What policies can you add umbrella insurance to?

When you contact Pound Insurance about umbrella insurance for your Garland, TX home or business, it might surprise you to learn that you need to buy a primary insurance policy with liability coverage before you can qualify for an umbrella policy. You can’t buy an umbrella policy by itself, so read on to learn to which of your existing policies you can add this helpful coverage.

What policies can you add umbrella insurance to?

You can add the secondary type of insurance – umbrella insurance – to any policy that already contains liability coverage. That means you can add umbrella coverage to the following:

  • Home insurance
  • Auto insurance
  • Boat insurance
  • RV insurance
  • Motorcycle insurance
  • Business liability insurance
  • Commercial auto insurance

Adding umbrella coverage to these policies affords you added liability coverage.

How much does umbrella add to your existing coverage?

An umbrella policy typically adds $250,000 to $1 million in liability coverage. Because the policy costs so little in premiums, most people choose the million-dollar policy. This ensures they have all of the umbrella coverage that they need.

When the liability coverage on their primary policy pays out, the umbrella coverage kicks in. It pays the remainder of the settlement, up to the policy maximum.

For example, if your home insurance provides liability coverage equal to 20 percent of the value of your home and the home value equals $200,000, then the home policy provides $40,000 of coverage. Once the liability coverage pays out that $40,000, the umbrella policy you purchased begins covering the rest of the settlement.

Why might you have a settlement that large? If someone incurred a serious injury, such as a broken bone, from a fall at your home or you libeled or slandered someone, you could owe a large settlement.

Give Us A Call

Contact Pound Insurance, serving Garland, TX, for more information on umbrella insurance. Let us help you add this useful policy to your package.

Why do I need to have a condo insurance plan in Texas?

Those living in the Garland, TX area will want to consider purchasing their own home, and investing in a condo is a good idea in many cases. If you would like to purchase a condo in this part of Texas, getting the right insurance is quite valuable and important.

There are multiple reasons why someone will need to have a condo insurance plan when owning a condo:

Meet Standards Set by Association and Lender

A reason that anyone here will need a condo insurance plan is so they can meet standards set by their lender or home association. Most condo owners have various agreements that require condo insurance coverage, which include association agreements and mortgage documents. With a proper condo insurance plan, you will comply with these agreements and stay in good standing. 

Receive Protection

You also will need a condo insurance plan to receive valuable insurance protection. A condo insurance policy offers various forms of coverage, including liability insurance, coverage for your dwelling, and protection for your personal assets. This coverage will be helpful if there is ever a fire or other incident that results in a loss. If you do not have this coverage, the same accident could result in a serious financial challenge. 

Contact Us Today

People living all over the Garland, TX area will want to know that they have the right insurance. When you are looking for a new policy in this area of Texas, calling the team with Pound Insurance will be helpful. Pound Insurance knows what is important and valuable with a condo insurance plan. We can offer any support that you need to understand your needs and requirements and your options so you can build a plan that is ideal for your situation. 

What level of auto insurance must you legally carry in Texas?

Before you drive on Garland, TX roads, you’ll need auto insurance that meets the Texas state legal requirements. Pound Insurance can help you find the right auto insurance to keep you legal and protect your financial investment in your vehicle.

Auto Insurance: The Legal Requirements

According to Texas law, each driver must carry auto insurance with at least a property damage component and a liability component. The property damage coverage pays for the other driver’s car or motorcycle if you caused the wreck. The liability coverage pays for the medical bills of the other driver and the passengers in the other vehicles involved in the accident.

This auto insurance policy must meet the following levels of coverage:

  • Liability coverage in the amount of $30,000 per person,
  • Liability coverage in the amount of $60,000 per accident,
  • Property damage coverage in the amount of $25,000 per accident.

Every auto insurance quote created in Texas also includes personal injury protection (PIP) coverage. Texas law requires each insurance company to include this coverage in an auto policy quote. You don’t have to accept the PIP coverage though. You tell the company in writing that you don’t want PIP and it gets removed from your quote.

