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. 

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.