5 Common Mistakes People Make When Buying Condo Insurance

Buying condo insurance is different than buying homeowners insurance. For one, you’re insuring a unit within a building versus an entire home. And your condo association’s master policy may cover some perils like the roof or common areas that aren’t your responsibility, but not all. That’s why it’s important to understand what your condo policy should cover and how to avoid costly mistakes when buying this type of insurance.

Leo Insurance Group in Las Vegas, NV offers this guide on the five common mistakes people make when buying condo insurance.

Condo Insurance: What to Avoid

1. Not Understanding What Your Condo Policy Should Cover

Your condo policy should cover your personal belongings, any structural improvements you’ve made to your unit, and your liability in the event someone is injured while on your property. It’s important to understand what is and isn’t covered under your policy to ensure you’re protected in the event of a loss.

2. Not Getting Enough Coverage

Just because your condo association has insurance doesn’t mean you don’t need your own policy. You should ensure you have enough coverage to protect your belongings and your unit in the event of a loss.

3. Omitting Important Details

When you’re buying condo insurance, be sure to give your agent or company all the details about your unit. This includes the square footage, any special features or amenities, and any upgrades or improvements you’ve made. This information will help them determine the amount of coverage you need. Remember lying or omitting information on your insurance application is considered insurance fraud and can result in denial of coverage or even prosecution.

4. Not Reading the Fine Print

It’s important to read the fine print of your policy, so you understand the coverages, limits, and exclusions. This way, you’ll know what you’re covered for and what you’re not.

5. Failing to Update Your Policy as Your Needs Change

Your needs will change over time, and it’s important to update your policy accordingly. For example, if you purchase new furniture or make any improvements to your unit, you’ll need to increase your coverage limits.

Contact Us Today

These are five common mistakes people make when buying condo insurance. Be sure to avoid them so you can be fully protected. For more information or to get a quote, contact Leo Insurance Group in Las Vegas, NV. We’re here to help you get the coverage you need so you can have peace of mind.

 

The Dos and Don’ts of Condo Insurance

Condominiums are a popular housing choice for many people and for good reason. They offer the benefits of owning your own home without the hassle of maintaining the property. However, one important consideration for condo owners is insurance. While your condo association may have insurance covering the building itself, this does not usually extend to your personal belongings or liability. As a result, it is important to have your own condo insurance policy in place.

Heaton Bennett Insurance in Austin, TX provides this guide on navigating the dos and don’ts of condo insurance.

Condo Insurance: What You Need To Know

DO: Purchase Insurance for Your Condo

As a condo owner, purchasing your own insurance policy is important. This will protect your personal belongings in the event of damage or theft. In addition, if someone is injured on your property, your condo insurance will cover their medical expenses. Without insurance, you could be held liable for these costs.

DON’T: Rely on Your Condo Association’s Insurance

Your condo association’s insurance policy covers the building itself but not your personal unit. As a result, you will need to purchase your own insurance policy in order to be fully protected. Be sure to read over your condo association’s insurance policy to understand what is and is not covered.

DO: Understand Your Coverage

It is important to understand what your condo insurance policy covers. Most policies will cover damage to your personal belongings, liability, and loss of use. However, there may be some coverage limits. For example, many policies have a limit on the amount they will pay for jewelry or other valuables. Be sure to read over your policy carefully so that you are aware of any coverage limits.

DON’T: Wait Until Something Happens

It is important to purchase condo insurance before something happens. If you wait until your condo is damaged or someone is injured on your property, it will be too late to purchase insurance. As a result, you could be left with a large bill you will be responsible for paying.

DO: Compare Policies

When shopping for condo insurance, be sure to compare policies from different insurers. Some insurers offer discounts for certain condo features, such as security systems. In addition, be sure to compare the deductibles and coverage limits of different policies. By shopping around, you can be sure to find the best policy for your needs.

Get Condo Insurance in Austin, TX

Heaton Bennett Insurance is here to help you find the best possible coverage for your condo. We understand the ins and outs of condo insurance and can help you find a policy that meets your needs. Contact us today for more information or to get started on a quote.

Protecting Yourself With Umbrella Insurance

Are you concerned about potential liability lawsuits and want extra protection? Umbrella insurance may be right for you. If you’re uncertain, we at Heaton Bennett Insurance can help Austin, TX residents and business owners find the coverage option that makes the most sense for their needs.

What is Umbrella Insurance?

Umbrella insurance is an additional liability policy that you add to your existing policy. It extends how much your company pays in liability cases and may also include things that other policies cannot cover. You may add them to homeowners, auto, watercraft, and business insurance coverage options. These policies will basically cover additional liability payments beyond your basic policy up to its coverage limits. 

