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What You Need to Know Before Getting Umbrella Insurance

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As a resident of the Wilis, TX area, you may be considering getting umbrella insurance to ensure sufficient protection for your assets and to safeguard yourself against lawsuits. However, before you take the plunge, there are a few things you should know.

What Is and Is Not Covered by an Umbrella Policy

For starters, an umbrella policy from Melvin Gessner Insurance Agency is an extra layer of protection that you can add to your existing insurance coverage, such as auto, home, boat, or renters insurance. Its primary function is to provide additional coverage beyond the limits of your other policies, which can come in handy if you’re sued for damages that exceed your primary insurance limits.

However, it’s important to note that umbrella policies don’t cover every possible scenario. For example, they typically don’t cover intentional damage or criminal activity, nor do they cover damages caused by business activities or professional services. Additionally, umbrella policies don’t provide coverage for liabilities that have already been covered by your other policies or for losses that are already covered by your standard deductible.

The Claims Process for Umbrella Insurance

When it comes to filing a claim with your umbrella insurance provider, the process is quite straightforward. You’ll need to report any incidents that may result in a claim as soon as possible and provide all the necessary documentation to support your claim. Your insurer will then evaluate your claim and determine whether it’s covered under your policy. If so, they’ll pay out the claim up to the policy’s limits.

Do You Qualify for Umbrella Insurance?

Finally, you may be wondering whether you qualify for umbrella insurance. While requirements vary by insurer, here are a few factors that can affect your eligibility:

  • You typically need to have a minimum amount of primary insurance coverage for liability coverage on your home and auto policies.
  • You may need to have a certain level of net worth or income, to demonstrate that you have assets to protect.
  • You’ll need to pass a background check, as insurers are looking for a history of responsible behavior and no major claims against you.

We Are Here To Help!

Umbrella insurance can be a valuable tool for protecting your assets and giving you peace of mind. By understanding what is and isn’t covered, how the claims process works, and whether you’re eligible for coverage, you can make an informed decision about whether to invest in umbrella insurance for your personal situation. As always, be sure to work with a trusted insurance provider like Melvin Gessner Insurance Agency in the Wilis, TX area to help you make a conscious choice. 

Flood Insurance Myths Debunked

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A major part of keeping your home properly protected is understanding your insurance policy, how it works, what it covers, and what is covered. The knowledgeable insurance professionals at Melvin Gessner Insurance Agency are here to help clients in Willis, TX and the surrounding areas better understand these topics.

Let’s take a look at some of the myths surrounding flood insurance:

Myth: Your Home Insurance Policy Covers Flooding

This is a big misunderstanding many homeowners have concerning flood insurance. Your home insurance policy will cover flooding that occurs inside of your home caused by appliance or plumbing malfunction. You should understand that this is very different from flooding which results from a natural disaster.

A flood insurance policy is intended to cover natural disaster flooding or other cause of flooding from outside of the home.

Myth: You Won’t Qualify For Insurance In A High-Risk Area

There are obviously some areas of the country that are at a higher risk of flooding than others. Contrary to this myth, you can obtain flood insurance even if you live in these areas. You will need to have your flood risk professionally assessed, however.

Myth: Renters Aren’t Eligible For Flood Insurance

Renters can get flood insurance coverage for their belongings that are being housed in a rental property. You will need to sit down with an insurance professional to determine the value of your possessions to make sure you get an adequate policy. You should note that your personal items are not covered under the policy that your landlord or property manager has on the property itself.

Contact Us Today

Would like to learn more about flood insurance or any of the other insurance services that we provide? Don’t hesitate to get in touch with us at Melvin Gessner Insurance Agency, serving Willis, TX and the surrounding areas.

What do I need to think about when getting life insurance?

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If you are in the Willis, TX area, there are various types of insurance that you will need to have. One of the most important forms of coverage that someone here will need to get is life insurance. This type of insurance is important as it can be used to provide long-term financial protection and support for your dependents.

