Is condo insurance required in Illinois?

Whether you are a first-time homebuyer or a seasoned real estate investor, it’s important to understand the type of coverage you need for your condo. Green Family Insurance Inc. is here to explain why condo insurance is required in Illinois and what it covers. 

Why is Condo Insurance Required? 

In the state of Illinois, condo insurance is required by law for all condominium owners. This means that if you own a condo in the state, you must have an insurance policy that covers the structure and your personal belongings. The purpose of having this type of insurance is to protect yourself from any potential financial losses due to damage caused by natural disasters or other events. It also covers any liability claims that may arise from incidents occurring on your property. 

What Does Condo Insurance Cover? 

Condo insurance typically covers three main types of coverage: building coverage, which protects against damage caused by fire, storms, and other weather-related events; contents coverage, which provides protection for your personal property such as furniture and electronics; and liability coverage, which pays for medical expenses or legal fees if someone is injured on your property.

In addition to these main types of coverage, many policies also provide additional protections such as loss assessment coverage and special assessment coverage. These policies can help cover costs associated with significant structural repairs or renovations due to unexpected damage or wear and tear over time. 

Get Condo Insurance Today

Condo insurance is an essential part of owning a condominium in Illinois.  While it may seem like just another expense at first glance, having adequate coverage can save you thousands in the long run should any major damage occur to your property.

Still have questions? Contact Green Family Insurance Inc. today!

Where to Find the Best Health Insurance in Illinois: Expectations vs. Reality

Health insurance can provide a number of benefits, such as providing financial protection if you or a loved one are hospitalized. Illinois health insurance coverage entitles covered policyholders to receive medical care when they experience an illness.

Additionally, health insurance can help pay for prescription medications and other healthcare expenses not covered by your regular coverage.

Expectations vs. Reality

Before the Affordable Care Act (ACA) was signed into law on March 23rd, 2010, Illinois residents could opt to go without health insurance. At that time, individuals who did not have access to affordable health coverage were typically required to buy health insurance on their own. The ACA made health insurance available to more Americans through government-run healthcare exchanges.

One downside of the new program is that now most individuals require some form of health coverage for them to avoid potential penalties from the IRS. This is the reality for Illinois residents and most other Americans. 

Reality: Choosing an affordable health insurance plan is the best way to avoid penalties. 

How Do I Compare Health Insurance Options in Illinois?

One of the best ways to compare health insurance options in Illinois is to use an online comparison tool. Another way to compare health insurance options in Illinois is through a local agent or broker like the professionals at Green Family Insurance. We can help you explore multiple plans from different insurers and provide guidance on which plan best suits your needs.

Get Affordable Health Insurance in Illinois

Green Family Insurance Inc. offers affordable health insurance coverage options for Illinois residents. Talk to a licensed insurance agent to learn about the best health insurance coverage options for your family.

Home Insurance: Who Needs it and Why?

If you live in the state of Illinois and are thinking of becoming a homeowner, you might wonder whether you need homeowner’s insurance. Our team of insurance experts at Green Family Insurance Inc can provide you with a guide. Here we talk about the reasons homeowner’s insurance might be a good idea, and who it would benefit.

What factors determine home insurance?

  • Location: Some states require you to have home insurance, but the state of Illinois is not one of those states.

  • Construction: This refers to the materials that your house was built out of.

  • Age of the house: Is your house newly built, or is it an older house with upgrades?

  • Replacement costs: This means how much it will cost to rebuild the same house. This is usually assessed by an appraiser.

  • Swimming pool: If you have a swimming pool, costs might be higher because of the extra liability of owning a swimming pool.

  • Home-based business: a home-based business usually has more equipment that needs to be covered, so the cost might be higher to cover the extra equipment.

  • Coverage: The type of coverage and the policy that you choose will determine how much the homeowner’s insurance will cost.

Even if homeowner’s insurance is not required by the state of Illinois, your lender still might require you to purchase it before you sign with them.

What is covered by standard homeowner’s policies?

  • Personal property coverage

  • Personal liability and medical payment to others

  • Dwelling (property damage to home)

  • Wind/ hail

  • Hurricane damage

  • Additional living expenses/ loss of rent

  • Damage from tornados

Give Us A Call

Stop by or contact us here at Green Family Insurance Inc. in Illinois if you have any insurance needs, questions, or concerns.

Should You Add Rental Car Coverage?

When you’re renting a car, you may be offered rental car insurance coverage. This coverage may be offered by the rental car company or your own auto insurance provider. So, do you need it? Our team at Green Family Insurance Inc. in Illinois has the answers.

What is Rental Car Coverage?

Rental car coverage is optional insurance that you can purchase when you’re renting a car. It is generally cheap, and it covers damages to the rental car, as well as third-party property damage and personal injuries that you may cause while driving the rental car.

Do You Need Rental Car Coverage?