You might want to keep PIP though because the insurance that Texas law requires you to carry only pays for the other person’s vehicle and injuries. PIP provides you with medical payment coverage and it covers your passengers. It also covers lost wages and other costs. Whether you caused the accident or someone else did, you can use PIP coverage. You can even use it when involved in a single-vehicle accident, such as a deer running out in front of your vehicle, or you hit a fence or mailbox.

Get Auto Insurance Today

Contact Pound Insurance in Garland, TX for more information on Texas auto insurance. Let us help you remain protected on the state’s roads and beyond.

Getting comprehensive commercial coverage may be the right move for your company

Pound Insurance is the agency to call for all of your Garland, TX area commercial insurance needs. We have the expertise necessary to help business owners in our area protect their companies. If you would like to learn more about the benefits of a comprehensive commercial insurance policy, call today!

Is it time to upgrade to a comprehensive commercial insurance policy for your business?

Many business owners find that upgrading to a comprehensive commercial policy provides the robust coverage that they need to protect their businesses. It is often the case that business owners continue renewing their current policies without truly considering if they will continue to meet their needs.

Commercial insurance is necessary for all types and sizes of businesses, but not all policies are created equally. If it has been a while since you have taken a close look at your policy, now is a perfect time for a full review. Working with a local insurance agent will allow you to identify any gaps in coverage and determine if it’s time to move to a more comprehensive policy.

There is a wide range of different policies available, and for more established companies, a comprehensive commercial policy is often the most appropriate choice. Let us help you find the right policy that meets your current needs and will also provide protection well into the future. Robust insurance can provide business interruption and lost cash flow protection in addition to property coverage.

Schedule a consultation today

If you are a business owner in the greater Garland, TX area, Pound Insurance is here for you! We work with many local businesses to help them with all of their insurance needs. Schedule your consultation today to find out more!

Will renters insurance cover damage to my boyfriend’s laptop?

Renters’ insurance creates peace of mind for many renters. There are many different situations that are covered by a renters insurance policy. However, renters should understand that there are some things that wouldn’t be covered under a renters insurance policy. Our agents at Pound Insurance in Garland, TX want to take the mystery out of renters insurance.

What’s Covered by Renters Insurance?

Typically, renters insurance covers theft, some water damage, some natural disasters, injuries, and much more. Renters insurance will provide coverage for your personal items in your rented space, and in some cases, your dwelling. Specifically, renters insurance covers personal property damage, personal liability, medical payments, and any additional living costs. Damage caused by fire, wind, and theft is covered by a renters’ insurance policy. 

What’s NOT Covered by Renters Insurance?

However, renters insurance won’t cover everything. There are areas that aren’t covered by a renters insurance policy. Natural disasters like floods and earthquakes aren’t covered, and you will need to purchase insurance to cover damage from these types of natural disasters. 

Also, damage caused by bedbugs, pests, and rodents isn’t covered. Renters insurance will cover any items that are stolen from your car. However, it won’t cover damage to your car or a stolen car. Your auto insurance would cover that. However, some insurance companies offer add-ons for items or damage not typically covered by renters insurance. Last but not least, renters insurance will not cover damage to your boyfriend’s laptop or your roommate’s property unless they are on your renters insurance policy.

Contact Us Today

If you have questions about renters insurance and what’s covered, give us a call. Our team at Pound Insurance in Garland, TX would be happy to answer your questions.

The 5 Most Common Homeowners’ Insurance Claims

Homeowners’ insurance is one of those things that you hope you never have to use, but it’s there for a reason. And while most people never have to file a claim, some are more common than others.

Pound Insurance in Garland, TX provides you with this guide on navigating this important coverage. Here we will take a look at the five most common homeowners’ insurance claims. So, whether you’re a first-time homeowner or you’ve been in your home for years, read to learn more.

