Can I own a home in Plano, TX without homeowners insurance?

Not everyone in Plano , Wylie , or Allen , Texas who owns a home , has homeowners insurance . If you do not have a mortgage and own your home free-and-clear, the law does not require you to have a homeowner insurance policy. While some folks may choose to give up their home policy, going without policy means you are exposing yourself to a great deal of risk.

Under the terms of any mortgage in Texas , you will see a clause that says that you must maintain insurance on your home . The insurance is required to protect the lender’s interest in the home should something happen to diminish its value. If a home suffers $25,000 in fire damage, the holder of your mortgage wants to know that the home will be repaired and that the funds will be available o make those repairs.

If you go without a policy, you expose yourself to three different types of risk. You have the risk of damage to your dwelling and other structures on your property. You have the risk of damage or loss to your personal property or contents within your home . You have the risk of being held liable for the injury to a person or damage to their personal property while on your property.

As a homeowner , you should carefully weigh the costs and benefits of having an insurance policy. If you give up your homeowner policy, you could lose everything you own in a fire or you could be sued for a million dollars if someone falls on your property and is seriously injured.

Your house is your castle and it is important to guard it well. As a homeowner , you should always be aware that something may go wrong no matter how careful you may be. As your independent agent , we would strongly advise against giving up your homeowner insurance policy, even if you are not required to have one. Before you make a decision you might regret, please give us a call and discuss the matter in more detail with an independent agent .

Does Premium go High if my Vehicle’s Windshield is Damaged in Plano, TX?

Damage to your vehicle’s windshield may result in worries about your premium in Plano, Texas. Although your auto policy may vary, in many cases the impact on your premium may not be as dramatic as you expect.

The Situation

Ultimately, the impact on your premium will depend on the situation. It is possible to see a premium go high if you are involved in an accident and the windshield is damaged, but it might not be impacted if your vehicle is damaged from a hail storm or a similar claim.

Your insurance will usually have the largest impact in a situation that is related to your driving rather than a tree branch falling on the car, a hail storm or a similar situation.

The Claim

Although the impact might not be as dramatic as you expect, it is possible that your premium will increase regardless of the situation. The reason is related to making a claim. If you make a claim on your insurance account, then you are likely to see an impact on your policy. In most cases, the impact on your premium will depend on the situation and the cost of your claim. A minor scratch might not require the same claim as a shatter windshield.

When you make a claim on your account, the details of how it will impact your policy and your premium will vary. Some insurer will increase your monthly rate. Others will not increase your rate if it is the first claim you have made on your account.

Damage to your vehicle may or may not impact your premium, depending on the situation and the claim that you make. Contact us to talk to an independent agent to learn more about the impact of accidents on your auto insurance.

How does my Insurance Company in Plano, TX, Decide Whether to Repair my Vehicle or Declare it a Total Loss?

A car accident can mean that you must repair or replace your vehicle in Plano, Texas. Depending on the auto coverage that you purchase and the severity of the accident, you may or may not be covered to the amount that you need. In some cases, your insurer may declare that your vehicle is a total loss rather than deciding to repair the damages.

Extent of the Damages

A key factor that helps your insurer determine if the vehicle is a total loss or if it is possible to repair is the extent of the damages. If the car is badly damaged and will cost more to repair than it would cost to replace, then the insurer may declare the car a total loss and make a payment for the replacement cost.

Cost of Repairs

Even if it is possible to repair the car, some insurers may decide to pay the replacement value rather than work on the car due to the cost of the repairs. If the cost of the repairs will exceed the cost of replacing the vehicle or if it is deemed too expensive to be worth the total cost of the work, the insurer may decide to replace the vehicle instead.

The cost of repairs combined with the extent of the damage will ultimately determine if it is worth fixing the car. In some cases, your auto insurance policy will also provide clues to the decision.

Insurers make decisions based on the financial factors. If your car is too costly to fix, then you are likely to see that your insurer will declare it a total loss. Contact us to talk to an independent agent to learn more about how insurers make their decisions.

Does my Insurance Change if I am Leasing my Car Instead of Buying in Plano, TX?

The details of your auto insurance policy in Plano, Texas will vary based on a variety of situations and factors. When you decide to lease a car instead of buying, you may worry about what is covered and what is not under your current policy. Depending on the details of your plan, your coverage may change to protect the vehicle appropriately.

Leasing Agreement

A key reason that your coverage may change is the leasing agreement that you sign. If you have basic insurance, then the leasing company may require that you purchase additional protection to keep the vehicle safe.

Read the details of the agreement before you sign. If it requires more coverage than you currently own, then contact your insurer to find out how much your premium will increase and if it is possible to add the required coverage to your policy.

Other Changes

If you already own enough coverage to protect the vehicle under your current plan, then you may not need to obtain additional protection. You may be covered or may even have more coverage than the leasing company requires.

Although your coverage may be appropriate, the vehicle that you lease might increase your premium. The repair costs of the vehicle and the brand can make a difference on your policy when you have full coverage. As a result, you may see a change to your premium, even if your current coverage does not alter.

The decision to lease a vehicle means that you are willing to make changes to your current policy. In many cases, you will be asked to purchase additional protection because the car is not your property. Contact us to talk to an independent agent to learn more today.