Whether or not you need rental car coverage depends on several factors. For example, if you have an extensive auto insurance policy, it’s likely that your policy will extend to cover damages to a rental car. However, if you only have the minimum amount of auto insurance required by your state, then your policy probably will not cover damages to a rental car — in which case, you would need to purchase rental car coverage.

Additionally, most rental cars come with minimal liability insurance coverage from the rental car company. So, if you cause damage to the rental car or someone else’s property while driving, the rental car company’s insurance will cover the damages up to a certain limit. However, if the damages exceed the limit, you will be responsible for paying the difference.

You Need Rental Car Insurance

All in all, adding rental car coverage to your insurance plan is a smart move. It’s affordable and it can save you a lot of money down the line if you’re ever in an accident. So, if you live in Illinois and you don’t have this type of coverage, now is the time to add it. Contact us at Green Family Insurance Inc. in Illinois to get started.

The Top Five Things You Need to Know About Commercial Insurance

When it comes to commercial insurance, there are a lot of things you need to know in order to get the best coverage for your business. At Green Family Insurance Inc. serving the residents of Illinois, Florida, and Missouri, we have years of experience helping businesses find the right insurance policies for their needs.

Here are the top five things you need to know about commercial insurance:

1. What Types of Coverage Does Commercial Insurance Include?

Commercial insurance policies can include a variety of different types of coverage, from property damage and liability to workers’ compensation and product liability. The best way to determine which types of coverage you need is to work with an experienced agent who can help you assess your risks and choose the right policy for your business.

2. How Much Coverage Do I Need?

The amount of coverage you need will depend on a number of factors, including the size and type of your business, the products or services you offer, and the risks associated with your industry. Once again, working with an experienced agent can help you determine how much coverage you need in order to protect your business from potential losses.

3. How Much Does Commercial Insurance Cost?

The cost of commercial insurance will vary depending on the types and levels of coverage you choose. In general, businesses with greater risks will pay more for their insurance than businesses with lower risks. However, there are a number of ways to save money on commercial insurance, so be sure to ask your agent about discounts that may be available.

4. How Often Do I Need To Renew My Policy?

Most commercial insurance policies must be renewed annually in order to remain valid. Some insurers may allow you to pay for multiple years upfront in order to save money on premiums.

5. Where Can I Buy Commercial Insurance?

You can purchase commercial insurance through most major insurers. You can also purchase a policy through an independent agent or broker who specializes in commercial insurance. Whichever route you choose, be sure to shop around and compare policies before buying so that you can find the best coverage at the best price. 

Get Coverage For Your Business Today

These are just a few of the things you need to know about commercial insurance before buying a policy for your business. If you have any further questions or would like more information, please contact Green Family Insurance Inc. serving the residents of Illinois, Florida, and Missouri. Our experienced agents will be more than happy to help you find the right policy for your needs.

How much life insurance is enough?

Everyone knows they should have life insurance, but having said that, not everyone does have it. There are many reasons for that, but one is that people don’t know how much life insurance is enough. When in doubt, some people opt out. This is not a good choice. Having an independent insurance agent you know and trust can show you how much easier it can be to acquire insurance. At Green Family Insurance Inc. in Illinois, we make it our business to get to know our customers to help them make the right decision about life insurance.

To determine how much life insurance is enough, you have to know what your needs are and will be. How much life insurance you might need in the next five years is not necessarily how much you need over the next 20 years. 

Who counts on your income? If you are the only one you need to take care of at this time in your life, you don’t need a lot of life insurance, if any. You need to make sure any debt you may have, and your final expenses are provided for. 

It would help to consider how many years of income you will need to replace. What is the age of the person who counts on your income? If you have young children, it could be a very long time. 

Another critical factor is what your income is. If you earn $30,000 a year, you are replacing a lot less than if you earn $200,000. You need to multiply the number of years by your yearly income. This is the amount of life insurance you need.  

Contact Green Family Insurance Inc. in Illinois with your life insurance questions and needs. 

The Importance of New Businesses Investing in Commercial Insurance

It can be exciting to start your own business. However, there are certain risks involved in operating a business. For this reason, it is important to invest in commercial insurance to ensure your business is protected in the event that a disaster strikes. Green Family Insurance Inc., serving Illinois, shares a few reasons why commercial insurance is so important for new businesses.

Commercial Insurance Pays to Repair/Replace Damages

In the event of a covered peril, such as theft, fire, or vandalism, as outlined in your commercial insurance policy, you will receive the compensation needed to repair or replace the building and contents. 

Without commercial insurance, you would be solely financially responsible for repairing and replacing the building, furniture, equipment, and inventory. This would be a significant business loss. 

Commercial Insurance Protects Your Employees

You have numerous assets that are important, but your employees are definitely one of the most valuable. With workers’ compensation commercial insurance, you will protect your employees while also remaining compliant with state and federal law. 

This type of coverage allows employees to collect benefits that cover lost wages, medical expenses, and the like if they suffer an injury or illness while working. This insurance often minimizes the risk of being sued.

