Umbrella Insurance for High Net Worth People

If you have amassed a significant amount of wealth, then congratulations are in order. In this ultra-competitive world, only a few are able to do so. However, do not sit back and think all is well. Accidents and other unplanned events happen and many a wealthy person has ended up losing significant amounts of what they worked hard to earn.

So, it comes highly recommended for high-net-worth individuals to always have significant umbrella insurance. Sure, you may have decent insurance coverage now, but with the rising costs of lawsuits, repairs, medical care and other things that you may be forced to pay, umbrella insurance is a wise move. These policies are in addition to your current liability coverage.

Are you still unconvinced? Well, keep reading to find out why many high-net-worth individuals have umbrella coverage. Also, consider speaking with the Eichelmann Insurance Agency, which serves the Richardson, TX area, about specific policy options.

Renting Out Property

The internet has made it easier than ever to rent your properties. Users can book from anywhere in the world.

Nevertheless, the renter may not have your best interests at heart. Perhaps they plan to throw a wild party, leading to someone getting seriously injured. Well, guess what? You could very easily be held responsible for their negligent actions.

Hosting Social Functions on Property

High-net-worth families are often expected to host social functions. These events are a means of networking, which is significant for the current and future prospects of you and your family.

Guests can cause any number of problems that result in lawsuits, from slipping and falling to presumably getting food poisoning.

Have a Service Staff

The wealthy often employ others to handle daily household tasks. These workers are a constant source of concern because they can get injured, file harassment suits and sue for higher wages. Extra coverage through umbrella insurance can provide you with peace of mind, knowing you can handle these concerns when they arise.

Get Covered Now

For more information, speak with the compassionate professionals of the Eichelmann Insurance Agency, which serves the Richardson, TX area and beyond. Find out about rates and coverage options to fit your specific needs.

 

Do You Need To Increase Your Renter’s Insurance Coverage?

If you rent an apartment or home, you know that you’re not liable for damages to the property that are outside of your realm of control. Don’t let this give you a false sense of security- you still need to protect yourself with insurance. Renter’s insurance covers you in case of damage or theft to your personal property, and it probably costs less than you’d think. Eichelmann Insurance Agency, serving Richardson, TX, offers renters insurance to give you peace of mind. 

Here’s when you need to talk to your agent about increasing your renter’s insurance coverage: 

– When you make a large purchase. If you’re dropping a hefty amount of cash on an item, you want to make sure that it’s protected. 

– When you move to a new neighborhood. You may wish to increase your policy if your new digs are in a neighborhood with a higher likelihood of break-ins. 

– If you’re into entertaining. Talk to your insurance agent about how your renter’s insurance may cover you when it comes to liability while hosting guests at your residence. 

– When your partner or a family member moves in. Remember, you’ll want your renter’s insurance policy to cover their stuff too. You’ll want to work with your insurance agent to find an appropriate coverage amount for the new total value of the belongings in your apartment. 

If it’s time to update your renter’s insurance coverage, talk with an agent at Eichelmann Insurance Agency, serving Richardson, TX, today. We’ll work with you to help you make sure your belongings are protected. Don’t wait until it’s too late- it’s important to have your renter’s insurance policy in place before you need it. 

 

Taking a Motorcycle Road Trip? Don’t Forget to Update Your Insurance

Spring’s a great time to plan a motorcycle road trip and explore the sights and sounds of Texas. In all your planning, don’t forget to update your motorcycle insurance coverage. By reviewing your policy with Eichelmann Insurance Agency in Richardson, TX, you can ensure you have the coverage you need. Here are a few more tips that can make your motorcycle road trip a safe and enjoyable one.

Check Your Bike

You should always check your bike before any long distance travel to make sure it’s road worthy. Have your mechanic check the oil, tires, brakes and anything else that could pose a problem on the road. If you don’t have collision or comprehensive insurance coverage, consider getting this protection for your trip. You never know what can happen on the open road. It’s good to know you’re covered for collisions, theft or damage to your bike from the elements.

Stay Connected

Always inform someone of the routes you plan to take so you can be found in the event of an accident. By taking your cell phone, you can stay connected with family and friends along the way. Your smartphone will also come in handy for getting weather alerts, traffic reports, information on local attractions and more. If your bike breaks down unexpectedly, you can also call roadside assist for help.

Pace Yourself

Plan your trip and pace yourself so you can smell the roses along the way. Take frequent breaks when you’re tired to avoid accidents. Overdoing increases your chances of causing an accident. Make sure you have ample liability coverage before leaving to protect you against lawsuits in the event you’re found at fault of an accident.

For adequate motorcycle insurance for your upcoming road trip, contact Eichelmann Insurance Agency in Richardson, TX.

Understanding Condo Insurance

It’s essential for condo unit owners in Richardson, TX to understand how condo insurance policies work. While the condo association may have a master policy, these typically do not provide protection for your stuff.

