What are the limitations of RV Insurance?

RV insurance is not much different than the coverage of auto insurance but there are some differences. It is required to have a minimum amount of liability coverage in Dallas, TX. You may also choose to have collision or comprehensive coverage on your own judgment. If you are shopping around for an affordable RV insurance plan, consider consulting with Eichelmann Insurance Agency.

The coverage limits of RV Insurance have a lot of variance between plans and coverage needs. A single limit coverage may be up to $100,000 per accident, including any injuries. There are also split coverage plans that indicate maximum coverage amount for injuries, personal property, and per accident coverage. There are also minimal plans that will only cover the minimum coverage amount that is mandated by the state of Texas.

With minimal plans, they may not be able to cover enough to recuperate from large accidents. It is more about being in legal compliance than being totally covered. Paying a higher deductible for a higher limit is needed if you seriously want coverage.

You may find that you may need different levels of coverage depending on the way you use your RV. If you live in your RV on a full-time basis, you will need to purchase full-timer insurance. If you use your RV for part-time excursions, there are plans that apply for certain times of the year. When financing an RV, there may be terms requiring you to purchase a minimum amount of insurance that is above the state’s requirement.

In the end, it is up to you to determine the limitations of your RV insurance plan. Aside from the legal minimum in Dallas, TX, you may customize your coverage to fit your lifestyle. To get started with your search for the perfect policy, consider consulting with Eichelmann Insurance Agency.

 

How Cold Weather Can Hinder Your Boat Policy

The Select Insurance Agency wants to help out boat owners stay safe, this upcoming winter. Even if the season isn’t cold, radical weather changes can reduce a watercraft’s lifespan. They can also reduce the effectiveness of a boat insurance policy.

Our agents serving Coppell, TX want to give you a heads up about the cold weather. Check out their tips below.

Understanding Freeze Damage

Your boat insurance policy might not offer coverage for freeze damage. Fortunately, you can prevent freeze damage by winterizing your boat in advance. If a freeze is coming along, or if the weather is about to take a dip, temperature-wise, make sure your boat won’t be harmed by natural events not covered by your policy.

How Can Damage Reduce Your Policy’s Effectiveness?

If your boat is damaged in storage, on the water or on the dock, it’ll increase your future insurance policy premiums. Damaged boats and repair payments contribute to your overall liability as a boat owner. Even repaired hairline cracks contribute to this liability. If you’re considered to be a risky policyholder, you might not get the best rates available.

So, What Can You Do?

It’s a good idea to make sure your boat is stored properly. Cover it with proper ventilation, and try to prevent mold formation as much as possible. Get periodic inspections during the winter, too. Try to discover potential leaks before they occur. Then, let your insurance provider know about any preventative maintenance you’ve conducted.

You can also ask your insurance agent about policies which protect against winter damage. The Select Insurance Agency is here to help you. We want to protect our Coppell, TX residents, and we feel a little knowledge goes a long way. Keep your watercraft protected, and call us if you have any questions.

An Introduction Flood Insurance

You may not associate your Dallas, TX home with flooding, Eichelmann Insurance Agency wants you to understand you don’t have to live on the coast to need flood insurance. For example, thunderstorms settle over the area, inundating it with heavy rains. Your basement floods. Your home insurance does not cover that flood damage. Flood insurance does.

The National Flood Insurance Program

The federal government instituted the National Flood Insurance Program (NFIP) to help reduce the financial impact of flooding. It provides affordable flood insurance to homeowners and business living in communities that adopt and enforce floodplain management regulations.

NFIP maps US communities, identifying their floodplains and areas at risk for floods. It bases premiums on these maps and the structure’s construction features. A homeowner can obtain lower premiums, for example, by raising their home’s lowest story to above the 100-year flood level. Homes raised on stilts or pillars are a common sight on the US East and Gulf coasts.

Floods Happen Everywhere

Floods incur expensive damage and happen frequently. According to the Federal Emergency Management Agency, a flood is the most common natural disaster in the US. It also causes the most financial damage.

Floods occur in every state and a home or business doesn’t need to lie in a high-risk flood zone to experience a flood. In more than 20 percent of the flood claims filed, the flood occurred outside the high-risk area.

Another reason to obtain flood insurance is that a flood’s occurrence doesn’t mean a disaster declaration will follow. A Presidential Disaster Declaration opens the door to federal aid, but flood insurance pays for the damage incurred to your home or business regardless of a disaster declaration.

Although you may not associate your Dallas, TX home with flooding, Eichelmann Insurance Agency knows floods happen everywhere. Call us today to insure your home against a flood. You have to buy it if your home lies within a high-risk area and you carry a mortgage, but you should obtain a policy regardless because floods do happen.

Classic Car Insurance: Protecting Your Baby Beyond the Blue Book

Congratulations! You just bought your first classic car in Dallas, TX and want to protect it with a policy from Eichelmann Insurance Agency.  However, first you need to know how classic car insurance works.

