IL area, we want all of our potential clients to understand what type of insurance they may need when doing this, to help ensure they are fully covered. If you are considering turning your condo into a vacation rental, you may wonder if condo insurance covers your condo. Here is what you need to know.
Does Condo Insurance Cover Your Condo If You Use it as a Vacation Rental?
Condo insurance may or may not cover your condo if you use it as a vacation rental. If you plan on using your condo as a vacation rental, regular condo insurance will typically not cover your condo if it is used as a vacation rental. In these cases, you may need a commercial insurance policy, or you may need a condo insurance policy that has an add-on or supplemental vacation rental inclusion. Taking the time to carefully read through the insurance policy will help you learn whether renting your condo as a short-term rental is covered or excluded from that specific policy.
Are you looking to turn your condo into a vacation rental? If so, you will want to have the right type of insurance in place. At Com-Co Insurance Agency Inc, serving the greater Mount Prospect, IL area, we can help you with that task. Contact us today and let us help you find the right insurance policy.
The agents at Com-Co Insurance Agency Inc. make themselves available to homeowners who live in the Arlington Heights and Mount Prospect, IL area if they need advice or information concerning what their policies cover. Accidents can happen at any time and when it comes to landscaping, it can be extremely costly. If an accident damages your lawn or your landscaping, who exactly is responsible? While your homeowners may cover certain types of damage, you will more than likely have to work with the insurance company of the vehicle who caused the damage.
When a car accident occurs in front of your home and causes damage to your yard, fencing, or landscaping, the cost to repair or replace damaged items will be the at-fault driver’s responsibility. If the driver does not have insurance, you may have to turn the cost over to your insurance company who will then seek damages from the individual. To know if you are fully covered, you will have to discuss your policy with your agent.
Protecting Your Property
If you want to protect your property, you may want to consider installing a barrier or some type of fencing around the perimeter of your property. While it may not completely keep your property from being damaged, it will prevent the vehicles from making their way into your yard.
If you are curious to find out what types of accident damage your homeowner’s policy covers, call the agents at Com-Co Insurance Agency Inc. today. Residents who live in the Mount Prospect, IL area can call and schedule a consultation or review whenever they have questions or concerns about their existing policy.
Umbrella insurance policies in Mount Prospect, IL are a form of liability coverage that supplements your other basic liability policies, such as home insurance, renters insurance, and auto insurance. It pays out after the primary insurance policy has paid out up to its limits. Anyone who owns a business or has large assets should secure an umbrella policy to protect their assets in the event of a lawsuit to recoup expenses due to their liability.
What Does Umbrella Insurance Cover?
Business professionals seek umbrella insurance to cover their professional liability. It is popular with financial planners, investors, and psychologists as well as any business owner to protect their assets. Professionals in the healthcare and legal fields also benefit from umbrella insurance that is an addition to their malpractice insurance.
Umbrella coverage from Com-Co Insurance Agency Inc. can cover lawsuits and liability claims that don’t result in legal actions to protect your assets. This policy will pay out in the event that you are charged with being liable to another party for property damages, bodily injuries, or to pay for your legal defense.
An umbrella policy can also cover dog bites in most circumstances. If your dog should bite a neighbor, you are liable for the neighbor’s bodily injury. If the injured party seeks legal recourse, then your umbrella policy will cover you.
Umbrella policies do not usually cover flood damage, but it does cover property damages and bodily injury claims that you cause to provide payment to the third party.
An umbrella policy can be quite confusing as to how much coverage you need. We understand that at Com-Co Insurance Agency Inc. in Mount Prospect, IL and we can help you decide what amount of coverage you need to protect your assets fully. Give us a call or come into the office to speak with a knowledgeable representative.
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.
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.
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.
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.
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 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.