What Does An Umbrella Policy Do After A Disaster At Home?

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Whether you live in Mount Prospect, IL or anywhere else, disaster can strike without warning. This is our business at Com-Co Insurance Agency Inc : to help protect your financial future during times of crisis. But what happens if a regular insurance policy isn’t enough to keep you secure after a home disaster? With an umbrella policy, you will have an extra safety net to safeguard your assets.

Umbrella insurance protects you from paying out-of-pocket for legal expenses.

Let’s say someone becomes injured on your property, or a disaster such as a fire causes damage to your neighbor’s home. In both of these cases, the injured party may sue you for the cost of damages, medical expenses, lost income or more. You will have to pay to defend yourself in court, as well as cover the cost of any judgments should you be found responsible. Personal injury lawsuits can very quickly add up to an amount that exceeds your current home liability insurance. When that happens, you’ll be stuck paying out-of-pocket for the difference.

This is where an umbrella policy comes into play. Once your primary home insurance limit is exhausted, umbrella insurance steps in to cover the difference so you don’t have to. Without this type of protection, you could have assets seized or wages garnished in order to pay the remaining cost of your judgments or fees. 

Your agent can help you decide if umbrella insurance is for you.

Deciding if you need an umbrella policy and how much coverage you should have can be a tough decision alone. If you live in the Mount Prospect, IL area, please reach out to Com-Co Insurance Agency Inc to discuss the benefit of umbrella insurance today. 

Should You Insure Your Vacation House?

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Are you in the process of purchasing a vacation home, or do you have one that’s newly bought? If so, you may not know yet if you need special insurance to cover the property. The fact of the matter is that yes, you should have insurance coverage on the house. Read on to find out more, and also reach out to Com-Co Insurance Agency Inc if you’re in the Arlington Heights or Mount Prospect, IL area.

Gaps in Homeowners Coverage

It’s key that you get vacation home insurance since homeowner’s insurance alone will leave you with some big coverage gaps. The homes typically are only stayed in part of the year by the owner, part-time by rental guests, and they may go for long periods of time unoccupied. Your policy should cover all of these contingencies.

In some instances, your vacation insurance will have a rider for rental guests. Be sure to talk over this with your agent and read the fine print so you have a solid understanding of all that’s going to be covered.

Issues You May See with Vacation Home Insurance

With this type of insurance, it might turn out to be more expensive and less comprehensive. There is more of a risk of burglaries and issues arising that you won’t learn about for some time when you don’t actually reside there. Of course, the particulars will be based on your specific situation so this may not apply in your case.

Consider Bundling Insurance

If it’s a possibility, you should bundle your vacation property insurance with homeowner’s insurance, auto insurance, and other policies you have from the provider. This will save you a bit of money and aggravation in the long run.

For quality insurance and knowledgeable agents who will assist you with all your unique needs in the Mount Prospect, IL area, look no further than Com-Co Insurance Agency Inc. Contact us today to find out more and get started setting up your vacation home insurance policy.

 

Why Condo Insurance Is A Must

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Looking to move into a condo? It’s a great option when you want your own living space without dealing with a lawn, outdoor maintenance, and other traditional homeowner issues. However, while there are a number of benefits associated with a condo you still need to protect your home with condo insurance. If you live around greater Mount Prospect, IL, the team at Com-Co Insurance Agency can help connect you with the right condo insurance. 

Your HOA Likely Requires It

In most cases, when living in a condo there is a home owner’s association. This HOA helps determine regulations and guidelines for the community. In these instances, you’ll find most HOAs do require you to have condo insurance. Some might simply require you to have some form of condo insurance while others will require you to have specific coverage. Whatever your HOA requirements are it is important to work with an insurance provider who can fulfill these needs. 

Living In Close Proximity To Others

When it comes to living in a condo you’ll be in close proximity to other residents. This puts you at greater risk of fires and even theft because you simply have more people nearby. In order to make sure you are protected you will need to invest in proper condo insurance for your home.

Protect Your Home With Condo Insurance

When living around Mount Prospect, IL it is crucial for you to protect your home. If your home is a condo you will need condo insurance. With the help of Com-Co Insurance Agency you’re just a phone call away from talking with your local insurance provider about the right condo insurance for your property. From working with your HOA to pinpointing what works with your budget, Com-Co is here to help.

5 Ways to Prepare for a Home Insurance Claim

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There is a certain aspect of buying insurance that is putting money away in the hopes that you will never need it. But, the day has come and disaster has struck.

