How to Know If You Need Umbrella Insurance

Think of umbrella insurance as a security blanket and additional peace of mind should you be sued because of an at-fault accident or incident. Umbrella insurance is designed to ensure that you never lose your savings should the worst-case scenario strike and offers additional liability coverage above and beyond the limits you have on common policies such as auto, homeowners, RV, and boat insurance. Umbrella insurance covers a variety of situations, from your dog attacking another person, to a slip and fall incident with a neighbor at your home, to the party that your teenager throws, resulting in the arrest of an underage attendee. As you might have seen from these examples, umbrella insurance protects more than just the policyholder. Other members of your family or household are included. 

Deciding whether you need umbrella insurance starts with calculating the total value of your assets, including emergency savings, investment accounts, 401Ks, college savings accounts, and home equity. If that figure exceeds your total liability on existing insurance policies, you strongly recommend that you have an umbrella insurance policy. Additionally, if you participate in activities that put you at a higher risk of incurring liability, such as employing a maid or nanny, hosting large parties, owning an aggressive dog breed, or being a well-known public figure, umbrella insurance is also a must.

At Com-Co Insurance Agency Inc in Mount Prospect, IL, we can help you make sense of your situation to make an educated decision on if umbrella insurance makes sense for you and your family. Give us a call today to learn more and schedule a no-obligation consultation with our knowledgeable team. 

Why Is Getting Condo Insurance So Important?

Condominium insurance is important to have for protecting valuables and coverage for a variety of incidents. It is typically called HO-6 insurance. This type of insurance covers personal liability and living expenses in case you are displaced due to a disaster. A type of "master" policy is usually purchased by the HOA, Homeowners Association. Areas of the exterior and interior of the building are covered by this policy. However, you may want to consider additional HO-6 coverage, because the HOA insurance is likely limited. If you have valuables or want peace of mind knowing you are fully protected, it is important to look into your insurance options.

The team at Com-Co Insurance Agency Inc. of Mount Prospect, IL is happy to work with you to find a policy to cover your condominium insurance needs.

Should I Get Condo Insurance?

It depends on how much coverage you want. You will likely benefit from additional insurance as the HOA has defined limits on what kind of protection and coverage you have. Your HOA will also typically require you to have personal insurance. HO-6 condo insurance can include coverage for:

  • Personal property – Electronics, furnishings, and other items are covered.
  • Personal liability – coverage of legal expenses if you wind up in a lawsuit.
  • Loss of use – If your unit becomes uninhabitable, this coverage will help with lodging and other expenses of being displaced.

Additional insurance and endorsements can be obtained for further protection.

Expert Insurance Agents in Mount Prospect

Contact us at Com-Co Insurance Agency Inc. of Mount Prospect, IL to speak with one of our representatives. We can help you with premium condo insurance at affordable rates. It is important to protect yourself legally, as well as securing your valuables in your condo.

Demystifying Popular Umbrella Insurance Myths

From childhood, there are things you have grown believing that they are true only to discover they were all but myths in your adulthood. The same goes for umbrella insurance. Yes, you are an adult, but certain myths can crowd your judgment when shopping for umbrella insurance in Mount Prospect, IL. For this reason, Com-Co Insurance Agency Inc. shares common umbrella insurance misconceptions to be wary of.

Myth#1: Umbrella insurance is for the wealthy only

While it’s true, one of the categories of people that need umbrella insurance are those with significant assets, other people need this coverage, too. Umbrella insurance is ideal for everyone earning a livelihood. Since we all stand a chance of being sued, umbrella insurance becomes a must-have investment when the limits of typical liability coverages are exhausted.

Myth#2: Umbrella insurance is a stand-alone policy

Umbrella insurance isn’t offered as a stand-alone policy. It rides on other coverages such as home, boat, or auto policy. Umbrella insurance works by boosting typical coverages. For instance, you may add umbrella insurance as a rider on your home insurance coverage to increase its liability coverage.

Myth#3: Umbrella is expensive

Ask many people why they don’t have umbrella insurance, and they will tell you it’s because it’s expensive. But is that true? Although umbrella insurance doesn’t come free, its cost is manageable for most people. While the premium you pay depends on the level of risk, it will surprise you that a $200 premium can get you $1M worth of coverage! Is that really expensive?

Myth#4: Umbrella covers you and your assets

Wrong again! Umbrella insurance doesn’t cover you. It protects you against wrongs you do to others. For instance, if you cause a severe accident, your auto insurance will cover your vehicle and medical expenses for your injuries. However, umbrella insurance handles liability costs from third parties, exceeding your auto liability coverage.

Umbrella insurance in Mount Prospect, IL

Still need more information on umbrella insurance? Please contact Com-Co Insurance Agency Inc., and one of our agents will be pleased to answer any question you have.

