I’m 75 years old. Is it too late to buy life insurance in Coppell, TX?

Posted on by AgentInsure

A common question asked by many senior citizens is – Is it too late to purchase a life insurance policy? The answer to that question really depends upon the age of the individual and what type of life insurance policy is being purchased.

Life insurance policies provide individuals with a sense of security by guaranteeing that loved ones are covered financially in the event of a death. These policies guarantee that certain named beneficiaries will be given financial compensation upon the death of the individual who is listed on the policy. This financial compensation can be used to pay for funeral expenses, legal fees, and bills that may arise after an individual has passed.

Unfortunately, the older an individual is the ‘higher risk’ they are for insurance companies when it comes to life insurance policies. Many insurers do not want to take on that type of risk, so they place an age cap on individuals who can purchase life insurance policies. That age cap is typically 75 year sold, but can sometimes go up to 78 or 80 years old.

If you have reached that age cap, it does not mean that you are automatically prevented from purchasing any and all life insurance policies. There are still some insurance companies that will offer coverage to individuals who are over the age of 75.

It is important to note that even if you have found an insurance company that offers life insurance to you after 75, the premiums may be higher than if you had purchased the policy earlier. This higher premium makes it extremely important for you to take the time to compare insurance quotes before you buy, as you will want to find the best offer available to you.

We, your independent agent, can help you find and compare quotes from insurance companies that may offer life insurance policies for individuals who are 75 and older, and live in Coppell, Texas.

Can I Take Double Home Insurance in Coppell, Texas? Am I Allowed to Claim Insurance on the Property from Two Different Companies?

Posted on by AgentInsure

One question many insurance providers hear from clients is whether or not it is legal to take out double homeowners insurance policies on a single property. While it is technically legal, there is usually language within each individual policy contract stating which company pays out the bulk of acclaim, should one arise. Sometimes this involves the companies splitting the payout equally or in terms of who has the higher coverage limits.

However, whether you are double insuring a home with two different policies on purpose or as an oversight, it is important to realize that a claim will most likely not be paid twice. Many states prevent insurance customers from gaining anything more than they initially had from a claim. In fact, most insurance regulation limits policyholders to receiving only the payments needed to indemnify (aka get you back where you were previous to the claim.) A double payment, whether it is from one company or two, would exceed this.

How can a home become insured twice? Usually, this has to do with a simple error regarding remembering who the property was insured with in the first place. It can also happen when homeowner’s switch companies and forget to cancel the previous policy in writing.

So, why should you make sure that your home isn’t double insured? Paying two yearly premiums can be a drain on your bank account, especially if it has no benefit in terms of filing a claim. Save yourself all that cash and spend it on something that’s a little more important to you.

For more information on auto insurance and/or homeowners insurance in Coppell, Texas, please contact your independent agent today.

What Happens if I Sell the Property in Coppell, Texas During the Insurance Period?

Posted on by AgentInsure

Selling a property can be confusing, but taking care of your homeowners insurance needs is actually quite easy. If you are selling your home during the policy period, contact your independent agent. He or she will often propose one of two different routes of action.

First, if you are not buying a new home after yours is sold, the policy can be canceled as of the closing date. This will usually require a written notice and any prorated premiums already paid will be refunded to you. (Note: Send this written notice after the closing date, as last-minute changes are always possible when trying to conduct a real estate transaction. As frustrating as waiting for your title company to finish their work and do their job is, it happens. Often.)

Second, if you are purchasing a new home, talk to your independent agent about purchasing a policy for your new home ahead of time. Most mortgage companies will want to see some sort of declarations page before closing on your new home, which can be provided to your from your agent. In some cases, any pro-rated premiums you are owed from your own policy could be transferred to your new policy, depending on your underwriting company. This can also be done if you are going to be renting an apartment or home after yours is sold, as renter’s insurance policies are often similar to homeowners policies.

