Umbrella Insurance vs. Excess Liability: What’s the Difference?

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If you live in the Highland Village, TX, area and are considering an umbrella insurance policy, Thompson Insurance Services is here to assist. We understand you may have questions about this type of coverage, and we’re more than happy to answer them. Whether you already have a policy and need to make updates or you’re exploring a new policy for the first time, our trusted agents can help you secure the proper protection for peace of mind.

Understanding Umbrella Insurance

An umbrella policy is designed to provide coverage beyond the limits of your current auto, home, and other policies. It’s more than just added coverage; it doesn’t increase those policies’ limits. Instead, it offers a blanket of expanded coverage for more than just what your other policies typically handle. Many people think this kind of coverage is only for people with high levels of assets, but an umbrella policy is valuable coverage for anyone.

Excess Liability Can Also Provide Protection

Excess liability differs from an umbrella policy because it only increases the protection limits of the policies you already have. In other words, there’s no ongoing or overarching blanket of protection from this kind of coverage. Having higher coverage limits can be helpful, but you won’t get the expanded kind of coverage an umbrella policy provides.

Discuss Your Options With an Agent

Contact us today at Thompson Insurance Services if you’re in the Highland Village, TX area and want to learn more about umbrella insurance. We can provide you with quotes from multiple insurers and help you choose the right one to meet your needs. Having that extra layer of protection can be a great way to have more peace of mind and feel secure as you navigate through life.

Yes, You Can Buy Insurance Coverage for Sewer and Drain Backups

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Understanding Homeowner’s Insurance Coverage for Sewer and Drain Backups

Homeowner’s insurance coverage can be very specific about what it covers. It also won’t cover everything, so if you’re looking to buy coverage from insurance companies like Thompson Insurance Services, serving Highland Village, TX, you need to see what other riders and amendments are necessary. For example, coverage for damage caused by sewer and drain backups is one type that people often have to add as a separate item to their policy.

Don’t Overlook This Type of Coverage

You’ve no doubt heard that homeowner’s insurance won’t cover flooding, and you may have heard that flood insurance covers things like sewer backups if the flood was the reason that the sewer backed up. But if there’s a clog in the line and no flooding around, your flood insurance won’t cover a thing — and your home insurance might not either, if you don’t have coverage specifically for drain and sewer backups.

Homeowner’s insurance policies usually have a basic policy to which you add riders. These riders (also called endorsements or amendments) are like additional, smaller policies that you attach to the main policy. In this case, your basic policy might not cover the damage from a backed-up drain. But if you have a sewer and drain amendment, then you could get reimbursed should those back up and overflow.

Sewer and drain backups are those events you don’t think about. Clogged drains don’t always lead to water overflowing back into your home, so the potential effects aren’t on your radar. But if a backup occurs, the damage can be costly. For this reason alone, you’ll want to add this rider to your home insurance.

If you want to ensure that your homeowner’s insurance covers sewer and drain backup, contact Thompson Insurance Services, serving Highland Village, TX. Don’t be surprised—get this coverage now.

How to Collect Renters Insurance

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The unfortunate news is that an incident has occurred at your rented property. It could be a burglary, a storm causing a tree branch to break a window, or even an outburst from your father-in-law over a Cowboys’ loss. Regardless of the cause, the silver lining is that you had the foresight to secure renters’ insurance! Now, it’s time to claim what you’re entitled to.

Seven Easy Steps

Firstly, if necessary, file a police report to have a legal record of theft or vandalism to present to your insurer. As per your rental agreement, your landlord should be the next person you inform. Following this, notify your renters’ insurance company and provide them with the necessary documentation. Take photographs of the damage to include with your claim and maintain organized records of all related information. If you need to relocate while repairs are being made, your policy’s additional living expenses coverage may cover this, provided you keep all receipts. You can complete your claim once you have gathered all the documentation and receipts. It would also be beneficial to update your home inventory at this point.

Contact Thompson Insurance Services in Highland Village, TX

Insurance is always a wise choice whether you’re a renter or a homeowner. If you’re in the Highland Village, TX area and are considering renters’ insurance, please get in touch with Thompson Insurance Services. We will promptly connect you with one of our friendly and skilled agents who will go above and beyond to help you find the insurance policy that best fits your unique needs.

What is Uninsured and Underinsured Motorist Coverage?

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At Thompson Insurance Services in Highland Village, TX, we understand the frustration that you may have when you are in an auto accident, and the other driver who caused the wreck doesn’t have insurance. This is a growing reality and is stressful for drivers all over Texas. However, there are a couple of remedies for the situation, and they are called uninsured and underinsured motorist coverages.

What is Uninsured Motorist Coverage?

Uninsured motorist coverage (UM) is a protection you can add to your policy to cover if you are in an accident with an uninsured driver. For instance, an uninsured motorist caused the wreck and doesn’t have an active insurance policy to cover your damages. This coverage also protects you if you were involved in a hit-and-run accident and are unaware of who damaged your vehicle.