Agreed Value vs. Replacement Value

Your standard auto insurance policy on your daily driver uses the current market value of the vehicle to determine your monthly payment and how much it is worth after an accident.  Your classic car has an intangible value added to it through restoration, minimal use, and a variety of upgrades.  You need an agreed value policy that will pay you the actual value of the restored vehicle, not one that has been on the road constantly for 50 years.

An Appraisal can Help with Added Protection

Even the classic car market has an average value for a 1966 Mustang in pristine condition. If yours is all original condition with only a few hundred miles on it and in the desired trim package, you will want to make sure that it is fully protected. You may need an independent appraiser to provide a revised value so that you can come to an agreement with your insurance company.

Look at the Mileage Usage Section

You can save a little cash on your premium for your classic car by stipulating how much it will be on the road. If your beauty is truly a trailer queen, you can place a mileage limit on the policy which can lower your premium.  However, if you love to go cruising all summer long with the top down, make sure you have the additional coverage needed just in case something goes wrong.

For more information on classic car insurance in Dallas, TX, give your agent a call at Eichelmann Insurance Agency today. 

Should I Increase or Decrease My Life Insurance Benefit?

If you are choosing whether you should increase or decrease your life insurance benefit, you should first know that there are several factors that will come into play. Take for example that your children are no longer living in your home; this can majorly influence the type of benefit that you will want to invest in. Speaking with an agent from The Select Insurance Agency serving the Coppell, TX area can also be of help. For now, let’s take a quick look at the three primary factors that influence whether you should increase or decrease your life insurance policy benefit. 

What can you afford?

The first factor you need to consider when reassessing your insurance policy is the premium rate that you can actually afford. There is no need for increasing your policy if you can’t afford it. With that in mind, you should allocate a predetermined amount of money you can afford to spend on your policy and let your insurance agent customize a plan that can stay within your budget. 

Do you have children living in your home?

If you have children living in your home who depend on you for income, then you will definitely want to make sure they are going to be taken care of financially in the event that you pass away. If, however, children have moved out of your home and no longer depend on you for support since the last time you updated your life insurance policy, then you may want to consider decreasing your policy amount. This will, of course, decrease your monthly premium too. 

To learn more about the ins-and-outs of life insurance and whether you should increase or decrease your policy amount, please don’t hesitate to contact The Select Insurance Agency serving the Coppell, TX area. You can also contact us to learn about other types of policies, including commercial insurance. 

4 Useful Types of Umbrella Coverage

Insurance is a smart investment – and usually a legal requirement in Dallas, TX – to protect your assets in case something goes wrong. But what do you do when worst comes to worst and you end up liable for damages that exceed your standard policy? This is where an umbrella policy can really save the day! Umbrella insurance provides extra coverage for your most important belongings, including:

1. Property Ownership – An umbrella policy can provide excessive liability coverage for your residence, small business, and any other type of real property you own. It’s especially useful if you host a lot of events or expect to have heavy foot traffic on the property, where the risk of accidents is greater.

2. Vehicular Liability – Whether you drive a car, motorcycle, or any other means of transportation, your standard insurance policy may not cover you entirely in case of an accident. An umbrella policy could be used to pay for excessive damages you cause to another person’s property; costs you may otherwise have to pay for out-of-pocket. 

3. Personal Defense – In the digital age, there are more opportunities for us to make our opinions known to a wider audience. unfortunately, this also means you could be sued more easily for the things you do or say. An umbrella policy can can help protect you from damages resulting from slander, defamation, and other personal lawsuits.

4. Rentals – If you rent a car while on vacation, or rent the use of recreational vehicles such as an ATV or boat, umbrella insurance can cover any accidental damages to those vehicles while you use them. Some umbrella insurance can even cover your stay in a rental property such as a cabin. 

These are just some of the ways umbrella coverage can give you extra peace of mind. Please contact Eichelmann Insurance Agency today to discover more about umbrella insurance, and how it can benefit you!

Who’s Covered in Your Motorcycle Insurance Policy?

If you own a motorcycle, it’s your responsibility to obtain insurance coverage to protect you and others against accidents. The type of coverage you obtain will depend a great deal on your state’s requirements and your motorcycle riding habits. If others will be using your bike, adding them to your policy protects you against accidents they may cause on the road. At Eichelmann Insurance Agency in Dallas, TX, we can help you obtain the type of coverage you need.

Liability Coverage for Other Riders

As motorcycle accidents can cause serious injuries on the road, liability coverage is a must to protect your interests. It’s not unusual for motorcyclists to sue one another for accidents caused by negligent riding. If your bike is going to be used by others, you’ll want a policy that offers property damage and personal injury liability coverage for additional riders. You don’t want to be held liable for injuries or property damage to others when someone else is using your bike.  

Obtaining Coverage for Other Riders

If you plan to share your bike with others, adding them to your policy will protect you in the event they cause an accident. Most insurers will review the driving records of additional riders and take this information into account when determining insurance costs. If your friends have questionable driving records or are new riders, they pose a greater risk of causing an accident. Adding them to your policy may result in higher insurance costs.

Some insurers offer minimal protection for riders that are not named on a motorcycle policy. Others expect the rider to have insurance of his own to cover accident damages. At Eichelmann Insurance Agency, Dallas, TX, we can personalize your motorcycle insurance package to ensure you get full protection for additional riders. Talk to an agent today for all your motorcycle insurance needs.  

