Can Flood Insurance Provide Retroactive Coverage?

Posted on May 19, 2023June 7, 2023 by admin

At Texas Independent Insurance in Allen, TX, we are happy to provide many different types of insurance policies, including flood insurance. While some homeowners call us to get coverage as soon as they close on a new house for their family, others tend to wait a while before getting the flood insurance they need.

At our office, we recommend getting flood insurance as soon as possible. While this might seem unnecessary, you will see why we make this suggestion to almost all of our customers who are at risk of flooding as you read more about our services.

Can flood insurance provide retroactive coverage?

Because it is impossible to predict the future, many homeowners think that their homes will be safe from flood damage until they actually experience harmful flooding around their property. Once the damage is done, folks tend to call us to see if we can provide flood insurance coverage now that they need it.

After flood damage has occurred, a flood insurance policy can’t cover the damage that is already there. If there is new flood damage in the future, that is when the policy will kick in and help cover related expenses.

For this reason, we recommend that you get flood insurance before you expect to need it. Otherwise, you may end up in a situation where you have severe flood damage without any means of covering it.

Your home insurance policy may not cover flood damage, or it may only cover flood damage from certain kinds of disasters. What’s more, this damage would go toward your home insurance policy’s limit even if it was covered.

We Are Here To Help!

To learn more about our flood insurance policy options at Texas Independent Insurance in Allen, TX, call our qualified professional team today.

Before Considering Real Estate Investing in Texas, Read This

Posted on April 11, 2023May 2, 2023 by admin

Real estate investment can be a lucrative and rewarding venture, particularly in the thriving state of Texas. However, before diving headfirst into the world of property investment, it’s essential to understand the importance of securing the right insurance coverage. Texas Independent Insurance, based in Allen, TX, is your go-to agency for expert advice and tailored solutions for your real estate investment needs.

Insurance & Real Estate Investing

In Texas, the real estate market has been steadily growing, offering investors a plethora of opportunities to diversify their portfolios. Whether you’re investing in single-family homes, multi-unit properties, or commercial real estate, having the appropriate insurance coverage is crucial to safeguard your investment. Texas Independent Insurance, with our experienced agents in Allen, TX, can help you navigate the complexities of insuring your properties and understanding the risks involved.

One of the key considerations for real estate investors is the type of insurance policy needed. A standard homeowner’s insurance policy may not provide adequate coverage for rental or investment properties. In such cases, a landlord or dwelling insurance policy is necessary to protect your assets from potential financial losses due to property damage, liability claims, and loss of rental income.

Our team understands the unique challenges faced by real estate investors. They will work closely with you to develop a tailored insurance plan that caters to your specific requirements, taking into account factors such as location, property type, and tenant profile.

Don’t leave your real estate investments unprotected.

By partnering with us, you can be confident that your investment properties are protected, allowing you to focus on growing your portfolio and reaping the rewards of your endeavors.

Contact Texas Independent Insurance in Allen, TX today to ensure you have the right coverage for your valuable assets.

Renters Insurance: The Key Element of Your Home Protection Plan

Posted on March 27, 2023April 5, 2023 by admin

If you’re renting a home or apartment in Allen, TX, consider protecting your personal belongings and financial assets with renters’ insurance. This type of insurance policy provides coverage for personal belongings, liability protection, and additional living expenses in the event of a covered loss. Texas Independent Insurance, located in Allen TX, can help you find the right renters’ insurance policy to meet your needs and budget.

Renters insurance is not required by law, but it’s highly recommended for renters of all types. It can provide financial protection and peace of mind in the face of unexpected events such as theft, damage, or natural disasters. Texas Independent Insurance can help you understand the different types of coverage available and select the right policy for you.

Benefits of Renters Insurance

In addition to covering personal belongings, renters insurance can provide liability protection. It’s especially important if guests come to your home or apartment. If someone is injured while on the premises, you may be held responsible for medical expenses and legal fees. Renters insurance helps cover these costs and provides legal defense in a lawsuit, preventing significant financial losses.

Renters insurance can also provide coverage for additional living expenses. If a covered loss makes your rental unit uninhabitable, renters insurance can pay for temporary housing and related expenses. This can be a lifesaver for those who may not have the financial resources to cover such costs independently.

Renters insurance is an essential protection for renters in Allen, TX, and Texas Independent Insurance can assist you in finding the right policy to stay protected. Safeguard your valuable personal belongings and financial resources by investing in a renters’ insurance policy today. Contact Texas Independent Insurance to learn more about your options and get a quote.

5 Tips For Getting The Best Value On Your Motorcycle Insurance

Posted on February 21, 2023February 28, 2023 by admin

Looking for the best motorcycle insurance coverage options in Texas? The experts at Texas Independent Insurance in Allen, TX can answer your insurance questions and get a free motorcycle insurance quote!

5 Tips For Getting The Best Value On Your Motorcycle Insurance:

1) Learn your legal limits.

It is important to know Texas insurance requirements for motorcycle riders when choosing a motorcycle insurance policy.

