Using Umbrella Insurance to Protect Your Finances

When you are held liable for an accident of some kind, it often means that you will have to pay quite a bit to take care of medical bills. However, if you have enough insurance, your policies will pay for what you own. If you are interested in umbrella insurance to handle some of your liability risks, call us today at The Policy Source in Austin, TX. 

Medical Bills and Liability 

If an accident happens in your car or in your home, you may be judged to be liable for that accident. That means that you are liable for the medical bills that result from it. Coming up with those bills from your own pocket can be extremely difficult, but you likely have home insurance and auto insurance to pick up those bills. However, did you know that you often don’t get much liability protection from home and auto insurance policies? If you don’t have enough, you will have to come up with the overage. 

Umbrella Insurance Protection

If your home or auto policy doesn’t pay enough of the bills that result from the accident, you can have your umbrella insurance policy come in and pay the overage. An umbrella policy works with the home and auto policies that you already have in place. It pays once those have paid out as much as they’re going to. That way, you don’t have to go bankrupt to pay for the massive medical bills that can be caused by a serious accident. 

Protect Your Future Finances

If you were to get a higher amount of liability coverage directly from your home and auto policies, you can expect to pay quite a lot. However, umbrella insurance is an affordable way to get the extra coverage you need to protect yourself financially. To find out more, contact us at The Policy Source in Austin, TX.

Why do motorcycle owners in Austin need motorcycle insurance?

Anyone that is looking for a fun way to get around the Austin, TX area should consider getting a motorcycle. If you are going to get a motorcycle here, you should invest in a new motorcycle insurance plan. There continue to be several reasons why the typical owner here will need to have a policy in place whenever they own or drive a motorcycle.

Insurance Ensures Legal Compliance

A reason motorcycle operators in Texas need to have motorcycle insurance is so they can comply with the law. Drivers all over the state are obligated to carry liability insurance. If you do not carry this insurance, you will have to come out of pocket to cover damages that may be caused by an accident. Additionally, you could face penalization if you are driving without motorcycle insurance as you will be in legal violation.

Coverage Motorcycle

You should also get a motorcycle insurance plan so you can protect your motorcycle. If you choose to purchase a motorcycle, it will be something that you will want to enjoy for a long time. If you do not have proper coverage, you could lose it if there is an accident or the asset is stolen. With a proper motorcycle insurance plan that has collision and comprehensive protection, you will have the coverage you need to repair or replace the motorcycle. 

Austin, TX motorcycle owners need to have proper insurance at all times. As you are looking for a new motorcycle insurance plan in this area, it would be a good idea to call The Policy Source. When you call The Policy Source, you will have the support needed to understand your various options. They can help you determine which type of coverage is right for you and will provide support as you choose a plan. 

Features to look for when buying an RV for the first time

If you have wished to own and drive an RV on Austin, TX roads, you are not alone—it’s an American dream. A recent SpareFoot survey on leisure vehicles found that 42% of Americans would buy an RV if money weren’t an object. If you’re on the market for an RV, you need to look at all possible options before making a final decision.

The Policy Source recommends going through what the market has and narrowing down your list. Don’t forget to have a list of essentials and extras when selecting. Here are a few features we thought you should put into consideration.

New vs. used

The first question you probably need to ask yourself is whether you can afford a new RV. Well, it’s quite an investment but less risky than buying a used RV. However, that doesn’t mean you cannot get a good deal for a used RV. Similarly, buying a new RV doesn’t mean it won’t have any mechanical problems. Carefully think about what you want and do some research about it. Note that RVs don’t depreciate like small cars; they hold their value for a long time.

Size and storage

You also need to think about where your RV is going to sleep when not in use. If you have ample garage space, you don’t need to worry about storage. But if storage is an issue for you, you may want to look for options that fit your space. The size of your RV also determines how many people you can have onboard. Think about the size of your family and the overall weight recommended by the manufacturer.

Other features

RVs often come with many other features like a bathroom, kitchen, bed area, and much other good stuff. Know what you need and buy an RV that satisfies all your needs.

Don’t forget about insurance. You cannot drive around Austin, TX, roads without RV insurance. So, make sure it’s part of the budget. To get your customized policy, contact The Policy Source today!

Is Motorcycle Insurance Required in Texas?

