Owning a condo can be very fun, especially when it sits on the water. Any time you want to get away from the hustle and bustle of ordinary life, you can take off to your condo and enjoy a few days of relaxation. Many people, however, who own condos don’t always live in them year-round. In fact, they choose to rent them out as a way to supplement their income. If you own a condo in Mount Prospect, IL and you want to rent it out, it is important that you know which type of insurance you need to buy. Com-Co Insurance Agency Inc would like to help you take a look at how condo insurance works if you rent out your unit. 

Landlord Coverage

First and foremost, you are going to need landlord coverage, especially if you plan on renting out the condo to a tenant for more than a week’s time. There is a lengthy process that you must go through to have someone evicted from a condo if they don’t leave when they are supposed to or fail to meet the terms of the agreement the two of you made when they signed a rental lease. With landlord insurance, though, you can rest easy knowing you will have coverage for any legal liabilities that arise. Also, landlord coverage may be able to make a payout if you get stuck with a repair bill for damage that was made to the property by one of your tenants. 

Renter’s Insurance

To show that you care about your tenants, you may also want to invest in a renter’s insurance policy. A landlord policy does not provide coverage for your renter’s personal belongings, but a renter’s insurance policy does. 

To learn more about renting out a condo and the types of insurance you need to buy, contact Com-Co Insurance Agency Inc serving the Mount Prospect, IL area. 

The agents of Com-Co Insurance Agency Inc. can offer advice about many different types of business policies. If you own a business in or near Arlington Heights or Mount Prospect, IL, our agents are always available to discuss the specific needs your business may have in terms of insurance. Some companies need umbrella coverage while others may do well with a simple, liability policy.

The Benefits of an Umbrella Policy

To put it simply, an umbrella policy will take up where your other forms of insurance leave off. There may be an instance when your bodily injury or liability insurance coverage isn’t enough to cover a claim. An umbrella policy continues your coverage until the overage is paid. Umbrella policies can be a lifesaver for small- to mid-size companies with limited financial resources. 

What Type of Companies Should Consider an Umbrella Policy

If you use your personal car for business or your business is open to the public, it’s a good idea to look into an umbrella policy. This will protect you from heavy financial loss if you are involved in an accident or someone is injured while on your property. Umbrella coverage is also good to have if your work involves a higher level of risk than a more traditional job. 

In Mount Prospect, IL, many business owners turn to Com-Co Insurance Agency Inc. for all of their insurance needs. Our agents have experience when it comes to working with businesses and protecting their financial interests. Don’t let an accident stall the success of your business. Schedule a consultation today to find out if an umbrella policy would be beneficial for your business.

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.