A Guide To Help Texas Residents Find The Right Boat Insurance Policy

The Policy Source serves the Austin, TX community by helping residents find insurance coverage. We offer our clients a wide variety of policies based on their individual needs. We want to help you protect your assets.

Boat Insurance

During warm summers in Austin, TX, many people enjoy heading out by the lake and having fun on their boat. If you enjoy operating your boat on a regular basis, boat insurance will cover you. Boat insurance gives you peace of mind while you enjoy a fun experience.

The policy covers your boat if you are involved in a collision with another boat or object. Liability coverage will protect you if you are held responsible for the damages caused by the collision. Liability coverage also protects you if someone is injured while they are on your boat. You can add full coverage so that you will be protected if someone steals or vandalizes your boat or if a natural disaster causes damage. You can also add uninsured coverage to protect you if you are involved in an accident and the owner of the other boat does not have coverage.

You can also cover your personal items on the boat if they are stolen or damaged. Consider having all of your items onboard appraised so that you can have a clear idea of their true value. If you have any luxury items on your boat or any accessories such as an anchor, you will have to add extra coverage to protect those items.

Storage coverage is important. If an accidental fire starts, your boat will be protected if it suffers any damages. Also, keep in mind that your boat insurance policy will likely include navigational limits which outlines the areas where you can operate your boat and remain fully covered.

The Policy Source Will Help You Protect Your Asset

Visit our website to learn more information about boat insurance.  

Three considerations to take into account when you purchase umbrella insurance

Purchasing an umbrella insurance policy is a great thing to do to protect your assets in Austin, TX. We offer umbrella insurance policies at The Policy Source. We can answer any questions you have about this type of insurance coverage.

The following are three considerations to take into account when you purchase umbrella insurance.

The risks you face

Just about everyone can benefit from having umbrella insurance. However, individuals who face a great deal of risk are especially in need of this type of insurance. These individuals have a lot of liability risks. 

Causes of risk that could necessitate umbrella insurance coverage include owning certain kinds of pets, interacting with others who could potentially seek to sue you, and having a high net worth that makes you a target for lawsuits. 

The limits of your other insurance policies

Umbrella insurance works by covering amounts in excess of the policy maximums of other policies like your auto and home policies. Therefore, you want your umbrella policy to offer an amount of coverage that’s well in excess of the policy maximums of your auto and home policies.

The lower your auto and home policy maximum limits are, the more important it is for you to invest in umbrella insurance coverage. 

The monthly costs

Of course, you also have to consider the monthly costs of any policy you’re offered. However, umbrella insurance costs tend to be quite low. For the amount of coverage that you get from these types of policies, the monthly costs are generally affordable. 

It’s important to do your research and shop around when you’re looking for umbrella insurance in Austin, TX. Contact us at The Policy Source to learn more about the umbrella insurance policies we make available to consumers in Texas. 

Why should I get flood insurance in Texas?

The Austin, TX area continues to be one of the fastest-growing metro areas in the country. Due to the population growth here and a strong economy, buying a home can be a great long-term investment option. If you are going to purchase a home here, you should spend time considering your insurance needs. One form of insurance you may need to get is flood insurance. There are several reasons that you should get this additional insurance protection. 

Flood Insurance is Required for You

One reason that you should get flood insurance is that it could be a requirement for you. The need for flood insurance is something that mortgage lenders take very seriously. If you are located in an area that is considered a high-risk zone, the lenders will undoubtedly require that you get a proper flood insurance policy to protect your home.

Needed to Receive Protection

Flood damage to a home can be very significant and the repair costs add up quickly. When you get a flood insurance policy, you can be assured that you will have protection against this risk. This is the best way to get coverage for potential flood damages as many standard home insurance policies are limited when it comes to this type of coverage. 

There are a lot of reasons to get a flood insurance policy if you are in the Austin, TX area. While this can be a confusing type of insurance to purchase, the team at The Policy Source can make it a lot easier for you. If you do call The Policy Source they will be able to assess your situation to determine if you should get this coverage. If you do need this coverage, they can help you to pick the right policy to meet your needs. 

Do I need condo insurance in Austin?

The Austin, TX area is a very popular city that is continuing to grow in population. Due to this, owning a home in the area could be a great option. When you are going to purchase a home, getting a condo could be a good option as it will allow you to enjoy a nice place to live with fewer maintenance obligations. If you do buy a condo here, you do need condo insurance coverage. There are several reasons why this may be necessary. 

Association Requirement

One reason that you may need to get condo insurance is that it could be an association requirement. Most condo owners in Austin are going to need to comply with condo association rules. This will normally include requiring that you carry a condo insurance policy that offers both liability and property protection. You likely will need to provide evidence of coverage each year. 

