Insurance

What You Should Know About Umbrella Insurance in Texas

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You may have homeowner’s insurance, car insurance, and other types of insurance to protect your family and your assets, but what if your insurance needs go beyond your current coverage? In that case, umbrella insurance will provide the extra coverage that you need. At the Rickey McGill Insurance Agency in Arlington, TX, we help clients find the right policies. Here’s what Texas residents need to know about umbrella insurance. 

Umbrella Insurance Coverage  

In Texas and other states, you can get personal insurance coverage as well as commercial insurance coverage. What is umbrella coverage for? If you reach your coverage limit on another insurance policy, your umbrella insurance can cover the excess. Umbrella insurance has proven especially helpful for protection against lawsuits. Texas residents often choose umbrella insurance if their homes or businesses come with a significant lawsuit risk. For example, a lot of Texans have open land, swimming pools, and other properties that may lead to a lawsuit in case of injury. Umbrella insurance gives these homeowners and business owners some extra peace of mind. 

Texas Has Choices 

There’s no shortage of insurance choices in Texas. Your umbrella insurance options come in a wide range of coverage choices. All of these options can get complicated, and you’ll want to make sure that you get the right coverage for your needs. One way to make the most informed choice is to talk to an independent insurance provider. The right provider can help you match your umbrella insurance to your coverage needs. 

Rickey McGill Insurance Agency

Want to talk to an insurance agent about your policy options? The Rickey McGill Insurance Agency is ready to help. Contact us today, or visit our office in Arlington, TX. We’ll answer your questions and help you find your umbrella policy.

Why do I need condo insurance in Texas?

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Congratulations on being a condo owner in the great state of Texas. Owning a condo is a significant investment, and like owning a free-standing home, it needs to be protected. Talking to the agents at Rickey McGill Insurance Agency in Arlington, TX can help you to be able to relax and enjoy your new home. There are several reasons that you need condo insurance; all of them are important. 

Condo association insurance

Your condo association carries a policy that covers the exterior of the building, so things like the roof and the exterior walls are not your responsibility. They also cover common areas like the parking lot and the community pool, gym, or hot tub. This is all great for you, fewer things to worry about. However, their insurance does not reach inside your walls.  

Your responsibility

If you have a mortgage, your lender will require that you carry condo insurance to protect their investment in your condo. You are personally responsible for your appliances, kitchen cabinets and countertops, bathroom fixtures, and anything inside the exterior walls. Your personal items are also your responsibility to cover, imagine losing your electronics, clothing, and furniture. Loss can come in a variety of ways, including fire and theft. 

Beyond just the loss of everything you own, you need to protect yourself against the possibility of someone being injured while visiting you. Being sued can cost you thousands, and your condo liability insurance will help to make sure that your assets remain safe. 

At the Rickey McGill Insurance Agency, our experienced staff is always ready to help to meet your condo insurance needs. If you live in or near Arlington, TX, why not give us a call or stop by our office for a no-obligation quote. You will be glad you did, and your condo will thank you too!

Life Insurance Buying Tips

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Getting life insurance is a smart move whether you’re a young person just out of college or an older person starting a family. Rickey McGill Insurance Agency will get you started with a few insurance buying tips that will help keep you from making some simple mistakes.

Think About Your Beneficiaries

It’s not the best option to name a minor as your beneficiary. The insurance company can tie up the death benefit for a minor are not able to accept life insurance directly. It wouldn’t be available until they’re 18. At that point in receiving a lump sum, the child will have no intermediary to help guide them with their new wealth. You make your child a beneficiary because you don’t want them to worry about money for school or life. But this could make it a little more difficult. When they get the lump sum, they may spend the entire amount within a few years or even months.

Get Comparative Options

When looking at quotes, make sure you comparison shop. You’ll want to look at the cost of the premiums and the terms versus the death benefit. Don’t just look at the lowest premiums. That may not be the best option for your beneficiaries. With the Rickey McGill Insurance Agency in Arlington, TX, our independent agents can go over several options with you before you make a decision.

How Much Coverage Do You Need

Take a good look at your finances and decide what type of coverage you’ll need. You might consider having at least 6 times your current salary. If you are making $100,000 per year in Arlington, TX, than the death benefit should be $600,000. This would be the amount to cover any debt and funeral expenses that you’ve accrued over your lifespan.

Situations Where You Need Commercial Liability Insurance

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When visiting your business, a client falls on loose carpeting, your employee leaves the water running in a customer’s home, someone files a lawsuit claiming misleading information in one of your ads — all these situations can lead to court battles and financial disaster if your Arlington, TX business isn’t properly covered.

To review your coverage to ensure it pays for the associated medical and legal expenses and punitive damages, call Rickey McGill Insurance Agency. In the meantime, here is some information on commercial liability insurance that every business owner should know. 

What Does Commercial Liability Insurance Cover?

Commercial liability insurance covers your legal defense and damages if you are held liable in a court proceeding. A lawsuit can have many negative impacts on your business and is one of the most frequently used types of coverage.

Bodily Injury and Property Damage Liability

Bodily injury and property damage protect you from legal liability and pay for bodily injury or property damage experienced by others. It covers events that occur at your place of business or elsewhere if the incident involves the negligent act of you or an employee.

Personal Injury and Advertising Injury

These types of coverage protect you from liability for several offenses, including libel, slander, copyright infringement, false arrest, wrongful evictions and using someone else’s ad ideas.

Medical Payments

This type of coverage includes injuries for non-employees due to an event that occurs on your business premises or as part of your business activities. Approved medical payments claims pay for surgical, medical, ambulance, hospital and funeral expenses for someone hurt or killed in an accident at your premises or deriving from your business operations.

Contact Rickey McGill Insurance Agency today to set up an appointment for a quote on general liability and other commercial insurance coverage for your Arlington, TX business.