Commercial Insurance Covers Legal Fees

No business owner wants to face a liability lawsuit, but the unfortunate reality is that it can happen at any time. And all it takes is a single legal action to be taken against your company to cost you considerably if you don’t have the proper commercial liability insurance to protect you and your business.

This type of coverage offers protection should an individual suffer an injury while at your business or if you cause damage to a property that is not your own. Your insurance policy will likely cover the associated legal fees as well as any judgments that you’re ordered to pay.

Starting your own business can be incredibly rewarding, but you need to ensure you are properly protected from the get-go. For help creating the most appropriate commercial insurance policy for your business in Illinois, contact Green Family Insurance Inc.

Benefits of comprehensive homeowner’s insurance

The team at Green Family Insurance Inc. is here to serve the insurance needs of the state of Illinois. If you are living in this state and would like to learn more about how to protect your home, give us a call today!

Why comprehensive home protection is the right choice for many

A comprehensive home policy provides a lot more than your simple basic policy. If it’s time for you to review your policy, you may be surprised at all of the options that are now available. In fact, we encourage all of our clients to review their policies on a regular basis. As your home appreciates and as you build more equity, your insurance needs will also change. Don’t wait to find out that your current policy no longer provides the coverage you need!

With a comprehensive policy, you can enjoy features and benefits such as reimbursement if you are displaced. If your house becomes uninhabitable due to a covered event, your homeowner’s policy can help defray the cost of alternative housing. This can be a great relief when you are dealing with a catastrophic event that causes severe damage to your home and displaces your family.

Our homes are likely the largest financial investment that we make in our lifetimes, and it only makes sense to protect this asset now and well into the future!

Protect your home today!

Green Family Insurance Inc. is here to provide residents living in the state of Illinois with all of their insurance needs. If you want to learn more about how you can protect your home, give our office a call today!

The Auto Insurance Tips and Tricks That You Must Know

Are you looking to find a car insurance policy that doesn’t break the bank? Then, it might be essential to understand various tips and tricks that you can use to keep yourself protected. At Green Family Insurance Inc., we can help Illinois residents better understand their options.

Enhance Your Credit Score 

Did you know that improving your credit score can boost your chance for better insurance rates? In this way, you can get the high-quality policies that you need without having to pay too much money. So instead, pay off your credit sources, minimize your debts, and keep yourself safe.

Bundle Your Policies 

Try to focus your car insurance policies (and all other policies) into one vendor and bundle them together to save money. This option is wise because it ensures that you can make your payments on time by bundling all your payments into one package. 

Increase Deductibles to Decrease Premiums 

Are you tired of paying high premiums every month for your insurance? Then, it would help if you considered boosting your deductibles. This balancing act requires finding a policy that still meets your needs, including one that will cover replacement costs without difficulty. 

Protect Your Car 

When you install things like anti-theft devices onto your car, your insurance company may decrease your rates. A telematics plan can also help by tracking your driving behavior and showing that you are a safe and careful driver who won’t experience any high-risk behaviors. 

Handling This Process Properly 

Please don’t hesitate to reach out to us at Green Family Insurance Inc. to get the Illinois insurance that you need. Our team will work with you to ensure that you don’t end up paying too much for your policy and running into issues.

What Is Involved in a Business Owner’s Policy?

A Business Owners’ Policy (BOP) may be something that you need to get or are interested in for your own small company. If this is the case, you would benefit from having a discussion with an agent from Green Family Insurance Inc. of the Illinois area about what it is and how it can help you. 

What is a Business Owners’ Policy? 

This is a policy that bundles liability and property coverage into one package. It ends up offering the same level of protection for a more affordable cost than you would have to pay otherwise. BOPs tend to be available for those businesses that have 100 or fewer employees. 

How Does Such a Policy Work? 

Many of the insurance companies out there offer BOPs.to small businesses. After you pay for the policy, the insurer can give you a proof of insurance document. This is important to have when you are signing leases for your business. You should get a declarations page, BOP form, common conditions section, and one or several endorsements as part of this if you get a standard ISO policy. 

What’s Included in Your Average BOP? 

A typical BOP includes commercial property, general liability, and business interruption coverage. Commercial property covers buildings that are located at the premises that have been described in the declarations, tenant improvements, property belonging to others (if you rent or something similar), business personal property that’s in covered buildings, building glass that’s owned by you. You can get a special version of the form if you want extended coverage. 

General liability coverage includes personal and advertising injury liability and bodily injury and property damage liability. Another aspect of this is medical payments coverage for medical expenses of someone who has been injured due to your business activities. This coverage is used in the absence of a lawsuit. 

Business interruption coverage protects your business if there’s a natural disaster or another covered event that interrupts you conducting your business. In the scenario that you have to close your company activities, business income coverage replaces your lost revenue. 

Some additional types of coverage that you may have with a BOP include electronic data, civil authority, accounts receivable, newly acquired property, and mold coverage among other things. 

Reach out to talk to an independent agent from Green Family Insurance Inc. of Illinois about getting set up with a business owners’ policy. You’ll be happy you took the opportunity to do so.