Your condo in Mount Prospect, IL probably represents your biggest investment. It makes sense to protect it with a condo insurance policy from Com-Co Insurance Agency Inc.
The state of Illinois does not require you to carry condo insurance, but your financial lending agency may require it. As you increase the equity in your condo, you may be allowed by them to lower your coverage, but it’s not recommended.
Your condo insurance policy provides protection for your structure, personal property, liability, and additional living expenses. Both your structural and personal property insurance covers you from losses from named perils. The term named-peril refers to a specific hazard such as fire or hail specifically enumerated in the policy. If a peril named in the policy happens and damages your condo or property inside your condo, the policy pays for the repairs to the structure or replacement of the personal property. Your policy may or may not include other structures coverage.
The liability coverage provides you financial protection if an individual incurs a physical injury on your property. It covers your attorney fees, court costs, settlement costs, and medical bills of the injured person if they sue you.
The additional living expenses component pays for you to stay in a hotel and for your meals if you need to stay in an alternate location while damage to your condo gets repaired.
It makes good sense to insure your condo in Mount Prospect, IL. Call or email Com-Co Insurance Agency Inc today to learn more about how condo insurance protects your financial future. We can help you design the perfect policy for you and your condo.