What every new homeowner needs to know about home insurance

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Purchasing your first home is exciting. It can also be terrifying; so many things can go wrong. At Thompson Insurance Services in Highland Village, TX, we are here to help new homeowners get the home insurance coverage they need for their particular home and their circumstances. As independent agents, we offer our customers more choices and personalized service. 

Home insurance can be customized.

Home insurance is not one size fits all. You have options. You determine how much liability coverage makes you feel protected. You choose the deductible that makes sense to you. You select the type of content coverage that you want, replacement cost, or actual value. 

Home insurance doesn’t cover everything.

You may feel that you and your home are safe when you have a good home insurance policy. No matter how good your policy is, it doesn’t cover everything. You are not protected against floods, earthquakes, landslides, sinkholes, termites, mold, and sewer backup. Owner neglect is also not covered. 

Your policy has limits. 

No matter which type of content coverage you choose, certain categories have limits. You need an endorsement to raise the limit if you have lots of jewelry. If you have art or antiques, you need to add an endorsement. Electronics do not have unlimited coverage. Read your policy carefully to make sure you have enough coverage. 

Not all dogs are covered.

Some breeds of dogs are considered so dangerous that home insurance won’t cover them for liability. Check with your insurance agent to ensure your breed is covered if you have a dog. 

Contact Thompson Insurance Services in Highland Village, TX if you have questions about home insurance, whether you are a new homeowner or would like to have your current policy reviewed. 

What To Do When Your Friend Is Hurt In Your Apartment

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Apartment living in Highland Village, TX is an exciting experience. You finally have your place to settle in and invite friends over. However, it also means you’re responsible for the well-being of your guests. Read on to learn how renters insurance from Thompson Insurance Services helps you when a friend is injured in your apartment.

Understanding Liability

When it comes to insurance, liability covers the legal responsibility you have when an individual is injured on your property. If you are sued for an injury, you will want proper insurance to protect yourself. Even though you may think your friend would never sue you, it is best to be prepared. If you are sued for an injury, you will want proper insurance to protect yourself.

How Renters Insurance Liability Helps

If you cause an accident and receive a ticket, for example, and your renter’s insurance covers the cost, it will be paid from your coverage. In the case of an accident, having renter’s insurance can help protect you from significant financial losses.

Renters’ insurance liability coverage typically covers the following costs:

  • Medical bills
  • Repair bills
  • Damage to the property

Conclusion

Renters’ insurance is an essential responsibility of living in an apartment. It covers your property and liability when someone is injured in your apartment. It provides you with legal and medical coverage to help pay for damages you may have caused. It’s a convenient way to prepare for any situation, whether in your apartment or when you’re giving a friend or family member shelter.

If you’re a Highland Village, TX resident interested in learning more about renters insurance, contact Thompson Insurance Services today!

What Are the Different Types of Auto Insurance?

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Auto insurance is required to own or operate a vehicle, but the different types can become confusing. At Thompson Insurance Services in Highland Village, TX, we offer auto insurance policies that meet the needs of our clients. 

Liability Coverage 

Liability coverage is required to drive a vehicle. If an accident is declared your fault, liability coverage will cover the other person’s damages. This includes damages to their car and medical expenses due to injuries caused by the accident. 

Collision Coverage 

Collision coverage will cover damage to your vehicle in an accident. Lenders often require it. Even if you don’t have a lien on your car, collision coverage is still a good idea. It can help protect your investment in your vehicle. 

Comprehensive Coverage 

Comprehensive coverage covers damage to your vehicle that occurs when the car isn’t in motion. This typically includes theft, fire, and vandalism. 

Medical Payments Coverage or PIP

In Texas, insurance companies are required to offer PIP or personal injury protection for $2,500. It covers medical expenses, lost wages, and funeral expenses up to the coverage limit. It covers the driver and passenger. 

Medical payments coverage, known as Med-pay, is an optional type of coverage. It will cover medical expenses in the event of an accident, regardless of whether you or the other driver were at fault. 

Under or Uninsured Motorist 

In Texas, insurance companies must offer under or uninsured motorist coverage. If someone hits you without insurance, this coverage will pay for your repairs or injuries. It also covers hit and run accidents. 

Auto Insurance at Thompson Insurance Services 

If you need auto insurance in Highland Village, TX, contact us at Thompson Insurance Services. We will help you select the right policy to meet your auto insurance needs.  

