When will I need umbrella insurance?

Protecting yourself, family, business, and property using insurance is quite critical in Austin, TX. Everyone wants to ensure that they get enough coverage in every aspect of life. One of the most valuable policies to consider when buying insurance is umbrella insurance. 

Umbrella insurance is a generalized type of liability policy that offers additional coverage on top of your auto, home or boat insurance. When you purchase this type of coverage at The Policy Source, our insurance specialists will ensure that they get you only the policies that best fit your needs. 

Loss or damage that exceeds the liability coverage

When you are involved in an accident, two unfortunate things are likely to happen; the damage costs may get very high beyond your insurance limits, or you may get sued. In this case, if you are at fault and are found guilty of that unfortunate accident, there is a good possibility that the legal fees will exhaust your primary insurance policies. However, if you have umbrella insurance, it will take care of the rest of the legal fees.

When specific liability is not covered

The standard policies are quite general and may not cover every part of your needs. For instance, slander or libel is always left out in the primary policies, but they are covered under umbrella insurance.

When the primary policy’s limit is reached

Every time you are involved in an incident whereby the basic policy isn’t adequate to take care of the damage costs or the losses incurred, umbrella insurance will kick in and clear the rest.

Umbrella insurance is an excellent way to cover you in case of emergencies. Let The Policy Source help you get this extra coverage today. Visit us at our local offices in Austin, TX, and we will help you with the options available.

Why You Need Renters Insurance

If you are renting in Austin, TX, it’s important to note that your landlord’s policy won’t cover certain things and you will need renters insurance to cover your belongings and your own liability. There are a few reasons why renters insurance is important.

It Will Cover Personal Property: Even if you don’t think you own much, you may be surprised to find out how much your belongings add up. A standard renters policy will protect against a long list of perils. Some of these include explosion, damage by aircraft, fire, smoke, theft, vandalism, or windstorm. Losses from earthquakes and floods won’t be covered under a standard policy. This will also include your belongings when you are traveling. Check with an agent at The Policy Source to see what is and isn’t covered in your policy. If you have expensive items in your home, such as artwork, you may need to get additional coverage. 

Your Landlord May Require It: The state doesn’t require renters insurance, but your landlord may require it. A number of landlords are requiring insurance and won’t rent to you until they see proof, because with insurance, some of the responsibility can be shifted away from them.

It Gives Liability Coverage: Liability coverage will protect you if someone is injured in your home or you accidentally injure someone else. It will cover any payments, as well as legal expenses. While many policies will cover $100,000 of coverage, you can also pay for more coverage.

It Can Cover Additional Living Expenses: If you aren’t able to live in your rented home due to a covered peril, then your policy may cover additional living expenses. This can cover the cost of living somewhere else, food, and more.

Contact The Policy Source, serving Austin, TX, to get a quote on renters insurance. 

What Does Rv Insurance Cover?

If you own an RV in Austin, TX, it’s important to have an RV insurance policy. However, what it covers will depend on you. A basic policy will cover liability, ensuring that you are protected if someone gets injured by your RV or if your RV damages someone’s property. What it covers beyond that is up to you.

At The Policy Source, we’re here to make sure that your RV insurance policy covers all that you need and want.

Just like an auto policy, you can add to an RV policy to include more. This will allow you to be protected against more scenarios, such as a break-in, vandalism, or something outside of your control damaging your RV. Having more coverage is optional, though it makes sense to make sure that you are protecting your investment.

Consider how much you spent on your RV. Without sufficient coverage, you could end up spending a lot of your own money to repair or replace your RV. You don’t want to have to go through that. With the right insurance policy, you can file a claim. You would pay the deductible. After that, the insurance company would pay up to the limits that you have.

As for what those limits are, you will need to meet state requirements for liability. You can, then, increase those limits for more financial protection. By doing so, you limit the likelihood of having to pay out of pocket considerably for an accident that happens with your RV.

The Policy Source is here to help you get your RV covered in Austin, TX. Rather than feeling overwhelmed by the choices, let one of our independent insurance agents guide you through the process. Then, you can enjoy peace of mind knowing that you have sufficient insurance on your RV.

 

Does Your Motorcycle Insurance Cover Other Riders?

As an avid motorcyclist in the greater Austin, TX area, there are times when you want to bring a fellow passenger along for the ride. You might even want to let another rider take a spin on your motorcycle. But before you do either, you’ll want to make sure that passenger or rider benefits from your motorcycle insurance coverage. It all depends on the type of coverage you’ve purchased with the help of the independent agents at The Policy Source.

If you only have the minimum liability coverage needed to legally ride, it may not be enough to protect other riders or passengers. Most liability-only coverages are designed to protect only the named policyholder in the event of an accident. Unless your passenger or rider has their own insurance coverage, they’ll have little to no coverage to rely on if they’re seriously hurt.

