Three things to know about your auto insurance deductible

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One of the most important things to understand when you purchase auto insurance and many other types of coverage are what a deductible is.

A deductible is an amount you have to pay out-of-pocket before your insurance coverage kicks in. At Thompson Insurance Services in Highland Village, TX, we have a range of deductible options on our insurance policies from among which you can choose. 

The following are three crucial things to know about auto insurance deductibles to find and use your auto insurance policy:

The higher your deductible, the more expensive an accident is going to be for you out-of-pocket

High deductible plans offer the benefit of a lower monthly premium and are cheaper overall if you don’t get into any accidents. However, they can create a lot of expenses for you in the event of an accident. The more likely an accident is for you, the more critical it is for you to opt for a lower deductible policy.

You can save money on insuring an expensive vehicle with a higher deductible

Higher deductible policies are especially attractive to anyone who is driving a vehicle that is particularly expensive to insure. If your car falls into a high-risk category in the minds of insurance providers, consider bringing down costs while still covering your liabilities by choosing a high deductible policy. 

Liability insurance doesn’t generally require a deductible

While deductibles usually apply to collision and comprehensive insurance coverage, they shouldn’t apply to your liability coverage. Therefore, a deductible is generally not a consideration if you’re only purchasing liability coverage. 

Consult one of our representatives at Thompson Insurance Services in Highland Village, TX if you are a DFW driver who is on the market for a good auto insurance policy. 

What You Need to Know About Auto Insurance in Texas

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The state of Texas is a great place to live as it provides you with a good lifestyle and plenty of professional opportunities. For those that work and live in Texas, having a car is a practical necessity. When you do have a car in Texas, you will need to have auto insurance in place at all times. There is a lot you need to know about auto insurance when you are looking for a policy in the Highland Village, TX area. 

State Requirements

The first thing that you need to know about auto insurance in Texas is the basic state requirements. The state of Texas has a 30/60/25 auto insurance requirement for all drivers. This dictates the amount of liability insurance that you need to have at all times. In Texas, you need to have bodily injury coverage of at least $30,000 per person and $60,000 per incident plus property damage liability of at least $25,000 per incident. 

Additional Options

While it may not be required by law, Texas car owners should also consider getting collision and comprehensive insurance coverage. This type of insurance will provide you with protection for your vehicle if you sustain a loss. This is not included by the base state requirements and could save you a lot of money in some challenging situations.

If you are a car owner in the Highland Village, TX area, it is important that you fully understand all of your requirements when it comes to having auto insurance. To ensure that you get into the right policy, you should speak to the team at Thompson Insurance Services. When you reach out to the team at Thompson Insurance Services, you will get the guidance that you need to get into a policy that provides you with adequate auto insurance coverage. 

When should someone get Umbrella insurance?

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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. 

The Importance of Inventorying Your Belongings When Buying Renters Insurance

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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. 

Seeking Out Home Insurance for Your First Home

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At Thompson Insurance Services, we work with people in and around Highland Village, TX and try to find high-quality insurance. For example, we can help first-time owners like you understand your home insurance option and prepare you for purchasing the best policy. 

Work On Your Credit Score 

First-time homeowners with a middling or mediocre credit score may want to work on that before they purchase a house or a home insurance policy. Your lending rates – and your insurance premiums – will be higher if your credit score is sub-par. 

Try to make all of your payments on time, pay off your credit cards, and work on boosting other elements of your score. You’ll typically need to get around 750 or so to get the best results, though the higher you get with your score, the better. 

Don’t Buy Excessive Coverage 

After you’ve improved your credit score and you’re ready to buy a policy, you should make sure to obtain a plan that is right for your home and financial needs. Too many first-time homeowners make the mistake of trying to get a policy that covers everything and pay too much money. 

For example, you may think that you want hurricane coverage for your home even though you don’t live in a hurricane zone. Or you may try to purchase coverage options that are too expensive or which add little to your policy. Talk to your provider to ensure you don’t make this mistake.

We Can Help 

So if you’re buying your first home in Highland Village, TX and you want to make sure you get the best hoe insurance possible, please contact us at Thompson Insurance Services right away to learn more. Our experts will sit down with you and work out the best plan for your needs. 

How Much Comprehensive Coverage Do You Need?

