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.

Is It Necessary To Keep Home Insurance Coverage If Your Home Is Paid Off?

Every homeowner that finances is required to provide adequate home insurance coverage until their home is paid off. After your home is paid off, you may be wondering if you should continue to keep your home insurance coverage.

Protection

Your home is one of the most valuable assets most people will own in their lifetime. The average home today is worth over $100,000 and is filled with thousands more in furnishings and other personal items. If you neglect to carry home insurance to protect your home and its belongings against a covered event, then you stand to lose it all if there is a catastrophic event such as a fire. Old and new homes alike are susceptible to fires and other damage, which is why you should always maintain your homeowners’ insurance.

Adequate Coverage

When you purchase home insurance, you want to make sure that you are not overpaying to help you stick to your budget. One of the most effective ways to get the right insurance is to consult an experienced insurance agent. They can help you take inventory of your belongings, as well as correctly assess the value of your property to be included in the insurance policy. To contact an authorized insurance agent representing Austin, TX, The Policy Source is ready to answer your home insurance questions and address any concerns.

If you are looking for high-quality home insurance products in or around Austin, TX, The Policy Source is ready to assist you. From purchasing home insurance to submitting a claim, they are there to help you every step of the way.

 

 

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.  

 

 

Reasons to Re-Evaluate Life Insurance Annually

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.