How Much Auto Insurance Do You Need?

Whether you have owned a vehicle in the Mount Prospect, IL area for some time or you are a new driver, one of the biggest concerns you probably have is making sure that you have the proper auto insurance coverage. In Illinois, it is illegal to drive without the state minimum requirements for your coverage. If you fail to have this auto insurance, you can end up paying a lot in fines an even lose your license. However, you can easily get set up with the right amount of coverage from policies you can get with Com-Co Insurance Agency Inc. 

How Much Auto Insurance Do You Need?

In order to remain compliant and not get into any legal trouble, you need to have the following coverages for your auto insurance:

  • $20,000 in coverage for bodily injury per person and per accident
  • $40,000 in coverage for bodily injury for all persons per accident
  • $15,000 in coverage for property damage liability
  • $20,000/$40,000 in coverage for uninsured motorist for bodily injury
  • $25,000/$50,000 of  underinsured motorist coverage
  • $15,000 in coverage with a $250 deductible for uninsured motorist property damage

It is important to note that these are the current state minimum requirements. However, these minimum requirements can change at any time, so it is always a good idea to verify with your insurance provider that you are still compliant at least every six months that you are covered.

The state minimums are the lowest amount of coverage that you should have for your auto insurance policy. However, you may decide that you need to have more coverage or would like to have more. Either way, we can help you find the perfect policy here at Com-Co Insurance Agency Inc., serving Glenview and Mount Prospect, IL. We can provide you with a free quote and can even make sure that it fits within your budget. Be sure to reach out to us today to learn more and get started!

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.