Required by Mortgage Lender

You are also going to want to get condo insurance in Austin because it will be required by a mortgage lender. Any mortgage lender will want to ensure that you have coverage as it will help to protect their collateral. To ensure you do not have a coverage lapse, the lender will likely require that you escrow for your payments and pay a year policy upfront each year. 

Getting condo insurance is almost always a necessity for someone that owns a condo in the Austin, TX area. When you are looking for a new policy for your condo, you should speak with the team at The Policy Source. There are always a lot of decisions that need to be made when you are looking for insurance. The insurance team at The Policy Source can give you the guidance you need to pick and choose a new policy. 

What You Need to Know About Home Insurance

Your home will probably be one of the biggest investments you will make during your life. For this reason, you will want to properly protect this investment. The best way to do this is by having the right home owner’s insurance in place. At The Policy Source serving Austin, TX, we are here to help educate you on important insurance topics. Keep reading to learn more about home insurance. 

The Importance of Home Insurance 

You have invested a lot of time and money into your home. This makes it an important financial investment. However, your house is more than a financial investment. Your house is where your family calls home, and therefore it also carries with it an important emotional aspect as well.  Losing a home has devastating consequences both financially and emotionally. Home insurance seeks to help relieve some of that uncertainty, by providing a way to ensure that you will always be able to provide a safe home for your family. 

What Does Home Insurance Cover?

Home insurance, like most insurance products, can be customized. The best way to find out what types of coverage you need, is to sit down with an insurance rep and discuss your particular circumstances. In general, though, home insurance will cover the following areas.

Property Damage: Property damage coverage is the most important aspect of your policy. This coverage will kick in if your home is lost or damaged because of fire, natural disaster or burglary. The policy will help to pay for your home to be repaired or replaced and can also pay to have personal property replaced as well. 

Liability Coverage: Liability coverage can help pay expenses that are incurred in the event someone is injured in your home or on your property. This coverage can protect you from expensive medical bills or legal fees associated with the injury. 

If you would like to learn more about home insurance, please contact our staff at The Policy Source, serving Austin, TX.

Do Texas Drivers Need To Carry Underinsured Motorist Auto Insurance?

In Austin, TX, the minimum requirements for auto insurance are fairly lax. You are required to carry basic liability, meaning property and personal injury coverage, but beyond that, everything is pretty much at your discretion. Some states require you to carry uninsured and underinsured motorist coverage, but Texas is not one of them.

You may be required to buy more than the legal minimum by your lender if you are still paying your car off. Most lenders will at least require that you carry comprehensive and collision so that the car itself is paid for if it is totaled. Some lenders may require additional insurance to be carried, including underinsured motorist insurance, but you are at least going to be buying comprehensive and collision with more lenders than not.

Once the car is paid off, you are free to buy additional insurance or reduce your current coverage at your discretion, but as long as someone else has a stake in your car, they have a say in the insurance that you are carrying.

If you are still paying your car off, you may want to consider not only uninsured and underinsured motorist insurance, but replacement and gap insurance, as well, to make sure that if something happens, you are not only totally covered for the loss but can get into a replacement car right away, as well.

Your lender has a say in how much insurance you should carry in Austin, TX, but not in where you can buy your insurance from. So get in touch with us at The Policy Source if you have any questions or are looking to get covered. You can call us, get in touch online, or drop by the Policy Source office and we’ll see what we can do to get you the protection you need.

What Are The Common Umbrella Insurance Exclusions?

Different umbrella insurance providers in Austin, TX will have different lists of exclusions for coverage. But, there are some that are fairly common, if not entirely uniform across all umbrella insurance companies. These will include the following:

  • Personal injury and property damages. This means for the policyholder. Umbrella insurance is mainly about liability, it’s there for you if you are sued for damages to someone else’s property. If your own car is totaled in an accident or if your commercial property burns down, you have your primary policies to cover the damages.
  • Certain dog breeds. The exact dog breeds not covered may vary from one provider to the next, but most will have some exclusions in place for dog bites and damages if your dog’s breed is on that list.
  • Intentional damages or criminal activity. If you get mad at a customer and throw a brick through their car window, you can’t really expect your insurer to have your back on that one. That sounds like a silly example, but we all have moments where we lose our temper, so you need to keep your cool and play above-board. Don’t assume that you can behave recklessly because you’re insured.
  • Certain instances of neglect. If you’re leaving loose wires hanging in your store’s bathroom for months on end, someone is going to get injured. Even if it doesn’t happen right away, the odds are not on your side in the long run. You need to do your part as a homeowner, as a motorist, and as a business owner if you want to ensure that your umbrella insurer has your back.
  • Uncovered motor vehicles. Your umbrella policy is there to provide additional coverage. So if you cause an accident without carrying the proper car insurance in the first place, they can’t help you.

