Benefits of Umbrella Insurance for Personal Protection

Umbrella insurance provides an additional layer of protection, in addition to your liability coverage found in your personal homeowner’s, auto or boat insurance policy. Often, personal umbrella policies start with a minimum coverage limit of one-million dollars. These policies are designed to protect you in case you’re found legally responsible for injuries to property or persons, including non-physical injuries, such as slander or libel. Ty Lawrence Insurance Agency, which deals with people near the Austin, TX area, is able to analyze your situation and give you the advice needed to ensure you get the best possible protection at a great rate.

Protect Your Assets Against Legal Action

If you possess a lot of assets, you may be a target for lawsuits. Losing a judgment may result in special compensatory judgments for pain, loss of consortium, and suffering and punitive damages. Losing a high-value lawsuit could greatly affect your lifestyle, which is where your umbrella policy comes into play. The coverage limits, which may appear quite high, cover personal liability and pay for damage to others, helping you keep your hard-earned money in your possession.

High-Profile Image or a Change in Lifestyle

Sometimes, a lifestyle change or being a person of high-status may warrant buying an umbrella policy. Some people are often held to higher standards than others, for example, coaches, clergy, youth instructors, and counselors, and when people feel these individuals haven’t met their preconceived standards, they file a lawsuit.

Perhaps, you decide to brighten your kids’ life by installing a nice pool in the backyard. You’ve now greatly increased the risk of a lawsuit from your kids’ family members if someone gets injured in the pool. A trampoline that your kids and their friends enjoy may be a ticking time bomb in terms of a lawsuit for spinal damages if someone slips and falls.

Contact someone from Ty Lawrence Insurance Agency, which assists people in the area of Austin, TX, and finds out how an umbrella policy offers personal protection against financial ruin.

 

Tips for Buying Life Insurance in Texas

Life insurance ensures that your beneficiaries can lead a comfortable life financially even after your demise. Here are some tips for buying life insurance in Texas;

Understand the type of insurance you need
While life insurance is imperative and necessary, do not rush into taking one before you research and analyze your insurance needs.  There are different types of life insurance policies, and understanding how each will help your beneficiaries will help you decide which one you should choose

Consult a financial professional
Understanding your current financial standing and the financial needs of your family in the event of your death will guide you in selecting the suitable policy. 

Determine the extent of your coverage
What amount do you need your heirs to receive as your death benefit? This figure will influence the amount of on your premiums and the level of coverage.

Get the right policy
After establishing the extent of your coverage, get a policy that will meet your requirements. For instance, you could choose a policy with an annuity payout instead of a lump sum payout policy. With an annuity payout, your beneficiaries will receive the death benefits over the next few years.

Choose a reputable insurer
A life insurance policy ought to take care of your loved ones once you are no more. Consequently, you should choose an insurer whose track record is undisputed. Do your research by reading through reviews and asking for recommendations from satisfied clients.

Ty Lawrence Insurance Agency has been providing life insurance policies to the Austin, TX residents since 1984. We attribute our success to our customized services, reliability, and straightforwardness. Contact us today and speak to one of our agents about the available life insurance coverage options. Also, browse our website for our other insurance solutions in Texas.

Does Your Commercial Policy Cover Your Employees and Customers?

Business owners must carry adequate insurance coverage in order to protect themselves and their livelihood from damages that can disrupt their revenue stream and ability to conduct business as usual. Many owners can become caught up in the day-to-day obligations that come with running a successful business and let their insurance needs fall by the wayside.

A surprising number of business owners do not revisit their policies as their businesses grow. New businesses are required to carry policies by their bank or financial partners or their landlord, and once they have these policies in-place as they start out they simply let them auto-renew each year. We recommend that all of our commercial clients review their coverage each year and ensure that liability protection for incidents involving employees and customers is at a sufficient level.

There are many different facets of your business that benefit from commercial insurance coverage:

  • Property insurance
  • Vehicle and driver insurance
  • General liability
  • Inventory and equipment
  • Key Person coverage
  • Business interruption

All of these different aspects of your business can be adequately covered by the appropriate policies that you select with assistance from the team at Ty Lawrence Insurance Agency. If you are a business owner in the greater Austin, TX area, it is essential that your liability protection grows with your business. Claims involving damages that must be paid to employees and customers can cripple your firm if your coverage is below an adequate level.

If you are in need of a general liability policy, or you would like to review your current insurance portfolio, we can help. Ty Lawrence Insurance Agency is proud to serve the many hard-working business owners in the greater Austin, TX area, and we would welcome the opportunity to work with you!

What does an ATV insurance cover?

All-terrain vehicles (ATVs) can be unsafe for the riders as well as those around them, and it’s very expensive to replace it if it’s damaged. Due to this, owners need to buy ATV insurance to protect them and their machines from unforeseen losses. Many insurers in Austin, TX like Ty Lawrence Insurance Agency may cover ATVs under a motorcycle insurance policy although rates are often lower for the off-road vehicles.  

What does ATV insurance cover?

There are many coverage options in an ATV insurance policy. Some of them are mandatory while others are optional. This piece will outline all the coverage options in ATV insurance.

