EasTex Insurance

Beginners Guide to Umbrella Insurance

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When it comes to umbrella insurance, the best way to think of it as a safety blanket for your key assets like savings and investments. While every insurance policy from commercial to homeowners to auto will include liability coverage, there is always a maximum amount that the insurance company will stop paying at. Consequently, if you are sued or face damages over the maximum liability coverage on your specific insurance policy, then you are on the hook to pay the difference. 

As an example, let’s say that your teenage son – who is listed on your policy – gets into an auto accident that results in significant damage to both property and injuries to a third party over $200,000. If the property damage and bodily injury liability portions of your policy exhaust at $200,000, then the difference is your responsibility. Purchasing an umbrella policy means that you’ll have coverage above that amount to a specified limit. 

In addition to covering damages to your umbrella policy limit, it will also cover legal costs associated with any accidents. Keep in mind that umbrella insurance does not cover injuries or property damage to yourself or something that you own. In addition, unless you have a commercial umbrella policy, traditional coverage won’t include any businesses. Lastly, the vast majority of policies do not cover liability that originates because of a breach of contract like not paying a contractor for work that they’ve done that was within their scope of work. 

When it comes to finding the right umbrella insurance policy, it’s crucial to have a team of trusted professionals working on your side. For that, look no further than EasTex Insurance in Tyler, TX and give us a call to discuss your needs. 

What are the Most Common Types of Auto Insurance?

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At EasTex Insurance, we provide the auto insurance policies Tyler, TX residents need to drive legally and safely. It’s important to choose the right type of auto insurance based on your needs and obligations. 

Liability

Liability insurance is required by law. If you are in an accident, liability insurance will cover the other party’s damages. It will include coverage limits for property damage and medical expenses. It will pay to repair the other party’s vehicle or other property and medical expenses up to the coverage limits. 

Collision Coverage

This is coverage for your vehicle. If you are in an accident that is your fault, collision coverage will pay to repair or replace your car. Many lenders require collision coverage to protect their investment. If you own an expensive vehicle, you have a loan on the vehicle, or you can’t afford to repair or replace it if you have an accident, collision coverage is a good idea.

Comprehensive Coverage

Comprehensive coverage is usually recommended, along with collision coverage. Comprehensive coverage is for situations not covered by collision insurance. If your car is stolen or vandalized, comprehensive coverage will cover these expenses. 

Personal Injury Protection

Personal injury protection will cover expenses related to your injuries from an accident. It also covers any passengers, up to the coverage limit. Medical expenses can add up quickly, and personal injury protection can help ensure you get the medical care you need after an accident without breaking the bank. 

Uninsured Motorists

Legally, everyone is required to have liability coverage. However, not everyone follows the law. If you are in an accident and the other person doesn’t have insurance, your standard policy will not cover it if the accident is their fault. An uninsured motorist policy will cover these damages. It may also provide coverage if the other party has insurance, but it’s coverage limits aren’t high enough to cover all your expenses. 

Auto Insurance in Tyler, TX is essential, but selecting the right coverage can be difficult. At EasTex Insurance, our agents will explain the types of insurance and help you choose the coverage that’s right for you.  

Do I need life insurance if I am retired?

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Life insurance is part of financial planning over a lifetime for most people. When you retire, you may have decreased income and be looking for ways to lower your expenses. You may be thinking that stopping payment on your life insurance will help with your finances. While it may save you a little bit of money, it isn’t necessarily the best thing to do. Speaking to a knowledgeable agent like those at EasTex Insurance in Tyler, TX can help you to understand the implications to your overall financial health of getting rid of your life insurance policies. 

Depending on the type of life insurance policy that you have, it may have accumulated cash value. If you just stop paying your premium with a term policy, you will lose your coverage and have no money to show for. With a whole life policy, you have several options. You can cash in the policy for the accumulated cash value, or you can take a loan from the policy. With a whole life policy,  even if you stop paying, you should be able to collect on the value that you have accrued.  

Just because you have retired doesn’t mean you don’t need life insurance. If you have someone dependent on you, providing for them after you are gone is something to consider. You may also want to leave a legacy to your children, grandchildren, or even great-grandchildren. One other thing to consider is whether or not you have set aside the money to pay your final expenses. 

The answer to the question "Do I need life insurance if I am retired" is it depends on several factors. It is something you should discuss with your financial or insurance professional. Why not make an appointment to discuss it with the team at EasTex Insurance in Tyler, TX. 

Why a home inventory is a very good idea

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Your home is your castle, and protecting your home and all the things that you own are important to you. Nobody likes to think about bad things happening, but unfortunately, they do. When they do, you need to file a claim, which is never fun. It can also be stressful, but there are some things you can do to make filing a claim less stressful, including having a home inventory. In the event of a catastrophe, you will find a home inventory is a very good idea. At EasTex Insurance of Tyler, TX, we have been in business since 1979 and love to share our many years of experience. 

