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Do I Really Need Renters Insurance?

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Although you’ll only need renters insurance if your landlord mandates it, you should strongly consider having coverage regardless of your landlord’s decision. More and more landlords require tenants to show proof of a renters insurance policy before renting the house or apartment because it limits their liability exposure. 

Renters’ insurance policies typically cover several areas, including:

  • Personal Property Damage: If your belongings, including electronics, furniture, and clothes, are damaged in a covered incident, your insurance company will cover the cost of repairs or replacement up to your policy’s limits.
  • Personal Liability: Similar to your auto insurance policy, the liability component of your renter’s insurance reduces your exposure if there is an accident involving a third party at your residence.
  • Loss of Use: If you can no longer live in your rental because of a covered incident, your renter’s insurance will include assistance to pay for another place.

One often overlooked benefit of renters insurance is that the coverage continues even if you are on vacation or out of town when a covered incident occurs, providing needed peace of mind. For more information or to customize a renters insurance policy to your exact needs, give the team at Thompson Insurance Services a call. Our conveniently located office in Highland Village, TX offers a welcoming environment to meet with one of our knowledgeable insurance professionals. We’ll help answer any questions about renters insurance and ensure that any policy you purchase will provide you with the coverage you need. Give us a call today to schedule a no-obligation consultation. 

 

Auto Insurance FAQs

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Insurance can be confusing and we at Thompson Insurance Services, serving Highland Village, TX, understand that. It’s why we go above and beyond to make sure that your questions get answered. Here are some of the most frequently asked questions we get on auto policies.

What is a deductible?

A deductible is an amount you’ll pay out of pocket for a claim before the insurance money kicks in. The higher this deductible is, the lower your monthly premiums will be and vice versa.

Does my car affect my insurance rate?

There are several variables that go into insurance rate such as age and experience of the driver and how long they’ve been insured previously, but the auto does factor into the premium too. It’s a mix of statistics on how often that type of car is stolen and how expensive it is to repair or replace. If this is a concern, we can discuss what cars typically have a lesser premium.

How much insurance do I need?

While the majority of states have a minimum amount of insurance that is required, it’s beneficial to have enough insurance to cover the replacement value, plus possible medical bills resulting from an accident. We can run the numbers and let you know what is a good starting point for your coverage so that you are never left in the dark on what is right for your situation.

Why do premium amounts change?

There are several factors that can affect the premium such as inflation, auto repair costs, etc. If you’ve had claims in the past it can cause a short-term increase in premiums. We’ll always try to get you the best premium price possible and go over ways to help reduce your cost.

What car is the safest?

Cars are safest when you are driving safe and your car is equipped with safety features such as stability control, airbags, and anti-lock brakes. These features help the car as much as being proactive in driving helps the driver. Drivers that don’t text and keep their attention on the road are always the safety feature that will transfer to whatever car they drive.

At Thompson Insurance Services we serve the Highland Village, TX area with pride. We want to be your go-to agency when you need coverage and will go that extra mile to make sure you understand everything about your policy. Call or come by today to see what we can do for you.

3 Reasons to Review Your Texas Homeowner’s Policy

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Ideally, you should review your home owner’s policy annually to ensure you have the best price and appropriate coverage. There are other times you may want to check in with your agent to see if you need to make changes. 

Your home value increased.

Whether by market value or recent improvements, if your home value has increased notably over the value the policy was written for, you want to be sure that a claim made on that policy will be enough to replace your home. Otherwise, if your home is damaged, you’ll wind up paying for the gap out of pocket. 

Additionally, if you add features like a pool, hot tub, trampoline, or backyard play equipment, you might want to boost your liability coverage if someone is injured. 

Your family expanded.

With new bodies comes new items. Anytime you have a significant increase in personal property, you’ll want to update your home inventory and discuss your policy limits with your agent to ensure you are adequately covered. A good time to do this is when you bring a new baby home or merge households. New people increase the number of electronics and valuables in the house and increase your potential liabilities. 