Body injury liability

This policy pays for all damages related to other parties who are injured in an accident that’s associated with your off-road vehicle. It also covers legal fees that may result from litigation against you.

Property damage liability

This cover is designed to pay for the damages you cause to another individual’s property. It will include properties like personal belongings, yard, or home.

Underinsured/Uninsured motorist

This is an optional plan that provides protection in case you are involved in an accident with someone who isn’t insured or doesn’t have enough of it. If the other party is at fault, your insurer will cover all the cost the person is responsible for.

Medical payments

Medical payments coverage will pay for medical expenses that will be incurred by those who ride your ATV and get injured. This optional plan will cover things such as X-rays, surgeries, transportation via ambulance, and hospital stay.

Comprehensive

It pays for damages that are not caused by collision, for example, flooding, earthquake, vandalism, theft, fires, and other causes.

Collision

The coverage pays for all necessary repairs to your damaged off-road vehicle after an accident.

You can get all these coverage plans from Ty Lawrence Insurance Agency, a company that serves the entire Austin, TX area. Contact us for more information.

 

When is Umbrella Insurance Necessary for Vehicles in Texas?

If you’re unfamiliar with the term, "umbrella insurance", think of it as an extra form of protection on top of regular insurance policies. Though it is traditionally used in business or homeowners insurance policies, growing numbers of auto umbrella insurance policies are being seen across the Austin, TX area and the West in general. Even so, it can be difficult to know just when and for whom umbrella insurance is necessary for vehicles in Texas. Fortunately, Ty Lawrence Insurance Agency is here to help.

But before we go into the necessity of umbrella insurance, it is first important to understand what this kind of insurance is. Also known as "excess liability" coverage, an umbrella policy kicks in when coverage under a regular auto policy isn’t enough. For example, a serious accident that results in critical bodily injury or a lawsuit for major damages usually means you’ll have to pay out of your own pocket for any amounts that exceed your auto insurance coverage limit. An umbrella policy, therefore, works to cover these extra costs and legal fees.  

So why is umbrella insurance becoming more common in Texas? Well, as western cities continue to grow, more and more vehicles are being introduced to the roads, and road networks themselves are expanding. People are paying closer attention to auto insurance policies than ever, and it is becoming obvious that standard policies don’t come with many benefits when it comes to different kinds of liability. While umbrella insurance is not a legal requirement for anyone, many people who have a high net worth (at least, a net worth higher than their regular liability coverage limit) may view it as a necessity. The point is, if you’re in the Austin, TX area and you deem yourself to be at high risk of either a lawsuit or expensive costs in a car accident, an umbrella policy could be the right choice. To learn more about umbrella insurance and whether or not it is right for you, please contact Ty Lawrence Insurance Agency at your nearest convenience. 

3 Tips for Taking Care Of Your RV

More and more people are investing in recreational vehicles (RV) in Austin, TX. RVs make for a great way to enjoy the open road while still being able to take advantage of a number of amenities, including a place to sleep, full kitchens, washers and dryers, and more. Staying in an RV at a campground tends to cost way less than what it takes to pay for a hotel room. Think about it. Taking your family of six and booking two rooms at a hotel for five nights will cost you upward of $1,000. Taking them to a campground and staying in the RV, however, will likely cost you less than $300 for the entire month. No matter the type of RV you invest in, it is pertinent that you protect it with proper insurance. For now, let’s take a closer look at three tips for taking care of your RV. 

Perform Adequate Maintenance On the Waste Water System

There are two basic types of wastewater systems for RVs — black water or gray water. Depending on the type you have, you will have to use certain chemicals to keep it well maintained. You will also need to make sure the system is flushed on a regular basis. Excessive amounts of buildup in the wastewater system can lead to:

  • Nasty clogs
  • Failure of operation
  • Seizing valves

Clean the Side Outs

If your RV has one or more slide outs, you need to clean them regularly to prevent dirt build up. Regular cleaning will include lubricating the slider mechanisms as well as adding lubrication around the window seals on the slide outs. 

Invest In an RV Insurance Policy

There are three main advantages gained when you invest in a policy for your RV:

  • Liability coverage provides benefits for your passengers in the event they are injured in an accident
  • Acts as a safeguard for your possessions kept in the RV
  • Peace of mind in knowing your RV is properly protected in events that may not be covered by your traditional policies

Contact Us Today

If you would like to learn more about the benefits of RV insurance, please contact Ty Lawrence Insurance Agency serving the Austin, TX area. 

What Factors Influence Motorcycle Insurance?

Motorcycle insurance provides a measure of reimbursement for financial losses related to an accident, damage or theft and liability coverage for personal injuries and property damage. There are factors which will reduce the motorcycle premium. 

SAFETY

Insurance companies will reduce premiums if you make your riding experience safer such as:

1.  Helmets are a very controversial way of reducing premiums. Many riders feel that the helmet interference with the riding experience. Helmets save lives and will reduce premiums
2.  Security Devices such as alarms and locks. Chose security devices that are acceptable to your insurance company.
3.  Put a cap on your mileage. If you lower your mileage, an insurance company will consider that a factor in reducing your premium
4.   Drive solo and do not take passengers. 
5.   Frequency of riding
6.   Take advanced training classes.  Preferable police training classes.

