Author: agentinsure

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.

Dealing With a Pest Infestation

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A homeowners insurance policy is primarily intended to protect the structure and restore it after certain types of damage. That can include fire, weather, accidents, and loss of value from damage. Also, such policies include a set amount for restoring personal property inside the Austin, TX home as well. However, homeowners insurance policies and pest infestations present an odd situation. Some pest situations can affect the structure, such as termites, for example. On the other hand, while irritating and needing an immediate response, many other pest infestation types have nothing to do with the structure and more to do with the homeowner’s responsibility to keep the home clean.

First, the homeowner has an obligation to do something right away when a pest infestation is found, according to the Policy Source. That means eradication and calling in a service to get rid of the pests adequately, so they don’t cause further damage. This is not the insurance provider’s responsibility.

Second, there may be damage found once the pests are removed, and the area cleared out. In most cases, a policy won’t cover such expenses for repair. There are limited instances, though, where it could be involved. For example, if termites have damaged a load-bearing beam in the home’s frame, and it has caused secondary damage to the home, the secondary damage may be covered but not the beam replacement. A lot depends on the actual language of the policy and the circumstances of the pest infestation. 

The expert insurance staff at the Policy Source can help parse between different situations and the most likely types of pest problems in Austin, TX and the surrounding areas. If you’re worried about a potential pest issue in the general region affecting your home, work with our agents to craft the right protection for your home.

Call our office or visit us to have your questions answered and find the help you need when crafting a homeowners policy.

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.

Are Student Discounts Available on Auto Insurance Policies in Austin, TX?

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Student discounts for auto insurance are available throughout the United States as long as the student meets or exceeds certain eligibility requirements put in place by the insurance company and if they offer discounts. Not every insurance agency will offer the discounts.

The Policy Source serves residents throughout the Austin, TX area and can help parents and college students determine whether or not they are eligible for the student discount programs. Programs range from insurance company to insurance company so it is important to thoroughly review your options. 

High school and college students who are under the age of 25 years may be eligible for a student driver discount if they meet the following requirements:

  • Maintain a B average or higher
  • Maintain a 3.6 GPA out of a 4.0 or higher
  • Rank in the upper one-fifth of their class
  • Make the Dean’s list or are enrolled in the National Honor Society

The guidelines are slightly different from company to company. If you are wondering whether you or your student may qualify for a student discount, talk to your agent to have your policy reviewed and updated. 

At the Policy Source, residents who live in and around Austin, TX can call the office and discuss potential discount programs for students who are eligible. The agents can go over the student’s information and the family’s information to determine what type of discounts are available. The fact is student driver discounts can prove to be beneficial even after the student graduates, working to establish a good driving record that may make the driver eligible for even more later. Call the agents at the Policy Source if you live in the Austin, TX area to find out if your student qualifies for the student driver discount.

Homeowner Tax Deductions

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If you’re a homeowner, it can pay off at tax time. We want homeowners in the Austin, TX area to take advantage of your tax deductions. Make sure you are taking all the home tax deductions you’re entitled to receive. Here are some homeowner related tax strategies and deductions that may help lower your year’s tax bill. 

  • One of the best deductions is your mortgage interest deduction. Even if your loan was for something other than your home, like college tuition, as long as your home secures the loan, you could deduct the mortgage interest.
  • Any property taxes paid are deductible.
  • Deduct the cost of PMI or FHA mortgage insurance premiums.
  • Use the Nonbusiness Energy Tax Credit for upgrading your home to be more energy-efficient.  Sample upgrades are a Biomass stove, heating and air conditioning systems, adding insulation, roofing of metal and asphalt, non-solar water heaters, adding energy efficient windows and doors.
  • Vacation home tax deductions can be tricky, but you may be able to deduct the mortgage interest and real estate taxes.
  • Prepaid interest, or points, paid for the initial mortgage are 100% deductible.  If you refinanced, you might be eligible for a portion of the tax deduction. 

Not all of the tax deductions are straightforward and it may pay to work with a professional to make sure you properly claim all deductions you’re entitled to each year. Keep records of expenses over the year to help you claim all deductions you’re eligible to claim.

The Policy Source

The Policy Source provides homeowner’s insurance coverage for the Austin, TX area. Like annual tax deductions, your home insurance may cover things you never thought about, and we want you to be informed.  Work with one of our agents to use your home policy to its full benefit.

How Long Does an Accident Affect your Insurance Premiums

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An accident is not something that anyone wants to deal with or that anyone wants to have to report to their insurance company. They are however an eventuality that some have to deal with. For those that live in the Austin, TX area, the agents with The Policy Source can help you find the right policy for you even if you have accidents on your record.

