Types of Property Insurance in Mundelein IL

by | Jan 12, 2016 | Insurance

Property Insurance in Mundelein IL is available in several variations. The basic purpose is to cover damage or loss to property and cover accidents or injuries that happen on the property. It protects owners from liability and prevents them from having to cover expenses out-of-pocket. The type of insurance and the amount of coverage from the policy depends on many factors. Types of property insurance include homeowner, renters, condominium insurance, vacation property or secondary home, rental property, commercial property, and vacant property insurance as well. Insurance for homeowners or condominium owners depends on the value of the home or condo, the value of contents, the amount of liability coverage desired, and if there is a mortgage on the property.

Renters insurance covers the value of personal belongings kept in the rented space. This is often overlooked by renters but is essential. Most renters think that the landlord’s insurance covers their stuff, but that is not the case. If a fire happens on the premises, for example, the landlord’s insurance might cover the cost of a hotel room, but will not cover the cost of replacing the renters’ clothes, dishes, equipment, television, or any other property that belongs to the renter. Another type of Property Insurance in Mundelein IL that is not expensive, but essential, is vacant property insurance. Most people who own a vacant lot, a rundown barn, or an old home, do not realize they are liable if anyone is injured on that property. Those who are trespassing, living on the property without permission, or get lost and hurt themselves on vacant property can sue the owner for damages.

Commercial property insurance in Mundelein IL needs to carry the right amount of coverage to protect the business owner. One accident, one leaky pipe, or one injury can be enough to close a business down if there is not sufficient coverage to pay expenses, any settlements, or lawsuit judgments. If the business property is large, or the building experiences heavy traffic, an umbrella policy may be needed in addition to property insurance. An umbrella policy kicks in if expenses or judgments exceed that of the liability limits of property insurance. An independent agent can discuss all the options and compare several companies. Inquire about discounts for multiple policies to save even more money. If Life Insurance and property insurance is purchased from the same company, for example, a discount may apply to both policies. Get more information.

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