Monthly Archives: July 2019

When Do You Need an Auto Insurance Review?

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It is a good idea to make sure you have adequate insurance protection to conduct a regular annual auto insurance review. Life changes of certain kinds and changes to your vehicle(s) are also a good time to have an auto insurance review. Talk to your agent at Allegiance Insurance Agency, serving Richardson, TX and the nearby area, when any insurance adjustments may be needed.

Changes that Affect Auto Insurance

Here are some changes that are good reasons for an auto insurance review:

Moving

Let your agent know if you are planning a move.

Marriage and Divorce

Getting married or divorced usually means changing the authorized drivers on the auto insurance policies.

Getting a New Job

If your new job adds to your commute distance, then this is something you want to tell your agent.

Changing Where a Vehicle is Parked

If you change where the vehicle is parked, for example, putting it in a secured garage instead of parking it on the street, let your agent know.

Letting Another Driver Use the Vehicle

If you allow another driver to use your vehicle, then ask your agent about adding them as an authorized driver.

Vehicle Improvements

Examples of improvements that warrant an insurance upgrade include custom work done on a vehicle, such as a new custom paint job. Also, installing new equipment, such as an expensive stereo system, a GPS device, an alarm, an anti-theft device, or adding a hitch to pull a trailer.

If you are going to pull a trailer be sure to let the agent know and discuss the value of what you will be pulling so that the protection for that item, such as a boat, can be put into place as well.

Changing Vehicle Usage

If you start using your vehicle for carpooling or work-for-hire, you will want to adjust the auto insurance to change it to a commercial policy to provide protection for the passengers and the new use.

Selling the Vehicle

Make sure the title is changed to the new owner before canceling your auto insurance to make sure there is no gap in insurance coverage. If you have any of these changes or others contact your agent at Allegiance Insurance Agency in Richardson, TX.

Can Home Renovations Affect Your Home Insurance?

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Any changes that you make to the structure of your Richardson, TX home will affect your home insurance. Some renovations could raise the cost of your insurance premiums; others could make you eligible for home insurance discounts. By discussing home improvement plans with your Allegiance Insurance Agency agent in advance, you can get a better idea of how your projects will affect your insurance coverage so you can prepare to adjust your policy accordingly. Here are a few ways home improvements affect home insurance coverage and costs.

Reduces Insurance Premiums

Some renovations can actually reduce your insurance premium due to minimizing your risk of damage to your property. A new roof, for example, offers greater protection to the structure and interior of your home, which could qualify you for reduced insurance rates. If your renovations enhance the safety of your home, such as a new security system, new HVAC or electrical system or upgrading your plumbing, you may be eligible for discounts on your insurance coverage.

Increases Insurance Costs

Renovation projects that add livable space to your home (new bedroom, back patio, mother-in-law apartment, etc.) may increase your insurance costs as it increases the areas that need to be insured. Once you add these renovations to your policy, you may see an increase in premium costs. If you purchase new furniture or electronics for renovated areas, these items will also need insurance protection, which may increase coverage costs.

Major home renovations can also increase the value of your home, requiring that you increase your dwelling coverage to cover the new value of your property. Increasing your dwelling insurance ensures you have sufficient coverage to rebuild your home if it’s destroyed in an unforeseen disaster.  

For customized home insurance coverage to fully protect your Richardson, TX property, contact Allegiance Insurance Agency today.