How it works: you will pay a deductible (usually $250 in the state of Texas), and the insurance company will pay for the auto repairs. UM will also cover injuries for you and your passengers up to the coverage limits in either scenario. The limits typically mirror the property damage and bodily injury limits you have on your liability policy.

Underinsured Motorist Coverage

Underinsured motorist coverage (UIM) is designed to cover you if you are in an accident with a driver, and their liability coverage is not enough to cover your damages. It could be that they don’t have enough liability because you are in a state that offers lower liability limits than your home state. No matter the case, UIM kicks in when your injuries and damages exceed that of the other parties’ coverage limits. UIM goes above and beyond the liability limits on your auto policy. For instance, you were in the vehicle alone and were rear-ended by another driver. They only had the Texas minimum of $30,000 for your bodily injuries, but you sustained medical bills of $50,000. Your UIM coverage would cover the additional $20,000 needed. The extra amount covered would mirror your liability coverage. So, if you have state minimums in Texas, it will cover up to $30,000 of additional medical expenses, if needed.

For more information

To learn more about uninsured and underinsured motorist coverage, call Thompson Insurance Services in Highland Village, TX, at (972) 801-0901.

How Home Insurance Protects More Than Just Your Home

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Home insurance offers several different types of coverage. One of these is to protect your home against a wide range of risks. It can pay for repairs after certain accidents, disasters, and other incidents. However, this isn’t the only way home insurance protects you. It also has other types of coverage built in that give you layers of protection against several other types of risks. Contact us at Thompson Insurance Services in Highland Village, TX when you need home insurance.

Protection for Your Belongings

Getting home insurance means that the policy also covers your belongings. The policy covers all of your home items against various risks they face. There are many ways your belongings can get damaged or destroyed, and you need home insurance to be able to replace or repair them. When something major damages a home, it may also damage several items. These could be extremely expensive to try to replace on your own. It’s important to never go without home insurance.

Protection for Your Finances

You may not think much about it, but it’s always possible for someone to come to your home and have an accident with injuries there. This can be financially devastating if you don’t have home insurance. The cost of medical bills alone can be enormous. However, home insurance comes with bodily injury liability coverage. This can pay for a wide range of costs that are associated with an accident in your home, such as lost wages and medical bills.

Get Your Home Policy

If you’re buying a home or want to change your home insurance, we can help you get a policy. Contact us at Thompson Insurance Services in Highland Village, TX.

Full Size Pickup Truck vs. SUV

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When your family starts expanding, you might consider upgrading your vehicle. One common deliberation is between a full-size pickup truck and an SUV. The choice ultimately depends on your family’s specific needs and how you plan to use the vehicle.

1. Handling Heavy Loads

If your family frequently camps or hauls large equipment, a full-sized pickup truck might be better. Its elongated bed design makes it easier to tow a camper or trailer and offers robust suspension for heavy loads. Unless you’re eyeing the largest SUVs on the market, small to mid-size SUVs likely won’t meet these demands.

2. Accommodating More Seats

While a full-size truck can comfortably seat up to six people in a crew cab, a sizeable SUV can seat eight to nine individuals. This might be necessary for larger or smaller families who enjoy traveling with pets. A large SUV offers beneficial interior space, enabling everyone to travel comfortably in one compartment.

3. Daily Errands and Hobbies

Both full-size pickup trucks and SUVs are great choices for handling everyday errands such as grocery shopping or driving family members to the recreation center. Consider your other needs, too, whether you regularly haul trash, shop at wholesale stores, or frequent home improvement stores. Depending on the frequency and nature of these tasks, you might find that a full-size truck or an SUV is better suited to your needs. Both vehicles offer ample cargo space, and a pickup truck bed cover can always protect your cargo.

If you’re in the Highland Village, TX, area and are looking for auto insurance, don’t hesitate to contact Thompson Insurance Services today for more information.

What Types of Policies Can Umbrella Insurance Supplement?

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Many residents of Highland Village, TX, have assets that they wish to protect effectively. Primary insurance policies offer sound protection; however, umbrella insurance can potentially add millions in additional liability protection. At Thompson Insurance Services, we can help you supplement various primary policies with secondary umbrella insurance.

Extending Home and Auto Policies

Umbrella insurance is designed to serve as an additional layer of security on top of your primary insurance policies, most importantly, your home insurance and auto insurance.

Both of these can come with substantial liability protection, but a tragic accident might result in a lawsuit so expensive that it surpasses either of these policy’s limits. Umbrella insurance may offer additional protection, thereby more effectively shielding you against significant lawsuits.

Adding onto Boat and ATV Policies

Umbrella insurance can also supplement insurance policies that cover "toys.” Boat insurance, ATV insurance, RV insurance, and other similar policies might all benefit from an umbrella policy.
We at Thompson Insurance Services often recommend that anyone with a boat or ATV consider umbrella insurance. A boat or ATV accident could seriously injure multiple people.

