Demystifying Popular Umbrella Insurance Myths

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From childhood, there are things you have grown believing that they are true only to discover they were all but myths in your adulthood. The same goes for umbrella insurance. Yes, you are an adult, but certain myths can crowd your judgment when shopping for umbrella insurance in Mount Prospect, IL. For this reason, Com-Co Insurance Agency Inc. shares common umbrella insurance misconceptions to be wary of.

Myth#1: Umbrella insurance is for the wealthy only

While it’s true, one of the categories of people that need umbrella insurance are those with significant assets, other people need this coverage, too. Umbrella insurance is ideal for everyone earning a livelihood. Since we all stand a chance of being sued, umbrella insurance becomes a must-have investment when the limits of typical liability coverages are exhausted.

Myth#2: Umbrella insurance is a stand-alone policy

Umbrella insurance isn’t offered as a stand-alone policy. It rides on other coverages such as home, boat, or auto policy. Umbrella insurance works by boosting typical coverages. For instance, you may add umbrella insurance as a rider on your home insurance coverage to increase its liability coverage.

Myth#3: Umbrella is expensive

Ask many people why they don’t have umbrella insurance, and they will tell you it’s because it’s expensive. But is that true? Although umbrella insurance doesn’t come free, its cost is manageable for most people. While the premium you pay depends on the level of risk, it will surprise you that a $200 premium can get you $1M worth of coverage! Is that really expensive?

Myth#4: Umbrella covers you and your assets

Wrong again! Umbrella insurance doesn’t cover you. It protects you against wrongs you do to others. For instance, if you cause a severe accident, your auto insurance will cover your vehicle and medical expenses for your injuries. However, umbrella insurance handles liability costs from third parties, exceeding your auto liability coverage.

Umbrella insurance in Mount Prospect, IL

Still need more information on umbrella insurance? Please contact Com-Co Insurance Agency Inc., and one of our agents will be pleased to answer any question you have.

Making your home a safer place

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Making your home a safer place means different things to different people. It can mean making your home itself safer inside and out, or it could mean making your home safer from dangers that originate outside your home. Either way, everyone wants their home to be safe. In Mount Prospect, IL Com-Co Insurance Agency Inc is one of the largest and oldest independent agencies in the Chicago north shore area. With 80 years of experience, we know how to make sure our clients get the best insurance products for their needs. 

Clear the clutter

Clutter is a trip and fall hazard especially for the very young and the elderly. Try not to place things on stairways and hallways which have frequent traffic. Falls in the home are the most often occurring home accident. Take a look at each room in your home and remove things that present a trip and fall danger. 

Change the batteries

Smoke and carbon monoxide detectors make your home a safer place to live. In order to protect you, they have to be operating. Many people opt to use the change of times that happens in the fall and spring to remind them to change the batteries to make sure your detectors will be there when you need them. 

Use your locks

You have locks on your windows and on your doors. Locks are designed to keep you safe, They can only do that if you use them. A thief or home invader will always prefer not to have to break in, don’t let your home be an easy target. 

Clean your chimney

If you use your fireplace, it is important that you get your chimney cleaned yearly. Fires in the home are a serious safety hazard. 

Give Com-Co Insurance Agency Inc in Mount Prospect, IL a call for all your home insurance needs. 

Is State-required Auto Insurance Adequate?

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As a car owner, you are always looking for creative ways to keep your vehicle ownership costs down. As a result, it’s not uncommon to buy the most basic auto insurance. But is the state-required auto insurance adequate? If you want to find out, keep scrolling as Com-Co Insurance Agency Inc. of Mount Prospect, IL explains whether minimum auto insurance covers you optimally.

State-required auto insurance in Illinois

If you drive your car on Illinois roads, the state requires you to have the below minimum coverages in your auto insurance. 

  • Liability coverage: Your auto insurance should have bodily injury liability to cover you against the physical harm you inflict on other people. Besides, you should have property damage liability to protect you when you are accused of causing property damage to third parties.
  • Uninsured motorist coverage: Since some drivers in Illinois don’t carry auto insurance, this coverage covers your medical costs and property damages caused to you by an uninsured motorist who is at the fault of the accident. 

If you fail to buy the required auto insurance, you are at risk of significant out-of-pocket expenses. Besides, you will receive the below fines and penalties for failure to provide proof of auto insurance ownership.

  • A minimum fine of $500
  • Licenses plate suspension of up to four months
  • Registration suspension that may attract a legal fine of up to $1,000

As you can see, driving without valid auto insurance is costly. But the good thing is that it’s avoidable with proper planning. 

Is state-required auto insurance adequate?

While adhering to the required auto insurance is superb, you need other auto insurance coverages for better protection. State minimums are just minimums. In case your car is damaged in an accident or stolen, your vehicle isn’t protected. Similarly, if you are injured in an auto accident, your medical expenses won’t be covered.

In light of this, please consider the below additional auto insurance coverages for maximum protection.

  • Comprehensive coverage
  • Collision coverage
  • Medical payments coverage/PIP
  • Roadside assistance
  • Gap coverage

Would you like to get more information on auto insurance? If you are in Mount Prospect, IL and its environs, please contact Com-Co Insurance Agency Inc. for all your auto insurance needs.

