When should someone get boat insurance in Texas?

If you are in the Houston, TX area, owning a boat is a great option. This area of Texas has scorching weather during the summer months, and enjoying the local waterways on your very own boat is one of the best ways to enjoy it. If you do purchase a boat, it is essential that you get the right insurance coverage. There are several reasons why someone here may need to get a full boat insurance policy. 

When Looking to Stay in Insurance Compliance

One situation when someone should get a boat insurance policy is when they want to stay in insurance compliance. For those that are in Texas and own a boat, there are a lot of situations when having full insurance will be necessary. There are many local marinas and waterways that require you to carry insurance, and any boat lender will have requirements that stipulate the type and level of coverage that you need.

When Looking for Asset Protection

Even if you are not obligated by any requirements to carry insurance for your boat, those that want to protect their asset should still do so with an insurance policy. When you take out a boat insurance policy, it is going to give you protection against many situations that could result in a loss, including theft, vandalism, and accident damage. When you get this insurance, it will provide you with the protection that you need.

Those that are looking for boat insurance in Houston, TX should call the team at Modern Risk Management. The insurance team at Modern Risk Management can answer any questions you have about boat insurance. Reach out to our office to learn more about getting started.

What are the advantages of umbrella insurance?

Most homeowners have peace of mind that their house and belongings are covered under their homeowner’s insurance policy in case of a disaster or if a guest to their home were to have an accident and suffer injuries. There is an additional policy, referred to as umbrella insurance, that homeowners can add to their existing policy that will offer even more protection.

An umbrella insurance policy provides liability protection of your property and even beyond it. For example, if you’re in your yard or the parking lot at the local Walmart store, you may still be protected from a potential lawsuit under your umbrella insurance policy. In the case that someone files a lawsuit against you that goes beyond the amount of your regular coverage, your umbrella insurance coverage will kick in. This means if your friend slips and falls on your property and breaks their leg and has a lengthy hospital stay that costs them $300,000, but your policy on your homeowner’s insurance only allows for $100,000, the umbrella insurance will pick up the balance, so you don’t have to.

In the current climate of today’s lawsuit-happy people, it’s a great idea to have an umbrella policy to give you the extra peace of mind you deserve. Umbrella policies will protect your existing assets and even future earnings if you lose a court case. Some things the umbrella policy can cover include if you are the recipient of a lawsuit for accidents on your rental properties, a false arrest, malicious prosecution, and even slander or libel lawsuits. It will also cover shock or mental anguish due to one of these types of circumstances.

To obtain the best umbrella insurance policy for your home or business, you will need to enlist the help and guidance of a trusted and experienced insurance agent. In Texas, contact the insurance agents at Modern Risk Management, located in Houston, TX.

Life Insurance Coverage Options for Texas Residents

Life insurance is essential for helping you provide for your family if you pass away. There are many different coverage options for Texas residents. There are a variety of ways you can determine which type of life insurance is best for you.

Types of Life Insurance Available for Texas Residents

Term and permanent life insurance are available for the residents of the Houston, TX area. Other possible types of life insurance include credit life and prepaid funeral insurance.

Term Life Insurance

Term life insurance offers renewability and convertibility options. This type of insurance coverage is not meant to cover you your entire life. With term life insurance, you get to choose the length of your policy term, whether it’s active for one year or longer. This life insurance pays a death benefit where your beneficiaries receive a lump sum payment when you pass away. Term life insurance premiums remain the same throughout the entire term. Your term can be extended for a fee.

Permanent Life Insurance

If you’re interested in life insurance coverage that offers flexible savings options, permanent life insurance is your ideal life insurance. This type of life insurance enables you to build your savings over time. These savings can be used in different ways, including:

  • Investing
  • Withdrawals
  • Paying premiums
  • Borrowing against

The two types of permanent life insurance available for Houston, TX residents are whole-life insurance and universal life insurance. Whole-life insurance is as its name states. This type of permanent life insurance is active your entire life unless you stop making payments or cash in the policy. Universal life insurance is active until the policy reaches its maturity date. At the maturity date, your coverage ends, and you receive the cash value of the policy.

