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.

If you’re considering buying an umbrella insurance policy from our agency at Thompson Insurance Services in Highland Village, TX, you may wonder if umbrella insurance policies cover liability. After all, liability and related expenses can be unpredictable. Even if you don’t think you’ll ever need to tap into the liability coverage on an insurance policy, it’s always better to be safe than sorry.

Being underinsured can open you up to financial hardship and even bankruptcy. If you’re more insured than you think you need to be, you’ll enjoy a financial safety net that can come into play in emergencies. If you or your company is found to be at fault in a lawsuit, you will wish you were prepared with the appropriate amount of coverage. As we say in our industry, you should get insurance coverage yesterday. Of course, that’s impossible, so there’s no time like the present. Before you commit to purchasing an umbrella insurance policy, we can share useful information about what umbrella insurance covers.

Does Umbrella Insurance Protect Against Liability?

Like any insurance policy, umbrella insurance has specific terms and limits unique to every policy. Still, it generally offers similar coverage for certain things. Regarding liability, umbrella insurance typically covers injury, property damage, qualifying lawsuits, and some personal liability issues. Of course, you’ll want to contact us to see what your umbrella insurance covers specifically. Some umbrella insurance policies may be designed to extend coverage for something in particular, like your home or business. In these cases, you’ll have to review your policy to see what liability coverage looks like.

To make the most of your primary policies, call Thompson Insurance Services in Highland Village, TX to learn about our umbrella insurance!

 

Anyone operating a vehicle in Texas is responsible for any damages they may cause. Most drivers have protection for events that may occur while they are driving. However, there are some situations auto insurance may not cover. You may also wonder if your rental insurance can help protect you when your auto insurance can’t help.

Car Insurance Is Limited

When you purchase an automobile insurance policy at Thompson Insurance Services, you may think you can save money by getting the minimum coverage required by law. In Texas, you need to be able to pay for any damages you cause in an accident with your vehicle. Unfortunately, a policy with only minimal coverage will not protect you from damages caused by you. Your policy will also not cover other incidents, such as vandalism or damage from weather. For those kinds of protection, you must have collision and comprehensive insurance. 

Rental Insurance Limitations

Even though your vehicle is on your property in Highland Village, TX, it will probably be excluded from rental or homeowners insurance. There are many standard exclusions for different kinds of insurance, such as automobiles and certain kinds of natural disasters. That is why it is essential to read your policy carefully and speak to your agent if you have any questions.

Personalize Your Policy

Don’t assume that you are protected. Speak with your Thompson Insurance Services agent today about what you own and what risks you face in Highland Village, TX. No two people have the same situation. You will be pleasantly surprised when you discover how affordable your policy can be when you only cover what you need.

Having proper insurance is all about considering risks and then preparing for those risks. At Thompson Insurance Services, serving Highland Village, TX, we want to help you assess these risks to make wise insurance choices. Let’s look at umbrella insurance and who should invest in this type of coverage. 

What Is Umbrella Insurance?

Umbrella insurance is a special type of insurance coverage designed to help pay for expenses that other pre-existing insurance policies would not cover. There are times when an insurance policy is exhausted. When this happens, any remaining expenses become the individual’s responsibility. If this happens, it could leave you financially vulnerable after paying these expenses. 

Who Should Invest In Umbrella Insurance?

Umbrella insurance can be beneficial to anyone, but it can be especially helpful for people with a lot of assets to protect or those at an increased risk of liability. This might include business owners or people who have highly risky careers. 

How Does Umbrella Insurance Work?

Umbrella insurance is not intended to cover any specific type of expense, but rather it is designed to pick up where other policies might leave off. For instance, if a business owner’s liability insurance does not cover all expenses incurred by a claim event, the umbrella policy can kick in to pay the remaining costs. 

To set the policy coverage amount, you should talk with an insurance expert. They can help you determine your liability risks and how much additional coverage you might need. 

If you want to learn more about umbrella insurance, please contact us at Thompson Insurance Services, serving Highland Village, TX, and the surrounding areas. 

The Highland Village, TX area continues to be a popular area to move to. With many local amenities and access to great jobs, it is also a common place to be a renter. If you rent a home here, you need to ensure that you get the right insurance. In most cases, you will need to have renter’s insurance. This coverage should be considered a necessity for various reasons. 

Those with Lease Requirements

One of the situations when a renter’s insurance plan is necessary, is when it is spelled out as a lease requirement. A renter’s insurance plan is often a requirement for property owners as it offers valuable protection. In many cases, the lessor will require that you have this insurance in place and paid for a year in advance, which ensures you have insurance throughout the lease term. 

Those Looking for Financial Protection

It is also necessary to have renter’s insurance if you want financial protection. Renters can take on various financial risks, including incurring a loss of their personal items or being named liable for accident or property damage. Retaining a renter’s insurance plan will give you coverage for these scenarios. This can ensure you have the financial resources you need in these difficult situations. 

When you rent a home in the Highland Village, TX area, choosing a quality renter’s insurance plan is essential. If you are looking for coverage or moving into a new home, call us at Thompson Insurance Services. There are a lot of factors to consider with this coverage, and our professionals can help ensure you choose an ideal policy that will protect you and remain in lease compliance. 

If you’re a Highland Village, TX homeowner, then you know that insurance is a must. With severe weather conditions like hail, tornadoes, high winds, and flooding, it’s essential to have insurance policies covering the potential damage to your home. But what kind of policy should you get? In addition to primary home insurance, Thompson Insurance Services sells two main homeowner’s insurance policies: excess and umbrella. So, which one is right for you?

Excess insurance policies

Excess insurance policies are designed to cover damages not covered by your primary policy. For example, if you have a fire in your home and your primary policy only covers $50,000 worth of damage, your excess policy would cover the remaining $100,000. This type of policy is typically used by people who live in high-risk areas or have expensive homes.

Umbrella insurance policies

Umbrella insurance policies are designed to cover damages not covered by your primary or excess policy. So, if you are sued for $500,000, and your primary policy only covers $250,000, then your umbrella policy would cover the remaining $250,000. If the total value of your assets is more than what your homeowner’s or auto insurance covers in Highland Village, TX, you might want to buy umbrella insurance. In case of a lawsuit, umbrella coverage may protect your assets.

Both excess and umbrella insurance policies have their advantages and disadvantages. It depends on your situation as to which one is right for you. If you’re unsure which one to get, set up an appointment with Thompson Insurance Services. One of our experienced agents will be able to help you choose the best policy for your needs.

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.