Replacement Cost for RV Insurance

For RV insurance to be comprehensive, it needs to provide protection for both the RV and its contents. A choice needs to be made between insuring the market value of the RV and the things and insuring the replacement value.

Market Value

Market value is what something could be sold for today. Imagine putting something up for sale on eBay and receiving the proceeds from an auction of the items. That is its market value. Market value may be high if the item is a treasured thing; however, usually, market value is lower than the replacement value.

Replacement Value

Replacement value is the amount necessary to buy a brand-new item of the same or similar type and quality. For example, if you have a hairdryer that you could only get a few dollars when selling it on eBay and yet a new one of the same type costs $50, then the replacement value of the old hairdryer is $50.

The Benefits of Insuring Replacement Value

RV users get more benefit by having replacement value as long as they want to continue using their RV. The main concept is to be able to keep going on RV trips with the same kinds of things you always take along.

Make an Inventory for Replacement Valley

The get insurance coverage for replacement value, you need to make an inventory of the items For the R, this means the make and the model of the RV and any accessories it has. For personal property, it is the make and model numbers of all the content of the RV.

It is helpful to make a video of everything and describe it in the video. Take a copy of the video along with copies of any receipts you have to your insurance agent at Ty Lawrence Insurance Agency, serving Dripping Springs, TX and the nearby area.

Your agent will use this inventory to make a recommendation for RV insurance with a replacement cost that is adequate for your needs. Call to speak to your agent at Ty Lawrence Insurance Agency in Dripping Springs, TX to get a quote for RV insurance.

Tips for Selecting ATV Insurance

Although ATV insurance is not mandatory in Texas, the insurance coverage will protect you and your new investment in the event of an ATV accident. Off-roading with family and friends can be loads of fun. At the same time, there’s always the risk of accidents. The following tips from Ty Lawrence Insurance Agency in Dripping Springs, TX can help you select the ATV coverage you need to protect you against ATV accidents.     

Protection against Liability Claims

ATV off-roading can be risky, especially for those who are new to the sport. If you cause an accident that injures another driver or causes damage to his vehicle, you could be held liable for damages. Liability insurance pays for medical bills or property damage to others in accidents you cause, up to the limits of your policy. If you’re sued for damages, your liability coverage will help cover legal costs.

Protection for Your Vehicle

If you obtain ATV collision coverage, your insurance will cover repairs to your ATV if it’s involved in an accident. Comprehensive coverage will cover damages caused by adverse weather, fire, vandalism or theft. ATV insurance protection can extend to other drivers as well, as long as they have your permission to use your vehicle.

Protection for You and Passengers

Uninsured motorist coverage protects you and your passenger against accidents caused by an uninsured ATV driver. This coverage helps pay your medical bills if you’re injured and repairs to your ATV if it suffers damage in the accident, so these expenses don’t have to come out of your own pocket.

ATV’s aren’t generally covered by standard home or auto insurance policies. That’s why it’s important to consider ATV insurance to protect you and your valuable investment.

To learn more about ATV insurance options and costs, contact Ty Lawrence Insurance Agency in Dripping Springs, TX.

Why Professionals Need Umbrella Insurance

Professionals know they need to have professional liability insurance. This may be called malpractice insurance for doctors, nurses, dentists, and other health care workers. There is also legal malpractice insurance for attorneys and law firms. For those in the financial industry sector, such as accountants, stockbrokers, real estate agents, and financial planners this professional insurance is usually called “errors and omissions” insurance or E&O insurance.

These professional liability policies may have huge limits in the multiple millions of dollars and yet, that may still not be adequate.

Professional Liability Insurance May Not Be Enough

The problem is that the potential award from a lawsuit or the settlement before a case goes to trial may exceed the policy limit of professional coverage. Also, a lawsuit may arise from issues that are not covered by professional liability.

Lawsuits happen for all kinds of reasons, including frivolous ones. Even a frivolous lawsuit can cause a professional to waste plenty of money on legal expenses for the defense. What should a professional do to reduce this risk? The answer is umbrella insurance.

The Advantages of Umbrella Insurance

Umbrella insurance extends the policy limits of other policies that a professional has in place such as professional liability insurance. Depending on the coverage, it may extend the limits of other kinds of commercial insurance as well.

Umbrella insurance also may cover things that are not covered in other policies at all, which may be risks that the professional has, such as defamation or discrimination cases. Ask your agent about these details because it is possible to customize the coverage to your specific needs

It is usually a better idea to add umbrella insurance to cover a wider variety of things than it would be to raise the limits of all the underlying policies.

Summary

Think of umbrella insurance as a backup for the other policies that kicks in when the other policy limits are exceeded. Some umbrella policies cover legal expenses, which can be very helpful.

Ask an agent at Ty Lawrence Insurance Agency, serving Dripping Springs, TX and the nearby area, to review your circumstances and make recommendations for umbrella insurance that would be appropriate for your protection.

