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Texas Insurance Blog

What every first time home buyer should know about home insurance

Buying a new home is the most money you will likely ever spend on anything in your life. Protecting that major investment is essential to a strong financial future. At InsPeak in Arlington, TX, we are independent agents. We work for our customers to ensure they have the protection they need. We also give them the knowledge they need to understand the ins and outs of home insurance.

Home Insurance has Limits.

Home insurance does not have unlimited coverage on certain types of content. The coverage is limited on jewelry, antiques, electronics, artwork, cash, and oriental rugs.

You Can Extend Limits with Riders

If you have more than a basic number of these things, you can extend your policy’s limit with a rider to your policy. Get an appraisal of the items and talk to your insurance agent.

You Have a Choice of What Type of Content Coverage You Have

You have two types of content coverage options: the current value and the replacement cost. Current value coverage is less expensive and takes depreciation into account.

You Decide Your Deductible

Before your home insurance coverage kicks in, you must pay your deductible out of pocket. You can choose a higher amount to lower the policy cost.

Home Insurance has Exclusions.

While home insurance covers many things, it doesn’t cover some. You need to know what these are so that you can make other arrangements for coverage if needed. Some of the things not covered include floods, earthquakes, sinkholes, mud and landslides, sewer backup, and owner neglect.

Contact our team at InsPeak in Arlington, TX. We are here to help you with your first purchase of home insurance. Stop in at our office or give us a call.

Does Your Business Need Recreational Insurance?

There are many types of commercial insurance that your business may need. Common ones like cyber insurance, commercial auto, and worker’s comp policies are needed by a wide range of businesses. However, does your business need recreational insurance? This is a specialized type of insurance, but it’s essential for certain types of businesses. Whether you need it comes down to what kind of business you own. When you need this type of insurance or any other commercial policy, call us at InsPeak in Arlington, TX.

Understanding Recreational Businesses

If you have a business that could be considered a recreational business, it’s essential to have a recreational insurance policy to protect that business. So, what is a recreational business? It’s a type that has customers or clients who engage in any number of recreational activities. Essentially, you’re selling an experience rather than just products. These businesses include indoor skydiving, outdoor skydiving, hiking tours, biking tours, mountain climbing, guiding camping trips, ziplining, rock wall climbing, etc.

Recreation and Potential Accidents

Anytime you’re selling an experience, there’s always a possibility for someone to become injured. Some risks are associated with all recreational businesses, which can be highly expensive. If someone were to become injured while a customer of your business, your company would be responsible for various bills. These include medical bills, legal costs, and lost wages. Paying all of these bills could be detrimental to your business and could even mean that it has to close. Keep recreational insurance at all times to protect against this scenario.

Securing a Recreational Insurance Policy

If your business requires this coverage, we can help. Call InsPeak in Arlington, TX, to find out more.

Does Your Business Need Recreational Insurance?

There are many types of commercial insurance that your business may need. Common ones like cyber insurance, commercial auto, and worker’s comp policies are needed by a wide range of businesses. However, does your business need recreational insurance? This is a specialized type of insurance, but it’s essential for certain types of businesses. Whether you need it comes down to what kind of business you own. When you need this type of insurance or any other commercial policy, call us at InsPeak in Arlington, TX.

Understanding Recreational Businesses

If you have a business that could be considered a recreational business, it’s essential to have a recreational insurance policy to protect that business. So, what is a recreational business? It’s a type that has customers or clients who engage in any number of recreational activities. Essentially, you’re selling an experience rather than just products. These businesses include indoor skydiving, outdoor skydiving, hiking tours, biking tours, mountain climbing, guiding camping trips, ziplining, rock wall climbing, etc.

Recreation and Potential Accidents

Anytime you’re selling an experience, there’s always a possibility for someone to become injured. Some risks are associated with all recreational businesses, which can be highly expensive. If someone were to become injured while a customer of your business, your company would be responsible for various bills. These include medical bills, legal costs, and lost wages. Paying all of these bills could be detrimental to your business and could even mean that it has to close. Keep recreational insurance at all times to protect against this scenario.

Securing a Recreational Insurance Policy

If your business requires this coverage, we can help. Call InsPeak in Arlington, TX, to find out more.

Are Natural Disasters Covered By Renters Insurance?

Understanding renters insurance and how it can safeguard you, especially in the face of natural disasters, is paramount for every tenant. As natural disasters seem to be becoming increasingly common, it’s essential to ensure you’re covered, whether you’re a renter or homeowner. At InsPeak, based in Arlington, TX, we aim to help you understand what’s typically covered under a renters insurance policy.

