How does umbrella insurance benefit retirees?

Ideally, you can focus on enjoying your family, hobbies, and other activities in retirement and not worry about money. One way to ensure that happens is through umbrella insurance that protects the assets you worked so hard to accumulate. Although this article covers the value of umbrella insurance for retirees, people of all ages should consider umbrella insurance as part of their insurance plan, and our team at The Policy Source, serving Austin, TX, is here to help you in that process.

How Umbrella Insurance Benefits Retirees

We buy insurance to protect against the unexpected. Still, accidents can happen, sometimes leaving us liable for damages that exceed our base home or auto policy limits. For example, Texas’s minimum auto insurance policy covers your liability up to $30,000 per person and $60,000 per accident. If your liability for an accident exceeds your policy’s limits, you are responsible for the difference, potentially putting your retirement savings, home, and other assets at risk.

Umbrella insurance solves this problem because it sits atop your standard policies and pays out only when you exceed those limits. Umbrella policies are not often needed, but they cover you when the worst happens. In addition, since they are seldom needed, they are relatively inexpensive yet offer extra protection for retirees who are often past their prime earning years.

Working With The Policy Source

Umbrella insurance provides a low-cost method of protecting you, your family, and your assets. If you live in or near Austin, TX, and want to discuss the protection offered by umbrella insurance, our team at The Policy Source stands ready to help. Call us today to discuss a plan that makes sense for you.

Is Flood Insurance Required in Some Instances?

Having flood insurance is essential for many residents living in and around the Austin, TX, area. If you would like to learn more about the national flood insurance program or any other insurance products to protect the things you care about, you can trust The Policy Source to provide information and resources to help you get the coverage you need.

Flood Insurance Coverage 

Flood insurance is a government-backed national program designed to protect homeowners against flooding and natural disasters. If you live in a low-lying area or on the coastline, you will want to secure this coverage to prevent losses associated with flooding events such as hurricanes and torrential rains. In fact, in some instances, depending on where you live, your Finance provider may require flood insurance to lend you money to purchase a home.

If you would like to learn more about flood insurance and what it protects, you can count on our team to give you all the details, along with the terms and conditions of a policy. Our goal is to help ensure that you are fully aware of how flood insurance can protect you and the coverage limitations for each policy. We can assist you with selecting a policy and submitting information to obtain coverage immediately. If you have any questions or need to change your policy during its lifetime, we can help. We are committed to assisting the residents in the area to help them get coverage that gives them peace of mind.

Find Out More 

We encourage you to call or stop by the policy source to speak to one of our knowledgeable insurance agents. We strive to provide top-quality insurance products and services to the Austin, TX, residents.

Do You Need Insurance for Your Texas Condo?

The agents at The Policy Source serving the Austin, TX area want you to know if you own a condominium in Texas, you are not mandated to have condo insurance. Even though it is not required, it is essential to have a policy to protect your investment in your condo. Also, if you owe a lender for the purchase of your condo, you probably are required to have condo insurance for the duration of the loan.

Many condo owners may be under the assumption that the company or HOA that owns the condominium complex will have insurance in place to cover each individual unit, and that is not the case. That type of property insurance covers the outside area of your condo and shared spaces throughout the complex, such as patios, pool areas, and recreational rooms.

What Does Condo Insurance Cover?

Condo insurance, often called HO6 insurance, provides coverage for your individual unit and your personal belongings. Unlike homeowners’ insurance, which covers the entire dwelling structure, condo insurance focuses on your condo’s interior and your personal possessions, including furniture, appliances, clothing, electronics, and more. It protects your belongings if there is a fire, theft incident, an act of vandalism, water damage, or a natural disaster.

Condo insurance also provides personal liability coverage. If someone is visiting your condo and is injured, your policy can help them with their medical bills and other expenses.

Get Your Condo Insurance Policy Started

Even though condo insurance is not required in Texas, it can be required by your lender and your condo association. To start your condo policy, contact the experienced agents atThePolicy Source serving the Austin, TX area.

How Does Umbrella Insurance Policy Work and Why Do I Need It?

Umbrella insurance provides additional coverage to your insurance policies. You can get this insurance when you have a home, auto, boat, or other coverage. As the name ‘umbrella’ implies, umbrella insurance provides maximum coverage when other policies do not apply. For instance, if you are involved in an accident, and your auto insurance covers half of your liabilities, umbrella insurance can substitute for the rest.

Here are common reasons you may need umbrella insurance in Austin, TX.

Home Accidents

Home accidents are many, and umbrella insurance can help you sort out some of them. For instance, you can be liable for a guest getting injured in your swimming pool or sliding in your landscapes. Your kid may even throw a party in your absence, and one of the guests gets injured. If your home insurance policy fails to cover such liability, umbrella insurance can come in handy to help you sort out the medical bills.


