Business, as well as property owners in Austin, TX, have a reason to smile as they have yet another chance to protect themselves and their businesses. Umbrella insurance or excess liability coverage ensure that you’re completely covered by providing extra coverage beyond the primary home, boat, motorcycle, condo, commercial and other fundamental insurance policies.
At Ty Lawrence Insurance Agency, we recommend this insurance to individuals who needs extra protection and those with valuable assets and properties or big businesses that may need extra cover. We also provide guidance on which package best suits your needs based on what you own. So what are the coverage options available for umbrella insurance?
- Property damage: Protect your property from damages or destruction that may come up as a result car crash, fire or burglary.
- Bodily injury coverage: This policy covers medical bills that may come up due to injuries that your guests or neighbors may sustain while at your home.
- Libel or slander: In case you land on a lawsuit whereby you have been sued by another party for something you did, say or wrote, this policy helps provide the necessary protection.
- Landlord: As a landlord, you may not limit the number of guests who enter your property. You may also not be able to prevent falls, slides, and damages by your tenants and as a result, some may get injured and sue you for the injuries.
It is quite substantial to keep in mind that umbrella insurance cannot be used as it is—it is not self-independent. This policy only acts as additional coverage whereby the standard home or auto insurance must be used and exhausted before embarking on umbrella insurance. To know more about how you can add coverages for your assets, insurance experts from Ty Lawrence Insurance Agency can help you. Call us or visit us in Austin, TX today.
Besides basic and liability insurance, you should consider other types of insurance to cover you, your passengers and your bike. Your Ty Lawrence Insurance Agency representative can help you talk through the required "Big Three" types of insurance as well as the optional coverage you should consider. Meanwhile, here’s more information to get you started.
The Big Three Coverages
Just like cars or other vehicles, motorcycles must be covered for the following in the state of Texas:
- Comprehensive Physical Damage Insurance covers your bike if it’s damaged or stolen in a non-accident related event.
- Collision Insurance covers damage to your bike after a traffic accident.
- Property Damage and Bodily Injury Liability Insurance covers other people and their vehicles hurt or damaged in an accident you cause.
Other Coverage for Your Motorcycle
The following coverage types aren’t strictly required but are well worth your consideration. If you have a loan on your bike, your lender may require coverage beyond what’s legally required. You may also want additional coverage suited to your lifestyle and driving habits.
Property damage insurance coverage is a form of liability coverage that takes care of damage to other people’s property due to an accident you cause. Motorcycle property damage liability insurance covers more than most auto policies, including:
- Utility poles
Medical payments insurance pays for the medical-related expenses you incur and covers you even if an accident is your fault. It doesn’t cover injuries to others you caused in an accident.
Personal Injury Protection insurance pays for injuries received by yourself or one of your passengers in an accident, regardless of fault.
Uninsured/Underinsured insurance offers financial protection when an uninsured motorist hits you. If the at-fault motorist who hit you is in underinsured, this coverage makes up the difference.
Contact your Ty Lawrence Insurance Agency representative to schedule a time to sit down and discuss your best motorcycle coverage options in Austin, TX.