Buying a Condo? What to Look For In A Condo Insurance Policy

When shopping for condo insurance, meticulous considerations must be made before selecting the right policy. Condo insurance can offer protection against financial risk and also facilitate recovery from covered events.

Your condo insurance will provide means to repair or replace damaged items after they’re stolen or lost in covered events. To ensure robust protection, you need enough coverage. Your insurance agent at Green Family Insurance Inc., servicing Illinois, can assist you in considering all the necessary factors when choosing condo insurance. Here are several things to know. 

1. Acquire the Right Amount of Coverage

Does the condo insurance policy you’re considering provide the ideal quantity of coverage for your condo? To determine this, you need to know the potential cost of repairing your condo in the event it incurs substantial damages.

Furthermore, you also need to know the estimated expense of replacing your belongings following a covered event. Your insurance agent will be aware of the standard amounts applicable to your area and for properties similar to yours, which can help you make that decision.

2. Ensure the Policy is Within Your Budget

Although price isn’t everything when considering insurance, it’s paramount to ascertain that your chosen policy is affordable. Let your insurance agent know about your budget. They can shop around to help you find the most cost-effective policy. 

3. Partner with a Good Insurance Agent

Is the agent helping you find condo insurance a capable professional? When you choose an insurance agent from Green Family Insurance Inc., servicing Illinois, you can rest assured that you’re in good hands. Our insurance agents are industry-trained professionals, and we possess the experience and expertise necessary to get you the policy you need. Call us today. 

What are the Major Parts of a Health Insurance Plan?

For many, buying a health insurance plan for the first time in Illinois can often be confusing. However, understanding the major components makes comparing plans and their respective advantages easier. Green Family Insurance Inc. can provide a policy to meet your needs while also helping you understand the benefits you will receive.

Read the Summary of Benefits

A simple way to grasp what your policy provides is to read the summary of benefits. Although other areas of the policy offer more detail, this section provides the essentials in a brief format, such as premiums, deductibles, co-payments, co-insurance, and out-of-pocket maximums. This section also sheds light on what medical services are not covered.

Terms You Need to Know

Premiums are your monthly payments to the insurance carrier for your health plan. Deductibles are the amount you must pay out-of-pocket before your policy’s benefits come into effect. Generally, a plan with a higher deductible comes with lower premiums, and vice versa. Co-payments are a fixed amount you pay for doctor visits or prescription drugs and vary according to the service type. Co-insurance, on the other hand, is the percentage of the medical cost you must pay after meeting your deductible. Many policies have a 20% co-insurance rate, meaning your policy will cover the remaining 80%. Usually, you’ll also encounter a maximum annual cost, after which your insurance will fully cover expenses.

Let Green Family Insurance Inc., serving Illinois, help determine your health insurance needs. Contact us today for an appointment.