Are home insurance and homeowners’ insurance the same thing?

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When you visit Com-Co Insurance Agency Inc. serving Mount Prospect, IL for home insurance, you may experience a little surprise to find out how many types of home insurance exist. The policy you purchase depends on the type of home you own.

Home insurance describes a category of insurance that includes homeowners, condo, renters, mobile homes, historical homes, and dwelling insurance.

Let’s take the obvious first. If you purchased a condo, you’d need a condo insurance policy. That type of home insurance covers "from the walls in" of your condo, meaning that it covers the interior of your condo and its balcony or patio. Condo insurance covers physical, structural damage, liability, and personal property damage.

Mobile home insurance covers only your mobile home with physical, structural damage, liability, and personal property damage. If you operate a home-based business, you’ll need to add a home business endorsement to any home policy.

A homeowners’ insurance policy covers a home you own for the same types of coverage as mobile home coverage. It does so for an increased amount, though. You can determine the number of perils you want this policy type to cover. Typically, these range from 10 to 16 or all perils coverage.

Historical home coverage falls within the category of homeowners’ insurance. Only the homeowner can purchase it. It covers the home for fewer perils but increases home replacement value.

Dwelling insurance, too, qualifies as homeowners’ insurance, but landlords can purchase it. It doesn’t cover personal property since the renters’ insurance policy does that. It only covers liability in the home’s public areas, such as the yard and front walkway.

Only an individual renting a residence can purchase a renters’ insurance policy. It covers none of the structure of the building but does fully cover the renter’s personal property and liability.

Contact Com-Co Insurance Agency Inc. serving Mount Prospect, IL for the home insurance policy that best serves your needs.

What Does Auto Insurance Cover?

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If you own a car, you need auto insurance. However, there are different types of auto insurance you should know about. At Com-Co Insurance Agency Inc in Mount Prospect, IL, we offer the auto insurance options you need. 

Liability Auto Insurance 

All vehicles are required to have a liability insurance policy. Liability insurance will cover the damages if you are involved in an accident that is declared your fault. 

This includes damage to the other person’s vehicle, and medical expenses due to accident injuries, up to the coverage limits. 

Collision Coverage 

Liability insurance covers damage to the other person’s vehicle. Collision coverage, on the other hand, covers your vehicle. It will pay to repair or replace your car in the event an accident is your fault or no fault. 

Lenders often require collision coverage. This helps protect their collateral in case of an accident. However, even if you aren’t required to have collision coverage, it can help protect your investment. 

Comprehensive Coverage 

Comprehensive coverage also covers your vehicle. However, instead of protecting you during an accident, it protects you from damage when your car isn’t moving. 

This typically includes vandalism, theft, and storm damage. For example, if your car is damaged by hail, this would be covered under comprehensive coverage. 

Like collision coverage, comprehensive coverage is typically required if your vehicle has a lien. 

What Isn’t Covered by Auto Insurance? 

Full coverage insurance includes liability, comprehensive, and collision coverage. However, some things aren’t covered under these policies. 

These include expenses due to normal wear and tear on your car, mechanical breakdowns, and some types of intentional damage. 

Auto Insurance at Com-Co Insurance Agency Inc 

If you need auto insurance in Mount Prospect, IL, contact us at Com-Co Insurance Agency Inc. We will help you choose the right policy for your needs.

Finding the right insurance to protect your Illinois home

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Mount Prospect, IL area residents have long turned to Com-Co Insurance Agency Inc. for their insurance needs. If your home is underinsured, or you want to make sure you have the right coverage, give us a call today.

The right insurance for your home

Like most Americans, your home is probably the most significant financial investment you will make during your lifetime. Because of this, it is vital to make sure that you have the proper protection for your needs. Having the right insurance takes a little effort, but it is worth it.

Many people follow the guidelines set forth by their bank or lending institution and figure that those coverage parameters meet their needs. While your bank has a vested interest in protecting your homes, your needs are not always fully aligned with theirs. This can cause homeowners to be underinsured in certain situations.