FINANCIAL FACTORS

1.    Pay the annual premium and not monthly will reduce overall premium.
2.   Improve your credit score should give a better premium.
3.   Depending on your use of the motorbike, only buy the insurance that you need. 
4.  Motorcycle make and model. Do not choose a sports bike.
5.  Chose insurance carrier that has a no-claim bonus.
6   Bundle your motorcycle insurance with the same company you use for auto and home insurance.

PERSONAL FACTORS

1.   Live in an area that does not have a high rate of thefts of vehicles.
2.  Age and clean driving record.
3. Custom add-ons will increase the value of your bike and premium.
4.   If you belong to any motorcycle associations or organizations, such as the American Motorcycle Association, Honda Riders Club of America, Motorcycle Safety Foundation. And Harley Owners Group could discount your premium.
  
The agents of  Ty Lawrence Insurance Agency in Austin, TX will review with you the best possible way of controlling your costs and still enjoy your motorcycle.  Please call!!

What Does Umbrella Insurance Not Cover?

The agents of Ty Lawrence Insurance Agency are available to help business owners in Austin, TX determine if they can benefit from umbrella insurance coverage. Umbrella coverage normally goes up to $1 million or more in order to effectively cover any lapses that may occur over and above your traditional coverage. This type of coverage not only protects your assets but is also designed to protect your future as well.

Is Umbrella Insurance the Answer?

If your company has a net worth of over $1 million, it’s a good idea to have an umbrella insurance policy in place to protect your assets. The risk of loss in this type of situation can be devastating for a business. If you are sued or forced to pay the medical bills of someone who was injured on your property and the total payout exceeds more than your traditional policy’s limits, your business could suffer.

What Is Exempt From Umbrella Coverage?

While umbrella coverage will cover the excess in a liability case, it won’t help at all in a Worker’s Compensation case. Umbrella insurance coverage can also cover settlements that are also negotiated outside of lawsuits. Umbrella coverage does have its limits. The amount of coverage each policy provides will be dependent on the terms of coverage in each case.

In Austin, TX, business owners can purchase an umbrella insurance policy to protect their company from devastating financial loss if they are sued or are liable for a customer’s injuries that were received while on the property. The agents of Ty Lawrence Insurance Agency their customers to call their office to schedule an insurance review to determine that all of their insurance needs are being met.

Find Out Why Umbrella Insurance Is Useful in Austin, TX

Imagine being the culprit of a major car wreck and you are on the line for nearly $1 million in injuries, damages, and legal fees. The issue that your insurance will only up to $500,000 and the damages, injuries, and legal fees are over $1 million. This would make you liable for the other half of the costs while your insurance company can bail on the other half of the responsibility. Instances like this, which is not limited to auto insurance, is why much high-net-worth or high-risk individuals in Austin, TX will have umbrella Insurance handy. If you are in the market for your own insurance plan, try consulting with Ty Lawrence Insurance Agency.

Think of umbrella insurance being a wide-spread legal coverage that will protect you from a wide variety of risks, much like an umbrella protecting yours from the rain. The same example mentioned above can also be compared with disasters happening within your property. Keep in mind that umbrella insurance may negate claims that are intentional or are restated to your business.

Aside from home or auto coverage, it can also handle very unusual claims. This may include something like a false arrest or wrongful imprisonment claim. Imagine having a big lawsuit for something that isn’t even conceivable by an insurance company; you would otherwise pay the costs out of your pocket.

Considering the low yearly costs of making insurance payments, umbrella insurance is a great investment if you are worried about being hit by big lawsuits. Some insurance companies may even offer bundled discounts when adding umbrella insurance with other policies. If you are in the market for umbrella coverage in the Austin, TX area, Ty Lawrence Insurance Agency is a great place to start your search.

Term Life Insurance increasing in popularity

Term life insurance covers you for a specific amount of time, which is why it is called "term."  You pay your premiums, and if you die during that time, your beneficiaries will receive the payment.  That is as opposed to whole or universal life, which lasts as long as you live and builds up cash value. At some point, you may take out the cash, or borrow against that amount. The agents at Ty Lawrence Insurance Agency in Austin, TX can explain the intricacies of this type of insurance and answer all your questions.

Term insurance has become more popular in recent years for a few reasons. One of those reasons is people are more sophisticated about investing now, and there are individual retirement accounts you can create apart from your work. Another reason is that term insurance can be tied to an event, like paying off your mortgage. You could also have insurance for your business, to keep the business running if you should die.

Term insurance is also adjustable to your needs. if you need more or less insurance, you can easily adjust that amount at any time during the term.  The cost of term insurance is much lower, and you can buy a lot more of it for the money.  Young adults, and young families, in particular, may find that term insurance is their best option. 

The Ty Lawrence Insurance Agency in Austin, TX can help you make the best choice for your life insurance needs. Contact them to today, or stop by the office, to talk about your insurance needs. If you are an existing customer, stop by and let us make sure your policy is still meeting your needs, especially if you have had a major change in your life.