That changes once you add comprehensive and collision coverage to your motorcycle insurance policy. Having full motorcycle insurance coverage affords you and your passengers more protection. In the event, another rider damages your bike, your policy will still cover the damage.

Not all insurance plans are the same, however, so it’s a good idea to ask your independent agent for more details. Don’t forget that you have the option of adding other riders to your insurance policy, especially if they’re frequent riders. By being specifically named under your policy, other riders will enjoy the same protections against liability, property damage, and other unforeseen circumstances.

Anything can happen when you’re out on the highways and byways of Austin, TX. If you need a new motorcycle insurance policy or want to add new riders to your current policy, don’t hesitate to call The Policy Source today.

I Use My Boat Commercially As Well As Recreationally – Is There a Difference in Insurance

There are different points of vulnerability if you use your boat for both recreational as well as commercial uses. It is a keen idea to be able to make money doing something you love. There are many people who make their living on the water engaged in various enterprises. 

Firstly it is important to understand fully where your vulnerability lies.  A commercial policy may be in order as well as your boating insurance policy. There is a vast difference in what you will need depending upon the type of enterprise you are engaged in from chartering your boat for tours through commercial fishing enterprises. Insurances become quite specific in how it can cover you and others as well as your property liability.

While the short answer is yes – there is a difference in insurance, the long answer involves a conversation with a professional. Speak with one of our agents today to make certain you have every facet of insurance that you need for both work and play .  

The Policy Source Specializes in Boat Insurance

No matter what your individual needs are in terms of your boating use – commercial or recreational. When next on land stop by our The Policy Source office is in Cedar Park TX in  Austin, TX. We look forward to assisting you with finding the most comprehensive and sound boat insurance policy for your needs.

We Go Beyond Boating – So Do You – Our Focus Is Protection

Your life includes boating but you have other insurance needs as well. The Policy Source can help you with all of your other insurance needs:

  • auto
  • renters
  • home
  • recreational vehicle
  • life
  • condo
  • motorcycle
  • flood 
  • umbrella

Does it make sense to add an umbrella insurance to your personal liability policy?

If you have a home policy as well as personal liability coverage, you may wonder if an umbrella policy is a good fit for your insurance portfolio. Clients in the greater Austin, TX area with a large net worth are not the only people who can benefit from adding an umbrella policy to their current coverage. The team at The Policy Source is here to answer all of your questions and help you determine if this type of coverage makes sense for you and your family.

Situations where a personal umbrella policy makes sense 

Every policy, whether homeowners or auto or anything in between, includes coverage limits. This is the absolute maximum that your insurance provider will pay out. Clients who have a high level of assets, or are at risk of liability exposure, often find that an umbrella policy can provide the peace of mind that they need. Consider a situation where someone is injured or suffers another type of mishap on your property and brings judgment against you. Such a situation can cause a lot of emotional and financial stress on you and your family. Such an instance would likely exhaust the maximum payout of a typical homeowner policy and you would be responsible for any amount not covered by your insurance. With a personal umbrella policy, you will have additional coverage that can cover the excess amount that is part of a legal case. Don’t leave your family’s assets unprotected!i

Interested in learning more about how an umbrella insurance policy can help protect you and your family? Contact the team at The Policy Source today and find out more about this effective instrument to provide coverage in the greater Austin, TX metropolitan area.

How can I tell if I’m living in a flood zone?

No standard property insurance policy will cover damage caused by a flood. This includes flooding from any source, including a river, pond, ocean or even outside drains. 

That means that if you want your home protected if there is a flood, you will need to purchase a separate flood insurance policy. The people living in a flood zone are in the most danger, although about one out of five flood claims come from areas outside of the highest risk zones. At The Policy Source, we can help residents in Austin, TX assess their own personal risks based on their location and its history.

Searching FEMA.gov for Information about Flood Zones

The government makes it easy to check whether your home is in a high-risk flood area. 

The map is easy to read and tells whether your home is in a minimal risk area of one of the higher risk zones. According to the site, just being in a high-risk zone means you are more likely to experience a flood than fire in the next 30 years.

Other Effects of Living in a Flood Zone

The value of your property can be seriously affected even if your home is never damaged by flooding, just by nature of being in a high-risk location. Flood insurance in a very high-risk area could also be expensive. Even if you don’t want it, you will be forced to purchase flood insurance if you are in a high-risk area and you have a government-financed loan.

If you are in Austin, TX and need help finding out your risk, or if you want to discuss an insurance policy, feel free to call The Policy Source today.

What is Condo Insurance?