While other scenarios are sometimes applicable, all changes made due to the sale of a home in Coppell, Texas during your policy period need to be discussed directly with your independent agent. From there, an appropriate course of action can be taken to ensure you have coverage when you need it and do not cancel your policy too soon.

For more information on this and many other insurance-related questions, please contact your Coppell, Texas independent insurance agent today.

I’ll soon be renting my own apartment in Coppell, Texas. Is there insurance for that?

Posted on by AgentInsure

Whether you are moving from your parent’s home or transitioning from the shared housing you enjoyed with friends and roommates in college, renting your own apartment is an exciting new step to take. You should know that new responsibilities will come with having your own place to live in Coppell, Texas.

Just as people who own a home will want to arrange for homeowners insurance to protect their assets, people who are renting an apartment will also want to make sure that they have coverage.

While your landlord’s insurance policy should cover any damage to the physical structure of the apartment, you are responsible for insuring the contents. This includes all of your valuable appliances, furniture and other expensive items.

Imagine coming back to your apartment after a long day at work to discover that someone has broken in and stolen your computer, big-screen television and the rest of your entertainment equipment. It can cost thousands of dollars to replace these items. Since burglary can happen to anyone, it’s prudent to obtain coverage.

Renters insurance will protect your items in case of a covered incident, such as burglary or a disaster like a fire. What’s more, your renters insurance will cover your items no matter where you are, so if someone steals things from your backpack, purse or car, you will have protection—even if you are traveling on vacation. In the event that you happen to break someone else’s property in their home, your renter’s insurance policy should help you pay for the damages.

It makes sense to consider your options when it comes to protecting your property. For more information about obtaining the best renter’s insurance policy for your particular needs, we can definitely help you out. Contact us today to speak with an independent agent so we can give you the details you need to make sure your apartment is covered.

What Does my Credit Rating Have to do with Purchasing Insurance in Coppell?

Posted on by Jeri McShan

Credit scores are based on an analysis of an individual’s credit history. Insurers often generate a numerical ranking based on a person’s credit history, known as an “insurance score,” when underwriting and setting the rates for insurance policies. Actuarial studies show that how a person manages his or her financial affairs, which is what an insurance score indicates, is a good predictor of insurance claims. Insurance scores are used to help insurers differentiate between lower and higher insurance risks and thus charge a premium equal to the risk they are assuming. Statistically, people who have a poor insurance score are more likely to file a claim.

 

See more insurance articles at http://www.iii.org/index.html

I don’t use my boat often. Do I really need boat insurance in Coppell, Texas?

Posted on by AgentInsure

Some people enjoy going boating so much that they eventually wind up buying their own boat, so they can go out on the water whenever they want. There’s plenty of fun and relaxation to be had, from water skiing to fishing and taking the kids to go out swimming in the middle of a lake. However, despite our best-made plans, it’s easy to become so busy with the demands of work and family that you can find yourself not using your boat all that much.

With that in mind, it seems prudent to wonder: If you don’t use your boat often, do you really need boat insurance in Coppell, Texas?

While you are not required to obtain boat insurance, it’s prudent to make sure that you will be covered for unexpected situations. You spent a great deal of money to purchase your boat as well as for regular maintenance, and it’s prudent to protect your asset regardless of how much you use it.

For example, what if you were planning to take your boat out to go fishing with your friend, only to discover that the outboard trolling motor has been stolen? Alternately, imagine getting involved in an accident and damaging another person’s watercraft, as well as parts of the dock. You must be prepared for such incidents, even if you only take your boat out a few times per year.

It’s possible that your homeowner’s insurance policy might give you some protection for your boat, but coverage is typically limited to small amounts that may be woefully inadequate to pay for the repair of the outboard motor and other damage. What’s more, you may wind up being responsible for damage caused to someone else’s property.

For the sake of your peace of mind, we urge you to contact us to speak with an independent agent as soon as possible. This way, we can provide you with the specific details for your particular boating insurance needs.