Coverage Options for Umbrella Insurance

Umbrella insurance policies can cover a surprising range of different concerns. Just a few extra coverage types that you can get for your home or business include:

  • Medical treatments for injuries
  • Severe damage to another person’s property
  • Specific types of liability lawsuit types
  • Personal liability concerns

For example, your policy will pay for any accidental injuries caused by you, covering a person’s medical treatments and liability lawsuit. It may also protect you against things like slander, libel, false arrest, detention, malicious prosecution, shock, and mental anguish situations.

However, your policy will not cover specific limitations in most cases. For example, umbrella insurance does not cover your injuries or property damage problems. It also will not cover intentional criminal action or any liability that you assume when signing a contract.

Find a Policy Today

If you’re interested in an umbrella insurance policy that will meet your needs, please call us at Heaton Bennett Insurance to get the Austin, TX coverage you need. Our team will sit down with you and figure out what protection you need and will balance your coverage to minimize your costs.

Why Whole Life Insurance is a Must

Unlike term life insurance that expires after a specific number of years, whole life is valid for your whole life – assuming the policy premium continues to be paid. Therefore, whether you pass away in one year, 10 years, or 50 years, the payout is guaranteed to be made. Additionally, the premiums on whole life insurance remain the same throughout the duration of the policy. For those not in the know, premiums are the monthly payments that remit to the insurance company to keep your policy in good standing. 

Heaton Bennett Insurance in Austin, TX can help answer any questions you may have. 

Why Whole Life Insurance is a Must

With term life insurance, the premium can increase at the time of renewal. Another benefit offered by whole life insurance is that a small portion of each premium payment is added to the cash value component of your policy, which can grow substantially with time. Unlike the death benefit that is only paid out when the policyholder passes, the cash value of the policy can be borrowed against any time for any reason.

The final benefit offered by whole life insurance that cannot be overstated, is that there are multiple tax advantages. First, the death benefit is tax-free, and second, the growth within your cash value account is tax-deferred, meaning that you’ll only pay tax on the growth if you cash out the policy before the policyholder passes.

For more information on life insurance and assistance in determining which type of policy is best for you, give the team at Heaton Bennett Insurance in Austin, TX a call. Our knowledgeable team of insurance professionals will answer all your questions and help find the right life insurance policy for your needs. We look forward to hearing from you soon.

 

Finding the right commercial insurance

The team at Heaton Bennett Insurance here in Austin, TX is proud to help our business community with all of its commercial insurance needs. 

Which commercial insurance policy is right for your company?

Having the right commercial policy in place is essential in protecting your business. Without the proper insurance, a catastrophe can cause upheaval for many years. Owning and operating a business of any size is a massive undertaking that requires hard work and dedication.

Don’t let one misstep create havoc that leads to a struggle. With the right policy in place, you can have the protection you need, whatever covered event may befall your business. We want our area to continue to thrive, and it is our distinct pleasure to help our community protect its vibrant business community.

If it’s time to review your current commercial insurance policy, we firmly believe that it is worth the time to do so. As businesses grow and change, so too do the company’s insurance needs. Don’t let a static commercial policy create a gap in protection that could lead to a more significant issue.

Working with a local agent who understands the needs of commercial entities in the area is a great way to ensure that you have the protection your firm needs.

Let us help you protect your business.

If you are a business owner in the greater Austin, TX area, rely on the team at Heaton Bennett Insurance for all of your commercial insurance needs. Call our office today and schedule an introductory consultation to learn more about this area’s commercial insurance policy options. We look forward to working with you!

Finding the right commercial insurance

The team at Heaton Bennett Insurance here in Austin, TX is proud to help our business community with all of its commercial insurance needs. 

Which commercial insurance policy is right for your company?

Having the right commercial policy in place is essential in protecting your business. Without the proper insurance, a catastrophe can cause upheaval for many years. Owning and operating a business of any size is a massive undertaking that requires hard work and dedication.

Don’t let one misstep create havoc that leads to a struggle. With the right policy in place, you can have the protection you need, whatever covered event may befall your business. We want our area to continue to thrive, and it is our distinct pleasure to help our community protect its vibrant business community.

If it’s time to review your current commercial insurance policy, we firmly believe that it is worth the time to do so. As businesses grow and change, so too do the company’s insurance needs. Don’t let a static commercial policy create a gap in protection that could lead to a more significant issue.

Working with a local agent who understands the needs of commercial entities in the area is a great way to ensure that you have the protection your firm needs.

Let us help you protect your business.

If you are a business owner in the greater Austin, TX area, rely on the team at Heaton Bennett Insurance for all of your commercial insurance needs. Call our office today and schedule an introductory consultation to learn more about this area’s commercial insurance policy options. We look forward to working with you!

Finding the right commercial insurance

The team at Heaton Bennett Insurance here in Austin, TX is proud to help our business community with all of its commercial insurance needs. 

Which commercial insurance policy is right for your company?

