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. 

 

Tips for Getting the Boat Ready for the Water

The first few months of the year are a great time to start prepping your boat for the water. Whether you’ve had the boat in storage during the winter or you’ve put it out on the water, it needs a maintenance check to ensure it’s safe out on the water for the rest of the year. Here at The Policy Source, we serve the Austin, TX region and surrounding areas, and we’d like to share two quick tips for getting the boat ready for fun in the sun this upcoming spring and summer.

Develop an Emergency Float Plan

With a float plan, you leave a document outlining characteristics of your boat, the name of all passengers on board including yourself, and a somewhat detailed itinerary of your trip. This way, if you were to go missing out on the water, the document can be presented to the appropriate personnel, and they will find it much easier to investigate your case. This is usually ideal when using the boat to go out on extremely large bodies of water in which you might not have access to any nearby help. You will, of course, need to update the document any time you take out new passengers or go out on a new watercraft.

Get Your Boat Inspected

One of the easiest ways to get your boat inspected for safety is to have the U.S. Coast Guard conduct the inspection. Did you know they will provide free assessments and even come to you to perform it? That’s right! It doesn’t get any easier than that.

Contact The Policy Source today serving the Austin, TX region and surrounding areas.

Is Umbrella Insurance A Good Idea For Cabin Rentals?

If you own a business renting out cabins to tourists and visitors, you need special insurance to protect you from personal liability or any accidents that may occur at the property. Traditionally, umbrella insurance is designed to protect a homeowner from personal liability. If you own a cabin rental business a different type of insurance is required.

Umbrella Protection vs. Vacation Rental Insurance

If you are shopping for insurance to cover a cabin for rental purposes, you need vacation rental insurance as opposed to umbrella insurance. Umbrella is for home use and vacation rental insurance covers a business venture renting a home or cabin to visitors. This type of coverage is designed to protect the business from liability and losses if there is an injury or accident on the property. To find what level of coverage is necessary, consult a licensed insurance agent with experience dealing with this type of policy. 

Working With An Agent

If you are considering renting a cabin, then you should find a top insurance agency with agents who are trained to work on policies such as this. If you have a cabin in or near Austin, TX, consult with The Policy Source to find out what options are available and what level of coverage is the best option for your needs. Their friendly agents are able to work with you closely to help outline current and future needs to give you peace of mind. 

Owning a cabin and renting to the public is considered a business venture and this requires special insurance coverage. Those who are planning to rent a cabin around the Austin, TX area should call or stop by The Police Source office to find out more about coverage.