Condo Insurance FAQs

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Mount Prospect, IL is full of scenic wooded trails, metropolitan areas, condos and homes, all within work and play distance to Chicago.  Com-Co Insurance Agency Inc serves the people of Mount Prospect IL with insurance services for their home, life, vehicle, business, and condo. If you would like to learn more about your own policy contact us soon. 

Frequently Asked Questions About Condo Insurance

  • How does condo insurance differ from regular homeowner’s insurance? It is very similar, but a condo has special considerations that a home may not have. These are the same reasons that many people choose to live in a condo: convenience, shared walls, shared yard load, increased security, and lower maintenance requirements. The insurance needs for a condo and house can vary as much as the difference between a house and condo.
  • How much coverage do I need? It depends on your specific situation. Variables such as shared walls and property, how much coverage the rest of the building holds, specific risks of the area, what valuables you store there, how many people visit, if you work from home and much more can determine your risk and coverage.  
  • I only use my condo part of the year. How does that affect insurance? If you only live in your condo part-time it can affect the insurance policy you choose because there may be an increased risk from it being empty, and there certainly is an increased risk if it is rented out. Discuss your unique situation with an agent when you call us. 

Com-Co Insurance Agency Inc serves the community of Mount Prospect, IL with quality insurance services if you have a condo or are considering purchasing one, call us today.    

When Should I Tell My Home Insurance Agent About My New Pets?

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It’s never a bad idea to tell your home insurance agent about your new pet moving into your Mount Prospect, IL home. Not all pets will affect your relationship with your home insurance provider, but some will, and it’s better to be safe than sorry.

That said, the main concern here is dogs. Your home insurer probably doesn’t care about your hamster or your parrot, or any caged animal, for that matter. Cats are a fairly minor concern. But a dog can easily rack up thousands of dollars in liability with a single bite.

You will actually want to consult with your insurance provider before getting a new dog. Some insurance companies won’t actually cover certain breeds, and it’s better if you know that beforehand rather than wind up having your insurance policy canceled because you adopted the wrong breed.

We can debate the fairness of these policies, of course. But the fact is that insurance companies have to make the call based on statistical probability, and the statistics say that some breeds are involved in more dog bite cases than others. Your pit bull might be a sweetheart, but that proves to not be the case often enough that your insurer might prefer not to take the risk. Insurance companies have to operate on the cold, hard data they have available to them, rather than on a case-by-case basis.

If you have any questions or if you are looking to get covered in Mount Prospect, IL, call Com-Co Insurance Agency Inc or visit the Com-Co Insurance Agency Inc contact page to see about getting a policy that covers your home and all the four-legged friends who live there.

What is umbrella insurance?

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Your renter’s insurance plan only goes so far in Mount Prospect, IL. You need protection that goes beyond the standard indemnity plan to ensure there is no loss to your personal property when the unimaginable happens. Com-Co Insurance Agency can help you understand the details about umbrella insurance so you can determine if it is right for your lifestyle. 

What is umbrella insurance?

Umbrella insurance is an indemnity plan that provides financial protection when the policy limits of your standard insurance have exhausted. You can use an umbrella insurance policy for personal losses as a renter, car owner, or homeowner. You must, however, have a standard indemnity plan to reap the benefits of this “safety net” policy in Mount Prospect, IL. 

How does umbrella insurance work?

Contrary to a standard indemnity plan, umbrella insurance does not go into action until after you have filed a claim and received compensation from your traditional insurance provider. An umbrella plan may then be used to cover the remaining costs associated with an incident that your standard policy limits left out. 

Who needs umbrella insurance?

There is no official law requiring you to purchase an umbrella insurance policy. Everyone, however, should consider buying such a plan. 

A car accident in Illinois can come with serious repercussions not limited to medical bills that can wipe out your bank account. A good umbrella insurance plan can soften the impact so that you can move forward after a traumatic event. 

Call Com-Co Insurance Agency Inc. 

Our agents are experienced and always eager to help you craft the indemnity policy that best satisfies your lifestyle preferences. Call us today to learn more about umbrella insurance and to get started with a quote for coverage!

What Mount Prospect IL home owners need to know about home insurance.

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Mount Prospect, IL boosts friendly people and an abundance of living options offering a splendid environment to settle down. Whether you are a homeowner or choose to purchase a home in Mount Prospect, IL it’s vital to protect your home with a spectacular home insurance policy. Com-Co Insurance Agency Inc provides reliable and proper home insurance matching your needs and budget that cater to losses emanating from damage, water backup, theft, among other perils.

Mount Prospect, IL faces many challenges throughout the year, such as frozen pipes, snow, and ice dams, propagated by harsh winters. During the summer season, hail and thunderstorms can unexpectedly damage property. We at Com-Co Insurance Agency Inc comprehends the needs of Mount Prospect, IL homeowners and provides customized homeowners policy to fit your specific needs.

Statistics reveal that 15% of land in Illinois is subject to flooding. It’s imperative as a Mount Prospect, IL resident to know that home insurance does not cover damage arising from flooding. Visit us today at Com-Co Insurance Agency Inc offices situated at Mount Prospect, IL, and speak to our knowledgeable agents. They will help you to obtain an outstanding home insurance policy meeting your situation.