Supplementing Landlord Policies

Many landlords in Highland Village, TX, supplement their landlord policies with umbrella insurance, particularly if they rent out multiple or multi-unit properties. If a tenant sues, legal fees and a settlement might exceed a landlord policy’s liability coverage.

Find Umbrella Insurance

Contact us today if you need to supplement one or more primary insurance policies. One of our insurance agents can help you find umbrella insurance that effectively complements your primary policies.

Benefits of Adding a Deck to Your Home

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If you’re contemplating adding a deck to your home but are unsure of its value, there are several benefits to consider. Here are reasons why you should not just mull over the idea of a deck but also ensure it is the right size and fits well with your home’s layout. It could soon become your favorite spot.

Improve Home Value

Adding a deck to your home increases its square footage, thereby enhancing its overall value. Although this space might not be heated or cooled, it counts as additional square footage. It can be adapted for various uses and is often a highly desirable feature for homebuyers.

Create an Entertaining Space

Many homeowners relish hosting guests and need a unique place for entertainment. A deck provides a shaded area near the house, enabling you to enjoy the outdoors in comfort and privacy, away from the prying eyes of neighbors.

Enjoy the Outdoors

Some homeowners do not spend as much time outside as they would like due to the lack of a comfortable space to enjoy the weather and ambiance. With a deck, you can customize it to your needs, add your preferred patio furniture, and create your personal outdoor sanctuary that’s available for use whenever you wish.

Quick and Affordable

If the cost of this project worries you, remember that it is one of the most affordable additions you can make to your home. Building a deck is also one of the easiest projects, with many decks being completed in less than a day by a team of professionals. It is an excellent starting point for adding other structures to your outdoor space.

If you’re a homeowner in the Highland Village, TX, area and are looking to get a home insurance quote, we at Thompson Insurance Services are ready to help. Contact our team today for a policy that meets all your needs.

Renter’s Insurance Fundamentals: What You Need to Know

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Renter’s insurance is a useful, usually voluntary, investment created for residents of Highland Village, TX, who rent their living space. It protects your finances in the case of potential liability and losses and provides tremendous peace of mind. Here are some key fundamentals:

  • Deductible: If you file a claim, your payout will be the full amount minus your deductible. The deductible is the amount you agree to pay out of pocket before your insurance coverage kicks in.
  • Exclusions: The renter’s insurance does not cover damage to the home’s structure or water damage. Your landlord must handle these components. 
  • Personal property coverage: Renter’s insurance covers your belongings, like clothing, electronics, and furniture, in case of fire, theft, and other disasters.
  • Additional living expenses: If a disaster occurs that your policy covers and forces you to live somewhere else temporarily, your renter’s insurance will cover it.
  • Liability coverage: It provides liability coverage for accidental property damage and injuries you cause to others. This also extends to legal expenses in the event someone sues you. 
  • Actual cash value vs replacement cost: When you first get your policy, you must decide between replacement cost and actual cash value (ACV). ACV coverage factors depreciation into the value of your reimbursement. Replacement cost coverage, on the other hand, reimburses you for what your items cost at today’s prices. 
  • Optional coverage: It’s possible to add optional coverage for your valuable belongings that is higher than the per-item limit of your policy.

Renter’s insurance is a wise investment that protects your belongings and provides liability coverage. It’s an excellent way for renters to know that they’re protected if disaster strikes. If you have any more questions, our experts at Thompson Insurance Services are happy to help.

Does My Personal Auto Insurance Policy Cover Rental Cars?

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"Would you like to add insurance to your rental car?" is a question people aren’t always prepared to answer when renting vehicles. Many fail to realize that their auto insurance policies might provide them with all the coverage they need for rental cars. Thompson Insurance Services helps those in the Highland Village, TX, area sign up for car insurance policies like this. Learn more below.

Many Personal Auto Insurance Policies Cover Rental Cars

If you have a personal auto insurance policy, there is a pretty good chance it’ll cover rental cars when you’re in them. As long as your policy offers collision or comprehensive coverage, it should also deliver the coverage you need for rental cars while you’re driving around in them.

Check Your Personal Auto Insurance Policy to See What It Covers

Although most personal auto insurance policies provide rental car coverage, this isn’t always the case. That’s why you should read through your policy before renting a vehicle to see if you can find specific language dealing with rental cars.

Consider Signing Up for a Personal Auto Insurance Policy With Rental Car Coverage

If you look through your current personal auto insurance policy and find that it doesn’t offer rental car coverage, it might be time to sign up for a new policy that will better suit your needs. Thompson Insurance Services can help those in and around Highland Village, TX, pick out a policy that will provide coverage for rental cars.

Is it time for you to shop for a new personal auto insurance policy in Highland Village, TX? Call us at Thompson Insurance Services to get started.