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.