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.
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.
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?
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.
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.
Boat insurance covers a wide range of things and one of them is the replacement of your boat if it is destroyed in an accident. When it comes to boat insurance, it is helpful to know just what it covers so you can be sure your boat is fully insured and ready for the water. For those that live in the Austin, TX area, the agents with The Policy Source can help you find the perfect policy for you.
There are a wide range of things that your boat policy is going to cover and each is important to the overall protection of your boat. Things like an injury to other boaters, damage to the boats of other boaters, and damage to your own boat are all covered. It is helpful to take a moment to find out just what your boat policy covers before taking it out and before getting a new boat policy.
Most boat policies are going to cover the cost of repairing your boat if it is damaged in an accident or while in use on the water. The same number of policies are also likely to pay for the replacement of your boat should it become destroyed while in use. If your boat is destroyed while parked at your home you may need to use your home insurance to cover the cost of the repairs. You always need to take the time to consider just what you want your policy to cover when you take it out to help make sure you are getting the policy you need and want.
Most policies are going to cover replacement if you pay your deductible. For those that live in the Austin, TX area, the agents with the Policy Source can help.
While you may have an automobile insurance policy and a homeowners insurance policy on your Austin TX home, if you have any assets to protect, you also need an umbrella insurance policy to provide extra insurance for those policies. Claims can arise from a variety of situations and there are liability issues that can affect everyone. Here are the top five reasons The Policy Source has found for why you need umbrella insurance.
- Homeowners Insurance. If your homeowners insurance policy covers liability for injury up to $300,000 per incident and your neighbor with three kids under the age of 10 drowns in your pool, their estate may sue you. If they sue for $1,000,000, your homeowners insurance will pay $300,000 and you will be responsible for the remaining $700,000.
- Auto Insurance Claims. If your teen loses control of their vehicle and ends up damaging a building, there can be considerable losses to that business. If they file a claim for $250,000 and your policy’s limit is $100,000 for property damage, you’ll be left fending for yourself.
- Boat Insurance. Let’s say you lend your friend the use of your boat and you have a liability limit of $300,000. If they take it out on the lake with a case of beer and some buddies, and they plow into another boat, killing someone, their survivors may sue for $1,000,000. Your general boat insurance will pay the $300,000, and if you have an umbrella policy in place, it will pay the remaining $700,000. If not, your home and other assets will be at risk if you cannot pay.
- All-Terrain Vehicles. If your grandchild takes your ATV out for a spin and crashes, suffering critical injuries, your ATV insurance will cover some of the cost of medical care up to your policy’s limit. If they sustain $600,000 in medical costs and your insurance has a $100,000 limit, you’ll be responsible for the remainder unless you have umbrella insurance.
- Personal Injury. If Someone in your family repeats a rumor about one of your neighbors, the neighbor can sue you for defamation. Because your homeowners policy doesn’t cover slander or defamation of character, if they sue for $500,000 and win, you’ll be forced to pay the total amount. If you have umbrella insurance, you will only have to pay the deductible; your policy will cover the rest.
If you live in the Austin TX area, contact The Policy Source today to find out how umbrella insurance coverage will protect your family’s assets.
Flooding is covered by a variety of reasons and can happen in a variety of climates. Even though just about everybody may be susceptible to a flood, insurance companies will not bundle coverage with homeowners insurance plans. This is why the National Flood Insurance Program was created, but there are also private options available. If you are in need of a better flood insurance plan in Austin, TX, The Policy Source may be the perfect match for you.
Within the past decade, there have been several billions of dollar in flood damage claims. Considering that only a small fraction of the country even has flood insurance, the amount of claims is quite high. This is a great indicator that flood damage is always happening and that there is a demand for insurance.
Most people with flood insurance live in high-risk areas that participate in the National Flood Insurance Program. Since there is a limit of $250,000 in home protection and $100,00 in personal items, high net-worth individuals may need to supplement with private insurance.
Lenders of home loans may also require flood insurance if there is a considerable risk in the area. The terms of the mortgage will likely have the annual purchase of a policy to remain compliant. In general, there is no other legal obligation to purchase flood insurance in Austin, TX.
Obtaining flood insurance can be a lifesaver, even if you are not necessarily in a high-risk zone. Thinking back on the hurricanes that devastated certain communities in the state, it may be a good idea to start considering the purchase of flood insurance. If you are shopping around for some reasonably priced deals in the area, consulting with The Policy Source is a great start.
If you own or looking to purchase a condo in the Austin, TX area, you may want to consider these 5 questions about insurance. Homeowners and condo insurance differ and it helps to know the differences. For example, condo owners typically insure just their portion of the property they own, but this can vary. It’s good to ask the right questions to be sure of the proper insurance coverage.
- What does the condo association’s master policy cover? It will help you understand which the association dues include common areas and what you may be personally responsible for insuring. Often you would be responsible for the area within the four walls of your condo, but ask to be certain.
- What is the association deductible? Condominium association insurance if usually commercial insurance for the commonly shared building(s) and common areas. If something significant happens, it is possible that the condo owners share the deductible. If there are ten owners, then the deductible would be divided by ten. Find out your possible financial responsibility.
- How much coverage is adequate? After knowing which area of the condo you’re individually responsible for, then you’ll need to determine the amount you need.
- Do you want a cash-value or replacement-cost policy? After the amount of coverage is decided, then you need to choose which type of insurance you prefer. Cash-value will replace the value of the insured item less depreciation. Replacement-value coverage will cover the cost to replace the old item with a new one.
- Did you insure the contents and structure? You want to cover the internal structures, such as flooring, countertops, carpeting, lighting, and cabinetry.
The Policy Source
The Policy Source provides insurance to the Austin, TX community. Contact a Policy Source agent today to explore your condo insurance coverage needs.
Some people use their motorcycle as their form of transportation. Others casually ride theirs, only pulling it out of the garage on occasion to go for a ride here and there. If you fall into the latter category, you may wonder if you need to carry motorcycle insurance on your bike at all times, since you only use the bike so sporadically. Here is some information that The Policy Source, serving the greater Austin, TX area, would like you to know about motorcycle insurance and casual riders.
Whether You Have to Carry Motorcycle Insurance at All Times
If you own a motorcycle, it is important that you carry insurance on the bike at all times, regardless of whether you ride it often or not.
Why You Need to Carry Motorcycle Insurance at All Times
In order to register a motorcycle, you are required to carry insurance on it. If you drop your insurance, the state you live in may revoke your registration. Additionally, insurance covers more than just your bike while it is being ridden. It can cover your bike if it is stolen or damaged while being stored.
What You Can Do to Reduce Your Costs as a Casual Rider
If you are a casual motorcycle rider, it is important that you make this clear when obtaining a motorcycle insurance quote. Estimate how many miles you ride the bike each year and ask that this information be included in your quote. Those who ride their bikes fewer miles often pay less in insurance costs than those who ride frequently.
If you are looking to buy a motorcycle insurance policy or make changes to an existing one, The Policy Source, serving Austin, TX would love to assist you. Call our offices today to discuss your insurance needs and to obtain an estimate for the right policy for you.