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Navigating the world of auto insurance can be difficult without the assistance of an auto insurance agent. There are many points to consider including how much comprehensive auto insurance coverage you need. Learn about comprehensive coverage and how much you need with the assistance of a reputable agency and their skilled agents. 

Comprehensive Covers Many Hazards

Comprehensive auto insurance is designed to cover a vehicle from many possible threats ranging from theft to damage as a result of the weather. If you are financing a vehicle, comprehensive is a requirement. Even if your vehicle is paid for, you should avoid potential losses by covering your automobile with the right amount of comprehensive. Select an amount that will cover the replacement cost of the vehicle to ensure you don’t suffer losses from gaps in coverage. If you have an expensive automobile, you may need to purchase special insurance to give you the complete coverage you need. 

Working With An Agent

An agent will outline your individual needs and then find insurance products and solutions that will cover you and provide you with peace of mind whether you are parked for the night or out on the road. If you live in the Highland Village, TX area, you can count on the agents at Thompson Insurance Services to give you the individualized attention you need to make smart policy choices and prevent losses. 

Give your automobile the protection it needs no matter where you are or when by selecting adequate comprehensive auto insurance. If you are located in the Highland Village, TX area, call or stop by Thompson Insurance Services and speak with an agent to learn more about your coverage options. 

3 Reasons Why More Texas Businesses are Opting for Umbrella Insurance

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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. 

6 Maintenance Tips for New Home Owners

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Buying your first home is an exciting event. However, many new homeowners aren’t really aware of what they need to do to maintain their property. Use these tips from Thompson Insurance Services to design a home maintenance routine that keeps your property in pristine condition.

  • Service your HVAC system at least once every 3 months. Inspect the system and clean or replace air filters. Schedule services right before winter to ensure your indoor air is as clean as possible during the colder months.
  • Teach all of your family members how to turn off the water flow in each room. It’s also a good idea to label or tag the main water supply valve as well.
  • Don’t put off plumbing repairs. Water damage can quickly cause costly problems that go deeper than your indoor pipes.
  • Keep gutters and rainspouts clear of debris. Clean them before winter weather sets in to prevent backups that can damage your roof and warrant costly repairs. While you’re there, make sure the downspouts are pointed away from walls and foundations. This simple move significantly reduces water damage to your home’s structure.
  • Check your homeowner’s insurance coverage periodically. Review your coverages to determine if they may need adjustments. This is the best way to ensure your policy will offer a sufficient payout if an accident occurs.
  • Form a relationship with a local handyman. If you aren’t technically inclined, it’s important to make friends with a handyman in the Highland Village, TX area. When something goes wrong, it’s comforting to know there’s someone you can turn to who knows your property well.

Thompson Insurance Services offers home insurance policies for residents in the Highland Village, TX area. Contact our representatives to learn more about maintaining your home with insurance.

5 Important Things To Know About Renter’s Insurance Coverage

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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.

Safety Reminders for Driving During Rainy Weather

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It is essential to be very mindful of safety whenever you are driving, no matter where you are, but it is that much more important to be conscientious during hazardous weather conditions, including when it is rainy outside. Here are some tips to help you and your passengers stay safe even during rainy weather, courtesy of Thompson Insurance Services serving the Highland Village, TX and DFW area.

Allow more distance

It is never a good idea to follow the car in front of you too closely. And during rainy conditions, you need to allow extra space between you and other vehicles. For one thing, this is much safer when the car in front of you needs to brake.

Use headlights

Because it is darker outside and more difficult to see your surroundings when the weather is rainy, turn on your headlights, even during the daytime.

Keep windshield wipers ready

Your windshield wipers are your friends during rainy weather, so make sure they are in tip-top condition. Also, make sure you have plenty of windshield wiper fluid on hand to keep your windshield clean.

Slow down

You should reduce your driving speed when the weather is rainy, and you will find that other drivers should be doing the same. If you experience extremely heavy rain that drastically limits visibility, you might want to safely exit the road and take a break from driving until the weather clears.

Be alert

Of course, you should be alert no matter what the weather is like. But you need to be paying even closer attention when the weather is bad. Eliminate distractions, and keep your eyes and mind focused on the road.

If you need more information about driving safety or auto insurance, please feel free to contact Thompson Insurance Services serving the Highland Village, TX and DFW area.