Having the right commercial policy in place is essential in protecting your business. Without the proper insurance, a catastrophe can cause upheaval for many years. Owning and operating a business of any size is a massive undertaking that requires hard work and dedication.

Don’t let one misstep create havoc that leads to a struggle. With the right policy in place, you can have the protection you need, whatever covered event may befall your business. We want our area to continue to thrive, and it is our distinct pleasure to help our community protect its vibrant business community.

If it’s time to review your current commercial insurance policy, we firmly believe that it is worth the time to do so. As businesses grow and change, so too do the company’s insurance needs. Don’t let a static commercial policy create a gap in protection that could lead to a more significant issue.

Working with a local agent who understands the needs of commercial entities in the area is a great way to ensure that you have the protection your firm needs.

Let us help you protect your business.

If you are a business owner in the greater Austin, TX area, rely on the team at Heaton Bennett Insurance for all of your commercial insurance needs. Call our office today and schedule an introductory consultation to learn more about this area’s commercial insurance policy options. We look forward to working with you!

Finding the right commercial insurance

The team at Heaton Bennett Insurance here in Austin, TX is proud to help our business community with all of its commercial insurance needs. 

Which commercial insurance policy is right for your company?

Having the right commercial policy in place is essential in protecting your business. Without the proper insurance, a catastrophe can cause upheaval for many years. Owning and operating a business of any size is a massive undertaking that requires hard work and dedication.

Don’t let one misstep create havoc that leads to a struggle. With the right policy in place, you can have the protection you need, whatever covered event may befall your business. We want our area to continue to thrive, and it is our distinct pleasure to help our community protect its vibrant business community.

If it’s time to review your current commercial insurance policy, we firmly believe that it is worth the time to do so. As businesses grow and change, so too do the company’s insurance needs. Don’t let a static commercial policy create a gap in protection that could lead to a more significant issue.

Working with a local agent who understands the needs of commercial entities in the area is a great way to ensure that you have the protection your firm needs.

Let us help you protect your business.

If you are a business owner in the greater Austin, TX area, rely on the team at Heaton Bennett Insurance for all of your commercial insurance needs. Call our office today and schedule an introductory consultation to learn more about this area’s commercial insurance policy options. We look forward to working with you!

Finding the right commercial insurance

The team at Heaton Bennett Insurance here in Austin, TX is proud to help our business community with all of its commercial insurance needs. 

Which commercial insurance policy is right for your company?

Having the right commercial policy in place is essential in protecting your business. Without the proper insurance, a catastrophe can cause upheaval for many years. Owning and operating a business of any size is a massive undertaking that requires hard work and dedication.

Don’t let one misstep create havoc that leads to a struggle. With the right policy in place, you can have the protection you need, whatever covered event may befall your business. We want our area to continue to thrive, and it is our distinct pleasure to help our community protect its vibrant business community.

If it’s time to review your current commercial insurance policy, we firmly believe that it is worth the time to do so. As businesses grow and change, so too do the company’s insurance needs. Don’t let a static commercial policy create a gap in protection that could lead to a more significant issue.

Working with a local agent who understands the needs of commercial entities in the area is a great way to ensure that you have the protection your firm needs.

Let us help you protect your business.

If you are a business owner in the greater Austin, TX area, rely on the team at Heaton Bennett Insurance for all of your commercial insurance needs. Call our office today and schedule an introductory consultation to learn more about this area’s commercial insurance policy options. We look forward to working with you!

Required Auto Insurance in Texas

In Texas, as in other states, the state mandates how much auto insurance is required for drivers within the state. The minimum amounts may not be enough for a serious accident, however. It is often recommended to get more coverage than the state requires in order to be better protected. If you need auto insurance, contact us now at Heaton Bennett Insurance in Austin, TX.

Liability Coverage

When you have auto insurance in Texas, you are required to have two kinds of liability coverage. Going without this coverage can result in a number of fees, fines and penalties. The coverage required by the state includes property damage liability and bodily injury liability. Both of these pay for damages done to third parties- not to you or your property. Bodily injury coverage pays for a third party’s medical bills, lost wages and even pain and suffering from an accident that you caused. The property damage coverage pays for the damage done to a third party’s vehicle, building, landscaping, etc. 

Other Coverage Types

Because liability coverage doesn’t pay for damage to your own vehicle, it’s important to have coverage for your own property, though it isn’t required by state law. If you have collision coverage, this pays for your own property damage for an accident that you cause. If you get comprehensive coverage, this will pay for a number of other things that can happen to your vehicle. This leaves you protected against risks to your vehicle when you aren’t driving it. 

Get Your Auto Policy

If you drive in Texas, it’s vital that you have auto insurance to stay legal as well as to protect yourself and others financially. If you don’t yet have auto insurance, or you want to change carriers, give us a call today at Heaton Bennett Insurance in Austin, TX.