Why Do Boaters Need Boat Insurance?

Owning a boat requires a lot, including frequent maintenance. One thing that isn’t required, but is a must to have, is boat insurance. States make their own laws about boat insurance and whether it is mandated. The state of Illinois doesn’t require you to have this insurance, but it’s not a good idea to own a boat without it. You are vulnerable to many financial problems after a boating accident if you don’t have boat insurance. Call NCIB Group Inc. in Chicago, IL to ensure your boat is protected.

Protection in Case of Boating Accidents

Boats collide on the water occasionally, which can be a costly error to make. You could have an accident for which you are found to be at fault, and you would owe money for the damage to the other watercraft and any medical bills that the other party incurred. Without boat insurance, you would be on the hook for all of these bills from your own pocket. When you have boat insurance, the policy can pay for the many bills that are owed afterward. This can be a lot because of the rising costs of both repair and medical services. Boat insurance protects you financially from financial problems from these costs.

Coverage Types for Boats

Like auto insurance, different types of this coverage can go into one policy. You can get liability coverage that pays for the damages and medical bills due for the other party’s boat. You can also get comprehensive coverage that protects you in case of an off-water incident that happens to your boat. 

Cover Your Boat

If you don’t have boat insurance, it’s time to get a policy. Call us at NCIB Group Inc. in Chicago, IL.

Why All Condo Owners Need Condo Insurance

If you own a condo, you may know that many risks exist that can cause damage to it. To protect yourself against many of those risks, every condo owner needs to keep a condo insurance policy. With this protection, you can have better peace of mind and protection against the high costs of damaging events. Call NCIB Group Inc. in Chicago, IL when you need condo insurance.

Protection for Your Condo

When you have condo insurance, you get adequate protection against several types of damaging incidents that can happen to your home. These may include specific disasters and certain calamities that can cause expensive damage to your home. With this coverage, the repairs you need to your home can be paid for by the policy instead of all coming from your pocket. With condo insurance, the policy can even pay for you to live somewhere else if necessary while the repairs are being done. 

Coverage for Your Possessions

Your belongings inside your condo are also expensive and need protection. When you have condo insurance, you get coverage for everything inside it. When a damaging event happens to your condo and your possessions are destroyed, your condo insurance will pay for your items to be replaced so that you can return to your everyday life much faster after a severe incident. This coverage is vital because of how much your possessions can cost when you add them. 

Get Condo Coverage

To keep your finances protected against damaging incidents, you need condo insurance. To get started with your own policy, call us at NCIB Group Inc in Chicago, IL.

Get Your Boat or Watercraft Summer-Ready With the Right Insurance

With the weather warming up in the Chicago, IL area, it’s time to enjoy all those summertime activities you’ve put off during colder weather. One of those is likely to be taking your boat or watercraft out for a spin. But before you take to the water, you need to be sure you’re ready. Contacting us at NCIB Group Inc. can help. The right boat & watercraft insurance can go a very long way toward protecting you this summer, and you want to be sure you have the best policy for your needs.

Whether you’ve just purchased a boat or watercraft to enjoy or had yours for a long time, it’s important to check it over thoroughly before heading out onto the water. You’re reducing the chances that something could go wrong and result in an injury by doing that. It’s not just the safety check that matters, though. You also want to be adequately covered for accidents and other unexpected issues. A boat or watercraft policy is a valuable part of your summer experience.

Working with knowledgeable agents is a good way to make sure you aren’t missing anything that should be in your policy and that you have the right type of coverage. The coverage limits are essential to protect your boat or watercraft more fully. Then you can enjoy all it has to offer and have the peace of mind that comes from knowing you’re adequately protected.

Contact us today at NCIB Group Inc. if you’re in the Chicago, IL area and need a boat or watercraft insurance policy. We can help you choose the right options, and then you can enjoy exploring the area waterways without worry.

Condo insurance FAQs

Condos are a great way to break into the housing market in Chicago. Making sure that you have the perfect condo insurance to give you the protection you need is important. At NCIB Group Inc. in Chicago, IL, we have been providing personalized insurance services since 1989. As independent agents, we are dedicated to providing the finest in insurance products and customer service. 

Is condo insurance required in Chicago?

No, condo insurance is not required by the city of Chicago or the state of Illinois. But your condo association may require you to show proof of insurance and if you have a mortgage, your lender will require that you have condo insurance. 

What does the condo association master policy cover? 

The condo association master policy covers the exterior of the building, the walls, and roof. It also covers any common areas like elevators or swimming pools. How far it goes into the walls depends on the policy. It is up to you as the owner to read your covenant and the master policy so that you know what is covered by the master policy and what you as a unit owner need to cover. 