Here at Modern Risk Management, we offer a variety of insurance solutions, including auto, life, health, renters, umbrella, and other insurance options. We’re dedicated to assisting our customers with finding the most beneficial insurance policy that suits their needs. Contact us now to learn more about your brand new insurance policy.

Does A Non-Running Car Need Insurance?

In Houston, TX, the law states that if you’re operating a car on public roads, you need to carry liability insurance.

If your car isn’t running, whether you’re using it for parts or just waiting till you have the time to restore it, you’re not required to carry any insurance on it until you can get it back on the road.

The big concern is liability. If you cause an accident, you need to be able to pay for any damages that result from that, and since most of us can’t do that out of pocket, that’s where insurance comes in. If your car never leaves your property, then this isn’t really a concern.

Be that as it may, going without insurance means that you won’t be compensated should something happen. Car insurance can help you to repair a car should something happen to it while it’s parked, but if you don’t have insurance, then that’s coming out of your pocket. So if you’re going to leave your non-running car uninsured, you should make sure to keep it somewhere safe like inside your garage or in a carport or in storage. Don’t leave it parked out on the street, or you’re just asking for trouble.

When you’re ready to get that car out on Houston, TX roads again, give Modern Risk Management a call and get set up with a policy that meets your needs. After all, you don’t want to put all that work into restoring a classic car only to have nothing to show for it after an accident. So call or message Modern Risk Management and see what we can do for you.

Three things you should know about business income insurance

At Modern Risk Management, we offer commercial insurance to Houston, TX business owners, and those around the area. Business income insurance is one of the numerous types of commercial insurance available. 

Every business is different. If you are determining which types of commercial insurance to purchase, you need to understand what business income insurance is. Business income insurance compensates your company if the business operations must cease temporarily. 

Regardless of how secure your business is, it’s always possible that an unexpected event could come up and interfere with normal business operations. For example, a natural disaster could destroy your place of business. In this case, you cannot continue business operations until your commercial facility has been repaired or replaced. 

Business income insurance will compensate you if something like this occurs.

Business income insurance ensures that your company will continue bringing in money even after an unforeseen accident. 

You enjoy peace of mind with business income insurance. As a business owner, your company is your livelihood. If you have an accident that stops revenue from coming in at your company, you may find it difficult to keep up with bills and employees. Business income insurance can, therefore, be a financial lifesaver for business owners in the event of an accident. 

In addition to covering lost income, business income insurance can also cover the costs of overhead and temporary relocation. 

Business income insurance doesn’t just provide coverage for lost income. It can also cover the costs of re-establishing businesses while functioning at a new location. Business income insurance thereby minimizes the costs of events that disrupt your company’s operations. 

Please contact us at Modern Risk Management to learn more about business income insurance for Houston, TX business owners.  

Important questions to ask about your home insurance policy

We at Modern Risk Management, know that your home is your most valuable asset. It is critical to know what questions to ask when considering an insurance policy. You will want to make sure you have a comprehensive homeowners’ insurance policy in place. 

What type of disasters does the policy cover?

So many homeowners are surprised to learn that the policy does not cover all disasters. Typically, a homeowners’ policy will cover fire, lightning, windstorm, vandalism, theft, and hail. However, most policies will not cover disasters such as earthquakes or floods. As residents of the Houston, TX area, it is critical to speak with your agent at Modern Risk Management about adding flood coverage to your homeowners’ policy. 

How much personal property coverage should I purchase?

So many people underinsure their personal property because they do not have a solid understanding of how much their belongings are worth. It is critical to take inventory of everything in your home, including furniture, electronics, valuables, and appliances, to come up with an accurate number for your personal property coverage. 

How are insurance claims handled?

Knowing what the process of filing a claim is can be essential to making sure you receive insurance payouts quickly. You should know if you can file online or over the phone. Also, you should understand what documentation might be required of you to file a claim.

Does my policy offer replacement coverage or actual cash value?

If your policy provides replacement cost coverage, the insurer will pay the full cost to rebuild your house in today’s’ market. An actual cash value policy takes into consideration depreciation, which means you could end up paying additional money to rebuild your home.

If you are interested in learning more about homeowners’ insurance, reach out to an agent at Modern Risk Management today. We proudly serve the Houston, TX area.