Home Insurance Claims: What You Need To Know

1. Wind and Hail Damage

This type of damage is a common claim filed with homeowners’ insurance companies. Wind and hail can cause a lot of damage to your home, including to the roof, siding, and windows. If you live in an area prone to severe weather, it’s important to ensure that you have adequate coverage for wind and hail damage.

2. Water Damage

While not all water damage is covered by homeowners’ insurance, some is. For example, if your home floods due to a broken pipe or appliance failure, you may be able to file a claim. However, if the water damage is caused by negligence (e.g., you left the sink running and overflowing), you will likely have to pay for the repairs out of your pocket.

3. Fire Damage

These types of claims are usually some of the most expensive. This is because fire damage can be extensive, and it’s not always possible to salvage your belongings. Luckily, most homeowners’ insurance policies will cover fire damage, as long as negligence did not cause the fire.

4. Miscellaneous Property Damage

This is a catch-all category for any type of damage to your property that is not covered under the other categories. For example, if a tree falls on your home, it would likely be classified as miscellaneous property damage.

5. Liability Claims

Liability claims are usually filed when someone is injured on your property. For example, if a delivery person slips and falls on your icy driveway, you may be held liable for their injuries. Luckily, most homeowners’ insurance policies include liability coverage, which can help to pay for medical bills and other damages.

Get Homeowners Insurance in Garland, TX

If you’re a homeowner, it’s important to be aware of the most common insurance claims so that you can be prepared in the event that you need to file one. Luckily, most homeowners’ insurance policies will cover most of these claims. However, it’s always a good idea to review your policy and ensure that you have adequate coverage. Pound Insurance can help you to find the right homeowners’ insurance policy for your needs. Contact us today for a free quote.

What Are Common Motorcycle Insurance Coverages?

There are a handful of common motorcycle insurance coverages that most riders will want to have in their policy. These coverages include property damage, medical expenses, lost wages, and even a few odd ones like funeral expenses. 

You should specify the insurance coverage when purchasing a policy. You should also closely examine them to ensure they match your needs. For guidance in the greater Garland, TX community, get in touch with  Pound Insurance. 

Motorcycle Insurance: What You Need To Know

Most likely, you already know what motorcycle coverage looks like. Here’s a list of the most common coverages you might find in your motorcycle insurance policy: 

  • Bodily injury liability: This covers the cost of medical bills if you’re hurt in an accident and have no health insurance.
  • Collision:  This covers damages to your bike caused by a collision with another object (not with another bike). This covers damages to your bike caused by a collision with another object (not with another bike). 
  • Comprehensive: Covers damages to your bike caused by things other than collisions, such as fire, vandalism, etc. 
  • Property coverage: This protects the value of your bike against damage or loss. 
  • Medical: This caters to the medical bills caused by accidents. The maximum amount of this coverage is usually set by the state. 
  • Uninsured/underinsured motorist’s bodily injury: This covers medical expenses for a motorcycle rider or passenger if someone gets into an accident with a driver who has no or inadequate insurance to fully compensate them for their injuries.  

Contact Us Today

There are a couple of things you should look out for when shopping for motorcycle insurance. Good supplemental coverage is riding safety training. This will help prevent you from getting into accidents in the first place by teaching you how to be safe on the road. For help, check with Pound Insurance in Garland, TX.

Common Boat Insurance Exclusions

Often, policyholders make the mistake of just knowing what the policy covers, ignoring to check exclusions and limitations found in the fine print. This is not usually a problem until something happens, only to find you aren’t covered. Discovering you aren’t covered for something you thought you were covered for is frustrating and may cause financial losses in your lowest moments.

If you have purchased boat insurance from Pounds Insurance in Garland, TX, it’s good knowing what it covers. It’s equally essential to know what isn’t covered by your boat insurance. Here are the common boat insurance exclusions you need to be aware of.