Understanding Basic Coverage

Renters insurance predominantly covers your personal belongings in cases of theft, fire, and certain types of water damage. However, coverage for natural disasters can vary. Understanding which events are included in your policy and which are not is imperative to prepare for any situation that Mother Nature may present.

Commonly Covered Disasters

Typically, renters insurance includes coverage for damages caused by windstorms, hail, and lightning. This means that if a storm damages your belongings, your policy may help cover repair or replacement costs. However, reviewing your specific policy details is crucial, as coverage can differ between insurance providers.

Exclusions and Additional Coverage

Natural disasters like floods and earthquakes are usually not covered under standard renters insurance policies. You may need to purchase additional coverage to protect your belongings from these events. Specialized coverage options for floods and earthquakes can be added to your policy to ensure comprehensive protection.

Find Renter’s Insurance in Arlington, TX!

Having the right renter’s insurance policy provides peace of mind, knowing that your possessions are protected against unexpected events. Regularly reviewing your coverage details and discussing any concerns with your insurance agent can help ensure you’re fully protected.

At InsPeak, based in Arlington, TX, we’re committed to helping you understand your renter’s insurance options. Contact us today to learn about your coverage options and confidently secure your financial safety against any natural disaster.

Differences Between Recreational Insurance and RV Insurance

At InsPeak in Arlington, TX, we assist our clients in identifying the ideal insurance to suit their needs. Occasionally, folks approach us with questions regarding different types of insurance. Recreational insurance and RV insurance can be difficult to distinguish, so it can be beneficial to delve into the general differences between them.

What Is RV Insurance?

RV insurance provides coverage for recreational vehicles. An RV supplies a living area in a trailer and typically offers the versatility to be towed or driven to new destinations. RV insurance covers RVs and similar vehicles. Depending on the terms of an individual policy, it can safeguard them against liability, theft, and more.

What Is Recreational Insurance?

Recreational insurance can bear different meanings to different individuals. If you’re referring to recreational RV insurance, it indicates that it covers an RV that isn’t deemed a permanent residence. Recreational insurance might also refer to policies that cover watercraft, travel trailers, and off-road vehicles. The only way to identify what type of insurance a recreational policy covers is by examining an individual policy and reviewing it with an agent like one of our team members to ascertain whether it covers your vehicle.

Differences Between Recreational and RV Insurance

As mentioned earlier, recreational RV insurance covers part-time RV usage. If someone resides in an RV full-time, they wouldn’t qualify for recreational insurance. Recreational insurance might also include vehicles that RV insurance does not. Even if you are unaware of everything that sets them apart, you might have an inkling of which is most suitable for you. To comprehend all the distinctions between these two forms of insurance policies, it’s advisable to consult with an agent.

For more insurance information, call us at InsPeak in Arlington, TX, today!

What Legal Fees are Paid by an Umbrella Insurance Policy?

An umbrella insurance policy is an excellent option if your business is at high risk of lawsuits. You can also purchase a personal policy that will increase your home or car insurance liability limit. However, before choosing a policy, it’s important to understand how this type of insurance works and which legal expenses are and aren’t covered.

Umbrella Insurance Policy Legal Fees

Umbrella insurance doesn’t replace other forms of liability coverage. If you don’t have regular liability insurance, you can’t claim compensation under an umbrella insurance policy. Umbrella insurance picks up where your liability coverage leaves off, covering extra expenses that aren’t covered by regular insurance. For instance, if your liability insurance policy has a $500,000 limit, and you spend more than this amount to settle a case out of court, umbrella insurance will cover the extra expense.

Umbrella insurance also covers the cost of hiring a lawyer and a judgment against you or your business. It may also cover incidents that aren’t covered under your liability policy. However, you’ll need to pay the umbrella insurance policy deductible before you can claim compensation. Terms and conditions vary depending on the policy you pick and the deductible you set. Thus, it’s wise to read your contract carefully to ensure you get the coverage you need.

Contact the Inspeak office in Arlington, TX for More Information.

Do you need a commercial or personal umbrella insurance policy? If so, Inspeak can help you review your options and pick the best policy to meet your current and future needs. Our Arlington, TX office works with leading insurance carriers and offers personalized advice and assistance.

We look forward to helping you get the best coverage at the best possible price.

 

Keep Track of a Health Insurance Claim

Efficient billing and time management practices can reduce discrepancies with each health insurance claim filed. Use the following strategies to assist with accurately tracking health insurance claims.

File Electronically

Filling out paper forms and mailing them in takes time. If you use traditional filing methods for each of the insurance claims you handle, you can save time and improve efficiency by filing electronically. Once you file electronically, you will have access to each claim immediately. This will help you stay on top of the claims that are due to be processed.

Dedicate Time For Filing Essentials

If you file claims on an ‘as needed’ basis, you may sometimes feel pressed for time. This is especially true if you have many duties you are responsible for in your place of business.

