An Overview of Boat Insurance in Texas

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Boat insurance protects you from the unexpected perils similar to how auto and home insurance policies would cover you. And even though it is not required in the state of Texas, it will still be a smart choice to obtain it for your jet ski, boat, personal watercraft, or any watercraft. 

Different Types of Boat Insurance

As with auto insurance, there is liability insurance available. With this insurance, others’ injuries will be covered if you are at-fault while on your boat. Other insurance types include the following: 

Replacement Cost

With this coverage, you can repair or replace your boat when it is damaged.

Actual Cash Value

This coverage reimburses according to your boat’s current value.

Agreed Amount

This is a reimbursement amount previously agreed upon instead of the current boat value. 

Comprehensive

Comprehensive boat insurance typically covers almost everything except for intentional damage and normal wear. 

Limited or Named-Peril

Named-peril insurance policies cover losses specifically listed, such as vandalism, lightning, collisions,  fire, tornadoes, and collisions. 

Boat insurance is not required to have in Texas, but it is surely good to have. Even if you are hardly using it and it’s in the garage, home insurance policies usually won’t cover your boat, jet ski, or other watercraft in case of damages occurring to your home and property. 

So, for more information about boat insurance, contact a professional, reliable, and experienced insurance agency today. Collum Insurance Group LLC in Richardson, TX has been providing top-notch insurance products for approximately 30 years. So, if you live in Richardson, TX, or surrounding areas, contact them today. Collum Insurance Group LLC is more than happy to assist you. 

Umbrella Insurance – What is it and why do you need it?

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Think of umbrella insurance as a rainy day fund – hopefully, you never need it, but when you do, you’ll be glad you have it. With litigation becoming more common in the United States for even the most innocuous situations, it is imperative to have enough liability coverage to protect yourself, your family, and your assets from being depleted in a lawsuit. Luckily, that’s where umbrella insurance comes into play by providing another layer of liability coverage when your existing auto, homeowners, boat, and commercial insurance policies have been met. 

To determine whether you need umbrella insurance, ask yourself the following questions:

  • Do you have a high net worth?
  • Are you recognizable in the community as being wealthy?
  • Are you vulnerable to lawsuits because you own an ATV, swimming pool, or have a dog breed that is labeled aggressive?

If your answer to any of these questions is yes, you should consider purchasing an umbrella insurance policy. One benefit of umbrella insurance is that it covers the policyholder and other family members or people in the household. This means that if you have a new driver in the household, you’ll have extra peace of mind knowing that your umbrella insurance covers them wherever they are driving a vehicle. Additionally, umbrella insurance coverage does not have to involve your property, boat, or vehicle and is extended worldwide except for any vehicles and homes you own globally that are under another country’s laws. 

At Collum Insurance Group LLC in Richardson, TX, we’ll help answer any questions you have on umbrella insurance policies and help you customize a policy that works for your family’s needs. Give us a call today to schedule a no-obligation consultation with a friendly and knowledgeable member of our team. 

3 Tips for Buying Flood Insurance in Texas

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Flooding happens in Texas, and it’s up to you to be prepared.

Did you know that your standard homeowner’s insurance policy does not cover flooding? In fact, flood insurance is an entirely different policy and one that you need to have maximum coverage in the event of a flood. If you think it’s more of a hassle than what it’s worth, consider losing everything compared to paying a small premium for peace of mind and investment in your future. Purchasing flood insurance is a simple and straightforward process that the agents at Collum Insurance Group LLC in Richardson, TX can help you with. In the meantime, we’ve outlined three tips below to help you know what to expect when you give us a call.

1. You’re Working with a Reputable Agent

All of our agents at Collum Insurance Group LLC are knowledgeable, friendly, and reputable. They are here to take your call and answer all your questions and concerns. In fact, you’ll want to utilize their services to make the next two steps go smoothly.

2. Compare Many Quotes

You and your agent will pinpoint a few quotes for you to compare after learning your flood insurance needs and budget. From here, you can choose one that you’re happy with before moving on to the next step.