Buying a condo means purchasing only a particular unit inside that building. Thus, even though your condo association has a master insurance policy on the building, that policy only covers the common areas, walls, roof, and elevators. However, it does not offer coverage for your unit’s possessions.

Condominium insurance, therefore, is a unique policy that covers your personal property, as well as any improvements, alterations, or additions done on the unit. Hence, it is also known as a walls-in coverage or H06 insurance policy. While insuring your unit is not mandatory, it is necessary as it will help you get compensation in case a peril or accident happens within your condo. Serving Austin, TX, The Policy Source will help you obtain the right kind of coverage that suits your Texas condo needs.

When Condo Insurance is Helpful

  • In Case of Damage Inside Your Unit: If a peril such as fire breaks out inside the unit and damages all your property, having condo insurance will ensure that you get compensated for the destroyed belongings.
  •  In Case of Theft. If your personal possessions are stolen, this policy will make sure that they get replaced.
  • If Someone Gets Hurt Inside Your Home. If, for instance, a visitor trips and fall inside your unit, condo insurance should help settle their medical bills if it was a serious fall, or cover your liability costs in case you get sued.
  •  Your Unit is Uninhabitable. If something happens inside your unit and makes you unable to live in it temporarily, your condo policy will cover the expenses you incur living elsewhere, such as in a hotel.

Condo insurance is a critical policy that covers your belongings, in addition to any fixtures or renovations that you have done to the unit. Without this policy, you will stand to lose a lot in case a peril happens. There are various types of condo insurance policies out there, and it is, therefore, imperative that you find the best fit for your Texas condo.

Here at the Policy Source, we offer various customized policies to our clients in Austin, TX, to ensure they get the most appropriate coverage for their needs. Want to learn more about condo insurance?

Can a Visitor’s Actions Void Your Home Insurance?

Visitors to a home should be respectful of your property and courteous to your needs. If they aren’t – which many aren’t – you could have some serious problems. We at The Policy Source have seen Austin, TX area residents lose their policy because of the actions of their visitors.

Thankfully, it takes a lot for an insurer to void your policy. Most homeowners are never going to run into this possibility. However, avoided policy is possible and can be a very devastating circumstance. Most of the time, your policy will stay in action unless you perform one of the following actions:

  • Keeping your home vacant for 30 or more days
  • Not telling your insurer about major renovations
  • Creating a new home-based business
  • Doing illegal activities from your home
  • Improperly describing your property to an insurer

If you are avoiding these actions, your policy should stay in effect without a problem. However, a visitor could void your policy if they are performing illegal actions. For example, if a friend is renting another room and secretly selling drugs behind your back from your home, your policy could be voided.

This voiding might not seem fair but think of it from the perspective of the insurer. They believe that you should have knowledge of your guests’ behavior and make you liable for their actions. In this way, they can protect themselves and you by forcing you to avoid problematic visitors. After all, if a visitor is going to sell drugs out of your home, there is no telling what else they might be doing.

So if you are worried that the actions of another person could void your policy, don’t hesitate to contact us at The Policy Source. We have helped Austin, TX residents like you get the best possible policies and at prices that are as fair and reasonable as possible.

Tips For Buying Your First Motorcycle

Riding a motorcycle in Austin, TX has a wide range of benefits, including saving money on the cost of gas. If you are considering buying a motorcycle, regardless of the reason, there are several things you will need to take into consideration before buying your first motorcycle. Here are a few tips to ensure you buy the best “first” motorcycle for you.

Know the Safety Rules

First, and most importantly it is essential that you understand the level of safety required to ride a motorcycle. If you aren’t familiar with the different types, brands and engine sizes, you may end up buying a bike that is too large or not made for the purpose you intend to use it for. Always do your research to learn about various engine sizes, accessories that can make riding safer and more enjoyable and always wear the appropriate clothing and equipment. A helmet is a must, especially for beginners, you should also wear motorcycle gloves, long pants, sturdy shoes and eye protection.

Have a Budget

There are hundreds upon hundreds of styles and types of motorcycles to choose from, some of which can cost several thousands of dollars, so before heading out to the local motorcycle dealership-have a budget in mind. Know what you can afford and if you are financing the motorcycle, keep in mind that the payments typically do not include insurance coverage and you will also be responsible for the cost of maintaining your motorcycle.

Before you even consider taking a ride on your new motorcycle, it is extremely important that you obtain a motorcycle permit. To learn more information contact your local bureau of motor vehicles to inquire about the documentation you will need and the testing times and days. Remember, just like when operating a car, you must have insurance, so don’t forget to contact your insurance agent about motorcycle insurance.

Residents of Austin, TX interested in learning more information about motorcycle insurance or upgrading their policy should contact The Policy Source.