Umbrella insurance may be helpful when facing lawsuits, whether at home, work, or in society. For instance, if you were involved in an accident and some people sustained injuries, you may face a lawsuit if you were liable for the accident. In such a situation, umbrella insurance can cover any excess amount that your auto accident policy doesn’t.

Defamation Charges

You may need umbrella insurance if you are a blogger or a contributor to a magazine. If someone sues you for defamation, your umbrella policy can help cover any damage liability you face.

Contact The Policy Source Today

At The Policy Source, we understand the importance of umbrella insurance, so we help our clients understand and acquire the right umbrella insurance based on their needs. If you need umbrella insurance in Austin, TX, and need help figuring out where to start, contact us today for guidance.

Can You Get Renters Insurance if the Lease is in Your Roommate’s Name?

Can you still get renters insurance if you live in an apartment and the lease is in your roommate’s name? Or is renters insurance in Austin, TX only available to those with their names on the lease? The short answer is that you can get renters insurance even if the lease is not in your name. However, there are some key things to consider first.

The Benefits of Having Renters Insurance 

Before we dive deeper into whether or not you can get renters insurance when the lease isn’t in your name, let’s discuss why coverage is so important. There are so many benefits to having renters insurance! One of the main benefits of having a renter’s policy is that it will protect your personal property in case anything happens, such as theft or damage due to weather or fire. Renter’s insurance also includes liability coverage. If someone is hurt while visiting you, you’ll have insurance to cover their medical bills.

Can I Get Renters Insurance If The Lease Is Not In My Name? 

So now let’s answer the burning question – Yes! You can get renters insurance even if the lease is not in your name! At The Policy Source, an experienced agent will guide you through the necessary paperwork and forms needed to get renters insurance.

Contact The Policy Source Today

At The Policy Source in Austin, TX, we understand how important it is for people living together as roommates or family members under one roof to have adequate protection from unforeseen events like theft or damage from natural disasters. Contact us today to help you get the renter’s insurance coverage you need.

Will RV Insurance Cover a Television Inside the RV?

Owning an RV is a fantastic experience. You can take the RV anywhere and check out national parks, campgrounds, and more. RV insurance is one of the more necessary insurance types because there is so much value the RV brings and initial buy-in with their high costs. Owning an RV in Austin, TX, and abroad requires research on RV insurance and understanding if it covers things like televisions inside. The Policy Source can help increase your education about what RV insurance covers and does not.

Contents Coverage

RV insurance brings with it a lot of different coverage types. One of the things that you can add to your RV insurance is what is known as content coverage. With contents coverage, you purchase coverage for the contents inside the RV.

Some of the things that content coverage will insure include electronics, personal effects, and even your television(s).  

With an RV, you will likely spend considerable time within it. You invest in the RV, so it is as comfortable as possible. This can include expensive televisions, sound equipment, furniture, and more. If something happens to the RV, that contents coverage can assist in helping recover the losses.

RV Insurance Before Hitting the Road

You want to have RV insurance before you make a move to hit the road. Whether you are driving from Austin, TX, or elsewhere in the United States, RV insurance can provide you with the necessary protection to help in an unforeseen event. The Policy Source can help further educate you about RV insurance and its benefits.

Tips to prepare your motorcycle for winter

As the weather gets chillier and winter continues here in the Austin, TX area, it’s vital to ensure your motorcycle is ready for the cold months ahead. Here are some tips from us at The Policy Source to help you prepare your bike for winter: 

  1. Change the Oil – Changing your oil regularly is essential in keeping your motorcycle healthy, but it’s even more important during the colder months. Colder temperatures can cause oil to become thicker, which can cause strain on engine components. Make sure you use good quality motorcycle oil that’s designed for cold-weather conditions.
  2. Check Battery – Cold weather can be hard on batteries, so it’s always a good idea to check the condition of yours before winter arrives. Make sure all connections are tight and clean and check the fluid levels in wet cell batteries regularly. If needed, consider investing in a battery tender or charger to keep it maintained over the winter months.
  3. Grease Moving Parts – Lubricating moving parts such as cables, levers, and hinges will help protect them from corrosion caused by dampness and moisture buildup during wintertime. A light-duty lubricant will do the trick here. 
  4. Top-Off Fluids – Before putting your bike away for winter, ensure all fluids are topped off and fresh (engine coolant, brake fluid, etc.). This will help prevent damage from freezing temperatures and provide extra protection against corrosive materials like road salt that may get into these systems during storage periods. 

