Com-Co Insurance Agency Inc serves the Mount Prospect, IL community, as well as the surrounding states. We are committed to helping our clients find policies that will secure the futures of not only themselves, but their families as well.

Researching Condo Insurance

Staying in a condo means that you’ll have to deal with different insurance risks compared to living in a home. In order to secure your unity and all of your belongings, consider purchasing condo insurance. As you start researching different condo insurance policies, here are some things to consider.

Master Policy

Look at the condo’s master policy. The master policy should outline which parts of the condo are insured and which parts are not covered. Primarily, there are two types of policies. The bare wills in policy covers more of the outer framework. The more thorough master policy covers all of the fixtures and installations inside of the condo.

Recent Upgrades Are A Factor

Pay attention to any new amenities in the unit, such as new flooring or countertops. That should give you a good estimate of how much coverage you should purchase. If you prefer cash value, then your condo insurance policy will replace the value of a stolen item. Any depreciation is also considered when determining the cash value. If you choose replacement coverage, then you’ll be compensated so that you can purchase a new item.

Natural Disasters

In order to ensure that the content and structure of your condo is covered, make sure that you have a clause in your condo insurance policy that will cover the unit if there is a hurricane or a severe flood damages the property.

Contact Com-Co Insurance Agency Inc

Com-Co Insurance Agency Inc will guide you as you evaluate your options. Visit our website to learn more information about our Mount Prospect, IL office.

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. 

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.

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.

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.

There is a lot of money to be made taking a place you own and turning it into a vacation or short-term rental. Here at Com-Co Insurance Agency Inc, serving the greater Mount Prospect, IL area, we want all of our potential clients to understand what type of insurance they may need when doing this, to help ensure they are fully covered. If you are considering turning your condo into a vacation rental, you may wonder if condo insurance covers your condo. Here is what you need to know. 

Does Condo Insurance Cover Your Condo If You Use it as a Vacation Rental?

Condo insurance may or may not cover your condo if you use it as a vacation rental. If you plan on using your condo as a vacation rental, regular condo insurance will typically not cover your condo if it is used as a vacation rental. In these cases, you may need a commercial insurance policy, or you may need a condo insurance policy that has an add-on or supplemental vacation rental inclusion. Taking the time to carefully read through the insurance policy will help you learn whether renting your condo as a short-term rental is covered or excluded from that specific policy. 

Are you looking to turn your condo into a vacation rental? If so, you will want to have the right type of insurance in place. At Com-Co Insurance Agency Inc, serving the greater Mount Prospect, IL area, we can help you with that task. Contact us today and let us help you find the right insurance policy. 

Umbrella insurance policies in Mount Prospect, IL are a form of liability coverage that supplements your other basic liability policies, such as home insurance, renters insurance, and auto insurance. It pays out after the primary insurance policy has paid out up to its limits. Anyone who owns a business or has large assets should secure an umbrella policy to protect their assets in the event of a lawsuit to recoup expenses due to their liability.

What Does Umbrella Insurance Cover?

Business professionals seek umbrella insurance to cover their professional liability. It is popular with financial planners, investors, and psychologists as well as any business owner to protect their assets. Professionals in the healthcare and legal fields also benefit from umbrella insurance that is an addition to their malpractice insurance.

Umbrella coverage from Com-Co Insurance Agency Inc. can cover lawsuits and liability claims that don’t result in legal actions to protect your assets. This policy will pay out in the event that you are charged with being liable to another party for property damages, bodily injuries, or to pay for your legal defense.

An umbrella policy can also cover dog bites in most circumstances. If your dog should bite a neighbor, you are liable for the neighbor’s bodily injury. If the injured party seeks legal recourse, then your umbrella policy will cover you.

Umbrella policies do not usually cover flood damage, but it does cover property damages and bodily injury claims that you cause to provide payment to the third party.

An umbrella policy can be quite confusing as to how much coverage you need. We understand that at Com-Co Insurance Agency Inc. in Mount Prospect, IL and we can help you decide what amount of coverage you need to protect your assets fully. Give us a call or come into the office to speak with a knowledgeable representative.

Condo insurance in Mount Prospect, IL is crucial and is designed so you can help protect your belongings and home after a loss. It’s important to get the right amount of coverage for your needs and there are some questions to ask yourself.

What Does Your HOA Policy Cover?

The first step in determining the condo insurance needed is figuring out what you are responsible for and what is covered by the HOA. There are two types of coverage the HOA may provide. A bare walls-in policy only covers the exterior of the building, so you have to insure everything in the home, including fixtures, flooring, and appliances. An all-in policy includes the interior contents as well, with the exception of your belongings. Speak with an agent at Com-Co Insurance Agency Inc if you are confused about what the master policy covers.

How Much Would It Cost to Repair or Replace the Interior?

Your condo insurance will need to cover what is not included in the master policy and how much it will cost to replace. If you have had upgrades done to your unit, then even an all-in policy won’t cover those and you need to purchase more coverage. Estimating how much it would cost to replace will help you get the right coverage. Get more insurance than you think you need.

How Much Are Your Belongings Worth?

Do a home inventory to get an idea of the value of your belongings. It can be easy to underestimate your property and forget to include things like furniture and clothing. Check to see if your expensive items, such as jewelry or artwork, are covered.

How Much Do You Have in Assets?

You want to have enough liability coverage to protect you if you are sued. Assets, investments, and your future wages could be at risk.

Contact Com-Co Insurance Agency Inc, serving Mount Prospect, IL, to get a quote on condo insurance. 

Living in a condo in Mount Prospect, IL is the way to go. You have all the benefits of home ownership, but less responsibility. But when you were purchasing your condo insurance at Com-Co Insurance Agency Inc, you may have had some questions about what you are responsible for and what the homeowners association is responsible for. 

It’s actually a good idea to find out what the HOA insurance policy looks like before purchasing your own. You don’t want to duplicate coverage or find out you’re not covered in the event of a disaster. 

"All-in" or "Bare Walls-in"

Most HOA insurance policies are the Bare Walls-in type. They don’t cover anything contained within the walls of your unit. Anything outside the walls is their responsibility. The All-in policy is rare, and it is when the entire physical structure is ensured but none of your personal property. 

There may even be a slight mix, as your pipes and plumbing are attached to the rest of the building. Make sure you read the policy, so you are prepared to get the right policy for yourself. 

Your Own Policy 

Typically, the condo insurance someone buys covers personal possessions, like clothing and furniture. It also protects small and large appliances, carpets, window trim, and furniture. It will also provide liability coverage, in case someone gets hurt while visiting your property. 

Some kinds of events, like fire or burglary, could affect your unit and the outside. You may need to file a claim with the HOA insurance for certain occasions like these.

If you want to make sure your condo in Illinois has the protection it needs, call Com-Co Insurance Agency Inc in Mount Prospect, IL today for advice and a free quote. 

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.