When you are building a life insurance plan, there are various factors to consider.

Amount of Coverage

An important factor to consider is the amount of coverage you need. Ultimately, you should have life insurance that will help to provide financial support for your dependents. You should consider their long-term housing, education, retirement, and other costs and then compare them to your current savings. This can be a good guide to determine how much insurance you should have in place.

Length of Coverage

You also should consider how long you will need to have life insurance. Life insurance plans are long-term and can be in place for 25 years or longer. There are also whole life insurance plans that can be in place for the rest of your life. It is important to assess how long of a plan you need. Longer-term plans offer coverage for longer but may have higher premiums.

Give Us A Call

Choosing a life insurance plan in the Willis, TX area is always a good idea and a big decision. If you are going to evaluate your options, calling the team with the Melvin Gessner Insurance Agency is a good way to start. The professionals with the Melvin Gessner Insurance Agency can give the guidance you need to build a plan. We can help you determine how much coverage you need and the type of policy that is right for your situation.

What is BOP Coverage?

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Insurance companies understand that many business owners face similar perils, and, as such, have put together commonly needed products into a bundle. These are known as a BOP or a business owner’s policy, and your knowledgeable Melvin Gessner Insurance Agency representative can give you specifics on what is included.

What is BOP Coverage?

Willis, TX entrepreneurs are only required by law to have commercial auto insurance, but there are many good reasons to choose additional coverage. Contractors and subcontractors may often choose to work only with those who purchase indemnification, as it protects their interests. As a business owner, coverage helps shield you from financial loss.

A BOP is ideal for businesses in the small to the midsize range, and they are usually customizable, meaning you can add more covered perils to your policy.

Fire is a commonly included hazard, as this can not only raze your building to the ground, but it can also take your inventory with it. Willis TX company owners very often store their machines and other equipment in their main locations, and these items can be damaged by smoke or sprinkler systems. Hail, windstorms, and water damage from snow can also pose a problem and are often covered.

Theft and vandalism can cost you dividends, and special circumstances can render your business inoperable for a period of time, but your indemnification can substitute your income temporarily.

Basic liabilities are often a part of a BOP, and this can extend to physical injuries caused to customers, destruction of property through negligence by workers to clients’ homes, for example, or advertising mishaps, such as libel, misleading information, typos, or omissions.

Melvin Gessner Insurance Agency Can Help

We specialize in providing an array of insurance services for our Willis, TX clients, and we can put together a package to meet your needs. Reach out to us by calling or stopping into the office.

How and why to create a home inventory

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You may wonder why you would want to take the time to make a home inventory. It is a lot of work, but it is worthwhile if you ever need to file a claim. At Melvin Gessner Insurance Agency in Willis, TX, we know that we work for our customers, and we will make sure that we find the best policy to protect you and your home.

Home Inventory: The Basics

How to create a home inventory

You can make an old-fashioned written inventory, or you can do a digital one. If you go for the old-fashioned one, you will need to bring along a camera to take pictures of each room to put with the completed inventory.

Begin in the room of your choice, and write down all the items in the room. Open closets, drawers, and cabinets, and write down everything that you see. Give as much detail as you can, including maker, brand, serial numbers, etc. If you have the sales slip or receipt, attach it to that page of the inventory.

Go room to room doing the same thing in each room, taking multiple photos from different angles. Don’t forget to go to the attic, basement, garage, and shed. Once you have written down everything, it is important to find a safe place to store your inventory. The ideal storage location is away from your home, so you don’t lose it in the event a hazard hits your home. A safe deposit box works, or you can place a copy of the inventory on the cloud.

Why create a home inventory

The reason for creating the inventory is that the insurance company will accept it when it comes to filing a claim for lost content. It will make the whole claim experience much less stressful at a time when stress is the last thing you need.

