How condo insurance differs from home insurance?

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Owning real estate in Chicago, IL, can be challenging. Homes are expensive, but fortunately, there are many condos available, which are often more affordable. For those trying to break into the housing market, condos are a great option. At NCIB Group Inc., our team of independent agents is here to help you navigate the condo insurance market. You might think that insuring a freestanding home and a condo are the same, but there are key differences to consider.

Property Insurance

Condo property insurance differs from home insurance because the exterior of the building is not insured by the homeowner. Instead, it is covered under a policy carried by the condo association. Understanding how far into the condo the association’s coverage extends is crucial for condo owners to ensure they have the correct insurance. There are three basic types of condo insurance:

  • Bare walls in
  • All-inclusive
  • Single entity

There is a significant difference between these types of coverage. Depending on your association’s policy, you may be covered for all your interior fixtures or none of them. Be sure to read your condo covenant carefully to stay informed.

Liability Coverage

Liability coverage also differs between a freestanding home and a condo. Just as the condo association is responsible for the exterior of the building, they are also responsible for liability incurred in exterior areas and common spaces. This includes parking lots, outdoor gathering areas like swimming pools and playscapes, as well as corridors, elevators, and gyms. As a condo owner, you are responsible for liability within your private unit.

If you are not responsible for maintaining an area, you don’t need to insure it.

Contact our office at NCIB Group Inc. in Chicago, IL, for all your condo insurance needs.

How Commercial Insurance Supports Business Continuity After Disasters

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Your business deserves the best protection available. After all, you’ve worked hard to build it—maybe even from scratch—so why let something like a disaster tear it down? Disasters can strike without warning, leaving businesses scrambling to recover. Having the right commercial insurance can make all the difference in keeping your business running smoothly.

How Commercial Insurance Supports Cash Flow

If a disaster forces you to temporarily shut your doors, commercial insurance coverage can help cover lost income and ongoing expenses such as payroll, rent, and utilities. These costs still need to be paid, even when customers aren’t walking through the door. This financial support helps maintain a stable cash flow, ensuring that employees and vendors are paid while you work to resume normal operations.

Protecting Physical Assets

Property insurance is essential for businesses in Illinois. It helps repair or replace buildings, inventory, equipment, and furnishings damaged by covered events. Without this protection, businesses may incur significant out-of-pocket expenses, which could hinder their recovery or even lead to closure. Commercial insurance through NCIB Group Inc., serving Chicago, IL, ensures business owners can rebuild and reopen with less financial strain.

Managing Liability Risks

Even during a crisis, liability issues can arise. For example, someone might get injured on your property, or your business could accidentally damage someone else’s assets. General liability insurance protects against these risks by covering legal fees and settlements that could otherwise drain your resources and jeopardize your future.

Enhancing Recovery Efforts

A robust insurance program complements your broader business continuity plan. Knowing you have coverage in place allows you to focus on restoring operations, serving customers, and reassuring employees. It provides a safety net that reduces uncertainty and accelerates recovery after a disaster.

Taking time now to review your commercial insurance needs can safeguard your Illinois business from unexpected losses. Talk to your local agent at NCIB Group Inc., serving Chicago, IL, who understands state-specific risks and can help tailor coverage to support your long-term success.

Can Boat Insurance Replace a Stolen Watercraft?

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Owning a boat or watercraft brings joy and adventure, but the thought of walking into an empty garage and realizing your boat has been stolen is a nightmare no one wants to experience. At NCIB Group Inc. in Chicago, IL, we understand how important your watercraft is to you. That’s why we offer boat insurance policies designed to protect your investment from a range of risks. While every policy has its own conditions and limits, here’s a general overview of whether boat insurance can help cover the cost of a stolen watercraft.

What Is Boat Insurance?

Boat insurance is a specialized policy that provides coverage for watercraft. It may protect against liability and specific events, as outlined in the policy’s terms and conditions. Boat insurance doesn’t just cover boats—it can also cover yachts and motorized vessels with a specific horsepower. However, it typically does not cover non-motorized watercraft, such as kayaks, although other coverage options may be available for these.

Can Boat Insurance Replace a Stolen Watercraft?

Some boat insurance policies may cover the cost of replacing a stolen watercraft, either partially or fully. However, every policy is different, and coverage depends on the specific terms and limits of your policy. Before assuming your watercraft insurance will cover theft, it’s important to review your policy with one of our qualified insurance professionals. In general, many watercraft insurance policies do offer protection against theft, but the details vary.

Contact Us

To learn more about our watercraft insurance options, call us or visit our office at NCIB Group Inc. in Chicago, IL. Our team is here to help you find the right coverage for your needs.

What Natural Disasters Does Home Insurance Cover?

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Homeowners’ insurance is designed to provide you with the financial protection you need. Many policies cover theft and fire. However, policies aren’t as clear when it comes to natural disasters. There are a few things to know about homeowners’ insurance and natural disasters before an emergency.

Standard Coverage

Many policies cover limited natural disasters. For example, they may cover wind damage, including damage from a hurricane or tornado. Standard coverage may also have specific exclusions.

