Common Myths About Flood Insurance

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When it comes to flood insurance, there are many misconceptions about it. Alloy Insurance Partners serving clients in Dallas, TX  and other surrounding towns has prepared a list of the most common myths about this type of insurance that you should be aware of: 

Myth 1: Flood Damage is Covered By Standard Home Insurance

The truth is that normally home insurance policies do not cover flood damage. That is why it is important to consider a separate flood insurance policy, especially if your home is located in a flood-prone area.

Myth 2: Only Homeowners Can Purchase Flood Insurance

Actually, flood insurance is available not only to homeowners, but also to renters, business owners, and condos. The best way to get more information about it is to talk to an insurance agent, who will be able to answer all the questions. 

Myth 3: Only People Living in the Special Flood Hazard Area Are Qualified for Flood Insurance

Anyone who lives in the community that voluntarily joined the National Flood Insurance Program (NFIP) can purchase flood insurance. If you live in a community that does not participate in NFIP, you can make a request for it to do so through the city commissioner’s office, city council, or mayor of your city. 

Myth 4: You Have to Wait Until a Rainy Season  to Purchase Flood Insurance

You need to be proactive when it comes to purchasing flood insurance. In most cases, there is a 30-day waiting period before a policy goes into effect. Therefore, it is actually recommended to get flood insurance as soon as possible and not to wait until a rainy season. 

Flood insurance is an important type of insurance because it proves additional coverage to your home and belongings in case a flood happens. Now you know the most common misconceptions about it and you will be able to find a policy you need. If you need help, Alloy Insurance Partners serving clients in Dallas, TX will be glad to assist you. Do not hesitate to give us a call or visit the website. 

Required Commercial Insurance in Texas

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Insurance in Texas

When you have a small business in Texas, certain types of commercial insurance are mandatory and others are simply recommended. If you have a small business and need it to be insured, or you simply want better policies, give us a call at Alloy Insurance Partners in Dallas, TX. 

Commercial Insurance for Vehicles

If you have a vehicle that is owned by your company, Texas law requires that you have a commercial auto policy on it. There are mandatory minimums in the policy for bodily injury liability for each person, bodily injury for the entire accident, and the amount of property damage you are liable for. If you use a vehicle for business purposes, but it is not owned by the business, it is not required to get commercial auto insurance coverage for it. However, it is recommended that you have a non-owned and hired policy for your vehicle. This is often needed because personal auto insurance policies often don’t cover vehicles used for business purposes.

Workers’ Compensation

Unlike in most states, Texas does not make it mandatory for Texas business owners to have workers’ compensation policies in place. But, it is recommended for small business owners. This insurance type will cover your business against accidents or illnesses that occur in the workplace. It also pays for wages missed when unable to work because of an accident or illness. Getting general liability insurance and professional liability insurance is also recommended for many types of business. 

Insure Your Business

Your small business needs as much protection as it can get. If you need commercial insurance, call our Alloy Insurance Partners office in Dallas, TX.

who is eligible to be my beneficiary in my life insurance policy?

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When it comes to choosing a life insurance beneficiary, the thought of dying becomes fresh. We are forced to think about how our children and parents will live when we’re gone. Fortunately, life insurance makes sure that you give your dependents the best life you can afford in later years. If you are looking for life insurance in Dallas, TX, Alloy Insurance Partners have what you need and more. We help you get the best from your policy and even take you through the process, but there is a problem.

How do you choose and who is eligible to be your beneficiary? Well, this is a personal decision, so our only help is providing you with facts. Here is what you should know about life insurance beneficiary.

People prefer naming family members, but generally, everyone is eligible.

Anyone can qualify to be a beneficiary. Like we said, naming a beneficiary is a personal choice. This is the money you are leaving behind, so it is really up to you to decide who you want to benefit. Some insurance providers in Dallas, TX recommend choosing one or two family members, which is always the case with most life insurance policyholders. Many people buy insurance for the sake of their family members, thats why it makes sense to name one of the members as the sole beneficiary.

Primary and contingent beneficiaries

Life insurance comes with two types of beneficiaries; primary beneficiary and contingent beneficiary. The primary beneficiary is the person who gets the proceeds of the life insurance policy when the insured person dies. A contingent beneficiary, also known as a secondary beneficiary is the person who receives the proceeds if the primary beneficiary dies.

That means that you are allowed to choose two beneficiaries. The policies also allow you to amend the policy like changing the names without the consent of the beneficiaries. For instance, if the primary beneficiary dies before you, you can change and add the contingent beneficiary as the primary beneficiary and find another name to add as contingent.

For more information about beneficiaries, feel free to speak to us at Alloy Insurance Partners today.

Do you need new auto/motorcycle insurance when you move?