Common Boat Insurance Exclusions

Competitions

Your typical boat insurance won’t cover racing events, stunts, and other related events. If you want to participate in such events, talk to your insurer to buy supplemental insurance, especially liability coverage, in case you are at fault for a collision that causes bodily injury and property damage.

Navigational limits

Most boat insurance policies will offer protection within a particular geographical location. However, if something happens when your boat is outside the navigation limit or off-limit waters, your boat insurance isn’t likely to save the day. Always beware of your navigation to understand areas off-limit for your insurance.

Unnamed boaters

Like your auto insurance, your boat insurance won’t cover damage and injuries caused by an operator not named in your policy. With this in mind, don’t let your friends ride your boat because any resulting damage or injuries won’t be covered.

Pest and mold infestation

It’s your responsibility to take optimal care of your boat. So, if pests and mold damage your boat, don’t expect compensation from your insurer. The good thing is that keeping your boat dry and considering extermination services can keep these risks away from your boat.

Want to learn more about boat insurance? If you are in Garland, TX, please get in touch with Pounds Insurance for all your boat insurance solutions.

 

Is there anything umbrella insurance doesn’t cover?

Umbrella insurance provides a security blanket of financial protection beyond your insurance policies’ existing liability coverage. While umbrella insurance is a must for many individuals, it does not cover every type of incident or situation. Pound Insurance in Garland, TX offers this guide on what is excluded from umbrella insurance. 

What Umbrella Insurance Doesn’t Cover

  • Personal Injuries or Property Damage: Umbrella insurance only protects you and your family from incidents that you cause or are responsible for to other people and their property. For example, if your teenager backs their vehicle into your basketball hoop, your umbrella insurance can’t be used to pay for this coverage. Instead, you’d either pay out of pocket or through your auto insurance if you have collision coverage.
  • Intentional Damage: If you intentionally damage or injure another person or their property or are committing a criminal act, umbrella insurance is void.
  • Injuries Caused by Specific Pets: Your umbrella insurance policy will stipulate what animals or dog breeds are excluded, but generally speaking, dog breeds that are known to be hostile are excluded from umbrella insurance coverage.
  • Past Liability: Your umbrella insurance policy must be active at the time of the incident and cannot be retroactively applied to past accidents.
  • Business Claims: Umbrella insurance coverage is void if an incident occurs because of a business you operate out of your home or to cover slander and breach of contract claims. If this coverage is important to you, it can be bought as an add-on to your commercial insurance policy.

Contact Pound Insurance in Garland, TX to learn if umbrella insurance makes sense for you. We’re happy to schedule a complimentary consultation to meet with one of our insurance professionals to learn the ins and outs of umbrella insurance so that you can make an informed decision. 

What types of coverage does condo insurance provide?

Owning a condo is a preference that many people have for many reasons. You don’t have to worry about exterior maintenance, which is a big deal for busy people who don’t have a lot of time. At Pound Insurance in Garland, TX, we are independent agents, which means we work for our clients, not for one insurance company. We can offer options and choices from a variety of carriers. 

Condo insurance offers most of the same types of coverage that home insurance has. The difference is that the master policy that the condo association carries covers the home’s exterior. You don’t have coverage for that. Your coverage begins where theirs ends. To know where that is, read your master policy to get the right condo insurance for your condo.

The property insurance will most likely begin from the walls in. The walls and ceiling, floors, and any built-ins like bookcases and things like your kitchen cupboards and built-in appliances are covered. Things like your bathroom fixtures are also covered.

The content coverage covers personal property,  electronics, furniture, clothing, jewelry, art, decor, and rugs. You can have either of the two types, the actual value today, which considers the age of the item, and replacement cost, what it costs today to replace anything with a similar item. 

Liability covers the interior of your home from the results of an injury that could result in your being sued. 

Loss of use is the coverage that will pay for staying at a hotel and for meals if your condo is so damaged that you can’t live there due to a covered hazard. 

Contact Pound Insurance in Garland, TX to review your current condo insurance or get your new coverage.