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.

Does Insurance Cover Visits to a Chiropractor?

There comes a point when we’ve had enough and we can’t deal with the pain anymore.  When we’ve reached our limit, we might call a chiropractor.  We might be in so much pain that we forget about the logistics, but it’s important to find out if visits to a chiropractor are covered.  There are lots of options for chiropractors in Dallas, TX and Eichelmann Insurance Agency wants to lay the groundwork by providing the answers to this question. 

Does Insurance Cover Visit to a Chiropractor?

Every insurance company is different and every policy is different.  Terms are highly variable, but there are certain components we see in every policy.  Most major medical carriers will cover visits to chiropractors.  Medicare and Medicaid also cover this service.  People in the armed forces also have access to chiropractic care. 

Read the Fine Print

It is important to read the fine print and familiarize yourself with your policy.  Since terms and conditions are variable coverage for this service will look different from company to company.  For example, Medicare Part B will cover this service, but it will not cover the cost of the initial evaluation, X-rays, vitamins, or assistive devices.  Most companies will cover care for acute conditions, but it may become harder if there is a need to see a chiropractor long-term. 

Do I Need a Referral to See a Chiropractor?        

A referral isn’t something you generally need in order to see a chiropractor, but some policies require a referral in order to initiate care with a chiropractor.  It is always better to check on this than it is to make assumptions.

Dallas, TX is full of things to do and Eichelmann Insurance Agency doesn’t want you to miss out- so they encourage you to call or email them if you have questions.  

Common Workplace Perils

Insurance companies are all about minimizing risk, so taking on the burden of reducing risk can result in lower insurance costs and a healthier work environment. Eichelmann Insurance Agency of Dallas, TX wants to help you identify some of the more common workplace hazards so you can remove them or mitigate the risk for the sake of your employees, customers, and bottom-line.

Tripping Hazards

For all of our advances as a species, we are still vulnerable to injury from the persistent influence of gravity. Wires across walking paths, uneven flooring, and uncleaned spills of liquid are typically the cause of a sudden tumble to the ground. It’s likely impossible to remove every tripping hazard, but take the time to eliminate the worst offenders before they eliminate your best performers.

Biological Hazards

An unclean workplace is a breeding ground for a variety of microorganisms and vermin. Toxic mold, which can cause respiratory disease, can grow with just a small amount of water and time, so controlling the biomes that exist within your buildings and storefronts is paramount. Thoroughly clean surfaces daily and perform bi-weekly or monthly deep cleanings and inspections to reduce the risk of an army of bacteria infiltrating your business.

Ergonomic Hazards

Humans are durable creatures, but we can suffer bodily harm over time simply by performing the wrong tasks or the right tasks in the wrong way. You’ve likely already seen numerous infographics detailing the proper way to lift and how improper lifting can harm the spine, but that’s not the only ergonomic risk. Even just sitting improperly can lead to severe issues such as warping the spine, gastrointestinal issues, and chronic pain.

Maintain a Safe Place of Business

If you would like to know more about how to identify and eliminate workplace hazards as well as how doing so can help your business costs go down, contact Eichelmann Insurance Agency in Dallas, TX as soon as possible.

Anticipating a Contractor Injury

You hire a contractor to add an extension to your Dallas, TX home. While going through the process, one his workers slips and falls, cracking his hip amidst all the flooring they’ve ripped up. Next thing you know, his medical bills have added up and he has a lawyer seeking recovery from you, the homeowner. So then what are the chances of recovery against your property and you as the owner?

While a homeowner can’t stop a party from filing a lawsuit, there are a number of issues here that may get in the way of a direct connection to the homeowner, according to the Eichelmann Insurance Agency. First, the contractor should have had a workers’ compensation policy in place. However, this isn’t always guaranteed. Some contractors hire their help as subcontractors, which means the worker’s comp defense doesn’t apply. Second, the contractor should be licensed and bonded. However, the bond is usually to ensure that if the job doesn’t get finished or fouls up, the homeowner has can recover by going after the bond with the contractor’s bonding agency. Again, a worker’s injury doesn’t usually get covered by these contingencies. Ideally, then, a homeowner will have insisted that the contractor has liability insurance for his work and people, but many homeowners forget to ask, so it can slip by.

If none of the above can be used, then it is likely the homeowner’s insurance may be the next target of a recovery lawsuit if that homeowner’s insurance policy covers injuries in the home. Most general language policies do, but to be sure you should check ahead of initiating a project just in case. For those in the Dallas, TX area, the Eichelmann Insurance Agency can help walk through the particulars or update a coverage to ensure you have contractor injury protection. Call or email for more information.

 

 

Does Your Auto Insurance Cover Rental Cars?

The warmer weather, longer days, and the approach of summer signals vacation time. If you travel to a destination without a vehicle, you most likely will want to rent a car. Specials for such rentals abound on websites, newspaper, and coupon mailers. While these offers seem to be bargains, they don’t include insurance, which you may find necessary to protect yourself from damage or theft.

Such insurance can easily double or triple the total cost of the rental. Fortunately, you have options for that coverage including the personal auto insurance provided by Eichelmann Insurance Agency.

Rental Car Insurance

For a fee, the rental car company offers you at least two types of coverage. The first is Collision Damage Waiver, which eliminates your financial responsibility if your vehicle is lost or damaged. The second is liability insurance, which covers injuries to people and property damage. In Dallas, TX, and the rest of the state, minimum amounts for that coverage equal $30,000 for each injured person up to a total of $60,000 per accident, and $25,000 for property damage.

Credit Cards

Many credit cards also offer free rental car coverage, if you book the rental entirely with that card. Such coverage costs nothing extra and can avoid your having to purchase the insurance offered by the rental car company. However, keep in mind that credit card coverage is generally secondary. It will only kick in to cover certain damages and liabilities not covered by your regular auto insurance. A few cards, such as the Platinum Card from American Express and the Delta Reserve Credit Card offer primary coverage.

Auto Insurance

In Dallas, TX, or anywhere in the USA, your personal auto insurance policy typically covers the cost of insuring a rental car, particularly if the vehicle you’re renting costs the same as your personal car. However, if you’re in the habit of renting expensive convertibles or exotic cars that cost more than your usual ride, your insurance may not cover you totally. The best way to be sure is to contact Eichelmann Insurance Agency and ask how their policies cover the car you intend to rent.