What exactly does condo insurance cover?

Condo insurance offers four potential types of coverage; property, contents, liability and loss of use. 

Property coverage pays to repair things like your walls and built-ins that you have in your condo. 

Content coverage protects your personal property, furniture, electronics, clothing etc. 

Liability coverage pays for medical expenses if someone is injured while visiting your condo or by a member of your family. It also covers legal fees and legal action against you. 

Loss of use coverage pays for a place for you to stay if your unit is rendered uninhabitable by a covered peril. 

Contact NCIB Group Inc. in Chicag,o IL, when you are ready to discuss condo insurance. 

5 Common Boat Insurance Exclusions

When offering boat insurance, it’s essential to explain what it covers and what it doesn’t cover. Boat insurance from NCIB Group Inc. in Chicago, IL, covers your boat from damage and protects you against liabilities and injuries you might suffer after a boating accident. Regrettably, like other insurance coverages, your boat insurance isn’t entirely faultless — it has exceptions and exclusions. 

Below are some common boat insurance exclusions you should know about.

Regular wear and tear

When you buy your boat, it’s your responsibility to maintain it in tip-top condition. As such, if the paint starts chipping or electronics starts falling apart, that’s not your insurer’s headache. It will help if you take optimal care of your boat as long as you have it.

Infestations

Whether it’s pest or mold infestation, your boat insurance won’t cover the ensuing damage. So, if termites chomp on your boat or mold invades your watercraft, you may have to pay for the damage from your pocket. 

However, the good thing is that strategies like keeping your boat dry and contracting exterminator services can keep off mold and pests from your boat.

Marine life

Your typical boat insurance isn’t likely to cover damage from whales, sharks, octopi, and other aquatic life creatures. So, if you like exploring unruly waters, you may need to add an endorsement to cover such damages.

Faulty machinery

Your basic boat insurance is unlikely to cover damage or malfunction of any boat part, whether it’s due to gradual deterioration or mishandling. However, your boat insurance will cover the said parts if damaged by a covered peril. 

Competitions

Your boat insurance is unlikely to cover damage and liabilities arising from high-speed competitions. Please talk to your insurance agent for supplemental coverage if you are about to participate in such fun.

Purchase boat insurance today!

Would you like to learn more about boat insurance? Would you like to purchase boat insurance in Chicago, IL? Please get in touch with NCIB Group Inc. for all your boat insurance matters. 

Why Every Condo Owner Needs Condo Insurance

When you buy a condo, one of the first things that you should do is to get condo insurance. This insurance will protect you in a number of ways now that you own a condo. To find out more about this type of insurance, call us now at NCIB Group Inc. in Chicago, IL.

Building Coverage

When you own a condo, there are very specific areas that you do own as well as those that you don’t own. Typically, the outside of the outside walls are owned by the condo board, and that board must insure those areas. Other outdoor and common areas are also owned and insured by the board. However, you own and must insure the inside portions of the condo. Your condo insurance covers those areas in case of an accident, disaster or calamity. 

Liability Coverage

Another type of coverage that you get in your condo policy is a specific amount of liability coverage. This can help you if there is an accident or sudden illness in your home that affects the third party. If you are liable for that incident, your condo insurance will pay for the person’s medical bills so that you won’t have to come up with it. 

Belongings Coverage

If there were to be a serious incident such as an accident or disaster that causes damage to your home, your condo may be pronounced uninhabitable until it is effectively fixed. If this occurs, your condo insurance will pay for you to live somewhere else during that time. With this coverage, you don’t have to come up with the money to pay for two residences while the repairs are being done. 

Get Condo Insurance

If you need to get your condo insured, contact us today at NCIB Group Inc. in Chicago, IL to talk with an agent.

Do I Need Boat Insurance All-year-round?

You only enjoy your boat when the weather is warm, right? So, you should carry boat insurance during boating season? Most people in Chicago, IL cancel their boat insurance when not using it, but this trend may cost them their boats when tragedy strikes. Still not convinced? Hang on as NCIB Group Inc. shares insights on why you need boat insurance all year through.

It may be required

While boat insurance isn’t mandatory in Illinois, if a federal-registered lender has financed your boat, they may require you to have boat insurance throughout the year to protect their financial interest. 

Out of water risks

Yes, you are not using your boat in the water, but mishaps can still happen outside the water. Perils like theft, falling objects, hurricanes, vandalism, and fire can still happen even when your boat is parked. Without boat insurance, you will have to cater for the repairs or loss from your pocket. However, when you have boat insurance, you can ease this financial burden.

It saves you money!

