Lewisville, TX Home Insurance Rates

Posted on by AgentInsure

You’re in the process of purchasing your own home in Flower Mound, TX in the Lewisville area, and the financing company requires homeowners insurance on the purchase as part of the mortgage process. If you’ve never held homeowners insurance before, many factors affect the monthly premium that can make a big difference.

The most important consideration that the home insurance company is looking at when figuring out what your premiums are is how likely you are to have to file some sort of home insurance claim, and how much the claim amount ends up being. The area’s proclivity for natural disaster is the main measuring stick in figuring this out, especially when it comes to homes built on areas prone to flooding. Other natural disasters that have to be accounted for include hail, hurricanes, and wildfire.

The features of the house may bring down the impact of some of these issues, such as keeping brush cleared away from the home for a specific radius and investing in materials that aren’t easily damaged by hail.

Another thing that affects home insurance rates is what your credit profile looks like. Insurance companies do risk assessments that determine what risk factors may make a person more likely to file a claim. One of these issues concerns your credit. Since you are picking up a mortgage on your house, you likely have good credit, but great credit may drive the rate down more.

Another aspect of the home insurance premium pricing is how extensive of a house you’re purchasing, and whether it has unique features that may require additional insurance riders. For example, an estate with outbuildings may require additional insurance coverage.

What Does Motorcycle Insurance Cover in Texas?

Posted on by AgentInsure

A motorcycle requires insurance in the state of Texas, but the coverage that is available can depend on several factors and the plan that you are considering. Depending on the Texas motorcycle insurance policy, you may have coverage that meets or exceeds the standards of the state.

Minimum Standards

If you purchase a plan that provides the minimum standards, then you will have coverage for bodily injuries and damage to property. Liability protection is required by the state for every vehicle, including motorcycles.

Although the minimum requirements give you a place to start, you can purchase additional protection for your motorcycle if you are concerned about damages to the bike or high-cost medical bills. The state minimum is usually best if you have an older bike or when you have a strict budget.

Coverage for Unexpected Situations

Unexpected situations can range from a tree branch falling on your bike to a storm that damages the motorcycle. It can also include collisions and accidents on the road.

When you want to protect against the possible problems that may arise, you can consider a comprehensive plan and collision coverage. The additional coverage will allow you to make a claim for the damages to your motorcycle and the cost of repairs after an accident. It also provides protection against common threats if you park your motorcycle on the road or leave it outside the house, since it protects against damages from storm, theft or events that are beyond your personal control.

Options that are available to protect your motorcycle can take many forms. Depending on the coverage that you want to purchase and the plan that you are considering, the exact details may vary. Contact us to talk to an agent to learn more about your options.

Do I need Car Insurance in Grapevine, TX?

Posted on by AgentInsure

If you want to be able to register your vehicle and drive it on the roads in Grapevine, TX, you need to have car insurance. Unless you own a car that is never driven and has been sitting in your barn for the last 10 years, you almost certainly will be breaking Texas law if you operate a vehicle without at least the minimum amount required by the state.

You must carry basic auto insurance coverage for liability in the amount of 30/60/25 as mandated by the state of Texas. The first two numbers, are a shorthand way of saying you have the coverage for bodily injury you/your car may cause to one person in a single accident. The second figure of $60,000 is the maximum amount your car insurance company will pay out for all people injured in an accident. The third figure, $25,000, covers damage to the other person’s car or other property.

When you finance a car, the terms of the loan agreement will usually state that you need to carry additional insurance above the amount required by the state. Your lender wants you to carry comprehensive and collision coverage to protect the value of the car they are financing.

When you finish making the last payment on your car note and get the title, you are free to reduce your coverage amount back to Texas state minimum requirements. However, that may or may not be a good idea.

If you bought a brand new car and paid it off in three years, it will still have a relatively high value. You might want to keep your collision and comprehensive so your asset will be protected in case you get into an accident or it is stolen. If you paid off your car 10-years ago, and now it only has a fair market value of $500, paying an extra premium may not be a wise financial decision.

Before you decide to drop or cancel any auto insurance policy, give it some thought. Make sure you have the right reasons for taking such an action.

Does my home insurance policy cover smoke damage in Texas?

Posted on by AgentInsure

After a fire occurs, there is likely to be a variety of damages to your property. Depending on the damage and the situation, you may be covered to repair or replace the items in your house. Texas homeowners insurance will usually cover damages that are related to fires, even if it is just damage from the smoke.

