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.

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.

Once your auto or home insurance has reached its upside limit, you may resort to umbrella insurance as an additional layer of protection. This type of insurance surely offers a significant security blanket, but it does come with its boundaries. In this blog post, we aim to shed light on the areas not covered by umbrella insurance:

Umbrella Insurance: What Falls Outside its Protective Canopy?

Here is an outline of key areas that umbrella insurance does not cover:

• Your injuries. Umbrella insurance isn’t designed to cover your personal injuries. Its primary objective is to cover personal liability claims. Hence, if you seek coverage for medical expenses due to an injury, you need separate healthcare insurance or a suitable coverage policy.
• Damage to your property. Unfortunately, umbrella insurance does not cover damages inflicted on your property. Therefore, you should arrange separate coverage policies to shield your items and assets.
• Your business and associated expenses. If you run a business, be aware that umbrella insurance doesn’t cover your enterprise’s financial losses. Therefore, you need a separate business umbrella policy that caters to your business’s protective needs.
• Intentional illicit activities. Any illegal acts committed purposefully evade umbrella insurance coverage. Consequently, if you are involved in unlawful actions or events, an umbrella insurance policy won’t help.

Obtaining Suitable Umbrella Insurance Policy

If you reside in Highland Village, TX, or neighboring areas and are considering procuring an umbrella insurance policy, Thompson Insurance Services, a local insurance company specializing in multiple insurance types, stands ready to assist. Contact Thompson Insurance Services today to enjoy proper coverage tomorrow.

Renters comprise thirty-six percent of American households, and few can afford to lose their possessions, including appliances. While rental insurance policies cover renter-owned appliances, you should consider several nuances to confirm you have the coverage you need. The Thompson Insurance Services team, serving Highland Village, TX, can help you understand your renter’s insurance options.

Which Appliances Are Covered and When?

Like home policies, rental policies cover renter-owned appliances when stolen or damaged due to a covered peril. The policies cover kitchen and laundry appliances, televisions, computers and printers, video game consoles, vacuums, and other possessions. The policies cover perils such as fire and smoke, leaky pipes, theft, and vandalism but generally exclude damage from earthquakes, floods, electrical surges, or lack of maintenance.

Renters Insurance Considerations

All insurance policies come with coverage limits and exclusions, so you should review these with your agent. Policies limit the reimbursable amount in the event of a claim, with policies often capped at $3,000. Renters often have appliances exceeding that value, so most should consider adding an endorsement to raise the limit and ensure their appliances are covered adequately.

Policies commonly do not cover damage from power surges unless the surge was due to a lightning strike. Likewise, damage from wind, floods, and other natural events is not covered, but you can add it with an endorsement.

In addition, rental policies are often limited to items kept at the rental property, not at work or other locations.

Working with Thompson Insurance Services

Thompson Insurance Services, serving Highland Village, TX, has experience with all aspects of renters insurance. We will happily talk with you and structure a policy that meets your needs. So, call us or stop in today to obtain the renter’s insurance that fully protects your household.