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.