Motorcycle riders have become a vulnerable population over the years. The vulnerability to accidents and the costs that follow can be overwhelming. Most motorcycle owners in the Lone Star State don’t understand the importance of having inclusive motorcycle insurance coverage in place in case of unforeseen accidents. If you live in Austin, TX, you must have a motorcycle insurance cover in place.

What is Motorcycle Insurance?

Having insurance coverage for your motorcycle is no less than having a policy for your vehicle. Motorcycle insurance provides financial protection to the owner in case of accidents, loss, theft, or damage to the bike. When you have motorcycle insurance from The Policy Source, the cover also protects you from injuries caused by another person or any property damage involved. As a rider, you’ll have a wide range of coverages to consider depending on your needs. 

Is Motorcycle Insurance a Must in Texas?

If you are a rider residing in Austin, Texas, the law mandates you to have insurance. As such, you must show proof of insurance before registering your bike. Texas’s state law sets rather stringent rules that every rider must comply with when riding a motorcycle. Having valid insurance is one of the requirements that every rider must meet. 

The state stipulates specific liability insurance coverage categories for riders. 

  • $25,000 is the set limit in Texas as property liability coverage.
  • All riders must also have $30,000 bodily injury liability coverage for injuries to a person in an accident.
  • Further, riders must have $60,000 bodily injury liability coverage for total injuries in an accident. 

We Are at Your Service

Without medical payment coverage and property damage liability coverage, you can’t ride a motorcycle in Texas. The good news is that at The Policy Source, we understand all the legislative issues about motorcycles in Austin, TX. You can rely on our services for the best insurance solutions.

Our agents are always eager to serve you. Contact us today for unmatched services. 

Boat Insurance: Why You Need It

As a boat owner in Austin, TX, you might wonder why you need to have boat insurance all year, especially when you only use your boat in specific months. The Policy Source has seen many boat owners cancel their insurance after every season. However, this is not the best approach as it can be expensive in the long run. You need to have your boat insurance all year round as it offers the following benefits. 

Homeowners Insurance Limitations

You might have a perception that your homeowner’s association will provide the necessary coverage for your boat when it is on the property. However, most of the associations only provide very limited coverage against boat damage, which means that you need to have boat insurance to cover other needs such as theft, fire, and even damages. 

Possibility of Out-of-Water Risk

Risks are likely to happen all year round. Therefore, if you cancel your boat insurance in the winter months, you will not have any protection. Vandalism, fire, and theft are not seasonal challenges. They are also likely to happen in winter when you have already canceled your boat insurance, and you end up suffering. 

Sometimes It Is Required

Boats are expensive assets that, in most cases, you have acquired through financing. The lenders might require you to maintain the insurance cover throughout the year as one of the terms of financing. This is a common practice that is used by most lenders because they are also making an investment in your asset until you pay all the money back. 

Are You Looking for Boat Insurance?

In Austin, TX, The Policy Source will help you get the best boat insurance coverage to shield you against all unforeseen problems your boat is likely to encounter. Visit our website and learn more about boat insurance.

Why do I need umbrella insurance in Texas?

Anyone that lives in the Austin, TX area is going to have a variety of different insurance needs. One important form of insurance that you will need to get will be umbrella insurance, which is a great way to provide yourself with personal liability protection. There are a few different important reasons to invest in a new umbrella policy. 

Umbrella Coverage Protects Against Severe Accidents

A reason why a lot of people choose to invest in an umbrella insurance policy is that it can protect against more severe accidents. Most people are going to have some form of coverage through their home or auto coverage policies. However, it is always possible that a severe accident could result in damages that are in excess of this insurance coverage. When you get umbrella insurance, it will provide coverage that will go beyond your other policies.

Umbrella Coverage Protects Against Unpredictable Risks

Through the use of the home, auto, and other types of insurance policies, you can get the coverage that will give protection against relevant risks. However, there continue to be risks that an accident will occur that is outside of your existing policies. When you get an umbrella insurance policy, the broad coverage will cover far more situations, which can ensure you are protected against risks that you are not even aware of or considering. 

In Austin, TX it continues to be very important to get proper umbrella insurance. As you are looking for a new policy, you should call The Policy Source. The insurance team with The Policy Source understands all of the benefits that come with umbrella coverage. They can provide service when it comes to assessing your needs and building a policy. This will ensure you remain properly covered in the future. 

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.