By following these simple tips, you can rest assured that your motorcycle is ready for whatever challenges winter throws its way! For more tips, call us at The Policy Source today. We serve the Austin, TX area. 

Why You Need Boat Insurance Today

If you are a boat owner, purchasing an insurance policy is crucial. A boat is an investment that needs to be cared for year-round, whether it is going to be taken out on the water soon or not. Before your boat hits the lake, you need to obtain adequate boater insurance. But what about the times when your boat is not being used? Do you still need to maintain coverage?

Although Austin, TX is mainly known for live music and wild nightlife, the popular city is also great for boating. With three large lakes in the area (Lake Austin, Lake Travis, and Lady Bird Lake), the area is highly populated during the summer, with people looking to have fun on the water. The winter months see a majorly significant difference in water tourism. However, during the winter, it becomes all too common for boaters to cancel their policy and then pick up a new policy when summer rolls around. This will be a disservice, as it can cost you more money in the long run.

There are times when life gets in the way, and it may be easy to allow insurance policies to lapse. But The Policy Source will allow you to continue to protect your investment. The Policy Source in Austin, TX will assist you with your boat insurance policy. The Policy Source knows insurance inside and out and the specific needs that come along with boating in Austin. Find out exactly what you need to do to protect your boat. Stop by the office today if you are in the area, or call The Policy Source today to discuss your new insurance policy.

Common Umbrella Insurance Exclusions

Umbrella insurance protects you when the underlying liability coverage runs out. While umbrella insurance can save the day during rainy days, sometimes, it can fall short. Learning about umbrella insurance exclusions from The Policy Source in Austin, TX can minimize frustrations during the claim process.

Own damage or injury

Remember, umbrella insurance is liability coverage — it covers other people but not you or your loved ones. For instance, if you cause a significant accident with your vehicle, umbrella insurance will cover the losses to other people after the car liability insurance has been exhausted. However, you will have to seek compensation from your car insurance for your injuries or damage to your car.

Criminal or intentional acts

Your umbrella insurance won’t cover losses you cause from criminal or intentional acts. For instance, if you use your car as a weapon in road rage, your insurer will void your claim.

Losses are supposed to be covered by the underlying coverage

Umbrella insurance isn’t a stand-alone policy — it rides on existing coverage, such as your home, boat, or car insurance. Umbrella insurance only kicks in when the underlying coverage has been exhausted. This means that umbrella insurance won’t cover damage or injuries that are supposed to be covered by the underlying coverage.

Other exclusions

Your umbrella insurance won’t cover risks arising from events not included in the policy. For instance, if your umbrella insurance policy doesn’t include a certain dog breed, it won’t cover the resulting losses if your dog causes harm to a third party. Similarly, umbrella insurance won’t help you if you cause a severe accident with an uncovered vehicle.

Umbrella insurance in Austin, TX

Want to boost your boat, home, or vehicle insurance with umbrella insurance? Want to learn more about umbrella insurance? Please contact The Policy Source for all your umbrella insurance solutions.

How Much Flood Insurance Do I Need?

Did you know your standard home insurance doesn’t cover flood damage? Most homeowners don’t know this fact until it’s too late. However, The Policy Source in Austin, TX can help you learn more about the need for flood insurance before a flood strikes.

While investing in flood insurance is great, the other crucial point to observe is purchasing adequate coverage. If you don’t purchase sufficient coverage, you will incur considerable out-of-pocket expenses, negating the reason for investing in flood insurance in the first place. So, how much flood insurance should I purchase? It’s never a straightforward answer.

Comply with the requirements

Flood insurance isn’t mandatory in Texas, but your mortgage lender may require you to purchase flood insurance if you live in a flood zone. Always read your loan agreement to establish your lender’s requirements. However, you will have to realize that your lender requires you to buy flood insurance equivalent to the outstanding loan amount. Remember, this amount is just a minimum and might be insufficient when faced with severe flood damage.

How much insurance should I get for my dwelling?

As a rule of thumb, always assume the worst-case scenario when insuring your dwelling. Assume that a flood caused significant damage to your entire building. Would your current flood insurance cover the damage? If not, you should talk to your insurer to purchase a sufficient amount.

Always consider the replacement cost when insuring your home. This value ensures you don’t incur out-of-pocket expenses if the worst happens.

How much personal assets coverage should I purchase?

Like dwelling coverage, ensure your flood insurance can replace your entire assets in the worst-case scenario. However, to ensure everything in your home is covered, always maintain an updated inventory list with your insurer.

Still not sure how much flood insurance you should purchase? Don’t worry. We are here to help you. Please email or call The Policy Source in Austin, TX for personalized advice.