Condo Insurance FAQs

Mount Prospect, IL is full of scenic wooded trails, metropolitan areas, condos and homes, all within work and play distance to Chicago.  Com-Co Insurance Agency Inc serves the people of Mount Prospect IL with insurance services for their home, life, vehicle, business, and condo. If you would like to learn more about your own policy contact us soon. 

Frequently Asked Questions About Condo Insurance

  • How does condo insurance differ from regular homeowner’s insurance? It is very similar, but a condo has special considerations that a home may not have. These are the same reasons that many people choose to live in a condo: convenience, shared walls, shared yard load, increased security, and lower maintenance requirements. The insurance needs for a condo and house can vary as much as the difference between a house and condo.
  • How much coverage do I need? It depends on your specific situation. Variables such as shared walls and property, how much coverage the rest of the building holds, specific risks of the area, what valuables you store there, how many people visit, if you work from home and much more can determine your risk and coverage.  
  • I only use my condo part of the year. How does that affect insurance? If you only live in your condo part-time it can affect the insurance policy you choose because there may be an increased risk from it being empty, and there certainly is an increased risk if it is rented out. Discuss your unique situation with an agent when you call us. 

Com-Co Insurance Agency Inc serves the community of Mount Prospect, IL with quality insurance services if you have a condo or are considering purchasing one, call us today.    

What is umbrella insurance?

Your renter’s insurance plan only goes so far in Mount Prospect, IL. You need protection that goes beyond the standard indemnity plan to ensure there is no loss to your personal property when the unimaginable happens. Com-Co Insurance Agency can help you understand the details about umbrella insurance so you can determine if it is right for your lifestyle. 

What is umbrella insurance?

Umbrella insurance is an indemnity plan that provides financial protection when the policy limits of your standard insurance have exhausted. You can use an umbrella insurance policy for personal losses as a renter, car owner, or homeowner. You must, however, have a standard indemnity plan to reap the benefits of this “safety net” policy in Mount Prospect, IL. 

How does umbrella insurance work?

Contrary to a standard indemnity plan, umbrella insurance does not go into action until after you have filed a claim and received compensation from your traditional insurance provider. An umbrella plan may then be used to cover the remaining costs associated with an incident that your standard policy limits left out. 

Who needs umbrella insurance?

There is no official law requiring you to purchase an umbrella insurance policy. Everyone, however, should consider buying such a plan. 

A car accident in Illinois can come with serious repercussions not limited to medical bills that can wipe out your bank account. A good umbrella insurance plan can soften the impact so that you can move forward after a traumatic event. 

Call Com-Co Insurance Agency Inc. 

Our agents are experienced and always eager to help you craft the indemnity policy that best satisfies your lifestyle preferences. Call us today to learn more about umbrella insurance and to get started with a quote for coverage!

Three things to do before you purchase condo insurance in Illinois

You need to invest in condo insurance to protect your property and belongings as a condo owner. We offer condo insurance in Mount Prospect, IL at Com-Co Insurace Agency Inc.

The following are three things to do before you purchase condo insurance in Illinois. 

Set a budget for condo insurance premiums

It’s important that you plan ahead when it comes to making your condo insurance premium payments. You’ll need to keep up with your payments or your policy may lapse.

You should figure out an amount that you can afford to pay for your condo insurance each month. Factor this amount into your budget and make sure that you keep up with payments after your policy starts. To avoid forgetting to pay your premium, see if you can set up automatic payments for added convenience. 

Figure out how much coverage you need

You need to decide upon a good coverage amount. You want to be covered for the full value of your condo. You also want to be covered for the value of the possessions you have in your condo. Discuss coverage amount options with the insurance provider you’re interested in purchasing a policy from. 

Get quotes on several policies

You shouldn’t purchase a policy until you have gotten numerous quotes that you can compare. Shopping around is the best way to get a good deal on a condo insurance policy. However, you shouldn’t simply opt for the policy that costs the least. Find the policy that provides the coverage you need as well as good value. 

We can help you find a condo insurance policy for your condo property in Mount Prospect, IL. Get in touch with us at Com-Co Insurance Agency Inc to learn more. 

Protecting Your Condo Investment with Condo Insurance

Your condo in Mount Prospect, IL probably represents your biggest investment. It makes sense to protect it with a condo insurance policy from Com-Co Insurance Agency Inc.

The state of Illinois does not require you to carry condo insurance, but your financial lending agency may require it. As you increase the equity in your condo, you may be allowed by them to lower your coverage, but it’s not recommended.

Your condo insurance policy provides protection for your structure, personal property, liability, and additional living expenses. Both your structural and personal property insurance covers you from losses from named perils. The term named-peril refers to a specific hazard such as fire or hail specifically enumerated in the policy. If a peril named in the policy happens and damages your condo or property inside your condo, the policy pays for the repairs to the structure or replacement of the personal property. Your policy may or may not include other structures coverage.