When you file a claim for loss of personal possessions, your carrier is going to want to know exactly what was lost. Depending on how the structure of your home was involved with the loss, it may be difficult to prove exactly what you used to have. That is where your home inventory comes in. It is a careful room by room record of your possessions. You can create it the old fashioned way with a pen and pad, or you can use a video to record the content of your rooms. If you use a written record, the addition of photos can be very valuable. Attach any invoices or receipts you have. Include as much detail (brand, date purchased, model number) as possible. 

If you have valuable items, getting an appraisal will make collecting on your claim a lot easier. Once your inventory is complete, you should store it in an easily accessible place safe from anything which might destroy your home. The cloud is a safe option. 

A home inventory is an excellent idea if you ever file a claim. At EasTex Insurance of Tyler, TX, we will be happy to answer any questions about a home inventory or about any other insurance-related topic you have. Call our office to set up an appointment or to get a no-obligation quote.   

Why Get Classic Car Insurance Instead of Automotive Insurance?

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Understanding Classic Car Insurance

When it comes to insuring a car in Texas, you are only required to carry the minimum amount of protection. This is often okay for many vehicles, but classic cars are a different story. Protecting one should mean special considerations, such as the car’s value, special needs during transportation, and the cost of repairs or restoration in order to retain the value.

Difference Between Classic Car and Automotive Insurance

There are some significant differences to consider when deciding between traditional automotive and classic car insurance. Traditional automotive insurance typically does not offer enough coverage since it only provides coverage up to the depreciated value of the car- not your vehicle specifically but of that make and model of car.

Classic cars, however, are more of an investment. They do not usually depreciate over time because the owner has put time and money into it. Most of them are restored to their original look and operations, so the value appreciates. If the insurance company is going by the average depreciated value, they are not taking into account the work the owner has done or how much your classic car is actually worth.

Due to the value of your classic car, repairs and restoration are usually going to cost more than a regular car, so your insurance coverage needs to be able to cover the higher costs- something traditional auto insurance does not do.

Transportation costs must also be considered. Classic cars need to be towed with care to retain their value and decrease the risk of additional problems. Traditional automotive insurance does not cover specialized towing, but classic car insurance does.

At EasTex Insurance of Tyler, TX, we know that your car is your baby, and babies deserve extra care and attention. Let us help you give it to them.

Rates and levels of protection can vary according to your precise vehicle and your insurance goals. Stop by or give EasTex Insurance a call to a classic car insurance quote and just what protections we can provide.

I Have Home and Auto Insurance. Why Do I Need Umbrella Insurance?

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If you have home and auto insurance, you may think you’re prepared for anything that can happen. However, it’s not just the price to replace your car or house that you have to consider. Unfortunately, we live in a society where people love to sue one another. Your insurance limit may not cover a judgment against you, meaning you would have to pay the remainder out of pocket. Keep reading to learn more about the benefits of umbrella insurance and contact EasTex Insurance in Tyler, TX to purchase a policy.

What Are the Benefits of Umbrella Insurance?

If you already have a car and home policy, umbrella insurance provides additional coverage that increases your total limits. If you are sued for invasion of privacy, slander, or libel, the settlement and legal costs may exceed your auto and property coverage amount. To avoid financial loss, you can buy umbrella insurance as an additional layer of protection.

Your car and home insurance probably include liability coverage. In many cases, the limit is insufficient to cover you if you experience a catastrophic loss that you’re responsible for. For example, your auto insurance limit may seem high. However, if you hit a car full of people, your coverage limit can evaporate quickly.

Medical bills and lawsuits can eat up your regular coverage. If you don’t want to take the chance of having to pay off any expenses, umbrella insurance can bridge the gap. The same holds on your homeowner’s policy. No one likes to think about causing an accident where other people get hurt, but if it happens, you’ll be covered.

Protecting Your Business

Umbrella insurance can also be tacked onto your business insurance. If you own a partnership, sole proprietorship, LLC, or S or C corporation, consider umbrella insurance for supplemental coverage to safeguard your business from lawsuits.

Contact one of our agents at EasTex Insurance for umbrella insurance coverage in Tyler, TX. Make an appointment today for a quote or to review your current coverage. 

What Kind of Auto Insurance Coverage Do You Need?

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Auto insurance varies to suit drivers’ individual needs. When purchasing a policy, consider your driving habits, the value of your vehicle and your personal lifestyle. If you’re purchasing coverage for your entire household, you’ll have even more aspects to factor into your insurance equation. Working with an experienced EasTex Insurance agent in Tyler, TX can be helpful in determining what kind of coverage you need.  

