3 Tips to Shop for Property Insurance

Property insurance can be a bit of an enigma. It covers so many things, from homes to company vehicles, and figuring out how to manage all of your insurance is rarely easy. In Coppell, TX, the range of properties is so extreme that it adds another dimension to shopping. Never fear. Three easy tips can help you avoid a lot of shopping mistakes and get a better deal on all of your property insurance.

Deductibles Matter

The first thing we all check with policy is the monthly premium. That is definitely important, but tweaking your deductibles can change that premium by a lot. Even assuming you have a claim every year, there’s a sweet spot where the higher deductible is worth it because of how much it lowers the premium. This should be a major point of discussion between you and your agent from The Select Insurance Agency.

Update Yearly

At least once a year, you should review your total assets and coverage. If you buy valuable stuff, you might need more coverage. If you let go of some valuables, then your coverage can be reduced. On top of that, property values in Coppell, TX, are known to change over time. You want that reflected in your policy. Annual checkups can save a lot of money in the long term and help you when you shop around for better policies.

Look at Alternative Liability

For property insurance, liability coverage often exceeds replacement or rebuilding coverage. Simply put, the physical value of your property isn’t worth more than people who could potentially be hurt. All property insurance should have some liability coverage, but if that’s what’s raising your premiums, look into umbrella or other liability plans that might be able to get you what you need for less money.

This bonus tip is actually the most important. Let your insurance agent work hard for you. They know the ins and outs of the business, and the folks at The Select Insurance Agency can use that knowledge to help you get the right policy.


Commercial Insurance Coverage for Your Inventory and Equipment

A commercial insurance policy that is sufficient to cover inventory and equipment is essential for every company. Are you unsure if your commercial insurance policy has the appropriate level of coverage for you? The team at The Select Insurance Agency is here to serve the business and commercial insurance needs of the Coppell, TX community. If your property insurance policy is not sufficient to cover the loss of your inventory and equipment you may face potential failure in the event of a catastrophe such as a burglary or fire. 

A Comprehensive Commercial Property Insurance Policy Provides the Protection You Need

When you have an up-to-date and appropriate commercial property policy, you will be covered in the event of loss of damage to your structure, your inventory, your equipment, and any documents that are related to the day-to-day running of your business. This includes equipment that is mechanical in nature as well as the electronic and technical devices that you use to conduct your business.

Plan for Inventory Fluctuations and Depreciation

Because your inventory fluctuates throughout the month, it is important to manage your commercial insurance appropriately. Make sure that your coverage extends to the highest level of inventory that you may have on hand at any given time and accounts for replacement rather than depreciated value. A professional insurance agent is able to review your current and near-future needs and recommend the most appropriate policy and level of coverage to suit your business’ unique needs.

Does your business have the commercial insurance coverage it needs? Make sure that you have the comprehensive commercial insurance you need, including coverage for your inventory and equipment, with a review from The Select Insurance Agency. If you are in the greater Coppell, TX area, call or stop by today!