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When you plan a move, whether across town or to another state, you probably do not think of updating your auto or motorcycle insurance as a top priority. It is though.

Most states give you 30 to 90 days to complete your update. That means you need to contact your Alloy Insurance Partners agent to update your address and your policy.

Your zip code helps determine your premiums, so moving to a new zip code in Dallas, TX can either increase or decrease your premiums. If you move to a safer zip code with a lower crime rate, your insurance might decrease. Moving to a higher crime area might increase it.

Moving from one state to another state changes everything. Each state has its own minimum requirements, so even full coverage in your current state of residence might not qualify as proper coverage in your new area. You may be able to adjust your coverage, but you also might have to purchase a brand-new policy or switch carriers. That is because insurance agencies sometimes do not have legal permission to sell insurance in every state.

You also need to update your registration and license plates, plus your driver’s license when you move to another state or if you just moved to Texas. You need to update your auto or motorcycle insurance before you can update anything else vehicle related because you must show proof of insurance to do those other items.

Call or email Alloy Insurance Partners today to discuss your move to or from Dallas, TX. We can help you make a plan for updating your vehicular insurance so you do not have a lapse in coverage. Contact us before you move for the best results.

Do I need home insurance in Dallas?

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The Dallas, TX area is one of the largest metropolitan areas in the country. Along with this, it can be a great place to purchase and own a home. When you are looking to purchase a home here, it is important that you protect it with insurance as well as you can. There are several reasons why you need to get a home insurance policy if you own a property here.

Required by Mortgage Provider

One reason why many people that own a home in Dallas need to have home insurance is that it is required by their mortgage lender. Buying a home is a very big purchase that will require you to likely take out a mortgage. If you do take out a mortgage, you will need to comply with the lender’s insurance requirements. Most of the time, you will need to escrow for your insurance payments on a monthly basis. 

Required by Associations

In some areas of Dallas, you may live in a home association. If this is the case for you, it is important that you understand all of the rules and obligations. One common requirement will be to have home insurance. Home associations have this as it helps to ensure you can pay for any damages that you or your property cause. 

As you are looking for insurance in the Dallas, TX area, you could find that picking the right policy is confusing. Since there are so many options and decisions that need to be made, you should speak with the team at Alloy Insurance Partners to discuss and better understand everything. When you call Alloy Insurance Partners, the team will be able to address all of your options and help to ensure that you get into a policy that provides the right type and level of coverage. 

What Does Motorcycle Insurance Cover?

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Motorcycle insurance is similar to auto insurance in that it provides protection for you as the driver as well as protection for other moving vehicles on the road. However, it’s designed for people who drive motorcycles. Although this insurance closely resembles auto insurance, it’s purpose is to meet the specific needs of people who operate motorcycles. Not all states require motorcycle insurance. As of 2017, four states don’t require motorcycle insurance. Montana, New Hampshire, Florida, and Washington are the four states that don’t require motorcycle insurance.

What’s Required?

The Alloy Insurance Partners of Dallas, TX educate motorcycle drivers regarding what’s required to operate a motorcycle in Texas. Like auto insurance, motorcycle drivers are required to carry liability coverage at the very least. Of course, if you have a motorcycle loan, the lender may require you to take full coverage as a way of protecting their investment from the unknown. However, if you don’t have a loan, the state minimum requirements include bodily injury coverage and property damage coverage. Bodily injury coverage must be maintained at sixty thousand dollars per accident. Thirty thousand dollars per person per accident is also a requirement, and twenty-five thousand dollars for property damage per accident is a required coverage amount as well. 

What Does Motorcycle Insurance Cover?

Motorcycle insurance covers the same things that auto insurance covers. You are protected in the event of an accident, damage, theft, and total loss. It also covers other people’s losses if you are found responsible for an accident, damage, or some other situation that causes harm, damage, or loss to someone else or their property. In essence, motorcycle insurance can include liability, collision, medical, and uninsured motorist coverage. We’re here to help you determine the best coverage for you and your unique situation. Give us a call. We’re here to help. 

Does Home Insurance Cover Theft and Vandalism in Texas?

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Theft and vandalism can be one of the more disturbing things that can happen to you in your Austin or Dallas, TX home. When someone comes onto your property, it can be deeply unsettling to think about how another person will treat it. Whether it’s going through your drawers or breaking your windows, you likely want to know what actions can be taken to make the situation right again. Alloy Insurance Partners wants you to know more about whether you can call upon your home insurance policy if either case occurs. 

Does Home Insurance Cover These Events?

The answer to this question is likely yes, though it depends on how your policy is structured. Should either one be excluded, then you should know about this sooner rather than later. Also, there may be certain clauses that will dictate how your carrier will process certain claims. 

