Author: agentinsure

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.   

3 Mistakes Homeowners Make When Purchasing Home Insurance

Posted on by agentinsure

Home insurance in Austin, TX is a complex subject, but it is one in which you must understand to ensure you have the coverage you need for your home. Without understanding your home insurance policy, you could be placing your home and your family at risk. At the Policy Source, we’ve noticed many homeowners make similar mistakes when purchasing home insurance.   

Owners Purchase Too Little Home Insurance  

All too often, homeowners purchase the least expensive option for home insurance coverage in Austin, TX. For many homeowners, the least expensive policy will help them maintain their monthly budget. Although a cost-effective policy helps people maintain their budget, it may not help them cover their replacement costs completely if they experience a loss to their home. The best way to avoid this problem is by talking to your agent about your coverage.

Homeowners Choose High Deductibles for Home Insurance  

At the Policy Source, we’ve noticed a lot of clients choosing home insurance policies that have high deductibles. Of course, a home insurance policy with a high deductible will reduce monthly premiums, but if these homeowners don’t have the deductible in savings, just in case they experience a loss, then it places them at a disadvantage.  You can avoid this problem by choosing a deductible you can pay with ease.

Owners Fail to Understand the Home Insurance Policy  

Home insurance from provider to provider isn’t the same. In fact, many home insurance companies determine what they will cover, and it can be different from another provider. Homeowners shouldn’t assume they know exactly what is in their policy without taking the time to dissect their policy.  To avoid this problem, talk to your agent about the details of your policy.

At the Policy Source, we want to ensure you have the home insurance coverage you need to cover you in the event of a loss. If you are just purchasing a home or it’s time to renew your policy, then we encourage you to give us a call today. The longer you wait, the more you jeopardize your home and your family’s lifestyle.  

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.

 

Benefits of Having Full Coverage

Posted on by agentinsure

When talking about auto insurance in Austin, TX, we have all heard the term full coverage.  What is it though?  In all actuality, it isn’t really a coverage by itself.  It is merely a phrase that is used to talk about a few coverage options that give you a good deal of protection in case something happens to your vehicle.  This can include liability, collision, and comprehensive coverage.

Liability is what will be used to pay for any sort of damages that you cause if you are the at-fault party in an accident.  Collision and comprehensive coverage are what will help you cover the cost or repairing or replacing your vehicle.

While this is a robust package full of protection, it still might not provide you with everything that you need.  This is why the term full coverage can often be misleading.

What it Might not Cover

Auto insurance companies typically offer other types of coverage that do not fall inside the domain of full coverage and it is worth considering many of them.  These can include things like:

  • Medical coverage – which can assist in paying for medical expenses for both you and your passengers when you are in an accident
  • Underinsured/uninsured motorist – this assists in paying for bills that should have been paid for by the other party’s insurance but weren’t because they might have low limits or no insurance at all
  • Rental car – if you have a covered accident and need a rental car until your car is repaired or replaced, this can cover those expenses

Even though full coverage does give you good protection when it comes to liability and protecting your vehicle, you might still have some out of pocket expenses after you are involved in an accident.  Each state have different insurance laws so it is important that you call The Policy Source Insurance in Austin, TX so that we can give you the specific details for your specific circumstances.