2) Choose an insurer with experience insuring motorcycles in Texas.

There are some insurers who specialize in motorcycle insurance and will have a better understanding of the unique risks involved.

3) Consider bundling your motorcycle insurance with other types of coverage.

Many companies offer discounts if you bundle multiple policies together. Combining your home, auto, or motorcycle insurance policies can be a great way to save money.

4) Make sure you understand what’s covered by your policy.

Motorcycle insurance policies can vary greatly in terms of what they cover, so it’s important to know exactly what is and isn’t included before buying a policy.

5) Ask about extra coverage options.

There are some additional coverage options that you want to consider, like roadside assistance and trip interruption insurance.

By following these tips, you can be sure that you’re getting the best possible value on your Texas motorcycle insurance policy.

Reach Out To Us

Texas area riders looking for the best rates on motorcycle insurance can get a free quote from Texas Independent Insurance in Allen, TX. A licensed insurance agent can advise you of your insurance options and give you a free motorcycle insurance quote based on your driving history, motor vehicle records, and other factors.

Does Texas Require Boat Insurance?

Posted on January 27, 2023February 1, 2023 by admin

Boating is an exciting activity that can be enjoyed year-round in Allen, TX. But before you hit the lake, it’s important to understand all the laws and regulations regarding boat insurance. Our team of experts at Texas Independent Insurance is here to help.

Let’s break down what is required for boat insurance in Texas.

What Is Required By Law?

The State of Texas does not require boat owners to have boat insurance, but many lenders will require coverage if you are financing a boat. Check with your lender to make sure you have coverage. If you need help with your policy, a Texas Independent Insurance agent can help you understand what type of coverage is right for you.

What Types of Coverage Are Available?

Texas Boat Insurance policies can provide coverage for physical damage, liability protection, medical payments, uninsured boaters, and more. The type of policy you need will depend on various factors, such as the size and type of boat you own, where you will boat, how often you use your boat, and the type of activities you plan to do.

Another concern is actual cash value vs. replacement cost coverage. If you purchase actual cash value coverage, your insurance company will consider the boat’s age and condition when determining a claim settlement.

Replacement cost coverage pays to replace the boat with a new one of similar quality and features. You may want to consider the replacement value depending on the age and value. This type of coverage is generally more expensive, but it is worth the investment if you want to replace your boat should something happen.

Give Us A Call

Boat insurance provides peace of mind when out on the water and can help protect you financially in the event of an accident or other incident involving your boat. If you’re looking for quality boat insurance in Allen, TX, contact Texas Independent Insurance today!

I already have insurance. Why do I need an umbrella policy?

Posted on December 16, 2022December 13, 2022 by admin

When it comes to insurance, one of the most important things to consider is whether or not you have an umbrella policy. An umbrella policy acts as a safety net for your other insurance policies and can protect you from significant financial losses in the event of a lawsuit or other major incident.

But why do you need an umbrella policy if you already have all of your other standard insurance coverage, like home, auto, or life insurance? Texas Independent Insurance, serving the greater Allen, TX community, is happy to assist with all your queries.

Here are two reasons why having an umbrella policy is so crucial:

Protects against excess liability costs

Umbrella policies provide additional liability protection above and beyond what your standard policies cover. For example, if someone were to sue you for damages incurred in a car accident that was caused by your negligence, your auto insurance policy would only cover a certain amount of the damages.

However, if you have an umbrella policy in addition to your other insurance coverage, your umbrella policy could provide that additional protection for larger amounts of liability costs.

Provides broader coverage than standard policies

One of the main reasons why people invest in umbrella policies is because they offer much broader coverage than standard insurance policies. For example, most standard insurance policies cover things like bodily injury or property damage up to specific dollar limits. But with an umbrella policy, you can buy much more comprehensive protection and choose how high your coverage limit goes – often high as $1 million or more.

This means that if another driver gets into an accident with you and incurs significant medical bills or other losses, your umbrella policy will kick in to cover those costs if you run out of coverage from your other policies.

Contact Us Today

If you are interested in an umbrella policy, call Texas Independent Insurance today. We proudly serve the Allen, TX area.

What is a Flood Map?

Posted on November 28, 2022December 1, 2022 by admin

Flood insurance is not a requirement by law for Allen, TX homeowners, though a lender can require you to obtain a policy. This is true, particularly if they are government-backed. In addition, many people decide to purchase this type of indemnification for the protection it can offer in the event of a flood. Texas Independent Insurance is here to help.

Flood Insurance & Flood Mapping

Flood insurance is not specifically offered through homeowners or other property insurance and is a separate product. You can determine your specific risk of a flood event by looking at a flood map. These are created by FEMA and are updated every couple of years, and this is done to give current information, as topological features can change.

New housing developments alter water pathways, as clearing, excavation and drainage can affect the landscape. Climate change is also a recurring event that can create rising waters in various parts of the country, in addition to heavier rainfall and the potential for flash flooding.