How do you go about filing a claim when your mind is everywhere at once?

First of all, some help from a trusted agent at Com-Co Insurance Agency Inc. of the Mount Prospect, IL area would be ideal. Here are 5 ways to prepare for a home insurance claim that will help you when the time comes.

Whether it is a fire or severe weather damage, there has been damage to your home and the first thing to do is to inspect the damage. It is important for the homeowner to not only take stock of what needs to be fixed or replaced, but the insurance company needs to know so that they can properly cover the costs within your specific insurance plan. 

Once an assessment has been made, begin to document any damage caused by what happened. Lists of items damaged or destroyed, pictures of what parts of your home looked like before the incident and after, and even a video that shows the damage can all be used to support your claim. Be as thorough as you can. This time can be stressful to navigate, but the details now will save you time and hassle later.

Lastly, figure out the cost of getting your home fixed, both short and long term. If there are any repairs that need to happen right away, alert your insurance company and see what is best. Be sure to include the costs of materials, repairs, and replacements.

When disaster strikes your home, Com-Co Insurance Agency Inc. is there for the people of Mount Prospect, IL to make sure that you have what you need. Have questions? Give us a call and we’ll answer your questions about keeping your home protected.

Vehicle Maintenance for Older Cars

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In order to avoid costly expenses, it’s critical to maintain your vehicle, especially for older models. If you’re willing to care for your car, you’ll be rewarded with a car that can last more than 100,000 miles. Com-Co Insurance Agency Inc in Mount Prospect, IL has independent insurance agents with expert knowledge regarding caring for your vehicle starting with auto insurance.

Follow the Manufacturer’s Recommendations

Each vehicle comes with an owner’s manual that contains maintenance recommendations. Generally, the guidelines for new vehicles state that you should change the oil every three months or 5,000 miles. As your car ages, you’ll need more specified routines that include changing the spark plugs, replacing the fluids, and rotating the tires at specific intervals.

The First 100,000 Miles

After the first 100,000 miles, it’s important for the timing belt to be changed. The timing belt helps to rotate the crankshaft and camshaft in the engine so that the valves will open and close properly. When the timing belt is not functioning in the correct manner then your vehicle could experience severe shaking while idling, oil pan could leak, and the engine could begin to smoke.

You’ll also want to flush the coolant system. Coolant keeps your engine from overheating and helps prevent corrosion. It is recommended to flush the system every three years after 100,000 miles. 

Changing or replacing shocks, struts, oxygen sensors, belts, and hoses is also recommended after 100,000 miles. 

As long as you follow the guidelines for your vehicle, you should be in good shape when your car gets older. Consult with your insurance agents at Com-Co Insurance Agency Inc in Mount Prospect, IL to get started with auto insurance. Our agents can also help you secure home, life, commercial, and umbrella insurance as well.

Safety Tips to Avoid an Accident

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According to the CDC (Centers for Disease Control and Prevention), 32,000 people are killed in car crashes every year. To prevent yourself from becoming a statistic, there are a few tips you can use. In Mount Prospect, IL, Com-Co Insurance Agency Inc. has agents that are available to help and advise you on your auto insurance needs as well as information on avoiding auto accidents.

  • Wear a seatbelt – Seatbelts have been proven to save lives. Even the impact of a fender-bender can be a jolt to your body. It can lead to severe back and neck injuries. Without a seatbelt in place, it can push you into the steering wheel or even cause you to hitting the windshield.
  • Don’t drive impaired – Even one drink or smoke can cause you to be impaired. Medical marijuana is legal in most states, but driving while you are impaired is not. Get a driver who has not been drinking or take a car service.
  • Monitor the weather – The weather can make a difference in how you drive. In the rain or snow, you have to be more cautious when the road is slicker. Make sure that your wipers are clean to keep your visual field free. Check the tread on your tires to prevent unnecessary slides.
  • Stay off your phone – Having a cell phone is a convenient way to keep in contact with your friends and family. Many people also use it as a GPS. To stay safe on the road, keep your phone hands-free. Get a cell phone holder and use the voice-to-talk feature that is available with most cell phones. If your phone does not have this feature, then you can download it from the app store.

If you need to know more or you are just interested in auto insurance, come to Com-Co Insurance Agency Inc. in Mount Prospect, IL to get a quote and have your questions answered.

