Month: March 2014

Does my Business Property Policy Cover Damage Caused by Natural Disasters such as Hurricanes and Tornados in San Antonio, TX?

Posted on by AgentInsure

When a tornado or hurricanes run through a town and damages buildings, it can be hard to move forward with your business. The cost of repairs after a natural disaster may be staggering and the solutions that may be available in San Antonio, Texas might be limiting. Depending on your insurer, it may be necessary to purchase additional protection against natural disasters.

Covered Damage

Commercial insurance is designed to cover the cost of specific situations. Although the options available for company property may vary slightly, a basic policy may not offer protection against damage from natural disasters.

Many situations, such as flooding and tornados, may require additional protection to ensure that you will have the funds to rebuild after a hurricane or tornado rips into your business property.

Insurance Options

Although some insurers may not include natural disasters, it may be possible to purchase additional protection under the same policy or you may have options available to purchase specific coverage via a plan that is designed for the disasters.

The type of insurance that you may want to purchase can vary based on your concerns about different risks. For example, you may want flood coverage to deal with damage from storms or a rising river. If you are worried about a tornado, then you will want protection that is specifically designed around the possibility of damage from a tornado.

Every insurance policy is different and the details of your plan may vary, so it is important to review and read through the entire policy before you purchase additional coverage. Contact Access Insurance Services to talk to an independent agent for more information about the coverage options that may be available for your company property.

Is it possible to cancel, say after 10 years, an existing 30 year term life insurance policy and get a new 20 year one that has a lower premium in San Antonio, TX?

Posted on by AgentInsure

The primary purpose for having life insurance is to provide for your loved ones when you are gone, so it makes sense to keep a policy until you become financially independent or you have enough money for your partner to live on in your absence. However those are just common thoughts and there’s no right or wrong length of time to keep a policy since life insurance isn’t mandatory. Some people choose to cash out whole life policies for the cash value if they need the money and no longer require life insurance. Term life insurance can be canceled too, and while no money is returned, you no longer have to pay premiums. It’s theoretically possible for a person to cancel their 30 year term life insurance policy after ten years, and then buy a shorter 20 year policy. However you will be ten years older and more of a risk to the insurance company, thus causing your premiums on your new 20 year policy to be higher, not lower, than those of your previous policy. Insurance companies base their rates on the likelihood of a person passing away at a certain age. Besides aging, you’re also at an increased risk for life-threatening diseases and your premiums will reflect this risk. If you’ve got questions about your existing policy, want to change policy types or just need to buy a life insurance policy to protect your family, contact Access Insurance Services. As your independent agent serving San Antonio, Bexar County and Comal County, Texas, we’re always on hand to answer your questions to equip you with the knowledge you need to make informed decisions before buying your life insurance policy.

My Home in San Antonio, TX, is Insured for More Than its Current Market Value. Would I get the Full Amount After a Loss?

Posted on by AgentInsure

A variety of situations can arise that result in having more coverage for your home than the current market value. The problem that you may face after a house is declared a total loss is determining the amount that you may receive from your insurance provider. Every insurance policy and company has a different method of handling claims in San Antonio, Texas, so the options that may be available can vary.

Cost of the House

When an insurance provider is determining how much to give after your home is damaged from a fire or any other covered situation, a homeowner may or may not make a claim for the full amount. When you own a home and obtain appropriate insurance, you may have coverage for more than just the house. Your personal belongings and other items within the house may also be insured under the policy.

The current market value of the house may or may not impact the amount that you can claim.

The Policy

Although the house is a key part of determining the amount that is available, the policy is the key factor that determines your options. Look for any clauses or exceptions that limit the amount you can obtain based on the market value. Since the market value is constantly changing, a small shift downward in the market may result in having more insurance on your house than you need. In some cases, you may make a claim for the full amount to cover the cost of belongings, but some insurers may base the funds on the market value.

An insured home can have a variety of complications when the property is damaged beyond repair. Contact Access Insurance Services to talk to an independent agent to learn more about your options.

My sump pump failed after lightning struck my house in San Antonio, TX. Is the damage to my basement from standing water covered?

Posted on by AgentInsure

Home repairs can be expensive, especially when they are related to water damage. In fact, just a couple of inches of standing water can lead to tens of thousands of dollars in repairs — money many homeowners do not have to spare. Water can enter a home for a number of reasons, including flooding and burst pipes. But what happens when a sump pump fails due to a lightning strike, filling the basement with water? Does insurance cover the costs?

Every state has varying laws concerning homeowner insurance and water damage. For Texas residents, your home is probably covered, although the only way of knowing for sure is by consulting with an agent to review your existing policy. A policy that covers the damage caused by a failed sump pump will pay for the repairs to your basement, as well as the costs for removing the water and any mold that accumulates due to moisture in your home. Insurance should also pay to replace any personal belongings that may have been damaged and then cover your costs for buying a new replacement sump pump.

Here at Access Insurance Services, we enjoy helping San Antonio, Comal County and Bexar County residents find homeowner insurance that will cover expensive basement repairs caused by a failed sump pump. If you are not sure whether you are protected against such a peril, contact an independent agent here at Access Insurance Services. We look forward to reviewing your plan and helping you find coverage you can rely on.