Types of Coverage

A standard auto insurance policy in Texas offers the following basic coverage:  

  • Liability – Liability insurance pays for injuries and/or property damage to others in accidents that are your fault. All drivers are required to carry minimum liability coverage in Texas. The more time you spend on the road, the greater your risk of causing an accident, particularly if you do a lot of highway driving. By purchasing more than minimum coverage, you can protect your assets against serious accidents you may cause.
  • Collision – Collision insurance covers damage to your vehicle from collisions. It’s not mandatory in Texas, but important to have, especially if you own an expensive car. If you’ve taken out a loan on your car, your lender will probably require that you have this coverage.
  • Comprehensive – Comprehensive protects your vehicle against theft and non-collision incidents like hail, vandalism or falling objects. Unless you have the finances to cover these damages on your own, you’d do well to obtain this coverage. 
  • Uninsured Motorist (UM) – UM coverage also protects your vehicle, this time from hit-and-run drivers or people who hit you but don’t have sufficient coverage to pay your repair costs.

Customized Auto Insurance Coverage

You can customize your policy by selecting only the coverage you need. This gives you ample protection without paying extra for unneeded coverage. To learn more about auto insurance options and costs, contact EasTex Insurance in Tyler, TX.  

Factors That Impact Your Life Insurance Quote

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If you are in the market for life insurance, there are certain factors to consider that can determine costs and what kind of coverage you need. Staying in good health and looking into insurance options while still young can be reasonable steps to getting the best policy possible.

It is vital to choose a quality insurance provider when making an important decision relating to your life insurance. EasTex Insurance in Tyler, TX is knowledgeable about life insurance and can help you find the right policy for you.

Here are some factors to consider:

The impact of age

One of the top factors that can’t be denied that impacts your health insurance is age. This will determine costs and how much coverage you can get. Typically, the younger you are means you will get the best rates because you are lower risk. This is one reason not to wait until you are older to get life insurance.

Gender can determine rates

Gender still impacts the cost of life insurance. Statistically, men have shorter lives, so there is a higher premium due to the risk of death being higher. This may change, but it has become the standard determining factor in nearly all states for differences in pricing.

Personal health

This plays a big part in determining the pricing and types of policies available. Your health history undoubtedly will come up when applying for insurance. If you have persistent medical conditions and a record of poor health, you might wind up paying more for coverage. Factors like tobacco usage or other detrimental conditions will increase insurance costs.

If you are in Texas and need quality life insurance, contact EasTex Insurance in Tyler, TX today to speak with an agent. We are here to help you get the best policy for your insurance needs.

Does Home Insurance Cover All Potential Covered Losses If There Is A Claim?

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If you are a homeowner, you probably already have home insurance coverage in place. Do you know what the terms and conditions are for your current policy, however? Most homeowners are confused about the limits of coverage their insurance allows and what items are covered if there is a claim.

Home Insurance Coverage

Getting the right amount of home insurance coverage is crucial for protecting your property and assets. In some instances, you may have the option to purchase not only the home insurance but contents coverage as well. This type of insurance protection provides coverage for high-value items and major appliances. Before selecting your coverage, consult with an insurance agent to find out if you need content coverage for your home.

Working With Skilled Agents

Getting help from skilled agents will help you be a more informed homeowner. You can then decide if you need additional coverage to provide complete protection from losses. Before selecting contents, it is important to know the value of the covered items and provide a list and any receipts so the agent can help come up with a suitable coverage plan. Together, a comprehensive plan can be created to offer protection year-round. If you live in or near the Tyler, TX area, you can count on EasTex Insurance to provide the support you need during the selection process. 

If you have questions about home insurance coverage, call or stop by EasTex Insurance, serving Tyler, TX, to get additional details and support. Call or stop by today to speak with an agent or to schedule an appointment. 

What are the benefits of getting classic car insurance

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While most people in the Tyler, TX area will own a car and consider it a mode of transportation used to get from A to B, other people may have an interest in the history of vehicles. They may desire to own a classic car themselves. When you buy a classic car, you are not only getting a vehicle that can be driven, but you are purchasing a vehicle that could appreciate. Due to this, getting classic car insurance would be a great option. 

Protects Value

One reason to get classic car insurance is that it can help to preserve the value of your car. When you enter into a classic car insurance policy, you will enter into an agreed-upon replacement value of the car, which differs from standard car insurance policies. Doing this will allow you to protect the unique value that comes with some classic cars.

Liability Coverage

Another reason that you will need classic car insurance is that it can provide you with liability coverage. Similar to when you are driving any other type of car, you need to have liability insurance when operating a classic car. This will ensure that you comply with state laws and are covered if you are at fault in an accident. 

There are many reasons why you should get classic car insurance if you have a classic car in the Tyler, TX area. Since there is some complexity with this type of coverage, you should work with a team that is well aware of how this type of insurance works. The team at EasTex Insurance can help you acquire a quality classic car insurance policy that meets your needs. EasTex Insurance will also explain how this type of insurance works, which will allow you to choose the right plan for your situation.