The flood map resource gives residents information regarding the boundaries of the flood plane in their community and the elevations. Your Texas Independent Insurance agent can provide you with more specific details about your Allen, TX location.

The data contained in the flood map helps to determine the premiums you will pay and the likelihood and severity of a flood. Floods can be the result of wet weather streams, overflowed gullies, roadside ditches, and rivers or creeks that rise during heavy rains.

The particular features of your environment can play a factor as well, and the map takes all this into consideration. A city street on a hill that fails to drain properly will have different effects than dry country ground or marshland that does not perk properly.

We Can Help

Contact us by stopping in our office, giving us a call, or reaching out to us online. We at Texas Independent Insurance look forward to serving all your insurance needs.

Texas Mortgages – Investment vs Residence

Posted on October 27, 2022October 27, 2022 by admin

In Texas, you can get more than one type of mortgage. The rules for these different loans favor the use of your property, adding conditions to qualify and different rates and charging policies depending on your mortgage needs and use. Understand the difference between investment-based mortgages and residential mortgages with Texas Independent Insurance, serving real estate investors in Allen, TX.

Texas Mortgages – Investment vs Residence

Home Buyers

Residential home buyers are purchasing a property to live in, and the government has historically made this an easier purchase than that of a business property loan. Residential mortgages often have simpler terms to qualify and may have incentives such as low down payments for first-time buyers or those with military service. These loans are described as being for personal, family, or household use and created for long-term payoff. In fact, short-term reselling of a residential loan can even come with penalties depending on the plan.

Business Mortgages

The Department of Savings and Lending describes how second-home mortgages and rehab mortgages differ from standard residential mortgages. Property loans used for investment, either for resale or rental, are considered for business, commercial, or investment purposes. As such, these loans have different criteria for approval as well as frequently have higher interest rates. Unlike a long-term 30-year residential mortgage, most terms are designed for short-term loans that will be paid back upon the sale of the property.

Contact Us Today

Whatever type of home or property loan you need, you’ll also need a comprehensive insurance policy to protect your financial investment. Understand the specific policies that can support real estate investment with a qualified agent like Texas Independent Insurance, serving Allen, TX and providing insurance to Texas mortgage investors.

How Renters’ Insurance Works

Posted on September 26, 2022September 26, 2022 by admin

Renters’ insurance is a type that you should never be without if you are a renter. It’s incredibly important to keep this insurance so that you are protected against many of the risks that you face. These days, it’s common for landlords to require their tenants to have their own renters’ insurance policies so that there is less chance of the landlord being held liable for problems that come up. If you don’t have your policy in place yet, please call us at Texas Independent Insurance in Allen, TX.

Covering Your Possessions

One of the best ways that renters’ insurance covers you is that it offers protection for all of your belongings that are in the home. You might wonder if that’s necessary, but it’s essential to have this coverage. Imagine how much it would cost to replace everything in your home if a major damaging event happened. It would likely be an enormous amount that would be difficult to afford. That’s when renters’ insurance comes in handy. It can pay to get everything replaced and save you from financial ruin.

Liability Protection

Renters’ insurance also protects you against your liability for accidents and injuries. If someone came to your home and had an accident that left them injured, you as the person in charge of the property would be liable for all of the resulting costs. This can include the person’s medical bills and any wages that they lose due to not being able to work. Without a renters’ policy, all of that money would have to come from you.

Get Renters’ Coverage

To stay protected against a wide range of risks, you need renters’ insurance. If you’ve just rented a place or have been going without coverage, call us at Texas Independent Insurance in Allen, TX to get started.

Why do people need to have motorcycle insurance?

Posted on August 30, 2022August 30, 2022 by admin

Owning a motorcycle in Allen, TX can be a good option for many people. If you do purchase one here, you need to carry motorcycle insurance at all times.

There are various reasons why this coverage is considered a necessity:

Reduce Risks

One of the primary reasons to get an insurance plan for your motorcycle is to reduce your risks of ownership. There are always going to be risks that come with owning and operating a motorcycle and a motorcycle insurance plan can mitigate many of them. With a motorcycle insurance plan, you will be able to offset your liability risks that can come with causing an accident. It also can be used to offset the risks associated with your motorcycle being damaged in an accident or stolen as you can receive support to replace the asset.

Owners Often Have Requirements for Coverage

It also would be a good option to get a motorcycle insurance plan as it could be a requirement. Most people that own a motorcycle are also going to be required to carry motorcycle insurance. If you have taken out a loan when you bought the motorcycle, you will likely need to carry a policy to comply with any lender standards. In Texas, motorcycle operators are required to carry liability insurance if they want to drive it on a public road. With a proper motorcycle insurance plan, you can stay in good standing with such requirements.

Give Us A Call

Having motorcycle insurance is a necessity if you want to own or purchase a motorcycle in the Allen, TX area. Once you are ready to start looking for coverage, it would be a good idea to call Texas Independent Insurance. The team with Texas Independent Insurance will give guidance that can help you build your next policy to protect your motorcycle.