If you are a boat owner, the Policy Source serving Austin, TX would like you to know about the types of boat insurance plans available to you.

Types of Physical Damage Policies

If your boat is damaged or destroyed, there are three main types of boat insurance policies available to choose from that will protect you financially from this.

Replacement Cost Insurance Policy

This policy pays to repair or replace your boat.

Actual Cash Value Policy

This type of policy pays to repair or replace your boat subject to depreciation. That means it will pay equal to the boat’s current value on the current market.

Agreed Amount Value Policy

This type of policy pays to repair or replace your boat at the set value specified in your boat insurance policy.

When reviewing your boat insurance options, check whether your boat is covered when it is not on the water and is being stored or transported.

Other Types of Boat Insurance

While you would insure a boat the same way you would insure your house or car, there are additional considerations.

Liability Insurance

Liability insurance is always a big one. Ensure that you are adequately covered if someone is injured due to an accident on the water. Your liability insurance should include a section for property damage if you hit another boat or the dock and cause damage to someone’s property.

Insurance for specific perils

Perils like windstorms, hail, and hurricanes are not usually included in your standard boat insurance policy and may require an add-on purchase.

Like contents coverage for a homeowners policy, check whether you need additional insurance to cover the boat’s contents on an all-risk basis.

Contact us!

Speak to the professional people at the Policy Source serving Austin, TX, about your boat insurance requirements today!

When searching for insurance, you may quickly become overwhelmed. It doesn’t even matter if you are searching for insurance for your home, automobile, or your business, it can quickly become overwhelming. You have to learn different terms so that you can find the right plan for you.

One term that may come up is umbrella insurance. So, what is it? 

Umbrella insurance is not a stand-alone policy. In fact, it is added to your current policy, whether you add it to your home, automobile, or business policy. 

You may get umbrella insurance to cover expenses that go over your limit when it comes to your home or automobile insurance. Your home and automobile insurance may have a limit to how much they will pay. Once they hit that mark, they won’t give you any more money. If your medical bills go over that limit, you are going to have to pay that out of pocket, unless you have umbrella insurance. It will kick in and start paying at that point.

You may also want to consider umbrella insurance if you have expensive jewelry or art. Your homeowner’s policy will only go so far when it comes to your possessions. If you have some things that are quite costly, such as jewelry, you may want an umbrella policy to help cover these items. 

An umbrella policy isn’t a stand-alone policy. Instead, it kicks in when your other insurance hits their limits, making sure that you aren’t paying too much out of pocket. It also protects your possessions if you own something expensive. 

If you think that you want to add umbrella insurance to your current plan (or find a better fit for you), don’t hesitate to contact us today at The Policy Source in Austin, TX. 

Austin, TX is continuing to be a very popular vacation destination as well as a place for people to move to. One of the draws to this part of Texas is that there is a lot to do and great ways to have fun. One of the most popular activities throughout the warm months of the year is to be out on a local lake and enjoy your own boat. Anyone that is a boat owner here needs to ensure they get proper coverage for it. A boat insurance plan is a necessity for a few reasons. 

Insurance Will Cover Assets

A good reason to get boat insurance is so you can cover your assets. If you intend to buy a boat, the investment into the purchase, maintenance, and storage is significant. To ensure this investment does not go to waste, you should always carry a boat insurance plan. With this support, you will have the coverage needed to replace or repair your boat if certain losses are incurred.

Insurance Protects Against Liability Risk

You also should consider getting boat insurance to offset your liability risk. As lakes in the Austin area can get crowded, there is always a chance that an accident can occur. If you have the right boat insurance coverage, you will know you are protected if you happen to cause a collision. 

Boat owners in the Austin, TX area clearly should always have a boat insurance plan. Those that are looking for this coverage in the area need to make sure they speak with someone that they can trust. The team with The Policy Source understands the value of this coverage and will offer any support you need to build and choose a plan. The Policy Source is able to do this by personalizing your insurance solution to ensure you get appropriate coverage. 

