While there are several similarities between homeowner’s insurance and condo insurance (such as being required by a mortgage broker and protecting your financial investment), there are also significant differences. At Com-Co Insurance Agency Inc., in Mount Prospect, IL, we strive to educate you on these differences.

Three Key Differences between Condominium and Homeowner Insurance

• Condo insurance covers your property internally, from the walls inwards. Homeowner’s insurance extends to your structure, property, and even fencing and outbuildings.
• Condo associations often necessitate insurance coverage, given that the condo’s value hinges substantially on the neighboring property’s condition.
• It’s crucial to know what your association’s master’s policy covers. Assuming this can be risky. Always ensure you obtain a copy of the policy and have your condo insurance policy shaped to fill any potential gaps.

Reach Out to Com-Co Insurance Agency Inc. for Clarity and a Quote

Individuals opt to purchase a condominium for various reasons, such as downsizing, transitioning to empty nesters, owning a vacation home, or as an investment. While home insurance experience may be preliminary for most, condo insurance presents its distinctions. If you reside in or around Mount Prospect, IL, and have questions about condo or homeowners insurance, contact Com-Co Insurance Agency Inc. to secure a free review and price quote.

Umbrella insurance comes into play when your liability exceeds the limit of your home, auto, or other policy. Ordinarily, umbrella policies cover all relatives and dependents in the household. Still, the details can get tricky, so discussing your umbrella coverage with an agent such as Com-Co Insurance Agency Inc., serving the Mount Prospect, IL, area, is best. 

Covering Household Members

Since umbrella insurance handles liabilities beyond other policy limits, insurance companies must account for each person covered by your policies. For example, while your auto policy covers household members and others who legally drive your vehicle, your insurer often adjusts the premium based on the number of people in the household, their ages, driving records, and their cars. 

Similarly, an umbrella insurance policy may cover children and teenagers, even the policyholder’s parents, if they are full-time household members.

Besides keeping up with the household members, umbrella coverage can be complicated when adult children or parents have separate home or auto policies. Your umbrella coverage may not cover an adult child living at home with a different auto policy. Likewise, a student with a renters’ policy for their college apartment may also be excluded from coverage.

As always, you should protect yourself and your family by talking with your agent to confirm how your household makeup and insurance policies affect your coverage. Give your agent a call to have this conversation before you need to make a claim.

Working With Com-Co Insurance Agency Inc.

Everyone has unique circumstances, so we recommend reviewing your situation with your agent. If you live in or near Mount Prospect, IL, call or stop in to see our Com-Co Insurance Agency Inc. team. We will treat you right!

Condo insurance protects condo owners, including those in Mount Prospect, IL. This insurance can offer protection against many unforeseen events that could leave you with damages of your own or lead to you becoming liable for damages visitors endure. Once you understand more about the types of condo insurance claims that tend to be more commonplace, you’ll be in a better position to protect your own property and the property of others.

Property Damage Claims

Property damage accounts for a large portion of condo insurance claims. The damage can be the result of many possible factors, and they can lead to extensive and expensive repairs. The damages can often leave your condo more susceptible to other types of damage, so prompt repairs are critical. When you have insurance through a company such as Com-Co Insurance Agency Inc., your condo can be adequately protected from such damage.

Personal Property Claims

Loss of personal property can occur, which causes various difficulties for you. As a Mount Prospect, IL resident, you can transfer the risk to an insurer. This allows you to replace the damaged property as quickly as possible. Com-Co Insurance Agency Inc. can look at your condo coverage and ensure you’re adequately protected from hazards that put your property at risk.

Liability Claims

A common condo insurance claim has to do with liability. If someone else gets hurt on your property or has another type of damage, they can hold you liable. When you have condo insurance, you will have protection from unexpected accidents, that someone could hold you liable for. When you’re ready to discuss your condo insurance, contact Com-Co Insurance Agency Inc.