Condo Insurance for Unit Owners

At Eichelmann Insurance Agency we know you work hard for all the things that make up your home. We take your protection very seriously and want to provide you with the best coverage for your situation.  The first step in protecting yourself and your condo is to understand what type of master policy your association has. There are two main kinds of coverage they may have:

  • The condo association “all-in” master policy: Will not provide coverage for the fixtures in your condos like appliances, plumbing, wiring, and carpets, but will not cover your belongings. Is also known as a “single-unit” master policy.

  • The condo association “bare walls-in” master policy: Will not provide coverage for anything inside of your unit. Your condo’s electrical systems and plumbing may or may not be covered as well.

With either type of policy, you will need your own condo policy. But you will need to thoroughly examine the association’s master policy to decide how much additional coverage is necessary. While the master policy will cover damage to the condo building or the grounds, in the event of a burglary or a fire, your condo policy will provide coverage for your stuff.

Final Thoughts

Understanding what coverages the master policy provides and what coverage you need can be confusing. If you are a resident of Richardson, TX and need guidance on the type of condo insurance you need, contact the insurance experts at Eichelmann Insurance agency. They are ready to help you make a well-informed decision.

Does Your Car Qualify for Classic Car Insurance?

The definition of “classic” and “antique” vehicles may vary from one state to the next, depending on the organization verifying the distinction of your vehicle. Verifications can be made by a car club, insurance company or your local DMV.  

Most states consider vehicles over 15 old that have enough historic interest to make them collectibles as classic vehicles. In Texas, the DMV will issue classic license plates to vehicles over 25 years old that meet this description.

If you’re wondering if your older vehicle is a classic and qualifies for classic insurance, talk to an agent from Eichelmann Insurance Agency in Richardson, TX. We will help you determine your vehicle’s distinction and help you obtain the insurance protection you need. Here are some of the basics you should know about classic car insurance.  

Guidelines for Classic Car Insurance

In addition to age, there are guidelines vehicles need to meet to qualify for classic car insurance. These guidelines include:

  • Vehicle cannot be driven over a certain amount of miles annually
  • Vehicle must be maintained in mint condition with restorations being made when necessary
  • Vehicle must be stored in an enclosed location to protect it from the elements and theft when not in use

Obtaining Classic Car Insurance

Classic car insurance is generally less expensive than ordinary auto insurance as classic vehicles are driven less and owners take great pains to take care of their investment.

To obtain classic car insurance, you’ll need to have your vehicle appraised by a professional to determine its “agreed value.” This is the amount for which your vehicle will be insured. If it’s damaged, stolen or totally destroyed in a covered peril, you will be reimbursed this amount as agreed upon in advance by you and your insurer.

To learn more about insurance protection for your treasured classic vehicle, contact Eichelmann Insurance Agency in Richardson, TX.

Finding health insurance

Getting insurance through the workplace is the most common way to get health insurance, whether that be your own employer or a family member’s employer. That is normally the least expensive option as well. Some employers do not offer insurance, however, and some people are not working, and have to find another way to get insurance. Companies like Eichelmann Insurance in Richardson, TX can help you find the insurance you need.

Under the Affordable Care Act, people were required to have health insurance, or pay a penalty. That requirement has bee repealed effective in 2019, but there are still some ways the Affordable Care Act can have an impact on you. As long as the law is in place you cannot be turned down for insurance because of a pre-existing condition, for example.

There is a federal health insurance marketplace where you can purchase insurance. You can also contact a licensed health insurance broker in Texas to get health insurance. 

You may also get health insurance through a group plan such as an association, a union or a church. There is also Medicare and Medicaid for certain groups of people. There are also independent insurance agencies that sell insurance.

Most plans are managed plans, such as HMO, EPO, PPO, and point of service plans.  Managed care plans contract with doctors to get lower rates for members, so you have to use doctors that are part of that plan. Some have exceptions for various reasons.

The Eichelmann Insurance Agency in Richardson, TX can help you sort through the options. Contact them today, by phone or online, to learn more about health insurance options.  You may also visit their office and talk to an insurance professional in person. Existing customers are also invited to stop by and make sure their policy is up to date.

Why You Need Life Insurance

Life insurance is one of those things no one wants to think about. Planning for the possibility of you or someone you love passing away is uncomfortable, and even a little sad. However, not having it in the event of a tragedy isn’t just sad, it’s irresponsible. Eichelmann Insurance Agency is devoted to helping families in Richardson, TX get the coverage they need to protect their loved ones.

Family Members Depend on Your Income

If you are the primary financial provider for your household, you absolutely need life insurance. If your household can’t pay the bills without the income you bring in, what would happen to them if you were gone?

You Don’t Want to Leave Debt Behind

Most of us have debt, and no one wants to leave bills behind that their family has to pay. Even if you are debt free now, a serious illness or accident can leave behind huge medical bills in addition to funeral costs.

Time to Grieve

No amount of money can replace a loved one. However, a life insurance policy can give your family the time they need to grieve without having to worry about finances. It gives them the opportunity to focus on recovering emotionally, and the ability to take some time off work if they need to, without struggling financially.

