You’ve probably heard of property insurance and homeowner’s insurance. And in fact, many people throw these two terms around interchangeably. This use is not quite correct, however. Though related, the truth is that property insurance and homeowners insurance are actually two different forms of coverage.

If you own any kind of property in the Coppell, TX area, it’s important to know what kind of coverage options you’re looking at. The experts at The Select Insurance Agency are here to answer all your questions and help you get the insurance policy you need. In the meantime, here’s what you need to know about the difference between property insurance and homeowners insurance:

Homeowner’s Insurance is Technically a Form of Property Insurance

Think of it like this: all homeowner’s policies are property insurance, but not all property policies are homeowner’s insurance. And in the insurance world, the two terms are used separately to refer to specific types of coverage. Homeowner’s insurance is a form of property insurance that focuses primarily on personal dwellings. Unlike property insurance, homeowner’s policies often cover other structures on the premises that may or may not be attached to the primary dwelling structure (your house). Homeowner’s insurance is also important for a lot of people because it also can cover your personal possessions in addition to the structure.

Property insurance meanwhile refers to policies that cover the physical property. This kind of coverage can be used for both dwellings and commercial property, and it safeguards against scenarios that could cause damage to the structure itself. Liability coverage may also be included in a property policy, but usually as a requested addition. Property insurance policies may also take the forms of renters, flood and even earthquake insurance (though obviously this last one is not a common risk in Texas).

Reach out to the experts at The Select Insurance Agency today to learn more about your property insurance options. We’ve been insuring property owners across the Coppell, TX area for years, and

Insuring an all-terrain vehicle (ATV) is a special type of insurance. Work with your agent at The Select Insurance Agency, serving Coppell, TX and the nearby communities, to make sure your insurance is adequate before taking an ATV out for an off-road adventure.

Things to Consider about ATV Insurance

You probably want to have replacement insurance that would cover the cost of a new ATV that is the same or similar to the one you have if it is completely wrecked or stolen. Replacement coverage is better than simply covering the value of your ATV.

Replacement Value

When you only cover the value and not the replacement, you may be sad that you do not get enough to be able to pay for a new ATV when yours goes missing. Also, talk with your agent about the benefits of installing an anti-theft device with a GPS tracking system.

Authorized Users

Insurance needs for an ATV differ depending on who is authorized to use it and is covered under a policy. Inform your agent who you will allow to use and to drive the ATV, especially if you are going to allow any teenagers or children to operate it. In this way, you will be able to avoid having some unfortunate news that an accident is not covered because someone was not an authorized user.

Incidental Things

One thing that many forget to check is the effect of ATV use on other insurance policies, such as life insurance or health insurance. You may be surprised to find out that these policies may have specific disclaimers regarding the use of ATVs as an uncovered risk. Ask your agent to conduct an insurance review of all of your existing policies to make sure you understand the details.

Contact your agent at The Select Insurance Agency in Coppell, TX by calling 972-315-7299 to get a quote for all your insurance needs.

Sometimes, life changes quickly. When sudden shifts in your life circumstances happen, it’s important to take some time to reflect on how those changes affect your financial plan. At the Select Insurance Agency, our focus is on helping our Coppell, TX neighbors protect the things that make life worth living. Use these guidelines to ensure that your life insurance coverage is always adequate, appropriate, and active.

Changes in Marital Status

Whether wedding bells are still ringing or it’s time for two partners to find their own path, changes in your legal relationship status should prompt you to reexamine your life insurance coverage. Newly joined couples may want to consolidate their plans, increase coverage to provide extra protection for surviving spouses or subscribe to new policies to protect their future interests. For those going through a dissolution, it may be a good idea to discuss changing beneficiary information, transferring policies, or separating joint accounts.

Birth and Death

A new addition to your family via birth, adoption, or other legally recognized circumstances means you have more people who depend on you. Make sure you don’t let them down by reviewing your life insurance policies with a qualified professional. You may need to increase your current coverage or open new policies to ensure there are enough funds to ensure everyone’s future.

The loss of a loved one also means changes in life insurance coverage. Your agent can help you understand expected payouts, schedules, and other options like transferring funds into a new policy.

Shifting Business Responsibilities

Life insurance is also an important way to protect your business interests. When entering into new partnerships, committing large amounts of capital to improvements or expansions, or launching a risky new venture, make sure you have plenty of life insurance coverage to help your partners and loved ones pay for your plans in case of your sudden demise.

The Select Insurance Agency provides life insurance policies in the Coppell, TX area. Contact our office for help understanding how your life circumstances affect your policy.

Living in Coppell, TX can be full of excitement. As you go through each day, you never know what will take place. By having an umbrella insurance policy, it can offer you peace of mind.

At The Select Insurance Agency, we’ll explain why it’s so important to consider this type of policy.

You Never Know What’s Going to Happen

While you already have certain insurance policies in place, you never know what’s going to happen. If there’s a severe accident that goes above and beyond the limits of your policy, you would be financially responsible for an overage. 

This could happen with your home, your car, or even your business.

It Can Save You Thousands of Dollars

Consider that an umbrella policy could save you thousands of dollars if it has to be deployed. For example, if you have $50,000 worth of property damage coverage on your auto insurance policy and you get into an accident that causes $100,000 worth of damage, you would be liable for the remaining $50,000. The good news is that the umbrella policy would kick in to cover that.

It Can Be Used Against Multiple Policies

When you get an umbrella policy, it works to cover all of the policies that you have. It could be used against your homeowner’s policy, your auto policy, or even an RV or boat policy if you have one. For business, it could be used for liability, property, auto, or something else.

There’s no way of knowing what could happen, so having an umbrella policy is a way to protect yourself in case of a worst case scenario.

You deserve to have the protection that you need in Coppell, TX. Call us at The Select Insurance Agency today to learn more about adding umbrella insurance to your residential or commercial insurance policies.