Get Home Insurance Today

Getting the right coverage for your home is a vital step to protecting your asset. Contact Melvin Gessner Insurance Agency in Willis, TX to discuss your home insurance needs.

Does Motorcycle Insurance Cover Customized Bikes?

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In short, it’s not hard to get coverage for your customized motorcycle in Willis, TX. There are a few terms that can help you better understand your motorcycle coverage options.

Agreed Value, Actual Cash Value, and Replacement Cost

To insure a bike, the insurance company needs to determine its value. A motorcycle depreciates in value, much like a car. Replacement cost, or the amount it would take to buy a replacement, is often higher than the value.

The insurance company will determine the actual cash value or agreed value to determine what they’d pay in a claim. Actual cash value is an evaluation of the cash worth of the bicycle. This evaluation factors in modifications, damage, depreciation, and wear and tear. In some circumstances, it may not be simple to come to an actual cash value. In that case, a fair agreed value would be set between the owner and the insurance provider. The skilled staff of Melvin Gessner Insurance Agency can help you determine which applies to your bike.

Coverages for Custom Motorcycles

Some motorcycle coverages will be familiar. Those collision, comprehensive, and liability. Bikes insured in Willis TX require at least liability. Others you may be less familiar with but are handy to have:

  • Uninsured/Underinsured: Covers you should another driver damage your bike without the insurance to cover it.
  • Roadside: Call for a tow, tire, or gas in a pinch.
  • Custom Parts & Equipment: This covers the price for valuable aftermarket or custom parts and equipment that exceeds basic motorcycle coverage.

Consider Seasonal Coverage

For fair-weather cruisers, consider seasonal coverage applies four to six months out of the year. Seasonal coverage is a great way to save if your bike spends its winters in the garage.

Contact Us Today

Call Melvin Gessner Insurance Agency in Willis, TX.today with any questions you have about covering your modified motorcycle. Let us help you protect your property.

Do I Need Year-Round Boat Insurance in Pennsylvania?

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If you live in the greater Willis, TX community, and own a boat, you may wonder if you need to insure it year-round. The answer to that question depends on several factors, including how long you use it during the year and store it in the off-season.

How Often Do You Use Your Boat?

If you only use your boat a few times during the year, you may not need to insure it year-round. However, if you use it regularly, especially if you keep it in the water during winter, you will need to insure it all year. This is because boats are susceptible to damage from the elements, even when not used. Your Melvin Gessner Insurance Agency agent can help you determine how often you should insure your boat.

How Do You Store Your Boat?

Where you store your boat during the off-season can also affect whether you need year-round insurance. If you store it in a garage or shed, it will be better protected from the elements than leaving it in the water. You may not need to insure it as often.

Is Boat Insurance Required?

In Pennsylvania, boat insurance is not required but should consider a policy. You will be responsible for the damage if your boat is involved in an accident. They could sue you for the damages if you do not have insurance.

Is There a Loan?

If you have a loan on your boat, the lender will require you to have insurance. This protects their investment in case the boat is damaged or totaled. You will need to insure your boat year-round if you have a loan.

Get Insurance Coverage For Your Boat Today

Your Melvin Gessner Insurance Agency agent can help determine if you need year-round boat insurance in Willis, TX. We can also help you get the coverage you need to protect your investment. Call us today!

How Can I Make Sure My Umbrella Insurance Policy Is Effective

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When looking for insurance, it’s important to ensure that you’re getting the best coverage possible. One type of policy you may want to consider is umbrella insurance. This type of policy can provide extra protection for you in the event that something happens. However, it’s important to make sure that your policy is effective.

Here is how you can ensure that your umbrella insurance policy provides the protection you need:

1. Make Sure You Have the Right Amount of Coverage

The first step to ensuring your umbrella policy is effective is ensuring you have the right amount of coverage. You’ll want to consider the value of your assets and how much coverage you need. If you don’t have enough coverage, you may find yourself in a situation where you’re unable to pay for damages. On the other hand, if you have too much coverage, you could be paying for protection that you don’t need. Work with our insurance agent at Melvin Gessner Insurance Agency in Willis, TX to determine the right amount of coverage for your needs.

