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. 

Boat Insurance Helps You Sail Away From Shore Confidently

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.