While many folks look at an umbrella insurance policy and see it as an additional cost, others have actually experienced the responsibility for excessive damage and have either needed it and did not have it, or did have it, and thankfully so. It is not just for the higher class Texans, but anyone who has any type of property should have umbrella insurance, especially if you experience one of these three situations. 

Bodily Harm on Your Property

Whether you are having a birthday party, low-key celebration, or friends over for a ball game, the most common situation where your standard liability is not enough for the damages is when a guest is hurt while on the property. In many cases, this is related to faulty porches that cave-in or fall off of the deck surrounding a pool. The damage requires things like surgery, rehabs, and covering the loss of wages since they may be out of work. 

Motorcycle or Car Accident

If you have friends with you, and you cause an accident where those with you suffer from severe bodily harm, your liability insurance policy may not be enough. In these cases, just like in your home, your guests may be forced to be out of work or even worse, suffer death. In these cases, their families may be suing for damages that will significantly surpass your policy. 

Slander and Libel

Whether you attack another party personally or an employee within your Texas business has done so, the defendant can easily sue you and/or the commercial business for an outstanding amount of money. This can increase even further if their lawyer can prove that they have had significant financial difficulties following the remarks that were made. 

If you are a business, auto, or homeowner in Austin, TX, contact The Policy Source today to supplement with umbrella insurance. 

Your homeowners may not cover damages caused by floods. Another factor you need to know about flood insurance is that your lending institution may require it. Flood insurance is generally not included in your homeowner’s policy and you will need to get insurance through the National Flood Insurance Program (NFIP) to stay properly protected.

Our agents at The Policy Source of Austin, TX have helped countless individuals with flood insurance policies in the great state of Texas. There are important things to know about flood insurance that our agents can discuss with you.

What You Should Know About Flood Insurance

• Unexpected floods – Even if you live in an area that is not considered a flood zone, an unexpected flood could strike and devastate your property. Flood insurance will keep you protected.
• Water main breaks – Events like a water main bursting can cause flooding in your home. The right kind of flood insurance will cover this.
• Heavy snow melting – While not often considered, this is the potential to cause flooding in your home that flood insurance can cover.
• Coverage beyond homeowners – Flood insurance will cover claims beyond what your standard homeowners may cover.

Understanding your flood insurance requirements is important to protect your valuables and family from disaster. It can help to discuss the details of your flood Insurance with experienced agents who can show you how to get the most from your policy.

Flood Insurance in Austin

Contact one of our team members at The Policy Source of Austin, TX to discuss your flood insurance options. Our agents have helped many people get peace of mind with quality insurance policies. We are happy to work with you to find the perfect policy for your needs.

Condo insurance is coverage for your home if you live in a building owned or managed by a condo association. When you have condo insurance, you can rest knowing that unit repairs and damaged personal items may be covered by your policy.

This kind of insurance protects you, your personal belongings, and your home. If you live in Austin, TX, The Policy Source can help you find the right condo insurance policy. Here’s what you need to know about your coverage.

Personal Liability Coverage

When somebody is injured in your condo, your insurance company may provide coverage. If you are deemed to be the faulty party, your liability coverage may pay for expenses like medical bills. Some policies will cover medical bills even if you are not deemed to be at fault for the injuries.

Building Property Protection

If you live in a condo with shared walls, you may benefit from building property protection to cover damage like cracks and major destruction. Even though you do not own the building, property protection can help you avoid difficult situations.

Personal Property Coverage

When you have personal property protection with your condo insurance, damage and theft may be covered. Personal property covers things like appliances, furniture, electronics, and other items you own. There is often a specific limit for personal property coverage.

Flood Insurance

Many people add flood insurance to their condo coverage. Some lenders require flood insurance, which covers all damage caused by flooding to your condo.

You Have Many Condo Insurance Options

Each condo owner needs to have the right coverage to suit their needs. If you are unsure about your insurance policy needs in Austin, TX, get in touch with The Policy Source to learn more.