Contact an agent at Ty Lawrence Insurance Agency in Dripping Springs, TX to get an insurance review and a quote for umbrella insurance.

Motorcycle Insurance Requirements in Texas

Ty Lawrence Insurance Agency serves Dripping Springs, TX with quality insurance services including motorcycle coverage. If you are new to enjoying the open road on your own bike or if you would like a refresher on Texas motorcycle insurance requirements to call us today. We can answer any of your questions about motorcycle coverage within this state or address any concerns you may have about traveling across the nation. 

The first thing you should know is that insurance for your motorcycle is the same as insurance for another vehicle because it will be legal to drive on public roads. You must have a registration, title, and insurance with specific minimum liabilities. 

The second thing you should be aware of pertains to helmets. We urge you to always wear your helmet, but in the state of Texas, you can have a helmet exemption if your insurance or health insurance policy covers motorcycle injuries to a certain limit and specifically states the term “motorcycle health” on the health insurance policy. A peace officer cannot pull you over specifically to check on this coverage. Once again, we want to urge you to simply wear your helmet for a range of safety and comfort reasons, but under Texas law, you may leave it at home if you want to pay extra on your health and driver’s coverage. 

Contact us at Ty Lawrence Insurance Agency for more information about motorcycle insurance coverage in the area of and around Dripping Springs, TX. We want you covered and safe as you explore the Southwest this year, so call us today. And as you enjoy your time on the open road, please protect yourself with a helmet and other protective gear. 

Is a Business Owner’s Policy a good idea for small business owners in Dripping Springs TX?

You don’t get commercial insurance in Dripping Springs, TX because you’re required to. Texas doesn’t require commercial liability insurance, and you probably won’t have to carry property insurance unless you still owe money on the loan.

However, you get insurance because you need the protection it provides. At Ty Lawrence Insurance Agency, we help every client find the kind and level of protection they find comfortable. One great policy to start with is a Business Owners’ Policy (BOP), which combines general liability and property protection. 

How to Save Money with a BOP

Property Insurance will cover your physical building, furniture, supplies, and other items that your business owns. Unless you have special equipment, one policy might be enough to provide all the property protection you need.

Liability insurance will give you coverage in case of a lawsuit, such as if someone goes onto your property and falls. Legal expenses, like court and attorney fees, will also be covered. Without general liability insurance, your business would be responsible for paying all those damages, medical bills and legal fees if anything happened.

You can get these important policies separately, or you can get them for a combined price for a discount.

The Convenience of a BOP

If you purchase your policies separately, you could end up with different due dates and renewal periods. By combining the policies, you can ensure that you have the convenience of one date for both kinds of protection.

You may want to add other kinds of protection, such as work interruption insurance, commercial auto insurance, or another kind of protection unique to your business. If you have a small business in Dripping Springs, TX and want to make sure you have the protection you need at the best price you can find, call Ty Lawrence Insurance Agency today so we can help you out.

Do I need life insurance after I retire

For most people retiring is something that is looked forward to for years. In many cases, an employer provides a life insurance policy that you are allowed to continue and pay for yourself after you end your employment with them. You may have carried your own life insurance to add additional coverage to your dependents. Your income may change when you retire and you are probably wondering if you need to maintain the life insurance that you had when your family was young and you were the main provider. If you live in  Dripping Springs, TX you can feel comfortable bringing your questions to the helpful agents at Ty Lawrence Insurance Agency. 

Your life insurance needs change over your lifetime. When you are younger you need to carry much more life insurance since you have dependents to worry about if you should pass away. By the time you are ready to retire, likely all your children have grown up and moved away and it may be just you and your spouse. In some cases, you may have a dependent child who will always be dependent and in that case provisions for their care need to be made. But in general, you need enough insurance to take care of your final expenses and any debt that you may have. If you still have a mortgage you may want to have enough to cover that as well. 

By the time you retire, if you have had a term policy it may have reached the end of its term. Any whole life insurance that you have can stay with you for your entire life. The experienced agents at the Ty Lawrence Insurance Agency in Dripping Springs, TX are happy to discuss your life insurance as part of your retirement financial plans with you, give them a call at 512-732-2353. 

 

The most important insurance for small businesses in Albany, NY

There are some kinds of commercial insurance required by law in New York, while others are important for protection but not legally required. The best protection for your small business in Albany, NY will probably be a combination of the required insurance and any additional protection that will make sure your business has the coverage it needs. NY Twin Bridges Insurance Agency can help you look at the different risk factors your business is facing and search for the best coverage while still getting great rates. 

If your business has employees, you will need to have workers’ compensation coverage to protect them in case they suffer an illness or injury related to work. Even one employee gets that protection under the law.

