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.
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.
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.
Sunny days on the water can help you escape the heat. However, before you sail over the horizon, make sure your boat insurance policy provides the coverage you need. This may include damage to your boat or other boats, as well as the equipment and passengers you carry. Whether your dream vessel has sails or engines, boat insurance can help you protect your investment. Keep reading to find out more about boat insurance and call NCIB Group Inc. in Chicago, IL with further questions.
What Kind of Insurance is Available for My Boat?
The age, type, size, and value of your vessel determines how much you pay for insurance. Typically, you can choose from the following types of coverage:
- Bodily injuries as a resulting of boating
- Property damage such as vandalism or theft
- Property damage caused by your boat
Boat owners have other types of policies to choose from to safeguard passengers and even attached boating equipment. With NCIB Group Inc., you retain the help of an independent insurance agent to help you make an informed decision.
Is My Boat Covered in Winter?
When you stow away your boat for the season, you may feel like you no longer require coverage. However, fire, theft, and other events can cause expensive damage. With the right policy, you can protect your vessel any time of the year.
How Far Does My Coverage Extend?
Your coverage will probably extend well beyond Chicago, IL. Ask your insurance agent what parts of the county — and Canada — your policy covers.
Does My Insurance Cover Hurricanes?
If you commonly tow your boat out to the Atlantic for long trips down the coast, hurricanes could be a concern. The weather events covered vary from policy to policy, so this is a great question to discuss as you narrow down your options.
When you need a knowledgeable agent, you can turn to NCIB Group Inc. in Chicago, IL. Stop by or contact us today to discuss your boat insurance needs or to obtain a quote.