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If you own a home, you have homeowner's insurance. While many homeowners accept that fact and sign on the dotted line, many fail to revisit their policies throughout the years to make sure they are receiving the best coverage available. This is typically due to the fact that insurance is just not something people want to delve into, it can be time-consuming and complicated to understand.

However, understanding what is and isn’t covered in your homeowner’s insurance policy can make a huge difference if you are faced with damage. Knowing the details of your insurance policy gives you more control of your coverage, and that knowledge is a powerful tool when it comes to protecting your property and belongings.

Homeowners insurance policies typically cover damage resulting from wind, fire, hail, water damage (excluding flooding), as well as other causes of loss such as by theft. Many of these policies include some sort of cost coverage for having to stay elsewhere while your home is being rebuilt or repaired.

There will also be coverage for any legal liability for any members of your family, pets, or other people hurt while on your property. This usually refers to your property rather than inside your dwelling and is limited in the amount that it will payout.

When you insure your home, you are insuring two things, the structure itself and your belongings. Each policy will have its own structure of coverage that allows for the replacement costs, extended replacement costs, and actual cash value of the insured property.

Insurance that pays the policyholder the cost of replacing the damaged property without deducting depreciation is typically limited to a maximum dollar amount. Whereas if you have a policy that covers extended replacement costs, it may cover costs up to a certain percentage over that limit, giving you protection against such things like increased construction costs.

If the policy covers the cost to replace your home less the depreciation costs for use and age, then it is considered to be actual cash value coverage. Under these terms, your damaged property is subject to the cost of replacing it in today’s marketplace, which can be much higher than its actual cash value.

It is a good idea to look over your existing homeowners insurance policy annually, refreshing your understanding of its terms and giving you an opportunity to decide to seek comparison policy offers. It is always good to consult with an insurance agent to help you understand your policy.

The Nolen Agency is happy to provide consultation of your existing homeowners policy, as well as provide you with options that can give you personalized coverage that can better serve your needs. Taking an active role in your coverage options will give you peace of mind knowing that you are well covered in the event of damage or destruction to your home and property.

Nolen Agency Insurance

Have you heard of umbrella insurance? If so, you may not fully understand what it is or why it is important. This is a type of liability insurance coverage that goes beyond the limit of your watercraft, auto, or home insurance. Essentially, it offers another layer of security for anyone who may be at risk of being sued for damages they caused to someone else’s property or injuries that were caused in an accident.

It also offers protection against invasion of privacy, slander, vandalism, and libel. Having an umbrella insurance policy is extremely beneficial if you are sued and if the amount of money provided by your original policy has been spent. The additional coverage provided by liability insurance will be most beneficial for those who own many assets, who have expensive assets, or who have a higher risk of being sued.

A Breakdown of Umbrella Insurance Policies

The premium you are charged for an umbrella insurance policy is typically less if you purchase it from the same insurer you have used for your other insurance policies. Depending on the actual provider, if you want an umbrella insurance policy, you must also have base coverage of a certain amount in place.

Sometimes, umbrella insurance is called excess liability insurance. It offers a fail-safe for your assets and savings. If you (the policyholder) are sued for damages that exceed the liability on the base policy, an umbrella policy will help to pay what else is owed. It can also provide coverage that isn’t included in the base insurance policy.

Some of the situations when you need umbrella coverage include:

· Landlords

· Sports participation

· Coaching sports

· Posting reviews for businesses and products

· Volunteering

· Individuals on the board for a nonprofit organization

How Does Umbrella Insurance Work?

If you want to fully understand how umbrella insurance works, consider the following. If you run a red light and hit someone, there could be quite a bit of damage to the other vehicle along with injuries. If the car repairs are over $50,000 and injury treatment is more than $500,000, you may have to cover the expenses that go beyond the limits for coverage of your insurance policy. With an umbrella policy, you will have coverage for the liability costs that go beyond the limits of your car insurance policy.

Work with the Right Professional

It’s important to work with the professionals who can provide you with information and who can answer any questions you may have about insurance in general, along with umbrella insurance policies specifically. When you are informed, you can feel confident you are getting the coverage needed and that if an accident occurs, you will have plenty of coverage for the situation. This type of peace of mind is invaluable and can help ensure you are covered for any incident or issue.

Don’t wait to get the coverage you need. Most service providers offer free consultations to help you figure out if there is enough risk that you would need additional coverage from an umbrella policy.

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Insurance policies are an important part of day-to-day life that we often forget to take care of or maintain as life changes. However, it's important to assess insurance coverage on a regular basis and make any necessary adjustments. Speaking to an insurance agent can help you determine if it makes sense to carry more of certain types of coverage, if you can combine coverage areas, or if you need to purchase an additional policy.

Insurance agencies can help you determine if you have enough coverage in the following areas:

Personal Property Insurance

Personal property insurance protects items that belong to you, personally. This insurance can cover jewelry, furniture, china, musical instruments, collectibles, and other special items. If you have a collection of possessions that are important to you and would cost money to replace, it may be necessary to cover them with personal property insurance. You may need to have the items appraised before purchasing an insurance policy or specific rider for them.

Home Insurance

Homeowners' Insurance can be purchased to cover your home and your property inside of it. You can discuss how much insurance you think you may need with Nolen Agency Insurance, and we'll help you decide on an appropriate amount based on your house and your possessions. In addition we can help walk you through the process of documentation, purchasing a policy, and more. Insurance doesn't have to be a complicated process, and it's important to make sure that you're well protected.

Auto Insurance

It's also important that you carry enough auto insurance for all of the vehicles and drivers in your family. Work with a skilled insurance agent to determine how much insurance you'll need on each vehicle, as well as any other types of coverage you'd like to carry, such as underinsured motorist or additional medical coverage in case of an accident. It only takes one auto accident to cause a serious life disruption, so it's vital that you're carrying an appropriate amount of insurance coverage.

Life Insurance

Will your family have financial resources in place if something happens to you? Will your loved ones have access to funding for funeral expenses, to handle your final affairs, and to get themselves settled? If you have any doubts when you think about these questions, it may be time to consider adding a life insurance policy. Or, if you already carry life insurance, you may want to consider purchasing additional insurance. Nolen Agency Insurance can help you evaluate your life insurance coverage, determine how much you think you'll need, and purchase additional insurance as necessary.

Your overall insurance needs can change throughout your life. This makes it important to spend some time each year evaluating what types of insurance you currently need, then speak to an agent if you are unsure if your current policies cover everything.

101 W Corsicana St
Athens, Texas 75751
 
Phone: 903-904-5100
Office Hours:
Monday - Friday 9AM - 6PM
Saturday By Appointment
Sunday Closed
241 SH31 E.
Chandler, Texas 75758
 
Phone: 903-849-4009
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