What’s the Value of an Umbrella policy used with my current Texas insurance policy?

Posted on by Jeri McShan

Your dog at your Coppell home bite’s a neighbor’s child… A fire in your Lewisville condo spreads to other units…You missed a stop sign driving in Carrollton, struck and killed a pedestrian…

If any of these scenarios were to happen to you, chances are your current liability limits would not be adequate to protect your assets or future earnings.

An Umbrella policy adds another layer of liability protection when your primary policy does not provide sufficient protection. A $1 million Umbrella policy can be very affordable.

Talk to an agent at The Select Insurance Agency today about protecting yourself with an Umbrella Policy.

Is my employee covered by my commercial auto insurance policy, in Coppell, TX when he uses his own vehicle on the job?

Posted on by AgentInsure

If you own a company in Coppell, Texas, you may already have a business policy. With that policy you are usually covered for theft of equipment and inventory, liability against claims of injury by customers and for the actions of your employees while at work. If you also have business insurance that covers your company-owned vehicle, you will be covered if one of your employees gets into an accident while driving the car or truck for business purposes.

When employees use their personal auto during their lunch break to go out to get a bite to eat or run some personal errands, they are not normally covered by your commercial insurance policy. Even if they are doing company business like dropping off the mail, their personal auto insurance coverage will be the primary coverage against which a claim will be filed.

If your employee gets into an accident while returning from lunch and it results in liability that is in excess of your employee’s personal auto insurance limits, your Texas commercial policy may cover the additional amount of liability above the maximum amount covered by the employee’s policy.

So, for example, if your secretary gets into a horrible accident and kills the other driver and the courts find that she was negligent and awards the family of the decedent $500,000, the first claim would be against your secretary’s personal auto insurer. If her liability coverage topped out at $300,000, your commercial auto policy would then be responsible for the remaining $200,000.

Commercial insurance policies vary greatly in the amount and type of coverage they provide. If you are running any type of business, you should have the right kind of insurance. As your independent agent here in Coppell, we can see to it that you are fully protected against both the small and large things that can go wrong on any given day. Please give us a call and an independent agent will sit down with you and find you an affordable policy to meet your business’s insurance needs.

Why use an Independent Agent for your Coppell insurance?

Posted on by Jeri McShan

Here at the Select Insurance Agency, we have numerous insurance carriers to choose from to find you the best policy at the best rate. Among our carriers is Encompass, Kemper, Travelers, The Hartford, Fidelity and many more! An independent agent is able to shop among many companies, as opposed to only one company for the captive agents.

Call us today and we’ll find you a great policy at an affordable price!

Can I Claim my Insurance Company if I Meet With an Accident on the Job or While Driving my Company Vehicle in Coppell, Texas?

Posted on by AgentInsure

As an employee of a company, you may be asked to drive a commercial vehicle or to run errands for the company in your vehicle. When you drive for business purposes in Coppell, Texas, your personal auto insurance may not provide protection against accidents. Fortunately, you may be covered for the accident when you are driving for the business.

Commercial Plans

Although your personal insurer may not offer coverage while you are driving a company car or when you are driving your vehicle for the business, your employer may have coverage for the car.

Any automobile that is owned by the company should be covered with a commercial plan. That means that any employee who drives the vehicle is covered by the company’s insurance rather than a personal policy. If you cannot make a claim on your policy, then ask your employer for the insurance information associated with the company plan.

Variation between Companies

An employer may have coverage available, but the amount of protection and the details of any policy may vary. In most cases, the employer will pay for the repair costs and property damage through a business policy.

Your medical bills may or may not be covered under the basic auto plan. If that is the case, then you may be able to make a claim on worker’s compensation or a similar plan rather than the auto plan to pay for your medical bills.

Your personal auto insurance is not appropriate when you are involved in an accident while driving a company car. The company is held liable for the accident, even if you were negligent. Contact us to talk to an independent agent to learn more about your auto policy.

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