Again, every insurer in Austin, TX will show you a different list of exclusions, so call and ask if you’re not sure. And if you’re still shopping around, get in touch with The Policy Source. The Policy Source is here to get you the coverage that’s right for you.

Why Renters Insurance is a Necessity

Is renters’ insurance a necessity?  Absolutely!  For a low premium, all of your possessions including furniture and electronics will be protected.   While renters don’t have the responsibility of insuring the building they live in, the apartment owner’s policy does not cover any of the contents of their apartments.  If your apartment building does not require you to have renters’ insurance, it’s still a good idea.  Our team at The Policy Source is ready to help you with quality coverage.  We work with renters throughout the Austin, TX area. They can discuss your coverage options so that you find the one that best suits your needs. 

With a renters’ insurance policy, everything in your apartment will be covered but there are additional benefits.  If your apartment building is damaged and you are unable to stay there, some policies will cover hotel and meal expenses for the period that you are gone.  It will also cover items that are damaged or stolen when you are away from home.  A laptop that is stolen while you are at the library will be covered, for instance.  The policy will also provide personal liability coverage in the event that someone is injured at the apartment due to your negligence.   

These are the reasons why renters’ insurance is a necessity.  Our agents at The Policy Source understand the needs of renters in the Austin, TX area.  We can help you understand your coverage options so that you can make the best decision for your life situation.  Protecting the meaningful things you have and the things you need to get through the day is important.  Taking time to inventory everything and consider insurance options take time but it’s worth it.  Review general information on our website then contact us.  We’re ready to help you protect your things.  Don’t wait until its too late!

Fixing Up An Old RV, When Do I Need To Get It Insured?

If you’re fixing up an old RV in Austin, TX, you don’t really need to worry about insurance until you’re ready to take it out on the road. When that day comes, you’ll want to go ahead and give The Policy Source a call or contact them through their website and get covered, but until then, if your RV is not leaving your property, you can leave it uninsured until you need it.

Going without insurance will leave you without any protection should your RV be damaged, so if you’re not going to buy any insurance just yet, keep it somewhere safe. But legally, if it’s still got a lot of work to be done on it before it’s road-worthy, then you’ve still got plenty of time before you have to start thinking about RV insurance.

Fixer-upper projects can be kind of tricky. You might think you’re ready to roll, only to find out there are a good three months of engine work ahead of you before you’re willing to take it any farther than sixty miles. You’ll probably need coverage before you’re ready to take your RV out on a cross-country trip, anyway. Before heading all the way to Florida, you might want to do a test-drive to Houston to see how it’s running, in which case it can’t hurt to get covered early.

When you are ready to hit the road and take a break from Austin, TX, get in touch with The Policy Source and see what they can do to keep you safe and secure on your trip across the state, country or wherever it is that you want to go in your home away from home.

3 Reasons Why Storage For Your Motorcycle Matters

Owning a motorcycle in Austin, TX is a luxury embraced by many residents. Whether they are used for luxury riding or daily commuters, storing them properly comes with many benefits. Below are the reasons why The Policy Source believes that storage for your motorcycle matters. 

Theft Protection

Motorcycles are often the victims of thefts, due to their size and accessibility. Because they are smaller than a car, if they are not properly stored at your residence, then they can be lifted onto a trailer and gone in a matter of minutes, even without the key. 

Damage Protection

Like automobiles, motorcycles can become damaged by the weather and the environment. Long-term exposure to the sun or excessive rain can cause exterior damage to the paint and pipes. With proper storage, the motorcycle is out of the elements and able to maintain its lifespan. This is especially critical for motorcycles that are not driven regularly and sit in the same spot for weeks on end. 

Tire Protection

Motorcycle tires are an important part of the bike. With constant exposure to the sun or being in unsavory environments where the temperature and pressure changes can be damaging to the tires. In order to maximize the mileage and performance of them, it is critical to store your bike. 

Garage, Shed or Storage Unit

Most Austin, TX residents choose to store their motorcycle on their property. Keeping it in the garage or in a motorcycle shed in the backyard allows you immediate access to your bike. If you do not drive your motorcycle regularly, then you should consider renting a storage space for it if you do not have space at your residence. 

Call us Today!

If you are interested in purchasing motorcycle insurance or upgrading your policy, call our agents at The Policy Source today for more information.