You might also want to check with your agent before purchasing a new pooch. Some insurers have breed restrictions, and which breeds are restricted can vary between providers, so it’s worth checking in to make sure you have liability protection. 

You’ve added security. 

Alarm systems and home monitoring systems have never been so accessible and affordable for consumers. If you are one of the many looking to increase your property’s security, reach out to your agent to determine if the system you are considering might result in a discounted premium. 

In Highland Village, TX, homeowners looking to get the most out of their insurance policy should call or visit Thompson Insurance Services today.

Texas Collision Auto Insurance: 3 Defensive Driving Tips to Avoid Collisions

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Defensive driving is a technique that savvy drivers use to be proactive about their safety when they are on the road. It is about thinking and planning ahead, even if you are only planning one minute ahead of you. It is a kind of driving taught by many driving schools, as it helps to avoid collisions and save lives. 

At Thompson Insurance Services, we want Highland Village TX drivers to be safe on the roads. Use these easy defensive driving tips to avoid accidents and claims on your Texas collision auto insurance.

Keep Scanning

It is not uncommon to have something run out in front of you when you are driving, or even have a car make a quick lane change or turn before you see it coming. Keep scanning every minute that you are driving.

You won’t be able to see everything all of the time. However, you will be able to catch anything that could impede your way on the road if it should happen. So many accidents can be avoided with this tip.

Brake Early

Braking early, and slowly, are defensive driving techniques that could save your life. This is all about giving space on the roads. To you, to other drivers, to the road. Slow down as early as you can, as often as you can, particularly in bad conditions. 

When you brake slowly and early, you give yourself time to think as well. If something is happening on the road, a slow brake method helps you to reason through the situation and avoid a catastrophe.

Have an Out

This defensive driving technique will hone your intuition on the road. Having an out on the road is having an idea of where you would drive if an accident happens. For many, the out is to the right. If you are in the farthest right lane, for example, having an out would involve swerving to the right onto a sidewalk if you have to or even a ditch.

The out is a space where no cars are located. You still might be in a precarious position. But you could avoid a collision by swerving to your “out” if a sudden problem came up. You would spot this problem if you were always scanning around you, and behind you.

Get Collision Insurance

When you are driving defensively, the mindset is a mindset of avoiding collisions. Collision insurance can give you peace of mind on the roads when you are using these tips. At Thompson Insurance Services, we want Highland Village, TX drivers to be prepared for every driving scenario that could lead to a collision. Call us for a quote today to make sure your policy is as thorough as it needs to be.

2 Surprising Moments to Review Your Home Insurance

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There are obvious times to review your home owner’s insurance. Here are a few surprising things that can impact your policy and its premiums in Highland Village, TX. 

Wood and Pellet Stoves

  • If you are considering installing or removing one, reach out to your insurance agent to discuss the impact it will have on your premiums. Homes that contain either type of stove are more at risk of fire damage, which can increase the cost of your policy. They may also require professional installation. If you are determined to have the crackle of a fire no matter the price, remember these three tips to reduce your household risk: 
  • Have your fireplace inspected annually to determine maintenance issues and clean the chimney once a year to prevent residue build-up. 
  • Keep rugs, drapes, and other flammables away from your fireplace. Keep a screen up to keep sparks and ash inside of the fireplace and not on your floors.
  • Use seasoned, properly dry hardwood. It will burn longer and cleaner, producing less soot. 

Man’s Best Friend

Dogs are great companions, but they can impact your insurance premiums. Texas homeowner’s policies will typically extend liability protection in the event the family dog bites a visitor. However, it’s important to note that many providers have breed restrictions. If you are in the market for a new dog, review your provider’s restricted breed list. However, know that not all insurers use the same list, and some insurers don’t look at breed at all. So if you have your heart set on a specific puppy, it’s worth shopping around. 

If you are ready to review your policy to ensure your coverage meets your needs, call or stop by Thompson Insurance Services today.  

