Do All Boat Owners in Texas Need to Get Boat Insurance?

Austin, TX is continuing to be a very popular vacation destination as well as a place for people to move to. One of the draws to this part of Texas is that there is a lot to do and great ways to have fun. One of the most popular activities throughout the warm months of the year is to be out on a local lake and enjoy your own boat. Anyone that is a boat owner here needs to ensure they get proper coverage for it. A boat insurance plan is a necessity for a few reasons. 

Insurance Will Cover Assets

A good reason to get boat insurance is so you can cover your assets. If you intend to buy a boat, the investment into the purchase, maintenance, and storage is significant. To ensure this investment does not go to waste, you should always carry a boat insurance plan. With this support, you will have the coverage needed to replace or repair your boat if certain losses are incurred.

Insurance Protects Against Liability Risk

You also should consider getting boat insurance to offset your liability risk. As lakes in the Austin area can get crowded, there is always a chance that an accident can occur. If you have the right boat insurance coverage, you will know you are protected if you happen to cause a collision. 

Boat owners in the Austin, TX area clearly should always have a boat insurance plan. Those that are looking for this coverage in the area need to make sure they speak with someone that they can trust. The team with The Policy Source understands the value of this coverage and will offer any support you need to build and choose a plan. The Policy Source is able to do this by personalizing your insurance solution to ensure you get appropriate coverage. 

Situations Where Umbrella Insurance Saves Your Home and Other Assets

While many folks look at an umbrella insurance policy and see it as an additional cost, others have actually experienced the responsibility for excessive damage and have either needed it and did not have it, or did have it, and thankfully so. It is not just for the higher class Texans, but anyone who has any type of property should have umbrella insurance, especially if you experience one of these three situations. 

Bodily Harm on Your Property

Whether you are having a birthday party, low-key celebration, or friends over for a ball game, the most common situation where your standard liability is not enough for the damages is when a guest is hurt while on the property. In many cases, this is related to faulty porches that cave-in or fall off of the deck surrounding a pool. The damage requires things like surgery, rehabs, and covering the loss of wages since they may be out of work. 

Motorcycle or Car Accident

If you have friends with you, and you cause an accident where those with you suffer from severe bodily harm, your liability insurance policy may not be enough. In these cases, just like in your home, your guests may be forced to be out of work or even worse, suffer death. In these cases, their families may be suing for damages that will significantly surpass your policy. 

Slander and Libel

Whether you attack another party personally or an employee within your Texas business has done so, the defendant can easily sue you and/or the commercial business for an outstanding amount of money. This can increase even further if their lawyer can prove that they have had significant financial difficulties following the remarks that were made. 

If you are a business, auto, or homeowner in Austin, TX, contact The Policy Source today to supplement with umbrella insurance. 

4 Major Things to Know About Flood Insurance

Your homeowners may not cover damages caused by floods. Another factor you need to know about flood insurance is that your lending institution may require it. Flood insurance is generally not included in your homeowner’s policy and you will need to get insurance through the National Flood Insurance Program (NFIP) to stay properly protected.

Our agents at The Policy Source of Austin, TX have helped countless individuals with flood insurance policies in the great state of Texas. There are important things to know about flood insurance that our agents can discuss with you.

What You Should Know About Flood Insurance

  • Unexpected floods – Even if you live in an area that is not considered a flood zone, an unexpected flood could strike and devastate your property. Flood insurance will keep you protected.
  • Water main breaks – Events like a water main bursting can cause flooding in your home. The right kind of flood insurance will cover this.
  • Heavy snow melting – While not often considered, this is the potential to cause flooding in your home that flood insurance can cover.
  • Coverage beyond homeowners – Flood insurance will cover claims beyond what your standard homeowners may cover.

Understanding your flood insurance requirements is important to protect your valuables and family from disaster. It can help to discuss the details of your flood Insurance with experienced agents who can show you how to get the most from your policy.

