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. 

 

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. 

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.