3 Ways Umbrella Insurance Protects Your Net Worth

Life can be unpredictable. No matter how well you plan, things can go wrong. The Select Insurance Agency wants its Coppell, TX area neighbors to be financially secure, regardless of what life throws their way. Here are 3 ways an umbrella insurance policy can help you do just that.

  • After many years as a hardworking professional, you’ve finally reached retirement. Between your savings, investment accounts, and pension payments, you have enough to live a long, comfortable life. If you are found liable for causing a car accident that results in loss, injury, or death, you could be held personally liable for any court-ordered payments. Your auto insurance policy may cover some of your costs, but medical bills and court costs can quickly drain your available funds. An umbrella insurance policy ensures unfortunate accidents don’t endanger your life plans.
  • To celebrate a recently completed business expansion, you throw a cocktail party at your home for friends, family, and investors. During the festivities, one of the guests breaks their leg. They claim the accident happened due to your negligence. If a judge agrees, you could be liable for hefty civil and penal fines that could jeopardize your growing business. Would your existing homeowner’s policy cover any potential damages?
  • A stroke of bad luck puts you in the path of a superstorm. In one night, your home, business, and automobiles are gone. The payouts from your various policies won’t be enough to cover the cost of rebuilding your whole life. Umbrella insurance puts enough money in your pocket to restore your properties and strengthen your community.

The Select Insurance Agency helps families and businesses in the Coppell, TX area protect their interest with customized insurance products. Contact us today to learn more about umbrella insurance policies.

How Cold Weather Can Hinder Your Boat Policy

The Select Insurance Agency wants to help out boat owners stay safe, this upcoming winter. Even if the season isn’t cold, radical weather changes can reduce a watercraft’s lifespan. They can also reduce the effectiveness of a boat insurance policy.

Our agents serving Coppell, TX want to give you a heads up about the cold weather. Check out their tips below.

Understanding Freeze Damage

Your boat insurance policy might not offer coverage for freeze damage. Fortunately, you can prevent freeze damage by winterizing your boat in advance. If a freeze is coming along, or if the weather is about to take a dip, temperature-wise, make sure your boat won’t be harmed by natural events not covered by your policy.

How Can Damage Reduce Your Policy’s Effectiveness?

If your boat is damaged in storage, on the water or on the dock, it’ll increase your future insurance policy premiums. Damaged boats and repair payments contribute to your overall liability as a boat owner. Even repaired hairline cracks contribute to this liability. If you’re considered to be a risky policyholder, you might not get the best rates available.

So, What Can You Do?

It’s a good idea to make sure your boat is stored properly. Cover it with proper ventilation, and try to prevent mold formation as much as possible. Get periodic inspections during the winter, too. Try to discover potential leaks before they occur. Then, let your insurance provider know about any preventative maintenance you’ve conducted.

You can also ask your insurance agent about policies which protect against winter damage. The Select Insurance Agency is here to help you. We want to protect our Coppell, TX residents, and we feel a little knowledge goes a long way. Keep your watercraft protected, and call us if you have any questions.