The Risks of Going Without Umbrella Insurance

As an insurance company serving the states of Illinois, Florida, and Missouri we at Green Family Insurance Inc. highly recommend considering umbrella insurance as part of your overall insurance portfolio. While many individuals may have a basic understanding of homeowners or auto insurance, these policies may not entirely cover all the liabilities you may face. Going without umbrella insurance can expose you to significant financial risks that may result in devastating consequences.

The Limitations of Other Types of Insurance Coverage

Homeowners and auto insurance policies have coverage limits that may not be sufficient to cover a severe incident. For instance, if you’re involved in a multi-car accident, your auto insurance may fail to cover all the damages, leaving you with unpaid balances. Similarly, your homeowner’s liability limits may not be enough to pay for an unexpected injury that occurs inside your home or on your property.

The Benefits of Umbrella Insurance: Protecting Your Home and Assets

Umbrella insurance provides blanket coverage that protects you from major liability risks which are not covered by other types of insurance. It’s an extra layer of protection that can safeguard your home, car, savings, investments, and future earnings. In the event of a lawsuit or accident, umbrella insurance can cover the costs of legal fees, damages, and judgments.

Understanding Liability Risks and Your Potential Exposure 

Liability risks are prevalent and can occur anytime, anywhere, and to anyone. For instance, if your dog bites someone, you may be liable for injuries and medical expenses. If someone slips and falls on your property, you may face a lawsuit that could financially cripple you. Without umbrella insurance, you may be forced to pay for any costs that exceed the limits of your other insurance policies.

We Are Here To Help!

Umbrella insurance is an essential component of your insurance portfolio that can protect you from unexpected liabilities that may arise. At Green Family Insurance Inc., we offer a broad range of insurance products to serve those living in the states of Illinois, Florida, and Missouri that can help you mitigate your risks and enjoy peace of mind. 

Three things that might surprise you about flood insurance

Flood insurance is an important type of insurance that many homeowners need. If you own a home in Illinois, you need to consider whether you need to purchase flood insurance for your home. We can help you meet your flood insurance needs at Green Family Insurance Inc.

The following are three things to be aware of that might surprise you about flood insurance:

Typical home insurance policies don’t offer any coverage for flood damage.

Some homeowners don’t realize that they can’t meet their flood insurance needs by simply buying home insurance. Flood insurance is important because flood insurance is not included in standard home insurance policies.

You need to purchase flood insurance specifically if you want to make sure that your home is covered for damage caused by flooding in your area. 

Flood insurance is required by mortgage lenders in some cases.

It’s not uncommon for homeowners to be required to purchase flood insurance. Mortgage lenders that finance homes that are located in flood zones typically require borrowers to carry flood insurance in order to be approved for a home loan. 

Flood zone maps aren’t always accurate at predicting whether a particular area will end up experiencing a flood. 

While flood zone maps can help give you an idea of what your flood risk is, it’s important to realize that your home could experience flood damage even if it is not in a flood zone. 

Reach Out To Us

Are you ready to purchase flood insurance for your home in Illinois? Get in touch with us at Green Family Insurance Inc. We can provide you with a quote on a flood insurance policy that will protect your property and your finances. 

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!