Umbrella insurance, the policy with a funny name that everyone needs to own, requires a primary policy before you can purchase this secondary policy. At Com-Co Insurance Agency Inc., we want our clients in the Mount Prospect, IL area, to understand that they can add the extra liability coverage that the umbrella provides to any insurance policy that includes liability coverage.

Boat and RV Policies Qualify for Umbrella

That means your boat or RV coverage qualifies you to add umbrella coverage. Owners of these large toys should add umbrella coverage to cover their increased liability risk. You increase your risk of liability when you entertain others by taking them out on your boat, going water skiing, or taking them on a trip in your motorhome. Umbrella helps absorb that risk.

How Umbrella Helps

If you cause an accident with your RV, your primary insurance, such as your RV policy, pays out up to the policy limit. That typically amounts to the state-required bodily injury and property damage minimums of 25/50/20. That means that for all of the people injured, your insurance would only pay $50,000.

Consider that one night in a hospital costs about $8,000, and you quickly realize that your primary insurance needs a little help. Without umbrella coverage, you would need to pay for everything else out-of-pocket. With umbrella coverage, as soon as your primary policy pays out its maximum, the umbrella policy kicks in and pays the rest of the settlement.

Contact Us Today to Get Your Umbrella

Call or email Com-Co Insurance Agency Inc. to add umbrella protection to your Mount Prospect, IL RV or boat policy. Let us help you protect your financial security with umbrella insurance.

Umbrella insurance, the policy with a funny name that everyone needs to own, requires a primary policy before you can purchase this secondary policy. At Com-Co Insurance Agency Inc., we want our clients in the Mount Prospect, IL area, to understand that they can add the extra liability coverage that the umbrella provides to any insurance policy that includes liability coverage.

Boat and RV Policies Qualify for Umbrella

That means your boat or RV coverage qualifies you to add umbrella coverage. Owners of these large toys should add umbrella coverage to cover their increased liability risk. You increase your risk of liability when you entertain others by taking them out on your boat, going water skiing, or taking them on a trip in your motorhome. Umbrella helps absorb that risk.

How Umbrella Helps

If you cause an accident with your RV, your primary insurance, such as your RV policy, pays out up to the policy limit. That typically amounts to the state-required bodily injury and property damage minimums of 25/50/20. That means that for all of the people injured, your insurance would only pay $50,000.

Consider that one night in a hospital costs about $8,000, and you quickly realize that your primary insurance needs a little help. Without umbrella coverage, you would need to pay for everything else out-of-pocket. With umbrella coverage, as soon as your primary policy pays out its maximum, the umbrella policy kicks in and pays the rest of the settlement.

Contact Us Today to Get Your Umbrella

Call or email Com-Co Insurance Agency Inc. to add umbrella protection to your Mount Prospect, IL RV or boat policy. Let us help you protect your financial security with umbrella insurance.

If you live in a condo, it is essential that you understand how insurance works for you. Here at Com-Co Insurance Agency Inc, serving Mount Prospect, IL, and the surrounding area, we are committed to helping clients understand their insurance options to make smart insurance choices. Keep reading to learn more about condo insurance. 

Understanding Different Types of Condo Insurance

When we talk about condo insurance, you should keep two different types in mind. There is condo insurance that is carried by a property owner for the protection of the entire property. This is the insurance that your landlord or property manager will have in place on the condo. This type of insurance protects the owner and their investment in the condo. 

The other type of condo insurance is coverage that a condo resident will have in place to protect their own personal belongings within the condo. 

You Are Responsible For Condo Insurance

You, as the resident, are responsible for carrying condo insurance if you want your personal belongings to be covered. You should consider this type of coverage because the property insurance that your landlord or property manager holds will not cover your personal belongings that might be lost or damaged inside the condo. 

What Does Condo Insurance Cover?

Condo insurance covers the cost of repairing or replacing your belongings that might be lost or damaged at the condo during a qualifying event. Qualifying events might include natural disasters, fires, or burglary. 

If you want to learn more about condo insurance, please get in touch with us at Com-Co Insurance Agency Inc, serving Mount Prospect, IL, and the surrounding areas.

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.

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.

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.

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.