Policy Exclusions

Many homeowners’ insurance policies have exclusions in place for natural disasters. Some policies don’t cover wind damage if it’s from a named storm. Many policies exclude flood damage, which may include damage from a basement flooding, even if there wasn’t a natural disaster.

Policy exclusions typically depend on the location and insurance company. Always speak with agents at an insurance company like NCIB Group Inc. to ensure you understand what’s excluded from your policy.

Additional Protection

Companies offering homeowners’ insurance usually offer additional options to protect you during extreme weather. You can typically purchase:

  • Flood insurance
  • Hurricane insurance
  • Wildfire insurance
  • Earthquake insurance

Research your immediate area to determine what natural disasters will likely occur, so you have appropriate coverage. In Chicago, IL, you aren’t likely to see a hurricane anytime soon, but you may need coverage in the case of:

  • A riot
  • Civil unrest
  • Tornadoes
  • Floods
  • Hail damage
  • Wind damage
  • Lightning from storms

We understand the importance of having appropriate coverage. Homeowners’ insurance often excludes many natural disasters, so you only pay for coverage for disasters you’re likely to experience. Agents at NCIB Group Inc. can help you assess your risk. Contact us to learn more today. We’re currently serving the Chicago, IL area.

Collision Coverage for Your Vehicle – What It Covers

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Collision coverage is a type of insurance that protects you when your vehicle is involved in an accident. Here are some situations that would benefit from having this type of coverage.

Hit-and-Run

A hit-and-run is a criminal offense that often doesn’t result in immediate justice. This type of accident could require expensive repairs. Collision coverage can act as a buffer, reducing the amount of money needed to restore a damaged vehicle to its original condition. Coverage will reimburse a driver for diagnostic essentials, automotive parts, and repair work.

Single Car Accident

A vehicle can be involved in an accident that does not involve any other vehicles. This type of accident could still result in considerable damage. Fortunately, collision coverage can pay for the cost of repairing body damage and mechanical damage that is incurred.

Multiple Vehicle Accident

Collision coverage can cover costs incurred after an accident involving multiple vehicles. In most cases, it won’t matter who was at fault. Collision coverage will cover the repair costs that the insured individual incurs. This type of coverage can be incredibly beneficial if the driver who was responsible for a crash is uninsured or underinsured. The victim of an accident will be able to seek repairs on time.

Additional Coverage Information

Collision insurance won’t cover normal wear and tear concerns. It also won’t cover incidents in which the insured is at fault for an accident. If the insured caused an accident, their liability coverage would handle the damage incurred.

Insurance Analysis

Please consult with one of our NCIB Group Inc. agents. An agent who serves the Chicago, IL, region will conduct an insurance analysis. They will recommend collision insurance coverage that will be beneficial to you.

Does My Auto Insurance Cover Personal Items Stolen Out of My Car?

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If you’re driving your car in the Windy City or anywhere else, you’re legally required to have auto insurance. Two types of auto insurance are liability and comprehensive coverage. Unfortunately, neither type of auto insurance covers items stolen from your car. For example, if you leave your car unlocked and someone steals your laptop or valuables left inside, your auto insurance won’t cover the theft. If the thief damages your locks, smashes your windows, or steals your car, the damage will be covered and the car replaced, but the stolen valuables will not. The team at NCIB Group Inc. serving the Chicago, IL area breaks it down for you:

Homeowners or Renters Insurance May Cover Stolen Valuables

Although your auto insurance might not cover stolen items taken from your car, your homeowners’ or renters’ insurance might. These policies generally include personal property coverage that covers your valuables and personal property regardless of where they were stolen. This includes things taken from inside your car. Keep the following in mind:

  • Homeowners Insurance Policies Usually Have a Deductible: A deductible is the amount you pay before your insurance kicks in. If the items stolen are worth less than your deductible, filing a claim may not be worth it.
  • Homeowners Insurance Policies Have Coverage Limits. Some policies limit the amount they will pay for valuables like jewelry and electronics.
  • Proof of Ownership is Required: Many policies require proof of ownership, like receipts, bank statements, police reports, and photos, before processing your claim.

Get in Touch with NCIB Group Inc. in Chicago, IL

Proper auto insurance coverage protects your belongings and ensures peace of mind. Contact the NCIB Group Inc. serving Chicago, IL, today.

Why Small Businesses in Chicago Can’t Afford to Overlook Liability Insurance

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Starting a small business in the Windy City presents a fantastic opportunity. Whether you operate a storefront or provide services throughout Chicago, IL, liability insurance is crucial. Many business owners overlook this policy, which can lead to problems later. At NCIB Group Inc., we’re committed to helping you identify the necessary insurance to safeguard your business.

The Importance of Liability Insurance for Small Businesses

Every year, small businesses across the US close due to bankruptcy. While there are numerous reasons for a business to go bankrupt, the most common is a liability claim.

Liability claims arise when your business is responsible for property damage or bodily injury.

Even with the utmost caution, accidents can and do happen. Liability insurance provides additional coverage, allowing you to file a claim in the event of an accident.

