If you are a boat owner, purchasing an insurance policy is crucial. A boat is an investment that needs to be cared for year-round, whether it is going to be taken out on the water soon or not. Before your boat hits the lake, you need to obtain adequate boater insurance. But what about the times when your boat is not being used? Do you still need to maintain coverage?

Although Austin, TX is mainly known for live music and wild nightlife, the popular city is also great for boating. With three large lakes in the area (Lake Austin, Lake Travis, and Lady Bird Lake), the area is highly populated during the summer, with people looking to have fun on the water. The winter months see a majorly significant difference in water tourism. However, during the winter, it becomes all too common for boaters to cancel their policy and then pick up a new policy when summer rolls around. This will be a disservice, as it can cost you more money in the long run.

There are times when life gets in the way, and it may be easy to allow insurance policies to lapse. But The Policy Source will allow you to continue to protect your investment. The Policy Source in Austin, TX will assist you with your boat insurance policy. The Policy Source knows insurance inside and out and the specific needs that come along with boating in Austin. Find out exactly what you need to do to protect your boat. Stop by the office today if you are in the area, or call The Policy Source today to discuss your new insurance policy.

Umbrella insurance protects you when the underlying liability coverage runs out. While umbrella insurance can save the day during rainy days, sometimes, it can fall short. Learning about umbrella insurance exclusions from The Policy Source in Austin, TX can minimize frustrations during the claim process.

Own damage or injury

Remember, umbrella insurance is liability coverage — it covers other people but not you or your loved ones. For instance, if you cause a significant accident with your vehicle, umbrella insurance will cover the losses to other people after the car liability insurance has been exhausted. However, you will have to seek compensation from your car insurance for your injuries or damage to your car.

Criminal or intentional acts

Your umbrella insurance won’t cover losses you cause from criminal or intentional acts. For instance, if you use your car as a weapon in road rage, your insurer will void your claim.

Losses are supposed to be covered by the underlying coverage

Umbrella insurance isn’t a stand-alone policy — it rides on existing coverage, such as your home, boat, or car insurance. Umbrella insurance only kicks in when the underlying coverage has been exhausted. This means that umbrella insurance won’t cover damage or injuries that are supposed to be covered by the underlying coverage.

Other exclusions

Your umbrella insurance won’t cover risks arising from events not included in the policy. For instance, if your umbrella insurance policy doesn’t include a certain dog breed, it won’t cover the resulting losses if your dog causes harm to a third party. Similarly, umbrella insurance won’t help you if you cause a severe accident with an uncovered vehicle.

Umbrella insurance in Austin, TX

Want to boost your boat, home, or vehicle insurance with umbrella insurance? Want to learn more about umbrella insurance? Please contact The Policy Source for all your umbrella insurance solutions.

Did you know your standard home insurance doesn’t cover flood damage? Most homeowners don’t know this fact until it’s too late. However, The Policy Source in Austin, TX can help you learn more about the need for flood insurance before a flood strikes.

While investing in flood insurance is great, the other crucial point to observe is purchasing adequate coverage. If you don’t purchase sufficient coverage, you will incur considerable out-of-pocket expenses, negating the reason for investing in flood insurance in the first place. So, how much flood insurance should I purchase? It’s never a straightforward answer.

Comply with the requirements

Flood insurance isn’t mandatory in Texas, but your mortgage lender may require you to purchase flood insurance if you live in a flood zone. Always read your loan agreement to establish your lender’s requirements. However, you will have to realize that your lender requires you to buy flood insurance equivalent to the outstanding loan amount. Remember, this amount is just a minimum and might be insufficient when faced with severe flood damage.

How much insurance should I get for my dwelling?

As a rule of thumb, always assume the worst-case scenario when insuring your dwelling. Assume that a flood caused significant damage to your entire building. Would your current flood insurance cover the damage? If not, you should talk to your insurer to purchase a sufficient amount.

Always consider the replacement cost when insuring your home. This value ensures you don’t incur out-of-pocket expenses if the worst happens.

How much personal assets coverage should I purchase?

Like dwelling coverage, ensure your flood insurance can replace your entire assets in the worst-case scenario. However, to ensure everything in your home is covered, always maintain an updated inventory list with your insurer.

Still not sure how much flood insurance you should purchase? Don’t worry. We are here to help you. Please email or call The Policy Source in Austin, TX for personalized advice.

If you have a condominium in Austin, TX, it’s an excellent investment for life. Your condo can act as a home while giving you the convenience of living near strategic locations. If you own a condo, have you thought about condo insurance? Yes, you may contribute to the condo owners association (COA), but you still need condo insurance to give you all-rounded protection.

If you purchase condo insurance from The Policy Source, it covers you in the areas below.

Liability protection

If others accuse you or your loved ones of causing bodily injury or property damage, condo insurance covers the damage. Since liability claims can be expensive, condo insurance protects your assets and savings when you face significant lawsuits.

Loss of use coverage

When a peril in your policy makes your condo unlivable, condo insurance pays for the additional living expenses until your dwelling becomes habitable. Simply said, condo insurance covers costs when a covered loss temporarily relocates you.

Personal assets coverage

Like home insurance, condo insurance covers your furniture, clothing, electronics, and other personal assets when lost or damaged by covered risks. You don’t have to start from scratch when perils strike.

Loss assessment coverage

You may contribute to your master policy, but sometimes the fund in the COA may not be enough to cover damage or liabilities incurred in shared spaces such as the swimming pool. When this happens, condo owners must top up the difference from their pockets. However, this doesn’t have to be the case if you have condo insurance. This policy pays for the loss assessment costs, preventing you from incurring out-of-pocket expenses.

Does condo insurance appeal to you? If you are in Austin, TX, please contact The Policy Source for a competitive quote.

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!