There’s an old saying is that the only thing constant in life is change. There’s a lot of truth to that saying, and it’s one of the things that a competent insurance agent focuses on most: life changes.
Insurance is all about helping you identify and manage the amount of risk you are comfortable with and then putting a practical strategy in place, through the use of insurance policies, to protect your assets. With this definition in mind, it only makes sense that when your life change, your level of risk and assets will likely change with it.
Therefore, here are 6 times you should reach out to your Texas insurance agent and review your coverage:
1) Birth and death
When you have a child, grandchild, etc. or when someone you know or loves passes away, both times you should reach out to your agent, not only to update your family’s contact information, but also to review your coverage and make sure that any policies will reflect the addition, or passing, of that individual.
If you move, it’s imperative that you review your coverage. Different areas, even in North Texas, are rated differently, have different risk levels and it’s in your best interest to update your address and just as importantly make sure that you are properly covered at your new residence.
3) You change jobs or retire.
This is a major life event for anyone, and definitely demands a policy review with your insurance agent. Life insurance, retirement funds, time off/severance all can be impacted by this job change, and it’s helpful to make sure your insurance agent is aware so they can make recommendations to protect the things that matter most to you even if you change jobs.
4) You make a big purchase.
Whether this is a new car, other type of motorized vehicle (ATV, Motorcycle, RV, etc.), or even things like jewelry and fine art. Your insurance agent has products and options that can help your protect these things, often for just a small premium.
5) You file a claim.
Depending on the severity of your claim will determine when is the best time to talk to your agent, but once your claim has been resolved, it would make sense to talk to your agent and make sure that you have the proper coverage moving forward, in the event that you had rejected optional coverages that might have protected you during that claim process.
6) At least once a year.
Big changes don’t come all the time, but when they do it’s important to speak with your insurance agent. Even if you don’t have a major event a good Dallas insurance agent, like LFIG, will reach out to you at least once a year to offer a policy review. This isn’t a sales conversation, it’s a chance to make sure that your insurance coverage is keeping up with your asset protection needs. There may be additional products that could better help, there may be coverage that is unnecessary due to your situation. Your agent will help you find out.
Whether you’re fresh out of high school or college, moving to the Dallas area or settling into a new apartment or rental home, chances are your landlord will either require or “strongly suggest” that you purchase renters insurance. While this might seem like an unnecessary expense, renters insurance can be the difference between you having to go out of pocket thousands of dollars or not.
Unlike homeowner policies, your landlord (whether it’s an apartment or home) likely has an insurance policy on the actual structure that you live in. This policy covers their high dollar investment: the actual building itself, while not providing coverage for your actual physical belongings or coverage for liability that comes as a result of an act that you’re found negligent for. Think about it like this: your furniture, clothing, basic electronic devices, kitchen equipment etc. is not likely covered by your landlords insurance, and as a result if a fire or tornado destroys your house or apartment those items wouldn’t be replaced by insurance.
Another thing to think about, especially if you like to have people over, is the liability aspect that renters insurance provides. If someone is injured at your home or apartment and you’re found negligent for their injuries, you could be on the hook to pay for whatever damages they’re awarded. Typically, with renters insurance, you can add $300,000 of liability protection for just a few dollars per year.
All in all, renters insurance is an extremely affordable way to protect not only your personal belongings but also your future earnings in the event a liability judgement was placed against you. Your Dallas insurance agency, Lewis Family Insurance Group, can provide you with a number of options for renters insurance, many of which run less than 50 cents a day.
Call us at 972-752-0307for more information or to get your Dallas renters insurance policy started.
There is a lot of confusion when it comes to auto insurance, and when looking for auto insurance in Dallas it can be even more confusing because of all of the options available. Below we’re going to list out some of the different types of coverage available on an auto insurance policy so that you can make a more informed decision the next time you’re evaluating your options.
Liability (Bodily Injury/Property Damage)
Liability is the foundation of all auto insurance. This is the coverage that would pay to repair the other person’s vehicle and/or bodily injury if you were involved in an accident where you were found at fault. Liability insurance is also the only coverage that is effectively mandated by the State of Texas for you to carry. The minimum limits required are 30/60/25; however, our Texas insurance agency always suggests that you carry higher liability limits because: 1) the premium difference is often only a few dollars a year and 2) if you don’t have enough liability insurance in the event of an accident where you’re at fault and a person is seriously injured and the $30,000 per person coverage for bodily injury is exceeded from their medical bills, you could find yourself having to pay the remainder out of pocket or even have a judgement placed against you and future earnings garnished to pay for the accident that you caused.
