Renters Insurance Coverage Options In Killeen, TX

by Administrator 19. February 2016 08:09

When you rent a house in Killeen, TX, your landlord’s home insurance policy will not cover any damages to your belongings. Therefore, you need to have a renters insurance policy that provides suitable coverage in the event of unforeseen circumstances.

Among the various renters insurance contracts, the most popular one is termed as HO-4. It lists all the perils which are covered in your insurance policy. If a peril is not mentioned in HO-4, it means you will not be provided coverage for it. You will need to buy special add-ons known as endorsements for protecting your belongings from additional hazards.

The coverage options are listed below:

  • Protection for personal belongings: Personal property coverage includes protection in case of property damage due to fire or lightning, windstorm, smoke, vandalism, theft or unintentional discharge of water. You need to choose a dollar limit for getting coverage under this category. Personal items such as clothes, appliances, furniture etc. are included in the coverage. It is important to know the exact value of all your household items beforehand in order to get the requisite coverage without underestimating the actual worth of your possessions.
  • Personal liability coverage: In this case too, you will be required to choose an upper limit for the coverage. Personal liability coverage provides protection if you are held responsible for causing accidental bodily injury or property damage that occurs on or outside the property. The only exceptions in this category are the injuries related to automobiles.
  • Special coverages: Endorsements or add-ons are special coverage options that need to be added to your standard insurance policy to provide extra protection for high-value items and various types of scams.
    • Limits on valuable items: All insurance policies have dollar limits for valuable items such as jewelry, fur etc. It is important to mention these at the time of buying a particular renters insurance policy so that you get the required additional coverage.
    • Water/sewer backup: This add-on will help in cleaning up, repairing or replacing your damaged household items in the event of a malfunctioning sewer pipe or sump pump causing havoc in your house.
    • Identity fraud: This special coverage will aid in regaining your credit status if you get trapped in an identity theft.

We, at Shawn Camp Insurance Agency, Inc. offer various renters insurance plans in Killeen, TX. For more information about the coverage options, you can call at (254) 526 – 0535.

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The Importance Of Umbrella Coverage: Insurance Killeen

by Administrator 12. February 2016 13:18

While most of the insurance policies in Killeen provide only a specific kind of coverage, umbrella insurance covers a majority of aspects pertaining to your financial condition. It is an extra liability insurance that protects you from major claims and lawsuits. You can always depend on umbrella insurance to take care of extra costs in case you cross the liability limits on one or the other insurance policies.

However, umbrella insurance does not cover malpractice suits, damage caused by a business, intentional damage to any person or property and workers reimbursement claims against employers. It will protect you if someone sues you for damage. Any personal injury is covered under health insurance and anything above limit needs to be paid by you.

Having umbrella insurance is important because it provides coverage for the following damages:

  • Bodily injury: Umbrella policy will provide coverage if you cause injury to someone in a car accident and the medical expenses exceed the upper limit of your auto insurance. Similarly, if a guest gets hurt in your home, the umbrella policy will pays for the financial losses beyond the limits of your homeowners policy. Certain types of injuries that are not covered in the homeowners policy, such as when your dog bites someone away from the house, are taken care of by the umbrella insurance.
  • Damage to property: If a member of your family causes damage to someone else’s property, the umbrella insurance policy will pay beyond the limits specified in your auto insurance. The policy also provides coverage for clauses not included in the auto and homeowners policies.
  • Protection against legal charges: An umbrella insurance policy will protect you against a court case for defamation or slander. You are also provided coverage against cases of false arrest, infringement of privacy and other similar civil charges.
  • Legal fees: Umbrella insurance is beneficial because it also covers any legal costs which you may have to incur in a lawsuit. You can hire a lawyer to present your case as all the charges will be covered under umbrella insurance.

The actual cost an umbrella insurance policy may depend on the location where you reside and the risk assessment done by the insurance company. Other factors that can be considered by the insurance company are: your job, hobbies, pets, driving record as well as history of previous lawsuits.

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How To Decide On Your Home Insurance Deductible

by Administrator 5. February 2016 09:17

Deductible is the amount of money that the homeowner needs pay before the insurance company pays the claim. While buying an insurance policy, home owners need to decide the amount of deductible. Though it may seem to be viable to pay a higher deductible to lower the monthly premiums, you must keep some important points in mind before taking this decision:

  • Look at your financial position: A higher deductible upfront will reduce your monthly payout but may leave you with little money in case of a contingency which requires immediate payout. Similarly you may decide to agree on higher monthly premiums to save money at present. This decision should be taken keeping your future and present financial liabilities in mind.
  • Amount of the deductible: It may be tempting to pay a higher deductible in order to avail discounts but be sure that you have enough savings to pay for that amount if required.
  • Save insurance claim for bigger problems: You should not make frequent claims on your home insurance for minor repair expenses. This way you can make considerable savings on your deductible. Therefore, you should save the claims for bigger troubles and bear the little expenses yourself.
  • Do calculations: Calculate 1% of your home value and see if this amount is something you can easily afford. Similarly see 2% figure and gauge your ability to pay. Also calculate how much you can save per month if you opt for a higher deductible. Compare these amounts so that you are able to make an informed decision.
  • Know the frequency: An average homeowner makes a home insurance claim once every eight to ten years. Keep this statistic in mind and save up on monthly premiums to add to your emergency fund. This way you will have a corpus when the need actually arises.

Be aware of your risk management capacity and the budget of your home before deciding on the deductible amount. An insurance agent can help you in all calculations and also recommend the an ideal deductible amount according to your requirements.
We, at Shawn Camp Insurance Agency, Inc., offer affordable home insurance in Killeen, TX. For more information, you can call at (254) 526 – 0535 or visit 2705 E. Stan Schlueter Loop, Suite 101, Killeen, Texas 76542.

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