Do I Need Auto Insurance on my Second hand Car?

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Suppose you have been eying a car of your dream, but it’s too expensive when bought brand-new. As a result, you have decided to settle on a used car — of course you get the same car minus the smell of new leather and warranty. But either way, purchasing a second-hand car is an excellent option because it’s affordable, and you take the vehicle when much of the depreciation has been shouldered by the first owner.

Anyway, enough about second-hand car purchases. Let’s talk about insurance. Do you need auto insurance for your used car? If yes, what kind of coverages should you purchase? If you would like to find out, keep reading as Thompson Insurance Services in Highland Village, TX, provides insights.

Is second-hand car insurance required?

Whether driving a new or second-hand vehicle in Texas, you must purchase auto insurance. Failure to buy auto insurance leads to numerous fines and penalties, including license suspension. But is it worth it? You don’t have to learn the hard because you can purchase affordable auto insurance from Thompson Insurance Services.

When should I purchase my auto insurance?

Before purchasing your vehicle, you must buy auto insurance beforehand. Why? You must have auto insurance before driving your car off the yard. Besides, you need to understand how much auto insurance costs to avoid scenarios where you purchase a vehicle only to realize you can’t afford the premiums.

What car insurance options are available for my second-hand car?

Car insurance is broad — there exist many coverages to consider. The typical car insurance coverages to consider for your used car include:

  • Comprehensive and collision coverages
  • Liability coverage
  • Uninsured/underinsured coverage
  • Medical payments coverage
  • Roadside assistance, and so on

Buy car insurance today!

Are you shopping for car insurance in Highland Village, TX? Would you please make Thompson Insurance Services your preferable insurance agent for all your auto insurance needs?

What Are The Pros and Cons of Umbrella Insurance?

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Umbrella insurance is a secondary type of insurance that kicks in when primary policies reach their limits. Umbrella insurance also covers unusual cases and expenses that are covered by primary insurance. This type of insurance is like additional protection that has many benefits. However, there are also certain limits that need to be taken into consideration. Thompson Insurance Services, an insurance serving clients in Highland Village, TX, prepared a list of pros and cons of umbrella  insurance:

Pros and Cons of Umbrella Insurance

Here is a list of advantages and disadvantages of umbrella insurance. 

Pros:

  • It protects your assets. If your auto or home insurance gets exhausted, you can be left with a huge amount of expenses to take care of. However, if you have umbrella insurance, these expenses will be covered.
  • There are flexible coverage options. With umbrella insurance, you can scale up or down your insurance needs depending on the primary insurance options. For example, if your primary insurance policy does not cover false arrest or libel, umbrella insurance will cover them. 
  • It protects you from expensive lawsuits. Today, getting a lawsuit is quite common, especially if you are a public figure or own a business. Umbrella insurance helps you protect yourself from liability claims.

Cons: 

  • It is not available without primary insurance. In order to purchase umbrella insurance, you have to buy a home or auto liability first. 
  • It is an additional expense. Umbrella insurance costs money, and it can be expensive. 

Thompson Insurance Services in Highland Village, TX – We Help You Get Insurance You Really Need 

Umbrella insurance is not a mandatory type of insurance, meaning that you do not have to purchase it. However, it is still good to have it in order to be fully protected against unexpected circumstances. If you are thinking of getting this type of insurance, and you are looking for a trustworthy insurance agency, Thompson Insurance Services is ready to assist you. Do not hesitate to call us – we are always here for you. 

4 Areas Covered by Home Insurance

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Whether you are in the process of purchasing a new home or you already have a home in Highland Village, TX, investing in homeowner’s insurance from Thompson Insurance Services should not be an option if you want peace of mind. And that’s not all. Home insurance protects you in many other ways. Here are some areas covered by home insurance

Dwelling protection

One of the things that your homeowner’s insurance protects is the physical structure of your home. Home insurance covers your building’s walls, house foundation, roof, and so forth. Also, structures linked to your home are covered at an additional premium. 