Flood Insurance in Austin

Contact one of our team members at The Policy Source of Austin, TX to discuss your flood insurance options. Our agents have helped many people get peace of mind with quality insurance policies. We are happy to work with you to find the perfect policy for your needs.

What Does Condo Insurance Cover?

Condo insurance is coverage for your home if you live in a building owned or managed by a condo association. When you have condo insurance, you can rest knowing that unit repairs and damaged personal items may be covered by your policy.

This kind of insurance protects you, your personal belongings, and your home. If you live in Austin, TX, The Policy Source can help you find the right condo insurance policy. Here’s what you need to know about your coverage.

Personal Liability Coverage

When somebody is injured in your condo, your insurance company may provide coverage. If you are deemed to be the faulty party, your liability coverage may pay for expenses like medical bills. Some policies will cover medical bills even if you are not deemed to be at fault for the injuries.

Building Property Protection

If you live in a condo with shared walls, you may benefit from building property protection to cover damage like cracks and major destruction. Even though you do not own the building, property protection can help you avoid difficult situations.

Personal Property Coverage

When you have personal property protection with your condo insurance, damage and theft may be covered. Personal property covers things like appliances, furniture, electronics, and other items you own. There is often a specific limit for personal property coverage.

Flood Insurance

Many people add flood insurance to their condo coverage. Some lenders require flood insurance, which covers all damage caused by flooding to your condo.

You Have Many Condo Insurance Options

Each condo owner needs to have the right coverage to suit their needs. If you are unsure about your insurance policy needs in Austin, TX, get in touch with The Policy Source to learn more.

Should you have home insurance in Austin?

The Austin, TX area has continued to be a fast-growing part of the country. Those that live in this part of the state continue to enjoy many amenities and professional options. Because of this, Austin is also a great place to purchase a home. If you are going to buy a home in this part of Texas, you will want to know that you are properly insured. You should have a home insurance plan for a few different reasons. 

Coverage Mitigate Liability Risk

An important reason to have a home insurance plan when in the Austin area is to ensure you can mitigate your personal liability risk. There is always a chance that an accident can occur at your home that will cause property damage or injuries to another person. In either situation, you can be held liable for any damages that are caused. Fortunately, you will be able to mitigate this concern and risk by getting a home insurance plan that will have liability insurance.

Coverage Protects Home

You also should get a home insurance plan to ensure that your assets are protected. With a home insurance plan, you can obtain coverage to repair your property if it is damaged. You also can obtain coverage that can be used to cover any personal assets you own, which mitigates the risk of theft or damage. 

As you are looking for a new home insurance plan when you are in the Austin, TX area, you will want to know that you are picking an ideal insurance plan. A great way to ensure that you are picking a good plan is by speaking with The Policy Source. The professionals with The Policy Source can offer you a lot of guidance that will help ensure you pick a plan that is ideal for your situation. 

How do you add your teen to your auto policy?

When your child reaches their teen years, they earn some exciting firsts. Among these include attaining their learner’s permit and their driver’s license. You will need to either add them to your auto insurance through Austin, TX’s The Policy Source when they begin driving or you will need to purchase them a policy.

The Better Option

You can choose either option depending on your situation and needs. If your teen will drive one of the existing family cars, you should put them on your policy. They need the same level of coverage as the other drivers.

On the other hand, if you purchase a used car for your teen, it might be better to get them their own policy. That’s especially true if they would drive an older model vehicle that would not need comprehensive or collision coverage. If you could easily afford another used car and it would cost the same as the deductible or close to it, you should purchase liability and bodily injury insurance to cover the vehicle.

When to Purchase a Policy

You should tell your insurance agent when your teen obtains their learner’s permit. Your agent will let you know if you need to add them to the policy then or if you can wait until they obtain the actual license. This depends on your policy and the underwriter’s rules.

Contact Austin, TX’s The Policy Source for more information on this type of policy and other ways to protect your teen driver. You can better prepare them for driving by having them take a defensive driving course or a high school driver’s education course.

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.