So the real question is how long do accidents affect your overall insurance premiums. The answer is a bit iffy. For those that have had an accident in the past, it all depends on when the accident happened, how severe it was, and the individual laws of your state. As the date of your accident gets further and further away, it becomes more and more likely that your accident is going to drop off of your record. This means that after a specified time, that is unique to your state, the accident will no longer show up on any searches that your insurance company makes.

For those that have gone for a specific amount of time without having an accident, it is more likely that the accident is no longer going to affect your driving record or your insurance premiums. For those that have had a very recent accident, dependent on how serious the accident was, your premiums are likely going to be higher than they would be if you had not had an accident. For the most part, an accident is going to raise premiums and in some cases, it might prompt the insurance agency to complete your claim then drop your coverage.

For those in the Austin, TX area, the agents with The Policy Store can help you find the right policy for you.  

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.

Does Home Insurance Cover Damage From Break Ins?

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When it comes to home insurance there are plenty of things that your policy might cover that you never thought of. Knowing what your policy covers is going to make a huge difference in how easily and quickly you select the policy that is right for you. For those in the Austin, TX area, the agents with The Policy Source can help you find the policy that works best for you.

Your home policy certainly does cover damage from break-ins. If you can properly document the break in and if you turn it in to the police, you can turn the report in on your home insurance for a claim. Often when someone breaks into a home they tend to destroy things like door frames in an attempt to enter the home, they may also damage windows, and often damage walls and other areas in the process of taking things.

Your home policy will cover the cost of repairs and will also help you to pay for the items that were stolen as well. Your home insurance policy does also cover contents of your home and you can make a claim about what was stolen to help you recover your items. Your home policy will require proof of break in and in some cases if you have an alarm or security system, the company will pay your home owner’s deductible if the alarm was armed when the break-in occurred. No matter, your home insurance does a great deal to make sure you are protected from top to bottom.

For those in the Austin, TX area, the agents with The Policy Source can help you find the policy that is going to work best for you and for your individual needs and requirements.  

Why do I need Living Expenses Coverage with my Home Insurance?

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A home is frequently someone’s most valuable investment and deserves to be protected with home insurance. While most people understand that they need home insurance to cover the structure and value of the home, many people neglect important additions that they might need with their home insurance. For example, many people neglect to ask whether or not their home insurance policy covers living expenses. Some people might even wonder what living expenses coverage means. Some of the most important information regarding home insurance and living expenses coverage is below.

Home insurance is important because it provides financial support for people whose homes are damaged or lost for a wide variety of reasons; however, sometimes a home is damaged beyond repair. The home might not be safe to live in due to severe damage of total loss. In this scenario, the individual or family will be forced to live on the road as they search for a new place to go. The price of eating out and staying in a hotel room for an extended period time can cause the bills the pile up quickly. This will place a substantial amount of financial stress on a family. Therefore, people should ensure that their home insurance policy covers living expenses. This is an additional layer of coverage that will provide funds for families forced to stay in a hotel or an apartment for an extended period of time in the event that their home is damaged beyond the point of livability.

Everyone living in Austin, TX should ensure that their home insurance policy includes living expenses. People should contact an experienced insurance agent serving Austin, TX with any questions. The Policy Source will make sure that every family’s most valuable assets are protected.

Steps to buying your first home

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Whether you are buying a home in Austin, TX or the surrounding areas The Policy Source is the place to go for all your insurance needs and even offer great advice. The Policy Sources even offers steps to buying your first home so you can avoid buying mistakes.

The first step is to research the real estate in the areas you are wanting to buy in. See how long the homes stay on the market in certain areas and check the housing trends. Then you should determine how much you can actually afford. Determine what your financial situation is and try not to choose a home that is more than three times their annual household income. Try to save for a down payment. Next, get pre-qualified and pre-approves for credit for a mortgage. This can be a tricky spot, just because a person gets approved for a certain amount does not mean they can really afford it, but that goes back to creating a budget. This step is important to see what your price range is before you start looking.

Then you can find the right real estate agent. You want one who is informed with the housing market and has knowledge of the home buying process. Once you and your realtor find a home you can make an offer. It is smart to check the plumbing, electrical, open windows and doors, traffic, and things that it is near. If these work for you then you can make an offer. Then you will need to get a home inspection to decide if anything needs to be fixed before closing. If things go well you can work with a mortgage banker to select the loan that is right for you.  

The lenders will set up the home to be appraised to make sure it is worth their investment and if so you can then coordinate the paperwork and close the sale. Don’t forget about insurance, so call The Policy Source in the Austin, TX area so we can get you the homeowner’s insurance coverage you need.