We know you are surprised at this, but let’s explain how you save money by carrying your boat insurance throughout the year. Firstly, most insurance companies reward you with a deductible reduction for every claim-free year. Secondly, some insurers give their clients loyalty discounts, reducing their premiums. See how you save money by spending money? 

For peace of mind

It’s human nature to worry. But some worries can be shelved off with insurance. Without boat insurance, you will not be at ease when you know perils like fire, theft, and vandalism are always a threat. While you may have home insurance, it only gives limited protection to your boat. Whereas life is full of worries, let boat insurance take some from you. 

Buy boat insurance in Illinois.

Are you shopping for boat insurance? Please don’t look beyond NCIB Group Inc. We understand boaters have varying insurance needs. For this reason, we offer personalized boat insurance coverage to suit various needs. Contact us today for an affordable quote.

Do I need a Chicago condo insurance policy?

Those who live in the Chicago, IL area will have many different housing options to consider. One popular form of housing to consider getting here is a condo. Condos are often an ideal housing option as they will allow you to benefit from property ownership while not having all of the same responsibilities. When you are looking for a condo, you also need to get a proper insurance policy. There are several reasons that you will need a condo insurance policy.

Insurance is a Loan Requirement

A lot of people in Chicago will need condo coverage because their lender requires them to have it. Condos in the city can be quite expensive, requiring many people to take out a mortgage. When you take out a mortgage, your lender will require that you get proper insurance to cover their collateral.

Insurance Required by Association

You will also need to get proper insurance coverage for your condo because many condo associations require it. A condo association will usually have specific rules that all owners in the building need to meet. One common requirement will work to ensure that you have proper insurance. The rules and regulations will usually state what type and level of insurance you need to carry at all times. 

As you are looking for a condo in the Chicago, IL area, you should speak with the team at NCIB Group Inc. The insurance team at NCIB Group Inc. understands the benefits that a condo insurance policy can provide to you. They will also work with you to understand your unique needs and then build a policy that offers the right coverage. 

Do I need boat insurance for my Chicago boat

Lake Michigan is the second largest of the Great Lakes, and owning a boat in Chicago opens up a whole world of fun. With over 22,000 square miles of surface water, the possibilities are practically endless. The law in Illinois does not require you have boat insurance on your watercraft, but just because the law doesn’t mandate you have boat insurance, that doesn’t mean you should drive your boat without boat insurance. At NCIB Group Inc. in Chicago, IL, we have over 30 years of experience, making sure our customers have the boat insurance they need. 

If you buy a boat and have a boat loan, your lender will likely require you to carry collision and comprehensive insurance coverage. This is the insurance that protects your boat. With collision coverage, the boat is protected against damage that results from a collision. It can be with another boat, a dock, a tree, or another obstacle. Comprehensive insurance covers your boat from things beyond your control, like a lightning strike, high winds, and theft. Having these types of insurance will allow you to repair or replace your boat. 

Liability is perhaps the most essential coverage you can and should carry. It protects you from the results of an accident you are responsible for. If you cause an accident and someone is injured or killed, you could be liable for medical bills and sued for damages. This puts your assets at risk, and you could potentially lose everything. This is a risk not worth taking. 

If you are not using your boat all year, you can keep only the minimum insurance to protect it while in storage. Making sure your boat and assets are protected is what we specialize in at NCIB Group Inc. in Chicago, IL. As independent agents, we can offer you the top carriers in the business and great rates. Give us a call or stop by our Chicago office for a no-obligation quote. 

When is condo insurance necessary?

Anyone that lives in the Chicago, IL area should consider owning their own home. If you are looking to take advantage of the benefits that come along with homeownership, one type of property to consider getting is a condo. When you own a condo, there are often fewer maintenance responsibilities. However, it is still an important asset that you need to cover with insurance adequately. There are several situations when you need to get a condo insurance policy in Chicago.

When Required by Mortgage Lender

The first situation when having a condo insurance policy is going to be a necessity is when your mortgage lenders require it. Any mortgage lender will want to ensure that their collateral is adequately protected at all times. Due to this, they will require that you maintain a condo insurance policy to ensure the property can be repaired. In many cases, you will have to establish an escrow account to fund on a monthly basis. 

Condo Association Rules

You are also going to need a condo insurance policy if you live in a condo association with rules established. Insurance requirements are typically set forth by a condo association. When an association has insurance requirements, all members of the association will be relieved to know that unit owners have liability and property protection to cover any damage that you or your property causes. 

There are many situations when getting condo insurance will be necessary for Chicago. IL. If you are looking for a new insurance policy for your condo, you should call the team at NCIB Group Inc. to discuss your needs and options. NCIB Group Inc. has helped a lot of people in the Chicago area to pick a policy that provides all of the necessary and valuable forms of coverage.