A situation like the above example is why we advise our clients to review their insurance needs themselves and check their policies at least once a year to ensure that they continue to meet those needs. Your home policy should cover the catastrophic and liability needs that you have. And, if you have specific needs outside of what your primary policy covers, then it makes sense to add supplemental policies to your overall insurance bundle.

We want to work with you!

Com-Co Insurance Agency Inc is proud to serve the Mount Prospect, IL area, and we would welcome the opportunity to work with you too! If you have any insurance needs or concerns, you can turn to us. Give us a call today, or feel free to stop by our office to find out more.

Homeowner insurance facts for property owners

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Mount Prospect, IL homeowners can rely on Com-Co Insurance Agency Inc for their insurance needs. If you want to ensure that you have the protection you need, we can help! And, if you’re purchasing your first home, make sure you give us a call today!

Homeowner insurance facts

Many people are surprised to learn that there are no governmental requirements for home insurance. Most people have this type of coverage due to requirements set forth by their lenders. Because of this, many folks follow the guidelines set forth by their bank and don’t give it too much more thought.

While this approach is great for the bank, it doesn’t always ensure that the homeowner has the protection. If you want to make sure that your homeowner’s policy meets your needs, it’s time to sit down and take a closer look. One thing that may be missing is adequate coverage for your personal belongings.

The main purpose of home insurance is to protect your house, but it also needs to provide protection for your belongings. Don’t overlook this vital fact! As more and more people are working from home, they also have electronic equipment and devices for which they are responsible. Other items such as art and jewelry can also require additional coverage not included in your basic policy.

Now is a great time to take a closer look and make sure that your home, and your belongings, have all the protection they need!

Find out more today!

Com-Co Insurance Agency Inc is here for all residents in the Mount Prospect, IL area. If you have any questions relating to insurance, give us a call or stop by our office today!

How to Know If You Need Umbrella Insurance

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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. 

Things home insurance doesn’t cover

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As a homeowner, protecting your investment is a top priority. Your home is probably the biggest investment you will ever make. Most people believe that they are protected when they purchase home insurance. The truth is, you are protected but not from everything. Home policies have exclusions. At  Com-Co Insurance Agency Inc in Mount Prospect, IL, we want to make sure that you have all the coverage you want and need. 

Owner neglect

Your insurance carrier expects that you will maintain your home and property. That means replacing your roof when it gets old and leaks, getting insect or rodent treatment if your home is invaded by either. If you allow your home to become rundown and then expect your home insurance to pay for damages that result, you will be disappointed. 

Flooding

Flooding is a biggie and as the world warms up, more and more flooding occurs every year. A traditional home insurance policy does not pay for damage that results from flooding unless it is from a burst pipe in your home or your roof is damaged by a tornado or hurricane. Surface flooding isn’t covered but you can get a policy from the National Flood Insurance Program. 

Earth Movement

Quite a few different things come under the heading of earth movement including earthquakes, landslides, mudslides, and sinkholes. These are mostly not covered and you need to read your home insurance policy carefully. You can, however, get coverage for all of these things separately. 

Certain Dog Breeds

Some breeds of dogs are considered such a risk that your home insurance won’t cover them. If you are adding a new pet to the family, check with your agent about the breed so you won’t get an unpleasant surprise. 

In Mount Prospect, IL, you can count on Com-Co Insurance Agency Inc to help you to get the right home insurance for you and your home. 

Are Your Ready for Deer Collision Season?

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Deer mating season is upon us, and with it, the risks of accidents increase significantly. According to the Illinois DOT, more than 40% of crashes in 2019 during October, November, and December were deer hits, with November having the highest risk. Mount Prospect, IL is no exception, with Cook County ranking number one in deer hits over that same period. In rural areas, more than 90% of all auto accidents involve deer. So what can you do to stay safe on the road?

Preventing a Deer Hit:
1. Timing matters. Deer are most active at dusk and dawn, so be particularly alert around those times. 
2. Keep an eye on the sides of the road and look for eyeshine – the reflection of your headlights in their eyes. If you spot one, expect more. Deer are pack animals and rarely alone. 
3. Don’t expect deer to only show up in rural areas. They are adaptable and appear in rural, urban, and suburban places. 
4. If you do spot a deer, slow down. They likely have friends nearby. 
5. Deer make strange choices. They may stop in the center of the road or suddenly double back. Be prepared. 