The liability coverage provides you financial protection if an individual incurs a physical injury on your property. It covers your attorney fees, court costs, settlement costs, and medical bills of the injured person if they sue you.

The additional living expenses component pays for you to stay in a hotel and for your meals if you need to stay in an alternate location while damage to your condo gets repaired.

It makes good sense to insure your condo in Mount Prospect, IL. Call or email Com-Co Insurance Agency Inc today to learn more about how condo insurance protects your financial future. We can help you design the perfect policy for you and your condo.

Understanding Umbrella Insurance

Many people understand the basic types of insurance available, auto, home, life, and health. What many people do not realize, though, is that sometimes these insurance products may not be enough to fully protect you. At Com-Co Insurance Agency Inc, serving Mount Prospect, IL, we take your insurance education very seriously. Keep reading to find out what you need to know about umbrella insurance and how it can better protect you and your family. 

What Is Umbrella Insurance?

Umbrella insurance is an insurance product that you can purchase to supplement your existing policies. Insurance policies, although a smart way to protect your family and finances, are limited in how much they will pay out should you need to file a claim. If you or your family experiences an event that exhausts the insurance policy and does not fully cover the expenses incurred by the event, you could be left financially vulnerable. Umbrella insurance is a supplement that can kick in if this happens to offer further protection.

What Does Umbrella Insurance Cover?

Umbrella insurance can be customized to suit your particular needs. Depending on where your greatest risk factors lie, your umbrella policy can be specialized to kick in if your regular insurance is insufficient to cover the expenses incurred by an event. This can apply to auto, home, life, or health insurance. This can also apply to commercial insurance policies if you operate a business. 

Each person and family will have their own unique risk factors. In order to determine how umbrella insurance can best serve you and your family, you should sit down with an insurance representative to assess your risk factors and find out how umbrella insurance can help. 

If you would like to learn more about umbrella insurance, please contact our staff today at Com-Co Insurance Agency Inc, serving Mount Prospect, IL.

Things To Consider Before Purchasing Condo Insurance

Com-Co Insurance Agency Inc serves the Mount Prospect, IL community, as well as the surrounding states. We are committed to helping our clients find policies that will secure the futures of not only themselves, but their families as well.

Researching Condo Insurance

Staying in a condo means that you’ll have to deal with different insurance risks compared to living in a home. In order to secure your unity and all of your belongings, consider purchasing condo insurance. As you start researching different condo insurance policies, here are some things to consider.

Master Policy

Look at the condo’s master policy. The master policy should outline which parts of the condo are insured and which parts are not covered. Primarily, there are two types of policies. The bare wills in policy covers more of the outer framework. The more thorough master policy covers all of the fixtures and installations inside of the condo.

Recent Upgrades Are A Factor

Pay attention to any new amenities in the unit, such as new flooring or countertops. That should give you a good estimate of how much coverage you should purchase. If you prefer cash value, then your condo insurance policy will replace the value of a stolen item. Any depreciation is also considered when determining the cash value. If you choose replacement coverage, then you’ll be compensated so that you can purchase a new item.

Natural Disasters

In order to ensure that the content and structure of your condo is covered, make sure that you have a clause in your condo insurance policy that will cover the unit if there is a hurricane or a severe flood damages the property.

Contact Com-Co Insurance Agency Inc

Com-Co Insurance Agency Inc will guide you as you evaluate your options. Visit our website to learn more information about our Mount Prospect, IL office.

What Does An Umbrella Policy Do After A Disaster At Home?

Whether you live in Mount Prospect, IL or anywhere else, disaster can strike without warning. This is our business at Com-Co Insurance Agency Inc : to help protect your financial future during times of crisis. But what happens if a regular insurance policy isn’t enough to keep you secure after a home disaster? With an umbrella policy, you will have an extra safety net to safeguard your assets.

Umbrella insurance protects you from paying out-of-pocket for legal expenses.

Let’s say someone becomes injured on your property, or a disaster such as a fire causes damage to your neighbor’s home. In both of these cases, the injured party may sue you for the cost of damages, medical expenses, lost income or more. You will have to pay to defend yourself in court, as well as cover the cost of any judgments should you be found responsible. Personal injury lawsuits can very quickly add up to an amount that exceeds your current home liability insurance. When that happens, you’ll be stuck paying out-of-pocket for the difference.

This is where an umbrella policy comes into play. Once your primary home insurance limit is exhausted, umbrella insurance steps in to cover the difference so you don’t have to. Without this type of protection, you could have assets seized or wages garnished in order to pay the remaining cost of your judgments or fees. 

Your agent can help you decide if umbrella insurance is for you.

Deciding if you need an umbrella policy and how much coverage you should have can be a tough decision alone. If you live in the Mount Prospect, IL area, please reach out to Com-Co Insurance Agency Inc to discuss the benefit of umbrella insurance today.