Your Family Can Say Goodbye the Way They Wish To

Funerals can be expensive. Without life insurance, financial costs will likely be the deciding factor in planning the funeral. In the unfortunate event you pass on, you want your family to be able to have a funeral that helps them to say goodbye and brings a little comfort, without having to consider the financial costs. Family members may even feel guilty if they can’t give you the memorial service they feel you deserved.

Eichelmann Insurance Agency in Richardson, TX can help you determine the coverage that’s right for you. We understand that you want to be able to provide for your family, even if you are gone.
 

What Homeowners Should Do Before and After a Disaster

There have been plenty of horror stories about natural disasters in the news. If your home is in a danger zone, you know what can happen to it, just by watching the results from a natural disaster on the television. The best time to make sure you have adequate home insurance coverage for a natural disaster is before one happens. After a home is destroyed, it is too late to adjust the insurance coverage.

Climate Change Increases Risks

Many of the news stories about natural disasters are describing them as the “worst ever.” The aftermath of a natural disaster can be more dangerous than what happens during the event, especially in regards to flooding.

Now is a good time to discuss home insurance coverage with your agent at Eichelmann Insurance Agency, serving Richardson, TX and the nearby areas. Make sure your insurance coverage is adequate and covers the full replacement cost to rebuild a home after being destroyed by a disaster. Also, ask about flood insurance since home insurance usually does not include this protection.

Helpful Tips about What To Do after a Disaster

After everyone is in a safe place and the emergency has passed, contact your insurance agent. Ask them for help in documenting the destruction. Take photos of everything possible if doing so does not put you at risk. Be aware that walking through standing water without wearing protective gear is very dangerous due to the risk of contracting a water-borne illness.

Do not enter any premise that is partially damaged because the structural integrity may not be sufficient to keep it from falling down. If it is safe to do so, recover any information about the home that was saved before the disaster. Keep the originals and make copies of any available documentation that you have. Give the copies of the documents to help your agent with the insurance claim.

Summary

Disaster preparedness includes having adequate home insurance. Contact your agent at Eichelmann Insurance Agency in Richardson, TX for an insurance review before disaster strikes.

Training Your Employees to Handle Robberies

Pretending or hoping that a robbery can’t happen to you is an unwise and dangerous path to take. The truth is robberies can happen to any business at any time. The best line of defense is to acknowledge this and be as prepared as possible. Here are a few tips to help you train your employees on how to handle a robbery. 

Stay Calm

When individuals panic during a robbery, things can escalate quickly and terribly. Encourage your employees to stay calm despite their fear. When a person remains calm, they can think more clearly, follow instructions better and perhaps take steps to keep everyone safer. 

Do Not Take Risks

People generally tend to fall into two categories during an emergency. Those who panic and cannot think straight, and those who are calm yet think they can heroically save the day somehow. Both of these behaviors can put employees in danger. Encourage your employees not to take unnecessary risks. Although it may seem there is an opportunity to be heroic and stop the robbery, this should be discouraged. 

Do Not Confront the Criminal

Although it may seem tempting to confront the criminal, especially if an employee’s knee-jerk reaction is anger rather than fear, this should be discouraged. You should rather encourage your employees to follow directions, even if they do not want to. This will increase the chances of the employees and others in the facility remaining safe during the crime. 

Contact Emergency Services

You should train your employees to contact emergency services first before they contact managers or loved ones. The sooner police arrive, the greater the chance they have of resolving the crime and hopefully apprehending the criminals. 

Burglaries happen to even the most careful business owners. You can decrease your losses by making sure your employees are well prepared for such an event. If you would like to learn more about protecting your business, contact Eichelmann Insurance Agency in Richardson, TX. 

3 Reasons To Get Comprehensive Coverage For Your Auto Insurance Policy

When clients contact The Select Insurance Agency, often one of the first questions that they will ask is about comprehensive auto insurance policies. The Select Insurance Agency is more than happy to assist Coppell, TX residents in this regard.

The following guide offers a closer look at the most important reasons why you need to get comprehensive coverage for your auto insurance policy. These key benefits can assist motorists with a wide range of problems.

Replacing a Stolen Vehicle

For most of us, our car is a crucial aspect of our livelihood. If you cannot afford to replace a stolen vehicle, purchasing comprehensive coverage for your auto insurance policy is the way to go. In the majority of instances, a comprehensive coverage policy allows us to receive fair value for the vehicle that has been stolen. This allows motorists to avoid lengthy periods without their vehicle that could put a damper on their ability to earn a living.

Repairing Weather Damages

Living in a state like Texas means having to endure all sorts of weather-related issues. The constantly changing weather causes most to pay for these damages out of pocket but thanks to comprehensive coverage, this is something that we no longer have to worry about. Hail, hurricanes and other assorted damages do not have to become our problem.

Protection From Animal Collisions

Did you know that many collision insurance policies will not include an option to take care of motorists who experience an animal collision. Even something as simple as a collision with a dog or a deer can lead to costly damages and it behooves us to remain cognizant of these risks in Coppell, TX. If you do not wish to replace cracked windshields or broken fenders caused by animal attacks, purchasing comprehensive coverage for your auto insurance policy is the best choice.