For example, let’s say that you were occupying your home consistently until you were called away for an emergency. The emergency was only supposed to take a month to clear up but ends up lasting six months. Because you’re away from your Austin or Dallas, TX home for so long, a group of people break in and begin to use your home for their own purposes. Your insurance carrier may not cover this because you left the house vacant for longer than you were supposed to. 

Tips for Better Coverage 

When it comes to theft and vandalism, the best thing you can do is be proactive and transparent. If you need to leave your home for any given amount of time, make sure you let your carrier know. If you want to know more about how to protect yourself, call Alloy Insurance Partners today to learn about how your coverage works. 

 

What type of life insurance is right for me?

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Anyone that is in the Dallas, TX area that would like to protect themselves and their loved ones needs to have proper insurance. One type of insurance that should be considered a necessity is life insurance, which will provide you with financial protection in the event you were to pass away untimely. When you are looking for a new life insurance policy, the two most common options are term and whole life. It is crucial to think of the benefits of each option when figuring out which is right for your situation.

Term Life Insurance

With a term life insurance policy, you are going to receive life insurance coverage for the entire period of the term as long as payments are made on time. There is a lot of flexibility when it comes to picking this form of insurance, which ensures you can get a policy that is right for you. Further, payments tend to be more affordable than whole life.

Whole Life Insurance

While a whole life insurance policy, you can expect to have higher monthly premiums. However, there are additional benefits. With a whole life policy, a portion of your insurance payments will be deposited into an account that will grow in value and can be liquidated. Due to this, a whole life insurance policy can also be considered a form of investment. 

If you are looking for a life insurance policy in the Dallas, TX area, you should call the team at the Alloy Insurance Partners. When you call Alloy Insurance Partners, you can learn a lot more about all of your life insurance options. The team of insurance professionals can help you get into a policy that provides you with the right type and level of life insurance coverage. 

I’m Moving. Do I Need a Brand New Home Insurance Policy?

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Moving into a new house is a significant change, even if the move doesn’t take you very far. The physical move requires a lot of work, and then you have to adjust to the new location. You might find yourself shopping in new stores, meeting new neighbors, changing schools for the kids, and facing all kinds of alterations to your daily life. You also need to consider your home insurance. For residents of Dallas, TX, the move might have you asking if you need a brand new policy.

Home insurance policies are tied to the house itself. It’s similar to auto insurance in this respect. Getting a new policy doesn’t have to be complicated. You simply call your Alloy Insurance Partners agent and let them know about your plans to move. They’ll help you find a good policy for the new house. That way, you’ll have excellent coverage when you move, and the new policy will be tailored to the new property and your changing living situation.

Timing Is Important

While you need a new policy for the new house, you need to keep the old policy until you no longer own the old home. This can get a little tricky, as many insurance providers don’t offer policies for empty houses. Not to worry, moving is normal, and insurance companies know how to deal with it. The key is to talk to your Alloy Insurance Partners representative to time the cancellation of the old policy. When you’re out of the old house, and it has a new owner, you don’t need that policy, but if you’re planning to rent, or if you haven’t sold the old house yet, you need to work with your agent to form a good plan.

Any time you have questions or concerns about insurance, a conversation with an expert can go a long way. We’re always here for you, even if your plans will be taking you out of Dallas, TX. Stop by or give us a call so we can help.

Do I need auto insurance in Dallas, TX?

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In a recent study, Dallas finished in the bottom 15% of the 200  cities where you are least likely to have an accident, it was ranked number 172.  Another sobering fact is that Texas leads the nation in motor vehicle deaths. The cold fact is that at least one person dies on Texas roads every day. It should not come as a surprise that the state of Texas mandates liability auto insurance coverage. Texas has a 30/60/25 requirement. That means $30,000 in bodily injury per person with a max of $60,000 per accident and additionally $25,000 in property damage. Having an insurance agent who is knowledgeable is a must and the team at Alloy Insurance Partners in Dallas, TX fits the bill perfectly.

Given the statistics about driving in Dallas, expanding your insurance coverage beyond what is required is an excellent idea. If you have a vehicle loan, your lender will require that you carry collision and comprehensive coverage. Even when your loan is paid off, keeping this important coverage is a good idea Ask yourself if your car was damaged or totaled would you be able to repair or replace it easily? If the answer is no then collision and comprehensive is a good option for you. If you have assets, you may also want to consider increasing the amount of the liability coverage that you carry as well. The minimum is what is required but it may not be what is right for you. 

Whether you are a new driver or looking to talk to a new agent, at Alloy Insurance Partners in Dallas, TX, we welcome the opportunity to discuss your needs and the products that we have to offer. You can stop by our office or give us a call to set up an appointment for a no-obligation quote.