When you are held liable for an accident of some kind, it often means that you will have to pay quite a bit to take care of medical bills. However, if you have enough insurance, your policies will pay for what you own. If you are interested in umbrella insurance to handle some of your liability risks, call us today at The Policy Source in Austin, TX. 

Medical Bills and Liability 

If an accident happens in your car or in your home, you may be judged to be liable for that accident. That means that you are liable for the medical bills that result from it. Coming up with those bills from your own pocket can be extremely difficult, but you likely have home insurance and auto insurance to pick up those bills. However, did you know that you often don’t get much liability protection from home and auto insurance policies? If you don’t have enough, you will have to come up with the overage. 

Umbrella Insurance Protection

If your home or auto policy doesn’t pay enough of the bills that result from the accident, you can have your umbrella insurance policy come in and pay the overage. An umbrella policy works with the home and auto policies that you already have in place. It pays once those have paid out as much as they’re going to. That way, you don’t have to go bankrupt to pay for the massive medical bills that can be caused by a serious accident. 

Protect Your Future Finances

If you were to get a higher amount of liability coverage directly from your home and auto policies, you can expect to pay quite a lot. However, umbrella insurance is an affordable way to get the extra coverage you need to protect yourself financially. To find out more, contact us at The Policy Source in Austin, TX.

Anyone that is looking for a fun way to get around the Austin, TX area should consider getting a motorcycle. If you are going to get a motorcycle here, you should invest in a new motorcycle insurance plan. There continue to be several reasons why the typical owner here will need to have a policy in place whenever they own or drive a motorcycle.

Insurance Ensures Legal Compliance

A reason motorcycle operators in Texas need to have motorcycle insurance is so they can comply with the law. Drivers all over the state are obligated to carry liability insurance. If you do not carry this insurance, you will have to come out of pocket to cover damages that may be caused by an accident. Additionally, you could face penalization if you are driving without motorcycle insurance as you will be in legal violation.

Coverage Motorcycle

You should also get a motorcycle insurance plan so you can protect your motorcycle. If you choose to purchase a motorcycle, it will be something that you will want to enjoy for a long time. If you do not have proper coverage, you could lose it if there is an accident or the asset is stolen. With a proper motorcycle insurance plan that has collision and comprehensive protection, you will have the coverage you need to repair or replace the motorcycle. 

Austin, TX motorcycle owners need to have proper insurance at all times. As you are looking for a new motorcycle insurance plan in this area, it would be a good idea to call The Policy Source. When you call The Policy Source, you will have the support needed to understand your various options. They can help you determine which type of coverage is right for you and will provide support as you choose a plan. 

If you have wished to own and drive an RV on Austin, TX roads, you are not alone—it’s an American dream. A recent SpareFoot survey on leisure vehicles found that 42% of Americans would buy an RV if money weren’t an object. If you’re on the market for an RV, you need to look at all possible options before making a final decision.

The Policy Source recommends going through what the market has and narrowing down your list. Don’t forget to have a list of essentials and extras when selecting. Here are a few features we thought you should put into consideration.

New vs. used

The first question you probably need to ask yourself is whether you can afford a new RV. Well, it’s quite an investment but less risky than buying a used RV. However, that doesn’t mean you cannot get a good deal for a used RV. Similarly, buying a new RV doesn’t mean it won’t have any mechanical problems. Carefully think about what you want and do some research about it. Note that RVs don’t depreciate like small cars; they hold their value for a long time.

Size and storage

You also need to think about where your RV is going to sleep when not in use. If you have ample garage space, you don’t need to worry about storage. But if storage is an issue for you, you may want to look for options that fit your space. The size of your RV also determines how many people you can have onboard. Think about the size of your family and the overall weight recommended by the manufacturer.

Other features

RVs often come with many other features like a bathroom, kitchen, bed area, and much other good stuff. Know what you need and buy an RV that satisfies all your needs.

Don’t forget about insurance. You cannot drive around Austin, TX, roads without RV insurance. So, make sure it’s part of the budget. To get your customized policy, contact The Policy Source today!