Does your business use automobiles? Your personal auto insurance won’t cover any accidents that occur while the vehicle is being used for business, so you are required to carry commercial auto insurance in case anything happens.

General liability insurance isn’t required but is considered by many to be the most crucial protection your business needs. If someone is injured on your property, one lawsuit could cause serious financial harm to your business. Property insurance is another necessary protection that will cover damages to not only the physical building but your office furniture, supplies, equipment, and many other losses.

Anyone offering professional services should consider professional liability insurance, which can protect you if a client suffers taking your professional advice.

At NY Twin Bridges Insurance Agency, we want to make sure you are comfortable with your policy, and we tailor each policy to suit the needs of the client. Every business has different needs, and it wouldn’t make sense to sell the same policy to businesses that have different needs. If you think you need more protection, or if you just have questions, please call us today.

4 Times When Having Home Insurance Really Matters

Our Ty Lawrence Insurance Agency team takes pride in helping our clients understand the importance of finding the right policy to suit their needs. This includes protecting your family with adequate property coverage for your Dripping Springs, TX home. Here are four times when having homeowner’s insurance really matters.

#1: When There’s Severe Weather

The Texas weather is notoriously unpredictable. One time when having homeowner’s insurance coverage really matters is during severe storm season. From hail damage to your roof to something much more catastrophic, your policy can help keep out-of-pocket repair costs to a minimum.

#2: When There’s a Fire

You already take steps to protect your family from a fire, such as installing proper smoke detectors. But what about homeowner’s insurance? Even after a small fire, restoration and repair costs can easily add up to thousands of dollars in costs. Thankfully, having proper insurance can keep you from having to pay those costs from your own bank account.

#3: When Your Home Has Been Broken Into

There’s nothing more violating than a break-in at your home. Without proper insurance coverage, you could be responsible for paying for repairs and/or replacing any personal property that was taken.

#4: When You Want to Make Sure Your Family Has a Safe Place to Stay

After a major catastrophe, one of the first things you might wonder is where will your family live? This is where homeowner’s insurance steps in and helps you find a temporary safe place to stay while repairs are being made to your home. Depending on the exact nature of your claim, this can either be a hotel or a rental property.

Do you have questions about your home or auto insurance? Our knowledgeable and friendly team at the Ty Lawrence Insurance Agency would love to help. We proudly serve the Dripping Springs, TX area. Please contact us today to schedule an appointment.

 

Does Auto Insurance Cover Items in the Car?

Auto insurance covers a wide range of things aside from only medical bills and the cost to repair your car. It also covers a range of items within your car, both specific and named, and those items that you may have in your car when you are driving around. For those that live in the Dripping Springs, TX area, the agents with Ty Lawrence Insurance Agency can help you find the policy that protects your car and the things you drive around with.

For the most part, your auto policy is going to lean heavy on the side of insuring things like the car itself and covering the medical bills of those involved in an accident. It does, however, cover some other things too that you may not even realize. If you have car seats inside your car, for instance, your auto policy will help with the cost of replacing those car seats so that any children riding with you have new, accident-free seats. Your auto policy may also cover things like purses and expensive items you are carrying in your car at the time of an accident.

Say for instance you have just been to an expensive shop and you have the items you purchased in the car with you. The car catches on fire and everything is destroyed, your auto policy will help with the cost of replacing some of those items. It is important to note that auto policies have a certain cap of sorts on the price of contents unless you can prove that there was something in the car that was destroyed. This means you cannot simply claim you had a $200,000 watch in the car that was destroyed without some sort of proof.

For those in the Dripping Springs, TX area, the agents with Ty Lawrence Insurance Agency can help you find the policy that fits all your needs.

Do I Need ATV Insurance?

It is that beautiful time of year in Dripping Springs, TX when everyone is looking to get out and breathe in some fresh air. Many are excited to take their ATVs out for a ride, but there is the question as to whether the law requires insurance on an ATV. The Texas Department of Public Safety says that you are not required to have ATV insurance. However, Ty Lawrence Insurance Agency believes that it is usually a good idea to insure any motorized vehicle. 

With ATV, accidents are not just possible- they are likely. It may not be a big accident, but damage can easily be done to one even if you are just riding along a trail and hit a huge rock or tree stump. If you enjoy riding in the rain and mud, the chances of an accident are even higher. Maybe your kid is driving his buddy on the ATV trying to show off but ends up throwing his friend off and causing a broken bone. If an accident and/or damages do occur, who is going to pay for it? If you have no ATV insurance, you will be solely responsible, and that can get costly. It may even mean that you have to put your ATV away for a while until you can come up with money for repairs.

If you live in Dripping Springs, TX and have an ATV, you should consider purchasing insurance for your ATV. It will let you enjoy your ATV more since you will not have to constantly worry about possible damage. Give Ty Lawrence Insurance Agency a call to discuss coverage options that will suit your needs.