What if the life insurance company that I bought policy with is no longer in business in San Antonio, TX?

If you own a life insurance policy, you may have concerns about whether or not the company will be in business by the time the policy is ready to be cashed in. A life insurance company has to maintain a careful balance between the amount it offers people and their ability to pay out claims. Here are some steps that will help you file a claim should the company ever go out of business.

How to File a Life Insurance Claim if the Company is No Longer In Business

  1. Take the steps to find out whether or not the company was bought out or if it was taken over by another insurance company. The point is to find what company owns your policy now. You may have to call the insurance commissioner to find out any information.
  2. Once you find the company get contact information and call them about your policy.
  3. Provide any paperwork the company may require you to give them in order to prove ownership of the policy. Understand that the new company will have a different way of taking care of claims than that of the old company.
  4. Provide proof of the deceased should it be required of you to do so. The hospital or funeral home can help get the paperwork you need.

If you live in Bexar County, Comal County or even San Antonio, Texas, you may have found it necessary to file a life insurance claim. As your independent agent we can help answer all of your questions and help you find what company owns your current life insurance policy. Call us today to find out more and how we can help move you in the right direction for all your insurance needs.

Would I Need Uninsured or Underinsured Motorist Coverage in San Antonio, Texas?

Bexar County and Comal County residents are strongly encouraged to add uninsured or underinsured motorist coverage to their auto insurance policies. While Texas has made great progress in reducing the number of uninsured drivers on the road, recent figures from Insurance Journal estimate that 2.6 million Texas drivers lack the required insurance coverage. Further, counties in southern Texas represent the highest rates of uninsured drivers of the entire state. With these numbers in mind, uninsured and underinsured motorist coverage is a crucial component of any San Antonio driver’s car insurance policy.

About Uninsured Motorist Coverage

Texas requires that you carry liability insurance that will cover another drivers expenses should you cause an accident. However, there are many drivers on the road who are not in compliance with the law and who do not have liability coverage. If a driver who is uninsured causes an accident, it may be difficult for you to recover your losses because they do not have coverage that will go into effect to reimburse you. However, if you had uninsured motorist coverage added to your policy, your insurance provider would reimburse you for your damages and injuries after they verify that the other driver lacks auto insurance.

The Difference Between Uninsured and Underinsured Motorist Coverage

Uninsured and underinsured motorist coverage are often mixed up. While uninsured coverage goes into effect when the other driver has no insurance, underinsured motorist coverage goes into effect if the other driver has insurance but his or her limits are too low to cover your damages. Because the minimum liability limits that other drivers will carry are often too low to cover severe accidents, underinsured motorist coverage is highly recommended.

Which Type of Coverage Do You Need?

Unfortunately, there is no one-size-fits all approach to selecting the appropriate amount of uninsured and underinsured motorist coverage. Factors such as the zip code you live in and the time you spend driving in San Antonio area will influence the level of coverage that you need.

An independent agent can help you determine what combination is ideal. Because an independent agent carries policies from multiple insurance providers, you can have the convenience of comparing several policies to get the best protection for your car. Our independent agents can help residents of Bexar County and Comal County receive the best rates on uninsured and underinsured motorist coverage.

What is SR22? Who needs SR22 filing in San Antonio, Texas?

Under Texas law, maintaining auto insurance is mandatory in order to register or operate a motor vehicle. This applies to all areas of the state including Bexar County, Comal County and the city of San Antonio. If you are unable to obtain a policy, a SR22 may be a solution.

Texas is a state where you will be caught driving without insurance. It is not a case of waiting to be pulled over for a violation or involved in an accident. The state has implemented TexasSure as a way to track drivers without insurance. In addition, insurance companies are required to report lapses in insurance and car dealers must report all vehicles sold.

What is an SR22?

Technically an SR22 is simply a certificate that proves that the holder has the minimum liability insurance required. In Texas, an SR22 is also referred to as a Financial Responsibility Insurance Certificate. The certificate may be required by the court and is also an alternative for those who are unable to obtain regular insurance.

Who may need to maintain an SR22?

If you are found driving without insurance or have been involved in an accident without insurance, you may be required to obtain an SR22. You could also face this situation if your license has been suspended.

If you have a valid license, or need to obtain a license, and have been denied auto coverage by two or more companies within 60 days you can request a SR22. These applications are handled by the Texas Automobile Insurance Plan Association (TAIPA) and the Texas Department of Public Safety. The filing process may be confusing, as an independent agent, we can help you.

As your independent agent for San Antonio, Texas and the surrounding areas, we can help you get the auto insurance coverage you need to stay legal. Give us a call today and get the lowest rates possible.

What is the Difference Between Title Insurance and Homeowners Insurance in San Antonio, Texas?

As a Texas homeowner living in Bexar County or Comal County, you are sure to wonder about the differences between title insurance and homeowners insurance. Both types of policies are related to property, but the coverage provided is not the same. As your independent agent, we realize that making an educated decision about your coverage needs is an important part of preventing problems in the future and provide the tools to help you understand what you are obtaining.

Title Insurance

Title insurance refers to the protection of ownership of a property. It is not designed to protect your personal items within the home, but rather your rights as the owner of the home. It is a guarantee that you are entitled to the San Antonio property and that all of the legal documentation is verifying the data.

The coverage helps you prevent a financial loss in the event that someone else attempts to claim ownership of the property. You will not face problems proving that you are legally the owner.

Homeowners Policies

A homeowners insurance policy is related to damages or losses that your property sustains. It provides protection in the event of damage to your house or the expensive personal items within the home. It does not provide a guarantee of your ownership, but does prevent major financial losses if your home was damaged, broken into or vandalized.

Although both forms of coverage are designed to help protect you from financial losses related to your home, the exact nature of coverage varies between the two types of insurance. The policies are completely different when it relates to the type of property and financial loss that the company will pay if an unexpected event occurs. Protecting your home can take many forms, including the protection of your rights as the property owner.