Personal property coverage

Other than protecting your home, homeowners insurance also shields the content inside your home. Home insurance covers personal assets, including furniture, electronics, appliances, and clothing. Besides, high-value items like art and jewelry are covered, although up to a specific limit. 

Liability protection

If someone who is not a member of your family comes to your home and suffers bodily injuries, your homeowner’s insurance should cover their treatment or hospitalization costs. Similarly, home insurance covers property damage that you or your family members may cause to other people. 

Loss of use coverage

When you least expect it, an event can occur and render you homeless. For example, a fire accident can consume your entire house, leaving you without a home. When this happens, you have no other better option than to look for a temporary living place, incurring unexpected costs in the process. 

Thankfully, with a home insurance policy, the relocation process will be a breeze as it facilitates costs exceeding your day-to-day expenses. 

Buy home insurance in Highland Village, TX

Now that you have a clear understanding of what homeowners insurance covers, why not buy it today? It’s simple — you only need to contact Thompson Insurance Services and get covered today!

Does Renters Insurance Cover Your Work-at-Home Business?

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The list of entrepreneurs keeps growing as more and more are starting home-based businesses in Highland Village, TX. As a home-based business owner, you may be pondering over whether to get business insurance. Additionally, if you have renters insurance, you may wonder if your business has any form of coverage. 

Continue reading to learn more about if your renters insurance policy covers your work-at-home business, and then give us a call at Thompson Insurance Services for additional information and available coverage. 

Does My Renters Insurance Cover My Work-at-Home Business? 

As a business owner, it is essential to understand that your renters insurance policy does not cover home-based businesses. Therefore, those who have a home-based business need to work with an insurance professional to learn more about the different types of insurance available to protect their business. Without proper coverage, you may find yourself in a situation having to pay for medical costs due to an injury, or you could find yourself battling a lawsuit. 

What Coverage Is Available for My Home-Based Business? 

The type of insurance coverage needed depends on the business, what inventory you carry, and any equipment inside your residence. Available insurance for home-based businesses includes business property insurance, liability insurance, professional liability insurance, product liability coverage, and business automobile insurance. To determine which coverage is needed, speak with an insurance agent today to learn more about the different options.

Working from home in Highland Village, TX offers you plenty of flexibility and opportunity to be your own boss. Call the experts at Thompson Insurance Services for additional information about your renter’s insurance coverage and how to protect your work-at-home business. 

Is It Time to Upgrade My Auto Insurance?

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Ask most car owners when the last time they updated their car insurance, and they will stare at you with surprise. Many motorists rarely upgrade their car insurance. All they do is renew their policies without scrutinizing whether their current needs are captured. If you are such a car owner, please listen to Thompson Insurance Services of Highland Village, TX, as they share reasons that may necessitate you to upgrade your auto insurance policy. 

When you change the use of your car

Are you using your vehicle to run business errands? It would help if you upgraded to commercial auto insurance. Texas requires businesses to purchase commercial auto insurance for all business vehicles. As such, if you use your personal car to run business operations, you need to upgrade to commercial auto insurance to protect your vehicle and driver when accidents occur.

 

When you are letting go of your current car 

There are numerous reasons you would want to part with your current car. Perhaps, you are looking to upgrade, downgrade or your lease has expired, and you need to figure out what to do next. Whatever the reason, you need to update your auto insurance to ensure that your current needs are taken care of. 

If you upgrade to a newer, more expensive car, you need to update your auto insurance, especially if financed by a bank. While you may transfer your old auto insurance to your new car, you may need to upgrade to include more coverage. 

When you let a teenager drive your car

When you decide that your teenage son or daughter should drive your car, you need to add them to your auto insurance policy. Since teenagers are considered risky drivers, you need to inform your insurer to adjust your premiums accordingly.

Are you still not sure whether to upgrade your car insurance in Highland Village, TX? Please contact Thompson Insurance Services for guidance.