Reducing the Impact of a Deer Hit: 
If you cannot avoid a collision, brake, don’t swerve. If you swerve, you increase the risk that you’ll impact another vehicle or lose control of your car, and it also makes it harder for the animal to avoid you. 

Honk and slow down. If you cannot slow enough to give deer a chance to escape an impact, try to make it a glancing blow instead of a head-on collision. Deer are pretty sturdy and can do a significant amount of damage. The slower you are going and the less direct the hit, the better. 

Check Your Coverages: 
If you do run into a deer this autumn, is your collision coverage in place? Is your rental sufficient to keep you driving while you wait for repairs? Is your deductible affordable? If you are unsure, call or stop by Com-Co Insurance Agency Inc today to go over your policy and make sure you are protected. 

Illinois Auto Insurance: Safe Driving Tips for Commuters

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When you are a commuter, your life has a few additional stresses that you have to incorporate into your everyday plan. We know that research shows that collisions happen during rush hour traffic all the time. 

At Com-Co Insurance Agency Inc. we want Mount Prospect, IL drivers to be safe when they are traveling to and from their place of employment or to school. Use these safe driving tips when you are commuting, and drive with more confidence and security.

Stay Vigilant

Keep an eye on your surroundings at all times when you are driving. Stay vigilant. Scan constantly to be sure that the cars near you aren’t any closer than they need to be. If they are, maintain a safe distance.

You can spot potential problems quickly and avoid accidents when you are vigilant during your commute to and from work or school.

Use Defensive Driving Techniques

When you are commuting, always give yourself a way out of traffic should an emergency occur. With bumper-to-bumper traffic in rush hour, rear-end collisions can happen. Have a way out, usually to your right, when you are driving.

If a car gets too close, drive defensively and get out of the way.

Keep Your Technology Charged

When you are having problems on the road, the last thing you want to happen is to need your phone, and have it out of battery juice. Keep all of your technology charged and turned on when you are in the car. Don’t use it unless it is an emergency.

Get Roadside Assistance

If you don’t already have it, roadside assistance can help you to feel more confident when driving on your commute in Mount Prospect, IL.

It will be there if you need it. At Com-Co Insurance Agency Inc., we can help you with your insurance policy at any time. Call us for a quote today.

Reasons Your Auto Policy Can Be Canceled and Where to Get Help to Get Coverage

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It’s bad news when you get a notice that your auto policy has been canceled. At Com-Co Insurance Agency Inc., which serves Mount Prospect, IL, we can explain why, and we can also use our expertise to try to get you new coverage.

What is Cancellation?

Cancellation means notifying you before the expiration date that your policy will not be renewed or that your new policy will no longer be in effect. Your insurer has up to 60 days to cancel new policies.  For any reason other than non-payment, you must give written notice at least 30 days in advance. A missed payment requires a 10-day notice.

Reasons Insurers Cancel Auto Policies

Dishonesty in answering your insurer’s questions and having a history of insurance fraud are also cause for termination.  Some other reasons are drug or alcohol abuse, a felony and a history of traffic violations. A medical condition that may make you an unsafe driver is another reason. So too are a poor CBI credit score and possessing a motor vehicle wiith mechanical defects.

Help for High-Risk Drivers

At Com-Co Insurance Agency Inc., we partner with insurers that may be able to give you coverage. We also work with the Illinois Automobile Insurance Plan (ILAIP), a program for poor-risk drivers. To qualify for the program, you must:

  • Have tried to get insurance within the past 60 days
  • Possess a valid driver’s license or be eligible to get one
  • Owe no unpaid monies to other insurers over 36 months
  • Own a vehicle without mechanical defects

If you live in or near Mount Prospect, IL, contact us at Com-Co Insurance Agency Inc. We will do our best to get you auto coverage after cancellation.

Why Is Getting Condo Insurance So Important?

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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.