Liability insurance is a proactive financial step when starting and building a business in Chicago. Without coverage, a single accident could lead to bankruptcy. We believe this is avoidable, which is why we strongly advocate for it.

Get Your Custom Quote Today

The cost of liability insurance can vary based on coverage, your business type, and other factors. It’s also possible to bundle this with other forms of coverage that your small business needs.

You don’t want to risk not having the coverage your business needs. After all, you’ve worked too hard for a single accident in Chicago, IL, to bankrupt you.

Contact one of our agents at NCIB Group Inc. today. We can discuss your business and create a custom quote to provide you with the financial protection you need.

The Pros and Cons of Purchasing Comprehensive Car Insurance

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Chicago, IL drivers aren’t legally required to buy comprehensive car insurance. However, it’s wise to consider the pros and cons of such a policy to make an informed decision. Comprehensive car insurance can be ideal for many drivers, but it’s not a good fit for everyone.

The Advantages of Comprehensive Car Insurance

A comprehensive auto insurance policy covers more than just the basics. Such a policy provides compensation if someone steals or damages your car. It also covers damage caused by animals and natural disasters such as floods, tornadoes, wind storms, and fires. If you use financing to buy a car, your lender will likely require that you purchase comprehensive coverage.

The Disadvantages of Comprehensive Car Insurance

The main disadvantage of comprehensive car insurance is the price tag. Comprehensive car insurance doesn’t replace regular car insurance, which means you’d have to buy an extra policy. The trade-off is more than worth it if you own a new vehicle or an expensive model. However, if you own an older model that you’ve already paid off, you likely don’t need comprehensive coverage. 

Car Insurance Help from NCIB Group Inc.

Choosing the right insurance policies for your car can be challenging. That’s why NCIB Group Inc. offers multiple policy options and personalized assistance to help drivers in Chicago weigh the pros and cons of each policy. We make it easy for you to find the insurance policy that best meets your needs at a price you can afford. Contact us today to find out more or to get a quote on the policy of your choice.

Buying a Condo? Here’s What to Know About Insuring It

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If you’re purchasing a condo in the Chicago, IL, area and searching for the right insurance coverage, NCIB Group Inc. is geared to helping you acquire a policy that fulfills your requirements. There’s undoubtedly no need to compromise or risk your condo or personal possessions. One should realize that condo insurance differs from a homeowner’s policy; hence, it’s vital to work with trusted professionals to ensure correct coverage.

That’s why it’s crucial to collaborate with our devoted agents, who can provide quotes from numerous insurers. This way, you’ll be able to select the most fitting policy for your specific needs, instilling confidence that you possess strong protection that you can rely upon. This can make the process of moving into your new condo much simpler and less daunting because you’ll carry peace of mind along with you on your new journey.

Condo insurance shields the interior of your living space and your personal belongings. Unlike a homeowner’s policy, you won’t be covered for aspects like the building’s exterior or roofing. This can render condo protection a good value, and you won’t need to fret over elements like the building’s systems since they’ll be covered by the actual building policy as opposed to the insurance you choose.

Don’t hesitate to contact us today at NCIB Group Inc. if you’re in the market for condo insurance in the Chicago, IL area. This way, you’ll achieve the quality protection you deserve. Our agents understand you might have questions, especially if this is your first condo purchase. You don’t have to face the prospect of relocating to a new place alone when our team is on board to support you.

When Should You Update Commercial Insurance?

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Running a business in Chicago, IL, brings numerous opportunities and ample excitement. However, it also presents various challenges, some of which are insurance-related. At NCIB Group Inc., we frequently receive inquiries regarding commercial insurance. Hence, we aim to provide straightforward responses. For instance, we’re often asked when it is necessary to update commercial insurance.

Changes in Your Assets

Protecting your assets is a vital component of your commercial insurance. If the value of your assets alters significantly (by over 10 percent), it’s advisable to update your policy. Reducing assets could potentially lower the cost of your policy. On the other hand, if your assets are growing, it’s crucial that your coverage adapts accordingly.

Even if insuring the assets directly isn’t a concern for you, increased values increase your liability risks in the event of a lawsuit. Payouts are often influenced by how much money you possess, with your assets playing a significant role.

Changes in Your Business Structure

Structural changes to your business, such as adding new partners or leaders or changing personnel that affect the business’s structure, necessitate an update in commercial policies. These changes affect questions such as who receives payment in the event of a claim and who has the authority to make claims on the policy.

The structure of your business can influence how your insurance functions. Therefore, it’s essential to keep your insurer informed regarding these changes.

Changes in Your Operations

Changes in your operational regions or services, or a reduction in operations, directly affect your liability risks. For instance, if you introduce a delivery service to your business, you would need to insure your delivery drivers. If you expand your business to another state, the operational rules there may be different.

Such changes necessitate a dialogue with your insurance representative to ensure your policy aligns with your business structure.

If you’re ever uncertain about how a change might affect your commercial insurance, don’t hesitate to discuss it with us. At NCIB Group Inc., we possess extensive experience in dealing with these matters and are always ready to assist. Our goal is to help keep your Chicago, IL, business protected under all circumstances.