Covered Perils

Most homeowner’s plans will include fires as part of the coverage that is provided on your property. Since covered perils can vary, you may need to read your policy thoroughly to determine the exact details that are available in your plan.

Although many plans will cover fires, the damages from smoke that are covered may vary. In some cases, you may have limitations on your plan that relate to the total cost or percentage of the plan that can be applied to the situation.

Adding Coverage

If you are worried that the potential cost of repairs and replacing personal items may be exceed the current coverage on your plan, then you can purchase additional protection. Some insurers will allow you to add to the plan for specific situations and perils. For example, you might add coverage for personal belongings if you are worried that the smoke from a fire will add to the total damages and that your home will be hard to repair without the extra protection for your personal belongings.

Smoke can damage your personal belongings as quickly as the fire, even if the fire does not ever reach the room or it is stopped quickly. The problem is that replacing your personal belongings or repairing parts of the house that were damaged by smoke can be costly. Fortunately, many plans will cover the situation. Contact us to talk to an agent to learn more.

Coppell, TX Car Insurance Requirements

Posted on by AgentInsure

If you live in Coppell, TX you need to adhere to the minimum car insurance requirements for the state of Texas. While only certain coverage is required, you might want to obtain extra types of insurance coverage to be sure you are protected as fully as possible. This article will explain both the required minimum coverage and the optional coverage types for residents of Coppell, TX.

Required Coverage for Texas Residents

Liability coverage is required for all drivers in Texas. The levels of liability are as follows:

-$30,000 for accidents involving one other driver

-$60,000 for accidents involving two or more other drivers

-$25,000 in property damage in any accident where another person’s car is damaged.

Typically, you will see the above coverage referenced as 30/60/25 liability coverage by insurance providers. Due to the ever rising costs of quality medical care and the high cost of having vehicles repaired or even replaced, the above liability minimums are not always adequate to cover all damages that might happen during an accident. For this reason, you may elect to purchase insurance above the minimums stated above.

Non-Required (But Highly Advised) Insurance Coverage for Texans

The other types of auto insurance coverage are not required by law, although if you are financing your vehicle the lender may require you to carry these coverage types as well as the minimum liability insurance. These insurance types include:

-Collision Coverage: Collision insurance fulfills the same purpose as liability does, but it works for you rather than only working for others. If you are hurt in an accident and it’s your fault (thus, the other driver’s insurance won’t pay for the damages) you need collision insurance so your coverage will pay for repairs or replacement.

-Comprehensive Coverage: Comprehensive coverage is there for all the damages which do not happen due to accidents. This can include theft of your car, natural disaster damage to your car, and much more.

The law requires that everyone have at least the state minimum auto insurance coverage. However, you can easily work with your The Select Insurance Agency agent to determine which types of additional coverage will provide the full protection you need for when disaster strikes!

Read more : http://www.ehow.com/list_6324201_texas-auto-insurance-requirements.html

Summer Fun in Coppell

Posted on by Jeri McShan

There is lots of fun this Summer being enjoyed by my kids and many others here in Coppell! This week at FUMC Coppell is The Workshop of Wonders Vacation Bible School. The Coppell Library has kicked off the Summer Reading Program, and when it’s not raining, the Aquatics Center is a great place to have a blast and cool off!

Get out there and find out what’s happening in your community and have a fun Summer!

What percentage of tax exemption can one get by purchasing commercial insurance for a mid-sized company?

Posted on by AgentInsure

Purchasing the insurance you need for a commercial business can provide a tax benefit. However, it is not as much a percentage exemption as a deductible business expense.

To qualify for a deduction, an expense for a business must be ordinary and necessary. Ordinary refers to an accepted or common expense. Necessary does not have to be required, but something that is reasonably needed. Insuring a business, the property and the products is services common and needed.

For the purpose of taxes, insurance for your business is a business expense, as compared to a capital expense. However, you cannot include your insurance costs in the cost of the goods or services you sell. This would create a double deduction.

IRS publication 535 covers the requirements for business expenses. In most cases, you are allowed to deduct the full amount of this type of expense. Exceptions are made if you recover a part of the costs or trade services for the costs. Limitations may also be placed on the amount you can deduct. Businesses that operate at a loss are affected by this rule.

