Does Boat Insurance Replace Boats that are Destroyed?

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.  

Top 5 Reasons You Need Umbrella Insurance

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.

  1. 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.
  1. 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.
  1. 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.
  1. 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.
  1. 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.

Is Flood Insurance Included With Homeowners Insurance?

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.

 

5 Condo Insurance Questions

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.

Do Casual Riders Need Motorcycle Insurance?

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. 

Does Motorcycle Insurance Cover Time Off Work?

Motorcycle insurance is something that all riders need to keep them safe and to help insure that if they are in an accident, they are able to recover. That being said, motorcycle insurance does not cover the same amount of things that a typical auto policy might cover which means you need to take the time to really see what your policy covers before you make any determinations about it. For those that live in the Austin, TX area, the agents with The Policy Source can help you find the perfect policy for you.

As a general rule, your average policy is not going to cover much more than your typical medical bill costs and the cost to replace and repair your bike after an accident. This is not necessarily a bad thing because it does help to keep the price of a policy low enough that you can get a year’s worth for under $500. If you want added coverages, you need to take the time to look for a policy that is going to have more coverage so that you can take care of anything that might happen.

You can get larger policies that do cover things like time off work and larger medical bills but they are going to cost more than a typical and average policy might cost each year. The key is to determine what coverage you need and to really take the time to tailor your policy to fit your needs and to fit your budget. For those that live in the Austin, TX area, the agents with The Policy Source can help you find the perfect policy for you and help you tailor your policy so that you are covered all the way around no matter what.

5 Ways to Possibly Save on Motorhome Insurance Rates

Motorhome (or RV) insurance is critical to enjoying your time traveling around this incredible country. Like automobile, homeowner’s, and even health insurance, it can take a bite out of your monthly income.

This is one reason people tend to avoid the more important components of an insurance policy -such as comprehensive- when they need motorhome coverage. Here are 5 ways the average motorhome insurance policyholder may actually save on their rates.

1. Shop for an RV with Insurance in Mind.

If you haven’t yet purchased a motorhome, consider the type of vehicle, the class, size, and other factors. Just as an expensive sports car will generally have higher insurance premiums compared to a basic sedan, the type of motorhome you drive will impact policy rates.

2. Increase the Deductible.

The deductible is the amount of money you would have to pay out-of-pocket before the insurance policy would cover any repairs. You can choose to increase the deductible to lower monthly premiums. Experiment with various deductibles and you may find the ideal coverage level for your budget.

3. Ask About Usage-Based Insurance.

If you only plan to use your motorhome a few times a year, there may be a provision to save money on insurance compared to those who live in their RVs.

4. Consider Paying Your Premium in Full.

Some insurance companies will offer discounts for those clients who pay their premium in full, rather than in monthly installments.

5. Improve Your Driving Record.

If you have speeding fines, accidents, or other moving violations on your driving record, focus on improved driving habits. While this won’t likely have an immediate effect on motorhome insurance rates, it will help in time.

Visit The Policy Source in Austin, TX for the best rates.

Where is Flood Insurance Necessary?

There are a wide range of instances in which you may end up needing flood insurance but there are just as many in which you do not need flood insurance. Flood insurance is a very particular type of policy that is not always beneficial to all people that take out a policy. So how do you determine if you need flood insurance, the best way is to take a look at where you live.  For those that live in Austin, TX, the agents with The Policy Source can help you to determine if you are in need of a flood policy.

So the first step is to take a look at the history of flooding in your area. If you live in an area that is far from water, that is not normally impacted by things like torrential rain and hurricanes, and that does not typically flood, you may not need flood insurance. If you live in a coastal city, near a large body of water, or in an area that has a history of flooding you are going to want to seriously consider a flood policy.

Since your homeowner’s policy is not going to cover flooding, you want to be sure that you have some sort of policy in place that will help you recover in the case that your home floods. Floods can cause catastrophic, incredibly expensive damage which can end up ruining a family that does not have the proper insurance to get back on their feet and pay for recovery efforts. For those that live in the Austin, TX area, the agents with The Policy Store can help you determine if you need a flood policy or if your normal home insurance policy is enough for your needs. Not all homeowners need flood insurance, but some certainly do.

When Should You Consider an Umbrella Policy in Austin, TX?

The agents of the Policy Source serve residents in Austin, TX and many of the surrounding communities. They offer both residential and commercial policies that are written to protect every aspect of a person’s life and livelihood. This includes the use of umbrella policies that cover almost every facet of a business and its operations.

What Is An Umbrella Policy?

An umbrella policy is actually a collection of policies that are grouped together to provide coverage for several different aspects of your business. It can include coverage for a fleet of vehicles, inventory, various types of commercial liability, and Worker’s Compensation insurance. Each type of business is different in both size and the type of work that is performed. Not only does the amount of insurance needed differ, the types of liability can differ as well.

When Is Having An Umbrella Policy Most Beneficial?

It can be extremely beneficial to have an umbrella policy in place if you require more than two or three types of insurance to fully protect your business. A smaller business may be able to get by with just two or three types of policy. A larger business, on the other hand, will have several other facets that may require their own type of policy. Grouping them together under an umbrella policy can save you both time and money.

If you are interested in learning more about umbrella policies to help protect your business from financial loss and live in the Austin, TX area, call the agents at the Policy Source today! They will schedule an appointment and discuss the options you have available to you. The information they provide will help you to make an informed decision about the types of coverage you need for your business.

Why You Need Flood Insurance in Austin, TX

Did you know that flood damage is not covered under most home insurance policies? Do you know if your homeowner’s insurance policy covers flooding?  If your answer is that it doesn’t matter because you live in Austin and not LA, think again.  Austin, TX actually has a history of suffering from floods, with one of the worst occurring in the summer of 1869.  When the Colorado river swells, properties in Austin TX can succumb to flooding.  

But there are other ways your property could get flooded.  Pipes could burst or the babysitter could leave the tub faucet on and forget. While these scenarios may all seem far-fetched, the truth is that insurance exists for the far-fetched. It exists because the Colorado river is known to burst her banks and because flooding is a reality, even if you live in Texas.

The results of flooding are typically disastrous.  Water gets into every crevice and crack. It never stops moving, always seeping and expanding, getting as much wet as it possibly can.  Property damage from flooding can reach exorbitant amounts of money when you add everything together; your home and furniture ruined, your business devastated by flood damage, your sentimental possessions destroyed.  

By having flood insurance, however, you are preparing for the just in case scenario that can happen to anyone in Austin, TX.  That’s why at The Policy Source we can help you find the best flood insurance for your property at the best price.  Our friendly, reputable agents are standing by to answer all of your questions, help you compare quotes, and help you find ways to save money on your policy. To speak with an agent today, call The Policy Source at 512-956-7720.