Uninsured/Underinsured Motorist Coverage
With Texas having one of the largest populations of uninsured drivers this coverage is there to protect you and your passengers for injuries and or damage to your vehicle in the event of an accident caused by someone else who has little or no insurance at all. This coverage is optional but can provide great piece of mind when it comes to protecting your family, passengers and vehicle.
Sometimes called “other than collision” this coverage typically covers your vehicle in the event of fire, theft, natural disaster, collision with a vehicle, etc. It can also cover you in the event that your vehicle is stolen (happening more and more often lately) or even vandalized. This coverage often contains a deductible (such as $500 or $1000) that you are responsible for paying before the insurance company provides coverage.
Collision coverage, also normally required if your vehicle is leased or financed, pays for damage to your vehicle when you are at fault. An example would be if you rear ended someone and your front bumper needed to be replaced. If you were found at fault in this instance your car would be repaired using the collision coverage, if applicable, and would pay out after the deductible is satisfied.
Medical Coverage/Personal Injury Protection
These coverages often help pay for medical expenses for you or your passengers. Medical coverage and personal injury protection are optional coverages, but our Dallas insurance agency offers them to each and every client because they are often inexpensive and can provide additional coverage that your current health insurance policy does not cover. There are specifics you need to know when selecting this coverage so reach out to our agency and we can discuss which one, if either, is right for you.
Towing/Labor and Roadside Assistance Coverage
Pretty self-explanatory, this coverage can provide 24/7 assistance if you need a tow, lock your keys into your car, get a flat tire or if your battery dies. There are instances when this coverage is covered automatically, but your LFIG agent will discuss in more detail what is covered under your policy for towing/labor and roadside assistance.
Rental Car Reimbursement/Loss of Use
If your car is involved in an accident and you need to rent a vehicle this coverage can help you cover car rental cost other cost of transportation (such as paying for a rideshare service, train pass or bus tickets). This coverage can often be on a reimbursement provision, meaning you pay and then are reimbursed by the insurance company, and often has a maximum amount it will pay out.
This post is merely an overview of the coverages provided by the auto insurance companies we represent at Lewis Family Insurance Group. Each carrier has different specifics to their policies and some cover certain things in different ways. If your curious about the coverages you currently have, whether they’re sufficient or interested in making sure you’re getting the best coverage for the best rate, then feel free to call us at 972-752-0289 and we can perform a comprehensive review of your policy.
When I first started telling my friends and family that I was starting an independent insurance agency in Dallas the question I got asked most often was: “Why not just start a XYZ agency.” What they were meaning was, why don’t I start an insurance agency under the banner of one of the three large insurance companies (in the insurance industry we call that being captive).
It’s a good question, but the answer is simple. When you work for one of the “big three” insurance companies as an agency owner you start and end the day with one hand tied behind your back. You can only quote and offer their product to your clients and prospects, you have corporate suits breathing down your neck forcing you to push products that might not be the right ones for your clients and most importantly you work for the company, not the client.
That’s not the way I wanted to operate, and when opening an insurance agency in Texas I knew that I only wanted to answer to one person: the client.
The good news is we have access to dozens of insurance carriers which gives us the flexibility to find you best possible coverage at a fair price.
When you work with a “captive” insurance agency, if you want a quote for auto insurance they’ll give you the monthly price and that’s it. You don't have the option to shop multiple carriers, no opportunity to find the best rate and coverage. With the Lewis Family Insurance Group we give you multiple coverage and pricing options so you can make the decision that best fits your current situation and budget.
Additionally, because we’re a family run business, we don’t have to go up the chain if we want something to get done. Our direct access to the insurance carriers gives us the ability to quickly get answers to your claims and coverages questions as well as advance notice of discount and pricing changes. We work for you, not a faceless corporation.
Finding an insurance agency in Dallas isn’t hard. Throw a rock and you’ll find someone who is wearing a poorly fitted, cheap suit who will try and twist your arm to buy their product because they have sales goals they have to meet. Finding an insurance agency in Dallas that puts your needs first, however, isn’t so easy. The Lewis Family Insurance Group is dedicated to making sure that our clients' needs are always addressed in a timely, respectful and easy to understand way.
If you’re tired of paying for insurance and not knowing what exactly you’re paying for, tired of getting calls, emails and texts from an agent that you don’t know (learn more about us here) then feel free to get in touch and we’ll help guide you through the process of switching to the Lewis Family Insurance Group.
Also, if you're looking for a free resource to find and compare local insurance experts by state, zip or product type, visit: http://www.insuranceagencylinkdirectory.com/