Updates Concerning Umbrella Insurance Coverage for the State of TX 2018

It’s bound to happen- accidents and being financially responsible for them. And even if you have insurance, it may not cover the full amount of damage which means you are left to pay the rest of the bill. Many cases this bill can have a profound effect on your home and savings. For instance, if you get into an auto accident where you are at fault, your insurance may cover $200,000 to cover the damage, medical bills, and more, but the damage may be a total of $800,000. That will leave you a whopping $600,000 in debt which can leave you in financial perils. That’s where umbrella insurance comes into play.  If you have umbrella insurance, it will cover the $600,000 owed.

Umbrella insurance covers you and your assets when a liability storm erupts.  Also, the umbrella insurance covers more than auto. It can cover one’s home, business, and more.  With this extra coverage, you can be covered even from the $1 million to $10 million range. 

Recent Updates

As with any type of insurance and in every state, sometimes amendments/changes occur. Some of the recent  updates concerning the umbrella insurance are as follows: 

  • As of January 2013,  the umbrella insurance FMMCSA may mandate carriers to retrieve more insurance coverage over the existing minimal level requirements. However, this option still wouldn’t cover the total percentage of all crashes, but more relief is provided to crash victims.  
  • According to the first quarter of 2017, the department chose to include contractually required umbrella policies and insurance in labor burden to ease the compensation process and consistently remain with Article 9.5.B. The contractually required insurance includes the minimum liability limits required by TxDOT contracts.  Totally paid by the employer, the premium is per $1,000 per $1,000 of total construction hard cost or $1000 of the onsite payroll. 
  • Under the examination of the oath, Chapter 2301, Texas insurance code  §151.001(a)(7), Texas Family Code,  a parent or a guardian may be present during a minor examination if the policy language mandates examination under oath. 

Conclusion

These are just a handful of umbrella insurance coverage updates, and with umbrella insurance being a broad area, there may be more updates. Because of this, it’s best to contact a reliable and trustworthy insurance firm to get all your questions and concerns covered concerning umbrella insurance.  The Eichelmann Insurance Agency is the one to turn to. Serving the Dallas, TX and surrounding areas for several years now, they are experts in the field for the state of Texas, and you’ll be in good hands working with them. So, contact Eichelmann Insurance Agency today.  

Insurance concerns when subleasing your condo

Whether you plan to AirBnB your condo or sublet it to a long-term renter, you invite a greater degree of liability and risk into your home when you do this, and you’ll need to make sure that you talk to your people at Eichelmann Insurance Agency to ensure that your policy reflects that.

One of the first things you need to know is that if you’re going to be leaving any of your belongings in the home then you will need to make sure that your insurer knows about the change in residency. If this isn’t just a one-time thing, if you’re renting your condo out on a regular basis and treating it like a business, then you may need to move beyond a basic renter’s insurance policy and into a policy designed for landlords. A basic renter’s policy will cover losses to fire and so on, but the concern that insurers have regarding theft is that it’s very easy for your renter to move your sofa or HDTV into a storage unit and claim that it was stolen, so you might not be protected against theft with a basic renters policy.

You’ll want to check with your homeowner’s association before doing anything, of course. They may even have provisions in the HOA policy that makes it easier for you to rent your condo out, but some HOA’s may frown on subletting in general, and you may be putting yourself out in the name of helping renters.

The important thing is simply that you talk with all involved parties before bringing in a tenant. Talk to your HOA, and get on the phone with Eichelmann Insurance Agency to see what sort of coverage you need when renting your condo out.

 

Is Condo Insurance the Same as Home Insurance?

Home ownership is wonderful, whether you live in a single-family home or condo. If you own a condo, you might wonder how your insurance differs from home insurance. Here’s a brief explanation, courtesy of Eichelmann Insurance Agency serving the Dallas, TX area.

Outside of Building

When it comes to the exterior of your building, there are some differences between condo insurance and home insurance. With condo insurance, anything on the exterior of the building and surrounding property is not covered by your insurance policy. How it’s covered varies based on how things are set up, but in many instances, a condo owner’s homeowners’ association (HOA) dues include coverage for issues involving the exterior of the building.This is because all of the condo owners in the community jointly own the exteriors of the building and the community’s property, such as the grounds, parking areas, roof, common areas and so on.

Inside of Building

Whether you live in a single-family home or condo, you have your belongings inside its doors. just as home insurance includes coverage for the contents of your home, condo insurance does the same. So this is one aspect of insurance that is the same whether you are in a condo or freestanding house.

Liability Coverage

When an accident or injury happens in or outside your home, your insurance coverage may be responsible for paying claims related to that. The need for liability coverage is typically higher with a single-family home, because more of the home’s exterior needs to be covered. Meanwhile, at a condo, things like common areas do not need to be included in the individual owner’s condo insurance, because those things are covered by the homeowners collectively, usually through the HOA.

The level of condo insurance you need will vary based on your individual needs. To get more information, contact Eichelmann Insurance Agency serving the Dallas, TX area.