All people take on a certain amount of liability risk every day of their lives. Most people have some level of liability insurance risk through their home and auto policies. While this could be enough coverage for some people, there are situations in which other coverage could be necessary. For people in the Highland Village, TX area, there is a variety of situations in which getting additional liability protection through an umbrella insurance policy would be a good idea. 

They Need Additional Liability Coverage

Many people in the Highland Village area will benefit from an umbrella insurance policy because it will give them additional liability coverage. While you may have some liability coverage through your home or auto policies, this level of coverage may not be enough in all situations. When you get an umbrella insurance policy, you will receive additional liability coverage on top of your other policies.

Coverage for Other Situations

Another advantage of getting an umbrella insurance policy is that it can give you coverage for other situations that may not be covered by a normal liability insurance policy. In many situations today, people are taking on a lot more libel and slander risk than they realize. Often, this is not covered by base insurance policies. However, it would fall under the coverage of an umbrella insurance policy.

There are clearly several situations in which it would make sense to get umbrella insurance if you are in the Highland Village, TX area. If you are interested in getting umbrella insurance, speaking with the team at Thompson Insurance Services would be a very good option. The team at Thompson Insurance Services can help you find a policy that will give you the additional liability coverage that you need and that will provide you with a sense of security. 

At Thompson Insurance Services, serving Highland Village, TX, we recommend that everyone inventory their belongings when they are buying renters insurance. If you have never purchased renters insurance, you may be unsure of the importance of making a list of what you own and taking pictures of it. Here are two key reasons why it is recommended that you do so. 

Inventorying Your Belongings Shows What You Own

One of the key reasons why you want to inventory your belongings when buying a renters insurance policy is because it helps to show what you own. Anyone can say that they had a large television or fancy furniture if there home they are renting burns down. However, having an inventory list made and pictures helps to substantiate your claim. Second, if you need to file a claim, you may be overwhelmed. Having an inventory list can help remind you of everything that you had in the home, helping to ensure you claim everything with your insurance company. 

Inventorying Your Belongings Shows the Condition of the Items You Own

The second reason inventorying your belongings is important when buying renters insurance is because pictures can help to show the condition your belongings were in. An insurance company has to value the items they are replacing. Pictures help to show exactly what you had and the condition it was in, taking some of the guesswork out of coming up with a value. 

Inventorying your belongings can help you if you ever need to file a renters insurance claim. But prior to filing a claim, you first need to be covered. If you do not have renters insurance, or you are looking to buy a new policy in the greater Highland Village, TX area, we at Thompson Insurance Services can help you. Call us today to schedule an appointment to discuss your renter’s insurance needs with one of our agents. 

Commercial insurance policies are a must-have for Texas businesses, and now many firms are updating their portfolios to include an Umbrella Insurance policy in addition to Property Insurance. If you are a business owner in the greater Highland Village, TX area and would like to find out how umbrella insurance can play an important role in your overall insurance portfolio, contact the team at Thompson Insurance Services today. We are proud to serve the business needs of our community and look forward to working with you.

3 Reasons Why More Texas Businesses are Opting for Umbrella Insurance

• Inventory Coverage – if you carry a lot of inventory, you may exceed the policy maximum if an event occurs during your busy season. Be sure to calculate your coverage needs to include inventory protection when it is at the highest level. Don’t make the mistake of calculating coverage needs based on low inventory levels.
• Liability Protection – no one wants to get sued or have liability problems that cause the bottom line to take a huge hit. Be sure that you understand your coverage options in your primary policy, and consider umbrella insurance if they are not sufficient.
• Increased Policy Level – umbrella insurance provides additional insurance and can help to fill any gaps within your primary policy. Whether your needs for coverage of physical assets are higher than policy maximums, or you are looking for comprehensive coverage that includes liability protection, it’s time to look at umbrella insurance options.

Having the right level and type of insurance can make the difference between catastrophe or manageability in the event of a covered incident. Call the team at Thompson Insurance Services today and set up an appointment at our Highland Village, TX office. 

Many DFW renters don’t have renters insurance because they aren’t sure what the policy covers and why they need it, or because they think they won’t be able to afford it. Even though you don’t have a lender requiring that you have renters insurance, it’s just as necessary for renters as homeowners insurance is to homeowners. 

What do you need to know about renters insurance coverage before you purchase a policy?

Here are five renters insurance facts from Thompson Insurance Services in Highland Village, TX that you need to know: 

1. Your Landlord’s Insurance Policy Doesn’t Cover You 

Many renters are under the false assumption that their landlord’s insurance policy protects them in the event of a flood or fire. However, your landlord’s policy only covers their property and possessions, the building you’re living in, and any furniture or appliances you’re renting with it. 

2. Renters Insurance Policies Are Not All the Same 

Renters insurance policy coverage and pricing can vary greatly. You have options for different levels of coverage, typically ranging from $10,000 to $100,000. Some policies will replace the items you’ve lost, while others only provide the cash value of the items at the time they were lost.  

3. Premiums Depend on a Variety of Factors 

For the most part, your insurance premiums are determined by the ZIP code you live in but can be affected by other factors such as whether you are renting a house or apartment, whether you are located in a flood plain, and the amount of coverage you need.  

4. Your Possessions are Worth It 

You might think your possessions aren’t valuable enough to insure. But how much would it cost to replace your furniture, kitchen appliances, books, or computer? What about your smartphone, gaming system, clothing, or shoes? When you add that all up, you probably have at least $10,000 or more invested in items you’d need to replace if your apartment burned down.  

5. Renters Insurance Protects More Than Just Your Stuff 

Renters insurance policies that come with liability coverage will shield you from having to pay medical and legal expenses if someone is injured in your apartment.  

Renters insurance might not seem necessary until it becomes necessary. But damage from a fire or severe weather, a break-in, or another event while renting is a genuine threat. Call Thompson Insurance Services in Highland Village, TX today to find out just how affordable it is to protect yourself with renters insurance.

Umbrella insurance is something that not all people need. That being said, it is a beneficial insurance coverage that can do more for you than you might imagine. For those that live in the Dallas, TX area, the agents with Thompson Insurance Services can help you to find the right coverage and determine just what you can add to your new umbrella policy.

Umbrella policies are typically added to larger policies like a car, home, or commercial policy. This helps to add extra coverage to your existing policies and help cover more without altering the original policy or adding to your premiums for that original policy. What this does is allow you to cover the gaps if an accident occurs. If you have $500,000 in insurance, but the accident costs $600,000, an umbrella policy will cover the difference.

Umbrella policies can be added to nearly any insurance policy type, even specialty policies. Adding umbrella insurance to specialty policies is going to cost a bit more than it would if you were just adding it to a typical insurance policy. An umbrella policy that you are adding to a specialty policy is likely going to be costly and is going to be specific to that type of insurance. A good example is if you add umbrella insurance to a flood policy. It is going to cost more and will only be able to be paid out on that flood policy.

If you have more questions about umbrella policies and what they cover and can be added to, it is always helpful to take the time to talk with an agent. For those in the Dallas, TX area, the agents with Thompson Insurance Services can help you to find the perfect policy for you.