How the Importance of Umbrella Insurance Increases as You Age

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.

As you near retirement, you become a larger target for lawsuits. Business owners will have put time and effort into building their company. Employees will have contributed to their IRA or another retirement fund, such as an annuity. You could feel comfortable with your future.
 
Getting sued, for any reason, can wipe out that savings. Your homeowners’ insurance only covers you for liability for about ten percent – or less – than the value of your home. Adding an umbrella insurance policy costs little, and coverage typically starts at a $1 million policy. Without umbrella insurance, once your tiny homeowners’ insurance coverage gets spent, the courts go for your assets — bye-bye retirement fund. The court can garnish your retirement fund to pay the settlement. That upends the comfortable retirement you had planned.
 
An umbrella policy kicks in as soon as your homeowners’ (or condo or auto) insurance becomes deleted. It pays the settlement, legal fees, and court costs.
 
An auto accident, home fire or pool drowning at your Mount Prospect IL home can sound far fetched until it happens. Any of those scenarios and many others can cost you more than a million dollars when you get sued. Let Com-Co Insurance Agency Inc. help you protect your Mount Prospect, IL home and retirement savings.

Does Condo Insurance Cover Your Condo If You Use it as a Vacation Rental?

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. 

Who Needs an Umbrella Policy and What Does it Cover?

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.

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. 

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. 

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.

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. 

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.

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.