 

Understanding Condo Liability Coverage

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The last thing you expect when hosting a party in your condo is someone getting injured on your property. Unfortunately, accidents do happen, and more often than people think. Condo liability insurance from Com-Co Insurance Agency Inc. in Mount Prospect, IL will protect you against accidents that occur in your condo. Liability insurance covers the cost of your guest’s medical expenses so these funds don’t have to come out-of-pocket. Here’s what you should know about liability coverage:

Covers Medical Costs of Accidental Injuries

If your guest trips and falls down the stairs while visiting your condo and you’re found liable for the accident, they could sue you for damages. Condo liability insurance protects you from lawsuits by covering your guests’ doctor and hospital bills. If your guest can’t work due to his injuries, you may be held liable for their lost wages during the recovery. Without insurance coverage, you may need to dip into your savings or retirement funds to pay these costs.   

Covers Damage to Others’ Property

Condo liability covers damage you may cause to someone else’s property due to your negligence. If you’re roughhousing at a friend’s party after having one too many drinks and damage his pricey stereo, you could be sued for damages. Liability insurance covers the cost of repairing or replacing your friend’s stereo equipment so you don’t have to.

Covers Pet-Related Injuries or Damages

If you own a pet, you may want to include pet-related injuries or damages in your condo liability coverage to protect you against lawsuits in the event your pet bites someone on your property. Your liability coverage will help cover legal expenses and settlements up to the limits of your policy.

To learn more about condo liability coverage and costs, contact Com-Co Insurance Agency Inc, Mount Prospect, IL.

How the Importance of Umbrella Insurance Increases as You Age

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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.

Do You Need To Inform Your Insurance Provider About Home Renovations?

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A home renovation is an excellent way to transform your house to better fit your personal needs. It can also increase property value, allowing you to sell your home for more, should you ever decide to put it on the market. However, before you pursue the home renovation, you need to first consider whether it is necessary (or if you should) inform your insurance provider about the renovation (or restoration). If you live in or around Mount Prospect, IL, Com-Co Insurance Agency Inc can help you with this. 

Protect Your Renovation

In truth, you don’t need to tell your insurance provider about the home renovations. There is no law mandating you do so. Naturally, if you tell your insurance provider about the addition your insurance policy may go up. So, if you might assume it is better to just not say anything. However, that’s not necessarily the case. If you put $20,000 into a kitchen renovation and your home burns down, these renovations will not be covered. So that $20,000 will be completely out the window. It’s well worth to tell your insurance provider and pay the few extra dollars a month it might cost to cover this. 

It’s generally better to tell your insurance provider about any renovations you make that cost more than a few thousand dollars.

Protecting Your Property 

When you live around Mount Prospect IL it is always recommended to tell your insurance provider about home renovations. Due to the weather and possibility of damage from flooding, tornadoes, burst pipes, and other potential problems, you’ll want to have the added coverage for your new additions. So, if you have more questions regarding the renovations and what you should do, now is a great time to give the team at Com-Co Insurance Agency Inc a call. 

Do Home Insurance Rates Change After A Divorce?

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Home insurance is never a cut and dry product and can vary depending upon each individual’s needs and current state of affairs. This is also true if the owner’s living arrangements and marital status change over the course of time. Many American’s today have adopted a different lifestyle and family living arrangement than in decades past. Knowing the facts about insurance and divorce can help make a difficult situation easier to navigate and understand. 

Coverage During Divorce

During a marriage, if both partners are named as an insured party on the policy, either can make changes in most cases, however, once a divorce is filed or there is a legal separation, it is difficult to make changes. Most judges will prohibit any policy changes during divorce proceedings or during a separation unless there is an official agreement between both parties and is allowed by the divorce judge. Once the divorce is final, the insurance company may make the requested changes upon receiving appropriate documentation of ownership. 

Working With An Experienced Agency

It’s much easier to navigate changes in your living and marital arrangements when you work with an experienced insurance agency that had skilled agents with in-depth knowledge of this common situation. They can answer any questions, and help you make policy changes as well as instruct you regarding the necessary paperwork to get your affairs handled appropriately. If you live in or near the Mount Prospect, IL are you should consult with Com-Co Insurance Agency Inc and let them help you get the outcome you need for peace of mind during a difficult time. 

Get the information you need to prevent issues during a divorce or other similar living situation that affects your home policy. Residents of Mount Prospect, IL know they can get high-quality products and expert help through all of life’s ups and downs at Com-Co Insurance Agency Inc. Call or stop by today for more details and to schedule a meeting with an agent.