Dedicating time solely to filing essentials will allow you to better understand the filing steps. Schedule time each month for filing essentials.

Use Software

Use software that is designed to streamline the health insurance filing process. A software program will record information for each claim. It will also provide you with the ability to classify information.

Using a software program could limit the number of errors made when preparing health insurance documents that need to be filed.

Seek More Advice

If you would like to receive more information about health insurance and the claims filing processes you will be responsible for, contact an agent at InsPeak. An agent who represents the Arlington, TX region will assist you with your questions or concerns about health insurance.

Life Insurance: What You Need to Know

Planning for the future means different things to different people. Savings for your kids’ college education or your own retirement often come to mind, but one type of future planning that often gets overlooked is life insurance. Life insurance is a crucial piece of the future planning puzzle that you need to consider. Here at InsPeak, serving Arlington, TX, and the surrounding areas, we want to help you make well-informed insurance choices. Keep reading to learn more about life insurance.

Do I Need Life Insurance?

Yes, everyone needs life insurance. Everyone will have end-of-life expenses, and leaving those expenses for others to pay for can be stressful. The last thing your family needs to worry about once you pass away is how to pay for your funeral. They will already be grieving, and this is an unnecessary burden that you can handle now with smart life insurance purchases.

How Does Life Insurance Work?

When you purchase a life insurance policy, you will make monthly payments to the policy. The policy will be set for a certain benefit amount if you die. If you have purchased life insurance, the policy amount will be paid to the designated beneficiaries you appoint. These individuals can use that money to pay for their end-of-life expenses. 

What Can Life Insurance Be Used For?

Life insurance money should, first and foremost, be used for your end-of-life expenses. If money is left over, it can be used to pay for other things your family may need without your income.

If you have questions about life insurance or want to purchase a policy, please get in touch with us at InsPeak, serving Arlington, TX, and the surrounding areas. We are here for your insurance needs.

What to look for in an auto policy for a teen driver

InsPeak is proud to serve the insurance needs of the greater Arlington, TX community. If you have a teen in your family who is about to start driving, we’re here to help you update your auto policy. In fact, our team can help you with all your insurance needs, no matter the type! Stop by our office or give us a call today to learn more about our services.

Features to look for when choosing an auto policy for a teen driver 

Few moments in life represent a passage to a new phase than starting to drive. Many teen drivers are excited about the new-found freedom that a driver’s license provides. Of course, with this independence comes responsibility. If you’re looking to insure a new teen driver, here are a few factors to consider:

  • Fender benders and other minor mishaps are often more frequent for new drivers.
  • It often makes sense to have a separate policy for teens than to add them to a family policy.
  • Roadside assistance is an important feature to have.

No matter how you insure them, a new teen driver in your family will likely change your overall policy needs. Our team is here to review your family’s situation and provide the information you need to make your decision. We’re here to help!

We’re here for you!

Families in Arlington, TX, and the surrounding area turn to the InsPeak team for all their insurance needs. Our team is helpful and knowledgeable and wants you to have the protection that’s right for your needs. Call us today to learn more about our full line of insurance services.

We look forward to hearing from you soon!

Insight into Commercial Insurance Requirements

Like an individual, a business needs insurance coverage to protect against scenarios that could cause physical or financial harm. An owner needs to get insight into commercial insurance requirements before purchasing a policy. InsPeak in Arlington, TX can help to define the coverage a business needs to keep the doors open.

What is Commercial Insurance?

Commercial insurance is designed to provide blanket coverage for a business, its owners, and its employees. Companies must protect their daily operations, office structures, and other commercial properties from damage related to unexpected events like lawsuits, work-related accidents, or natural disasters. Commercial insurance covers risks that may ruin a business’s reputation and impact its success in the marketplace.

Texas Commercial Insurance Requirements

The Texas bylaws do not require a business to have a standard commercial insurance policy. However, most local owners have purchased some degree of workers’ compensation coverage that protects their wealth. Workers’ compensation covers all expenses associated with an employee injuring themselves at work, including medical expenses, lost wages, and rehabilitation costs. 

All Texas businesses should have minimal general liability coverage as part of their commercial insurance policy. This coverage protects the business’s future against potential bodily injury claims that occur on-site. It also protects your business from a lawsuit after off-site property damage caused by an employee. The coverage will pay for all repairs and possible replacement of damaged personal property without a business owner making additional out-of-pocket payments.

To learn more about commercial insurance requirements, contact InsPeak in Arlington, TX. Our staff is eager to answer all of your questions and concerns. Their insurance expertise and knowledge will help you create a policy that meets your commercial insurance needs. Call and schedule an appointment today. 

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