Insurance

Why You Need Flood Insurance in Austin, TX

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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.  

 

 

Reasons to Re-Evaluate Life Insurance Annually

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Many residents of Austin, TX view life insurance as something to set-up, check off the list as done, and forget. Thinking this way can be unfortunate because the life insurance policy you arranged may not provide the coverage you need. Think of it this way, your life changes and your old life insurance may no longer meet your current needs. Take time each year to review your life insurance with these questions in mind:

  1. Did anything change with your job status? This can include a promotion, demotion, or an increase or decrease in compensation. A good rule of thumb for life insurance is to multiply your annual income by 5 to 10 to help determine how much you need for your loved ones.
  2. Did your health improve since you applied or since your last review? Life insurance policy rates are directly connected to your health. If you recovered from a major illness like cancer, and it’s been two to five years, your rates could be reduced. If you make some life changes, such as stopping smoking, reduced alcohol consumption, or weight, your premiums might decrease.
  3. If your home’s mortgage was factored into your life insurance policy, if there have been any changes to the mortgage, then your life insurance coverage should be reviewed too. If you sold the home or purchased a new home or vacation property, it should be reviewed.
  4. Is the life insurance rate you’re paying the best rate you can get today? It never hurts to consider having your insurance company review rates.

The Policy Source

The Policy Source provides life insurance in the Austin, TX area. Contact us today, and one of our agents will help you review your life insurance policy to make sure it meets your unique life needs.

What Coverages Do You Need in Your Renter’s Insurance Policy?

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Renters insurance is something that we hope we never have to use, but if an accident or robbery does happen, it is important to make sure that the necessary coverage is in place. Landlord’s insurance will cover any damage to the building itself and any common areas, but the tenant’s possessions and belongings must be insured with their own policy. The knowledgeable agents at the Policy Source located in Austin, TX are here to help you find the policy that will meet your needs. Working with an agent is the best way to know that your items are adequately covered.

One of the most overlooked aspects of renter’s insurance is coverage and reimbursement of costs due to displacement. If there is a fire or other catastrophic events that make your abode uninhabitable, basic renters insurance policies will most likely not cover the expense of alternate housing. While repairs are being made to your home or apartment, you will have to pay out of pocket for hotels unless you have the adequate coverage to address such situations. There are riders available to cover such costs if they are not included in your policy.

Renters insurance can save you a lot of headaches and protect your belongings. Having a well-informed insurance agent working with you is the best way to know what coverage you need and how to get the best policy for your location.

Give the Policy Source a call or stop by today to learn more about the necessary coverage renters need in Austin, TX.

Don’t Risk It: Why Austin, TX Homeowners Need Home Insurance Today

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We take a lot of risks in life. Some are perhaps smarter than others, while some are darned foolish risks to take. One such foolish risks that The Policy Source has seen residents of Austin, TX undertake all too often is to go without home insurance. At first, it may seem like a decent enough idea. I mean, who needs home insurance? How many people ever need it? So long as you are careful, responsible, and approach things in a thoughtful manner, you should be completely fine, right? Unfortunately, that is just not how the world works. Preparedness loses to chaos nine times out of 10.

There are just too many variables in life that can occur that trying to rely on what you can control going 100 percent right, 100 percent of the time is a fool’s errand. Imagine this scenario: you have the best in security systems to prevent any would-be home invaders. You practically have outfitted your house in foam coverings to prevent any damage to and from any part of your household. Surely, there should be nothing to worry about, right? Well, except for the potential tornado that is not going to care about any padding or security system that you are ready to throw at it. Without home insurance, any repair costs will be out of pocket.

When all is said and done, residents of Austin, TX should work to keep their risks down to a minimum, especially in areas where losing at risk can mean financial harm – or perhaps even worse. Before you decide to take that gamble, make sure to contact the people at The Policy Source online today. We can work closely with you to find a home insurance plan that suits your needs and works for you.

5 Reasons You Need to Update Your Life Insurance Coverage

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When was the last time you reviewed or updated your life insurance policy? If you don’t remember, The Policy Source recommends that now is a good time to get a checkup to ensure your policy is covering your present needs. Due to major life changes or circumstances since you first purchased your life insurance, your policy may need to be adjusted to reflect those changes. Even if you haven’t experienced significant life events, your financial goals may have shifted. It is a good idea to review your life insurance policy each year, especially to ensure your coverage is up to date.  

Reasons to Update Your Insurance Policy

There are numerous reasons you may need to re-evaluate your existing life insurance coverage and make adjustments. Here are five major reasons you should reassess you life insurance policy:

  1. You recently got married or divorced. Your life insurance coverage needs to be current to ensure that your beneficiaries are up to date, and that people who should be on your policy are, while people you have ended relationships with are not.
  2. You have a new child or dependent. When you have a child or add more dependents, the costs of raising your family will increase. Any new addition to your household should be a key catalyst to reassessing your insurance levels.  
  3. You purchased a new home. If your life insurance has been structured to cover your mortgage payments and you move to a more expensive home in Austin, TX, you will need more coverage.
  4. You started a business or changed employment. Changes in your business liability or your employment status or income are events that often require a shift in life insurance requirements.
  5. You’re planning for retirement. Planning for your long-term goals have a different financial focus once you stop actively earning income. Your coverage will likely need to be adjusted to reflect that loss of income.

If you have experienced any of these life events, it’s time to take a look at your life insurance policy in order to maximize your financial success and give you peace of mind. For more information about how to ensure that your life insurance policy is in step with your current needs and circumstances, contact one of our insurance agents at The Policy Source in Austin, TX today.