2. Review Your Policy Regularly

Your needs can change over time, so it’s important to review your umbrella policy regularly. Make sure that you still have the right amount of coverage and that your policy covers the types of risks that you’re now facing. For example, if you’ve recently acquired a new asset, you’ll want to make sure that it’s properly covered. Reviewing your policy regularly will help you make sure that you’re always getting the protection you need.

3. Know What’s Covered

It’s also important to ensure you understand what’s covered by your umbrella policy. Many people are surprised to find out that their policy doesn’t cover certain types of risks. Make sure you’re aware of the limitations of your coverage so that you can be prepared in the event that something happens.

Contact Us Today

An umbrella insurance policy can provide important protection for you and your family. However, it’s important to make sure that your policy is effective. By following the tips above, you can help ensure that your policy provides the coverage you need. Willis, TX residents can contact Melvin Gessner Insurance Agency for more information about umbrella insurance. Our team is here to help you find the right policy for your needs.

What Are The Waiting Periods For Flood Insurance?

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Flooding is one of the most common natural disasters in the United States. Every year, floods cause billions of dollars in damage and claim dozens of lives. If you live in a high-risk area, it’s important to have flood insurance. The question is, what are the waiting periods for flood insurance?

Here is how to navigate the waiting periods and get coverage:

Federal Flood Insurance Waiting Periods

You can buy flood insurance through the National Flood Insurance Program (NFIP). This insurance policy has a waiting period of 30 days from your purchase date. If something happens during what is known as the blackout period, you’ll not be covered.

Private Flood Insurance Waiting Period

Private flood insurance policies have different waiting periods depending on the insurer. Some insurers will have a waiting period of 14 days, others have a 30-day period, while others might not have one at all. The thing is, you need to ensure you get your policy from a reputable insurer like Melvin Gessner Insurance Agency in Willis, TX.

Which of the Two Should You Get?

It all depends on your needs and budget. If you feel like you’re in a high-risk area,  then getting a private policy with a shorter waiting period is ideal. At Melvin Gessner Insurance Agency, we can help you get the right flood insurance policy that will protect your home. If not, the NFIP policy might be a better fit for you.

Contact Us Today

There you have it. These are the waiting periods for flood insurance. If you have any questions or would like to get a quote, Melvin Gessner Insurance Agency in Willis, TX is here to help. Give us a call today, and we’ll be more than happy to discuss your flood insurance needs.

Two Types of Life Insurance

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If you need life insurance, there are two main types to choose from. These are term life and whole life. Each of them works very differently, so it’s important to know the differences between them. When you need to get a life insurance policy of your own, call us at Melvin Gessner Insurance Agency in Willis, TX. 

Two Types of Life Insurance

Whole Life Insurance

Whole life is a type of policy that stays in effect for the rest of your life as long as you keep paying the insurance premiums. When you keep the policy, it doesn’t expire. It keeps protecting you no matter what your age. This type of life insurance is more expensive, but it comes with a helpful benefit. When you keep the policy for a few years, a small amount of the part that you pay in premiums will accrue a cash value. When this happens, the cash value continues to grow over the years. When there is a cash value there, you can borrow against that amount if there is a need for it. This can help you in financial emergencies. 

Term Life Insurance

When you have a term life insurance policy, the insurance is only good for that term. This may be 20, 25, 30 years, etc. Once this term is completed, the insurance expires. When this happens, you have to reapply for insurance in order to be covered again. One of the benefits of this type of life insurance is that is less expensive than whole life policies. Many people choose it because it can be very reasonably priced for those who are in good health. And, the policy price stays the same throughout the term. 

Get Your Policy

When you have a family, it’s important to have life insurance. Call us at Melvin Gessner Insurance Agency in Willis, TX.

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