Umbrella Insurance Provides Stress Relief

Life is stressful. Fortunately, the right insurance plans mitigate many risks and, thus, stressors. Auto insurance makes driving less risky. Home insurance makes house ownership less stressful and easier for lenders to extend affordable mortgages. Even a well-insured family may be exposed to various uninsured risks. Fortunately, umbrella insurance can often be used to fill the gaps. If you and your family would like to explore umbrella insurance options, contact Com-Co Insurance Agency Inc, serving Mount Prospect, IL.

Umbrella Insurance Can Extend and Increase Coverage

Umbrella insurance is used to increase existing insurance limits and to expand coverage to events not typically covered by standard insurance plans.

Many insurance plans come with limits on how much they will cover. For example, your auto insurance might have a bodily injury liability limit of $50,000 or $500,000 or whatever. The auto insurance policy might pay for medical bills up to $50,000 or $500,000, but after that, you will have to cover the bills yourself.

You could increase coverage through the auto insurance plan or buy umbrella insurance. Umbrella insurance is beneficial for mitigating liabilities. If some action (or inaction) causes an injury, you may find yourself in court, facing a lawsuit. 

Let’s say a homeowner failed to fix a broken railing on a flight of stairs, and someone fell. Their homeowner’s insurance provides coverage, but only up to $50,000. If the injuries were severe, medical costs could quickly exceed that. Fortunately, the homeowner took out umbrella insurance extending coverage up to $1 million. In this case, the umbrella insurance will pick up the tab (up to $1 million). 

It’s much easier to sleep at night knowing you’re well-protected. Want to discuss insurance options? Contact Com-Co Insurance Agency Inc, serving Mount Prospect, IL.

Four Key Areas Covered by Condo Insurance

It’s always a good feeling to be covered no matter where you live. If you own a condo, Com-Co Insurance Agency Inc. can provide you with condo insurance that gives you that sense of protection and comfort. Some people, however, believe their condo is entirely covered by the condo owners association (COA) policy. COA only covers damage and liability claims occurring in shared spaces. With that in mind, condo owners should invest in condo insurance. This insurance covers the areas below.

  • Personal liability coverage: Liability coverage covers you financially. If, for example, someone accidentally gets injured in your condo, the insurance will cover the medical expenses. The policy will cover the legal charges even if they decide to sue you.
  • Personal belongings: Condo insurance protects the possessions that are in your house. Your home has things you love, like clothes, electronics, furniture, appliances, and other items. If there is theft, your insurance will bear the cost of replacement.
  • Additional living expenses: Your home may suffer damage that may force you to move out while it’s undergoing repairs. In such cases, your insurance will pay for the additional living expenses like food and hotel.
  • Loss assessment coverage: Loss assessment is an essential feature in condo insurance when losses exceed the limit of the COA. Condo insurance shares responsibility with the COA for the common areas and exterior of your condominium. For example, if a common area gets damaged by floods, you split the cost with the condo association.

Condo Insurance in Illinois

There are enough reasons to purchase condo insurance. The condo association insurance only covers shared property and the building, but for anything else, you are liable. If you live in Mount Prospect, IL, and are searching for the right condo insurance, look no further than Com-Co Insurance Agency Inc. Contact us today for a quote.

Four Facts You Should Know About Umbrella Insurance

Do you have umbrella insurance in Mount Prospect, IL? Most people don’t see the need for umbrella insurance, but after facing a significant lawsuit, that’s where most people regret not buying this coverage. Umbrella insurance saves the day when your underlying policies are exhausted. This way, you don’t have to sell your assets or cash out your savings to settle liability claims.

Now that you have decided to buy umbrella insurance from Com-Co Insurance Agency Inc., here are four facts you should know about this coverage.

Umbrella insurance is liability coverage.

Don’t let the word “umbrella” confuse you. Umbrella insurance doesn’t cover all your risks — it’s liability coverage. This means that this policy covers you when accused by third parties of causing property damage or bodily injury.

It’s super-affordable

Most people often think umbrella insurance is expensive because it gives high and broad coverage. The reality is that umbrella insurance is quite affordable because it takes over after the underlying policy has been exhausted.

It has no geographical limitations.

Your car or home liability insurance only protects you within the borders of the US. However, this isn’t a limitation of umbrella insurance. This coverage covers you anywhere in the world as long as you are up to date with your premiums.

It has exclusions and limitations.

Like most insurance policies, umbrella insurance has exclusions. Typical umbrella insurance won’t cover the below:

  • Own injuries
  • Damage to your property
  • Intentional or criminal acts
  • Breach of contract

Please refer to your policy document if you want to learn more about your policy’s exclusions and limitations. You could also get in touch with your insurance agent for more clarification.

Purchase umbrella insurance today!

Would you like to boost your home, auto, or boat insurance with umbrella insurance? Please look no further than Com-Co Insurance Agency Inc. We offer comprehensive yet affordable insurance policies.

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.