When an investor is purchasing a property with the intention of leasing it out for long-term rental income, what type of investment insurance policy do they need? The answer, of course, is it depends!
The three most common policy types are:
There are many unique features to working with an independent insurance agency.
We shop with a large volume of carriers. Many times it is better to use different carriers for home and auto. Our job as independent agents is to find the best policy structure with the lowest overall premiums.
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Why do you need Uninsured/Underinsured bodily injury and property coverage on your auto policy?
Uninsured/Underinsured coverage provides coverage for you when you are hit by someone who doesn’t have insurance or doesn’t have high enough limits to cover the amount of damage. Make sure to get a quote & ask your agent about uninsured motorist coverage.
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Extended replacement cost coverage is an endorsement that will help cover the cost of rebuilding your house if the cost goes over your ‘limit’. So let’s say your Coverage A, your dwelling coverage, is $250,000. If your house is completely destroyed, that is the most the insurance company will pay to rebuild the house itself. That doesn’t include your personal property, other structures, etc.
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Every basic home insurance policy in Texas has a sudden and accidental water coverage built into it, but what if its not “sudden and accidental?” What if it’s a slow leak over time or crack in the foundation?
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When I ask clients, “Do you know what your current liability limits are on your auto insurance?” The biggest answer I get is: I don’t know, or I don’t know what you mean – I just have full coverage.
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A question I have been asked is, what about the welder in my shop or my tractor – are they covered? So how does scheduled property on a home or farm policy work? This can vary between carrier and policy but generally larger value items such as a welder or high valued item of jewelry will need scheduled individually to keep them properly covered.
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A question that I get asked often from mostly younger people is, how does my auto deductible work and/or what is it? Your auto deductible is the amount that you will have to pay out of pocket in the event of a claim.
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Encompass, Hippo, Mercury, National General, Safeco, and State Auto – these are just a few of the insurance companies we represent.
More often than not, when presenting an insurance proposal from one of these companies to a prospective client, the question I get is “Who are they, I’ve never heard of them?”
Agency fees are just plain wrong
I’m going to get on a soapbox for a moment and peel back the insurance curtain. If your current insurance agent is charging you an “Agency Fee” for your home and auto insurance policies they are stealing from you. Agency fees are just plain wrong.