Protect your family home with a comprehensive policy

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Thompson Insurance Services is here to help you protect your Highland Village, TX area home. We know how important family homes are, and we want you to have the right insurance for yours. Let us help you find the insurance solutions for your life.

Benefits of a comprehensive homeowner’s policy

When it comes to financial investments, our homes are probably the largest purchase we will make in our lifetimes. Because of this, it only makes sense to protect your investment. Whether your family home has been the same for decades, or you are getting to move into a new house, it’s crucial to have the right insurance policy providing protection.

Today’s home market continues to fluctuate, and that is another reason why it’s essential to make sure that your policy meets your needs. Please don’t wait until it’s too late to find out that you don’t have the coverage you need. When renewing your policy, be sure to give it a careful review. Your insurance needs may have changed since the last time you took a close look at your policy.

A comprehensive policy will meet your needs and protect you from a wide range of losses. If you want to make sure that your family home is protected now and into the future, please confirm that your home policy meets those needs. Having the right policy protecting your home can give you a lot of peace of mind. 

Give us a call today!

Thompson Insurance Services welcomes the opportunity to work with the Highland Village, TX community. If you need to have your home insurance reviewed for completeness, or you are in the process of buying your first home, give us a call today.

Why Home Insurance is Valuable in Texas

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If you recently purchased a home in the great state of Texas, congratulations! Owning a home anywhere is a major life accomplishment, but life in Texas is special. If you are in the process of shopping around for home insurance in the Highland Village, TX area, keep reading. Thompson Insurance Services is here to help you discover a policy that suits your lifestyle and needs. 

Home insurance covers your house itself and the property. Dwelling protection covers the physical structure of your home. There’s also personal property coverage, which protects all your belongings within your home. Liability protection covers you if someone is injured in your home or property. 

While Texas law does not require you to have home insurance, the lender who secured your loan most likely does. Lenders need to know that their investment is protected, which is why they require home insurance. 

There are many reasons why protecting your home with insurance is the best possible choice you can make for your most significant investment. The home you live in with your family should be protected in any event, no matter how small. 

You certainly won’t regret having insurance when it comes to storm or fire damage, theft, or any other situation out of your control. 

The team at Thompson Insurance Services is here to help. If it’s time to renew your policy or start from square one, our agents can advise you on what policies fit your lifestyle and offer the most coverage. If you’re in the Highland Village, TX area, don’t hesitate to reach out. 

Do I Really Need Renters Insurance?

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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. 

 

Auto Insurance FAQs

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Insurance can be confusing and we at Thompson Insurance Services, serving Highland Village, TX, understand that. It’s why we go above and beyond to make sure that your questions get answered. Here are some of the most frequently asked questions we get on auto policies.

What is a deductible?

A deductible is an amount you’ll pay out of pocket for a claim before the insurance money kicks in. The higher this deductible is, the lower your monthly premiums will be and vice versa.

Does my car affect my insurance rate?

There are several variables that go into insurance rate such as age and experience of the driver and how long they’ve been insured previously, but the auto does factor into the premium too. It’s a mix of statistics on how often that type of car is stolen and how expensive it is to repair or replace. If this is a concern, we can discuss what cars typically have a lesser premium.

How much insurance do I need?

While the majority of states have a minimum amount of insurance that is required, it’s beneficial to have enough insurance to cover the replacement value, plus possible medical bills resulting from an accident. We can run the numbers and let you know what is a good starting point for your coverage so that you are never left in the dark on what is right for your situation.

Why do premium amounts change?

There are several factors that can affect the premium such as inflation, auto repair costs, etc. If you’ve had claims in the past it can cause a short-term increase in premiums. We’ll always try to get you the best premium price possible and go over ways to help reduce your cost.

What car is the safest?

Cars are safest when you are driving safe and your car is equipped with safety features such as stability control, airbags, and anti-lock brakes. These features help the car as much as being proactive in driving helps the driver. Drivers that don’t text and keep their attention on the road are always the safety feature that will transfer to whatever car they drive.

At Thompson Insurance Services we serve the Highland Village, TX area with pride. We want to be your go-to agency when you need coverage and will go that extra mile to make sure you understand everything about your policy. Call or come by today to see what we can do for you.

3 Reasons to Review Your Texas Homeowner’s Policy

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Ideally, you should review your home owner’s policy annually to ensure you have the best price and appropriate coverage. There are other times you may want to check in with your agent to see if you need to make changes. 

Your home value increased.

