Is it better to invest better to invest in a home mortgage or pay rent?

Being a homeowner is often a dream of every individual. For Some, this will be a project they will pay their entire lifetime. In Chicago, IL, you have two ways to achieve this, either through renting or buying. Homes are costly, and most individuals take up mortgages to finance this project.

Why You Should Take A Mortgage Rather Than Pay Rent

  • Only a small percentage of the total cost is paid upfront, which makes it easier to manage. It is, however, essential to ensure that you have the right insurance coverage for your home during the repayment period. A home insurance policy will protect you against financial losses that you may incur as a result of damage to the property. NCIB Group Inc. agents will advise you on what you need to be covered as you pay for your mortgage.
  • Investments are flexible. If you choose to take a mortgage, you can make investments in other areas. It is, however, essential to analyze your investments with NCIB Group Inc. agents who will be able to evaluate whether the investments made can be covered by your home insurance policy. A home insurance policy covers various personal assets, such as electronics.
  • Improved credit score

In Chicago, IL, it is essential for individuals taking a home mortgage to realize that any damage or loss of property during the mortgage period is their responsibility. Having an appropriate policy is crucial to avoid paying for an asset that is already damaged.

Advantages of Home Insurance When You Have A Mortgage

  • Your property is covered against damage from fire, storms, theft, and other hazards.
  • Home insurance will protect you against liability from legal suits. Where other individuals are injured within your property, you are likely to face legal lawsuits which the insurance company will cover.

Please call or visit our customer-centric NCIB Group Inc. agents to discuss your insurance needs for your new home.

 

Do I need Auto Insurance for My Old Car?

It’s true. Even old cars need love. Old cars need the type of love that will protect them from liability and perhaps more. In truth, that old car needs love in the form of insurance. Insurance will protect you, your old car, and your wallet from the liability of causing an accident that damages someone else’s car or injures someone.  

Liability Insurance (Required in Most States)

Liability insurance is required by state law. NCIB Group Inc. of Chicago, IL understands that drivers that own older cars don’t want to pay any more than they need to protect and insure their older cars. It’s a state law in Chicago, as in most other states, that all drivers are required to carry liability insurance. Liability insurance typically covers bodily injury liability as well as property damage liability. In short, both of these coverages fall under liability. One covers injury to others in situations where you are deemed liable for a car accident or other similar circumstances. The other form of liability insurance pays for property damage when you are considered liable for damage to someone else’s property

Other Required Insurance Coverages

In addition to liability, some states might require that you carry other forms of insurance, even if your car is older. For example, some states require that drivers carry Uninsured and underinsured motorist coverage. The first coverage can help with medical bills as well as car repair. Some drivers who have liability in a car accident may be underinsured to compensate the people involved adequately. This insurance helps in situations like this. The latter form of insurance can also help with medical coverage as well as extend to cover lost wages and even childcare. However, personal injury insurance isn’t offered in all states. 

All in all, old or new, any car you drive will require some form of insurance. Insurance serves as protection in unexpected situations. Speak with one of our agents at NCIB Group Inc. in Chicago, IL, so that we can help you determine the proper coverage for your situation.

 

 

 

Do Finance Companies Require A Certain Amount Of Full Coverage Insurance?

If you are considering purchasing a new vehicle via financing, then you may want to be informed about insurance requirements. Most insurance companies require their borrowers to obtain a certain level of full coverage consisting of comprehensive insurance and collision insurance. Before purchasing a vehicle, find out what the requirements are and how much the premiums will be from month to month or in a lump sum.

Meeting Auto Insurance Requirements

If you are financing a vehicle, you must meet the insurance requirements in order to leave the dealership and drive on the open road. Before making your vehicle selection, work with an insurance agent from a reputable, established company like NCIB Group Inc. We will help you discover options that fit your needs so you can obtain the financing you need. 

Getting the Right Coverage

Policy coverage can range from provider to provider. A good insurance agent can help you decide which policies will provide the coverage you need, as well as help you to avoid gaps in coverage. It is essential to know what each policy covers, as well as the specific terms and conditions. Your insurance agent can explain the fine print for each policy and what it means for you, so there are no surprises. We will work with you to determine your needs.

If you are considering buying a new vehicle, or you want to get better coverage than you currently have in place, call or stop by NCIB Group Inc. and find out what we can do to help you find some security. 

How Often Do I Need to Upgrade My Commercial Insurance?

If a person wants to ensure their business has the proper insurance coverage, it’s crucial they review it every year. While the process may be time-consuming for many business owners and make it tempting to renew their current policies automatically, it’s important to consider this carefully. If things have changed over the past year, there is the risk that the business will be underinsured or that they will wind up overpaying for the coverage needed. 

If you need help to determine if your commercial insurance is adequate in Chicago, IL, then NCIB Group Inc. can help. Additional information about renewing your coverage and when the time to do so can be answered by our agents.

Your Business Has Moved to a New Location 

If you move from your home office to commercial office space, expand into a new location, or open a new office, all this will trigger the need for changes in your business owner’s policy or your general liability insurance. In some situations, insurance rates may go down significantly – this is especially the case if your new location is smaller or if you have modern safety features – such as a wired alarm or a sprinkler system. 

More or Less Employees 

If the number of people you have employed has changed, it may require you to update your workers’ compensation coverage. In Chicago, it’s necessary for you to purchase insurance when your very first employee is hired. As people come or leave your employment, you should adjust your workers’ comp coverage to ensure everyone is covered and that you aren’t paying for insurance you don’t need. 

When it comes to commercial insurance, you can’t take chances. Instead, make sure your Chicago, IL company is protected with our help at NCIB Group Inc. 

 

Why No One Talks About Home Insurance Anymore

There’s a common misconception about home insurance. Everyone knows they need it, but not everyone knows why. Knowing why you need it will allow you to make some very necessary customizations. NCIB Group Inc. in Chicago, IL is here to help you with the details.

Not All Policies are the Same

Many homeowners feel as though they can buy a policy and be protected. It’s not that simple. The policy you buy may not be what you actually need. Not all policies are the same. They can vary based on:

  • The insurance company
  • Where you live
  • The type of home you have
  • What’s inside

The last thing you want is a generic policy. You need to think about how often you entertain for liability purposes. You need to look at the value of what’s inside your home. By considering these details, you can make sure that coverage is added where it matters the most, even if it means adding riders to the policy.

Coverage Levels Matter

Although people aren’t talking about home insurance anymore, it doesn’t mean that it’s not important. You don’t want to get a generic policy that isn’t going to provide you with the personalization that you need. Coverage levels over your home and liability matter. Insufficient coverage levels can lead to insurance claims being denied or not fully funded – and that means you may have to pay considerably more out-of-pocket than what you might be able to afford.

There’s no reason why you can’t be the one talking about home insurance. It might not be the coolest topic, but it can help you when a problem arises.

Call NCIB Group Inc. or visit our office in Chicago, IL to discuss your home insurance needs today. We’re here to answer your questions and get you quotes to help you with the decision-making process.