Umbrella policies cover you if you are ever sued, and the amount of coverage exceeds the amount that the lawsuit demands. Umbrella insurance usually comes into play if a severe accident occurs and regular insurance is not enough to cover all damages. 

Because umbrella policies have a more comprehensive range of coverage, they usually come with higher premiums than standard insurance policies. Still, they can be worth the cost if you ever need to use them. For questions in Austin, TX, immediately call The Policy Source. 

What to Know About Umbrella Insurance 

Umbrella insurance is meant to cover you if you are ever liable for something and don’t have enough insurance to cover the cost. Still, your liability insurance only covers up to $250,000; your umbrella policy covers you up to the $1 million limits. 

It’s good to purchase an umbrella policy if you have many assets to protect or a liability that exceeds your primary insurance limits. For example, if you have a million-dollar home, a million-dollar car, a million-dollar business, expensive artwork, etc., you may consider an umbrella policy. 

Umbrella policies can provide up to $1 million in additional coverage, giving you the financial resources to fight a suit if one is filed. Umbrella insurance protects you if you are sued and the amount of coverage you have exceeds the amount that the plaintiff claims. Umbrella insurance can help cover your legal costs if you are found liable in a lawsuit and the cost of your damages up to the limit specified in your policy. 

What to Know About Umbrella Insurance 

Umbrella insurance protects you if you are sued and the amount of coverage you have exceeds the amount that the plaintiff claims. Umbrella policies can help cover your legal costs if you are found liable in a lawsuit and the cost of your damages up to the limit specified in your policy. For advice, tire no more. Contact The Policy Source serving in Austin, TX.

Moving to the Austin, TX area is a dream for many people. If you are going to move to this part of the state, it could be a good idea to rent your home instead of buying it. Real estate in Austin has been on a dramatic rise. This is why renting is the ideal option for some. If you want to rent a property, you still need to get the right insurance. Various benefits come when you receive renters insurance, and there are multiple reasons it could be a necessity. 

Insurance is an Obligation Under a Lease

A critical reason everyone will want to have a renters insurance plan is that it will be an obligation under the lease. As you evaluate your housing options, you will find that carrying renters insurance is a requirement. In most cases, you will even have to provide evidence that you have coverage before you move into your new home. 

Benefit from Protections

You will also need to have renters insurance to benefit from the protections it provides. If you choose to rent a home and take out a renters insurance plan, you will receive protection for your personal assets. Further, you will get personal liability coverage that will offer support if you are named liable in any type of accident that occurs in your home. 

As you are looking for your next home in the Austin, TX area, you will likely spend time assessing your renter’s insurance needs. Once you are ready to start looking for a new plan, it can be a great idea to contact the team with The Policy Source. The professionals with The Policy Source understand the value of this coverage and can help you build a policy that will meet your needs and ensure you are in full insurance compliance. 

At The Policy Source, we usually get this question from our Austin, TX clients: “Do I need RV insurance all year round, yet I use my RV seasonally?”  It’s a resounding yes. You must insure your RV all year through, even if your RV is stored in a secured facility. If you have been thinking about canceling your RV insurance during the off-season, you need to think again. You must maintain RV insurance all year for the reasons below:

It may be required

If a financial institution has financed your RV, they will require you to maintain your RV insurance all year through. Like you, the lender has vested interests in the RV and would like to be well-covered should calamities strike. If a loan secures your RV insurance, you must maintain RV insurance until you pay off the outstanding loan.

Risks don’t have an off-season.

While on the road, one of the most prominent risks is crashing with other motorists. However, now that your RV is parked in your garage, you are free from risks, right? You are mistaken. Yes, you might not be on the road, but risks can still strike. Risks like fire, vandalism, theft, and natural disasters can strike anytime, and that’s why you need RV insurance all through.

For peace of mind

You will never be at ease if you know your RV isn’t insured. Every time you might be thinking of the financial consequences should something happen to your RV. While life is full of things to worry about, the safety of your RV shouldn’t make the cut. Maintain your RV insurance all year through, and you don’t have to think about this and that happening to your investment.

Want to invest in RV insurance in Austin, TX? Talk to The Policy Source for a quote and to answer your questions.

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.