Whether by market value or recent improvements, if your home value has increased notably over the value the policy was written for, you want to be sure that a claim made on that policy will be enough to replace your home. Otherwise, if your home is damaged, you’ll wind up paying for the gap out of pocket. 

Additionally, if you add features like a pool, hot tub, trampoline, or backyard play equipment, you might want to boost your liability coverage if someone is injured. 

Your family expanded.

With new bodies comes new items. Anytime you have a significant increase in personal property, you’ll want to update your home inventory and discuss your policy limits with your agent to ensure you are adequately covered. A good time to do this is when you bring a new baby home or merge households. New people increase the number of electronics and valuables in the house and increase your potential liabilities. 

You might also want to check with your agent before purchasing a new pooch. Some insurers have breed restrictions, and which breeds are restricted can vary between providers, so it’s worth checking in to make sure you have liability protection. 

You’ve added security. 

Alarm systems and home monitoring systems have never been so accessible and affordable for consumers. If you are one of the many looking to increase your property’s security, reach out to your agent to determine if the system you are considering might result in a discounted premium. 

In Highland Village, TX, homeowners looking to get the most out of their insurance policy should call or visit Thompson Insurance Services today.

Texas Collision Auto Insurance: 3 Defensive Driving Tips to Avoid Collisions

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Defensive driving is a technique that savvy drivers use to be proactive about their safety when they are on the road. It is about thinking and planning ahead, even if you are only planning one minute ahead of you. It is a kind of driving taught by many driving schools, as it helps to avoid collisions and save lives. 

At Thompson Insurance Services, we want Highland Village TX drivers to be safe on the roads. Use these easy defensive driving tips to avoid accidents and claims on your Texas collision auto insurance.

Keep Scanning

It is not uncommon to have something run out in front of you when you are driving, or even have a car make a quick lane change or turn before you see it coming. Keep scanning every minute that you are driving.

You won’t be able to see everything all of the time. However, you will be able to catch anything that could impede your way on the road if it should happen. So many accidents can be avoided with this tip.

Brake Early

Braking early, and slowly, are defensive driving techniques that could save your life. This is all about giving space on the roads. To you, to other drivers, to the road. Slow down as early as you can, as often as you can, particularly in bad conditions. 

When you brake slowly and early, you give yourself time to think as well. If something is happening on the road, a slow brake method helps you to reason through the situation and avoid a catastrophe.

Have an Out

This defensive driving technique will hone your intuition on the road. Having an out on the road is having an idea of where you would drive if an accident happens. For many, the out is to the right. If you are in the farthest right lane, for example, having an out would involve swerving to the right onto a sidewalk if you have to or even a ditch.

The out is a space where no cars are located. You still might be in a precarious position. But you could avoid a collision by swerving to your “out” if a sudden problem came up. You would spot this problem if you were always scanning around you, and behind you.

Get Collision Insurance

When you are driving defensively, the mindset is a mindset of avoiding collisions. Collision insurance can give you peace of mind on the roads when you are using these tips. At Thompson Insurance Services, we want Highland Village, TX drivers to be prepared for every driving scenario that could lead to a collision. Call us for a quote today to make sure your policy is as thorough as it needs to be.

2 Surprising Moments to Review Your Home Insurance

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There are obvious times to review your home owner’s insurance. Here are a few surprising things that can impact your policy and its premiums in Highland Village, TX. 

Wood and Pellet Stoves

  • If you are considering installing or removing one, reach out to your insurance agent to discuss the impact it will have on your premiums. Homes that contain either type of stove are more at risk of fire damage, which can increase the cost of your policy. They may also require professional installation. If you are determined to have the crackle of a fire no matter the price, remember these three tips to reduce your household risk: 
  • Have your fireplace inspected annually to determine maintenance issues and clean the chimney once a year to prevent residue build-up. 
  • Keep rugs, drapes, and other flammables away from your fireplace. Keep a screen up to keep sparks and ash inside of the fireplace and not on your floors.
  • Use seasoned, properly dry hardwood. It will burn longer and cleaner, producing less soot. 

Man’s Best Friend

Dogs are great companions, but they can impact your insurance premiums. Texas homeowner’s policies will typically extend liability protection in the event the family dog bites a visitor. However, it’s important to note that many providers have breed restrictions. If you are in the market for a new dog, review your provider’s restricted breed list. However, know that not all insurers use the same list, and some insurers don’t look at breed at all. So if you have your heart set on a specific puppy, it’s worth shopping around. 

If you are ready to review your policy to ensure your coverage meets your needs, call or stop by Thompson Insurance Services today.