Your accounting method may also play a part in your situation. If you use the cash method for accounting, you would take the deduction for the year or quarter that you pay your insurance premium. If you use accrual accounting, your method may be different. However, if you pre-pay your insurance premiums, you cannot take the deduction in advance. You may only deduct the amount of insurance that applies to the term of your taxes.

When it comes to tax issues, especially business taxes, you should consult a tax professional. When it comes to commercial insurance, we are ready to help you with all of your needs. As an independent agency, we can offer you quotes from a variety of national insurers. We will also be available to answer any insurance related questions that you have.

How is RV insurance different from other coverages?

Posted on by AgentInsure

RV insurance is designed to provide coverage on a variety of recreational vehicles. Policies purchase with this classification can provide protection for camper vans, motorhomes, bus conversions, and any other type of vehicle that is classified by the manufacturer as a recreational vehicle.

A common question asked by many individuals is how does this type of insurance differ from traditional auto policies. The answer to that is this type of policy offers protection that is very similar to auto policies, but there are some extra additions that provide protection for recreational vehicles.

Most policies that are classified as recreational vehicle polices provide the basic coverage that an auto policy provides. Recreational vehicle policies will vary depending upon the type of vehicle that is being insured and the company that is providing the policy, but these policies will typically include collision, liability, and comprehensive protection as part of the policy.

The difference between an auto and recreational vehicle policy lies in the additional protection that is purchased. Recreational vehicle policies can also provide protection for any and all belongings that are kept on board the vehicle, specialized equipment, and accessories that may be attached to the vehicle.

In addition to this type of protection, recreational vehicle policies can also provide total loss replacement, campsite/vacation, emergency expenses, towing and roadside assistance, uninsured/underinsured motorist protection, and full-time camper protection. These types of protection are often added on to an existing basic recreational vehicle policy.

Finding out that a recreational vehicle is underinsured can be the worst feeling in the world. Make sure this situation does not happen by working closely with an independent agent from The Select Insurance Agency. Our independent agents who work out of Dallas, Texas will help you explore all the options recreational vehicle policies and find the right one for your situation.

What documents are generally required to be submitted in case of death on a life insurance policy?

Posted on by AgentInsure

Beneficiaries of a life insurance policy must submit required documentation to the insurance company in order to start the process to receive the money that is owed. The type of documentation that is required to start the process may vary depending upon what insurance company the individual is insured under.

While the type of documentation may vary, there are still some very basic types of documentation that almost all insurance companies require. These types of documents include the original contract between the individual who has passed and the insurance company, a list of the beneficiaries, and a death certificate.

The original contract that outlines the policy is not always required by insurance companies, but it will make the process easier. Many insurance companies keep their policies on file, but submitting the original document will speed up the process. It can also help the agent who is working on the claim, as they can compare the original contract to what is kept on file.

A death certificate is almost always required by all insurance companies when making an insurance claim. The certificate must be from a recognized hospital or physician.

Some insurance companies may require that multiple certificates be produced. Most insurance companies will only require one certificate, but it is best to check with the original contract to see how many certificates are required.

Discussing these types of issues and insurance policies is not always easy. Contact The Select Insurance Agency today to work with an independent insurance agent and discuss the different types of life insurance policies that are available. We will work to help make sure your family has the financial protection they need in the event of your passing.

What type of insurance do I need on my trailer for my boat?

Posted on by AgentInsure

You need your trailer to take your boat down to the waterfront, but you may mistakenly assume that it’s covered under either your car insurance or your homeowner’s insurance. The truth of the matter is, while you may have coverage for your trailer under one or both of these policies, that doesn’t necessarily mean that it’s the proper amount that you need to deal with any trailer accidents or trouble.

Your homeowners policy may offer additional riders or an increase to the value of property covered at home, which helps protect your trailer when you aren’t actively using it. This allows you to have coverage if someone steals or damages your trailer while it’s on your property. Auto coverage may also provide additions that cover anything attached to the car, which may also extend to protecting your boat.

Your best bet, however, is to buy boat insurance, as this covers the boat and the trailer. Instead of hoping that the company offers addition to the policy, getting your boat covered keeps your trailer protected wherever you have it, whether it’s sitting in your driveway or out by the docking area. The price of this coverage may fluctuate with active boating seasons, so be aware of the premiums when you’re making your purchase.

A boat policy also protects any personal property located on the trailer or within the boat, like a homeowner’s policy does. You get replacement cost for stolen and damaged items, so you can get back out on the water with your fish finders, coolers, and anything else that ended up being damaged in an accident.

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