Types of necessary home insurance policies offered at Com-Co Insurance Agency Inc

Dwelling coverage: It protects the structure of your home, inclusive of floors, walls, ceilings, and in-built appliances. This policy is the basis of all homeowners insurance policies, which covers a variety of calamities, including vandalism, fire theft, and hail.

Contents coverage: It protects items, including clothing and furniture, in your home.

Personal liability: Covers property damage and bodily injury if a guest sustains an injury in your home or elsewhere.

Other structures insurance: This form of policy covers un-attached property to your home, such as an unattached garage, gazebo, or shed.

Congratulations on owning a home in Mount Prospect, IL. Contact us or visit our Com-Co Insurance Agency Inc offices for more information about home insurance.

Three things to do before you purchase condo insurance in Illinois

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You need to invest in condo insurance to protect your property and belongings as a condo owner. We offer condo insurance in Mount Prospect, IL at Com-Co Insurace Agency Inc.

The following are three things to do before you purchase condo insurance in Illinois. 

Set a budget for condo insurance premiums

It’s important that you plan ahead when it comes to making your condo insurance premium payments. You’ll need to keep up with your payments or your policy may lapse.

You should figure out an amount that you can afford to pay for your condo insurance each month. Factor this amount into your budget and make sure that you keep up with payments after your policy starts. To avoid forgetting to pay your premium, see if you can set up automatic payments for added convenience. 

Figure out how much coverage you need

You need to decide upon a good coverage amount. You want to be covered for the full value of your condo. You also want to be covered for the value of the possessions you have in your condo. Discuss coverage amount options with the insurance provider you’re interested in purchasing a policy from. 

Get quotes on several policies

You shouldn’t purchase a policy until you have gotten numerous quotes that you can compare. Shopping around is the best way to get a good deal on a condo insurance policy. However, you shouldn’t simply opt for the policy that costs the least. Find the policy that provides the coverage you need as well as good value. 

We can help you find a condo insurance policy for your condo property in Mount Prospect, IL. Get in touch with us at Com-Co Insurance Agency Inc to learn more. 

3 Tips for Buying Auto Insurance in Mount Prospect, IL

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Having auto insurance in Mount Prospect, IL is mandatory. But do you have the right coverage? To find out, contact the team at Com-Co Insurance Agency Inc. Here is what you can expect.

1. Working with a Reputable Agent

Our reputable agents will answer all your questions and concerns about auto insurance. We want you to purchase the best policy for the best price and we’ll help you find that policy. To do that, we’ll ask you a few questions to determine which policies to compare.

2. Comparing Several Quotes

Next, we will compare several auto insurance quotes. We will be looking specifically at cost and coverage. We recommend having full coverage versus the state’s minimum requirement, even if you don’t have a loan on your vehicle. It’s always better to be overinsured than underinsured, especially if you’re in an at-fault accident or the other at-fault driver doesn’t have enough insurance to cover damages and/or injuries. We also recommend comparing at least three different auto insurance quotes from three different carriers to get a general overview of what is out there before making your decision.

3. Bundling Your Policies

There’s a good chance you already have other insurance policies, such as life or home insurance. Did you know you can bundle these with your new auto insurance policy to save on your premiums? A reputable insurance agent from our team will help you get this done. You can either stick with the insurance company you already use or switch to a new one. 

To learn more about purchasing a new auto insurance policy in Mount Prospect, IL, contact the team at Com-Co Insurance Agency Inc, serving this area. We are available right now to take your call and start comparing quotes. 

Safety precautions every new Mount Prospect, IL driver should know.

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Hitting the road for the first time as a driver can be exciting and adventurous. However, there are many other things to worry about, particularly your driving skills, insurance, and road safety. Every year, thousands of people lose their lives due to road accidents in Mount Prospect, IL, and across America. That is why Com-Co insurance Agency Inc emphasizes the value of paying attention to the road, whether you are an experienced driver or not. Here are a few road safety tips we thought you should know if you are a new driver.

Avoid road rage

Never take the driver seat when you are upset or angry. In such a state, you are not in good control of yourself, and you may speed or make irrational road decisions such as careless overtaking, which can lead to accidents. Negative emotions or over-excitement can affect your ability to focus. If you have to get somewhere in a bad mood, call a friend to drive, or take a break and cool off.

Check the weather

If you plan to visit a remote area, it is almost evident that the weather will come into play. Before you leave, check the updates and keep checking just in case the weather changes. Take with you extra supplies such as an emergency kit, water, food, blankets, and flashlights in case things change in the middle of your journey. Make sure your spare tire is in good condition, and if you are driving in foggy conditions, use fog lights.

Plan your itinerary

As a new driver, you have a lot to learn when it comes to driving across Mount Prospect, IL. You might need Google maps to help you get around. If you visit another country, search for road safety tips in that country and learn the laws along your route. Be cautious when driving over uneven terrain or hills. 

For more information about safety on the roads, feel free to contact us at Com-Co Insurance Agency Inc today.