3. Bundle Your Policies

Once you’ve chosen the right flood insurance policy, you can see about bundling all of your other policies – life, auto, homeowner’s – under one insurance company. This gives you a discount on your insurance premiums.

Ready to purchase flood insurance? If so, contact our team, serving the Richardson, TX area, to get started today. 

Do I need to carry collision and comprehensive insurance

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Most states require that all drivers carry liability insurance. This protects other drivers from you in the event of an accident where you are at fault. That is important, but it is not the only consideration. What about your vehicle? If you have a car loan or a lease, you will be required to carry additional insurance to protect their investment in your vehicle. At Collum Insurance Group LLC in Richardson, TX, our goal is to place our customers’ needs first and offer them the service they deserve. 

We live in a world where having a vehicle is a necessity for most people. Texas is a big state with wide-open spaces. Getting to work and appointments can get pretty tricky if you don’t have a vehicle. If you have an accident that damages your vehicle and are at fault, the repairs or replacement are on you. If this would not be a hardship for you, you don’t need to carry collision and comprehensive insurance. But if you are like most people, it is something you need. 

Collision is the insurance that pays for the damage resulting from an accident. It might be one where you are at fault or that the other driver is uninsured or underinsured. 

Comprehensive insurance covers other things that can damage your vehicle. They are usually things beyond your control. Things like damage due to high winds, hail, a large animal, lightning, flooding, vandalism, and theft. This type of insurance usually includes glass coverage, as well. 

So if you use your car every day of your life, then yes, you do need to carry collision and comprehensive coverage. 

 At Collum Insurance Group LLC in Richardson, TX, we are independent agents who provide our customers with choices regarding carriers. To get a no-obligation quote, give our office a call or visit us in person. We will be happy to help you choose the best auto insurance for you. 

Do I Need to carry Condo Insurance in Texas

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When you own a condo in the DFW, it feels very much like owning a freestanding home. The difference is a condo has a condo association that carries insurance on parts of your home and the surrounding area. Not all condo association insurance is the same, but it does have essential components that will be included. The condo association covers the exterior of your building, and the common areas shared with other owners are covered with liability insurance. How far into your condo the coverage goes is what you need to check. Collum Insurance Group LLC in Richardson, TX can help you to get the additional insurance to protect your investment in your condo. 

It would help if you carried condo insurance to cover any improvements made to your unit. Updating a kitchen or bathroom increases the value of your condo. A condo association policy does not cover your possessions. If your unit is destroyed, you are responsible for replacing everything you own. A daunting prospect for anyone. Discuss with your insurance agent whether you are comfortable with replacement cost or the actual value of the items you may lose. 

When someone is injured while visiting your condo or a member of your family, even a furry one, injures someone or damages another person’s property, you need liability insurance. This covers medical expenses as well as legal fees and judgments. 

If a covered event damages your unit, condo insurance will help you to pay for a hotel immediately and, in the longer-term, another place to stay until you can return home. 

Condo insurance offers valuable protection, and you should carry it. Collum Insurance Group LLC will help you to find an insurance policy that gives you peace of mind. Give us a call or stop by our office in Richardson, TX for a no-obligation quote. 

What is a home inventory and why do I need one

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Buying a home is a major achievement. It often takes years of planning and saving to reach this goal, and you need quality home insurance to protect the purchase you have made. Nobody wants to focus on the things that can damage your home, but on the other hand, you have to be realistic. Bad things do happen, and if it happens to your home, you need the confidence that you will be able to rebuild and replace all the things you had. At Collum Insurance Group LLC in Richardson, TX, we are able to offer our customers choices when it comes to carriers and policies. 

A home inventory is a listing of your possession. In the event of your home being damaged or destroyed by a covered hazard, your home insurance will repair or replace the things you have lost. That is the good news. The bad news is they will need to know what you had before the event occurred. After a traumatic loss, you may not be able to tackle such a massive undertaking. This is why you should create your inventory before anything damages your home. 

You can do it the traditional way with a pad and pen, or you can do it digitally. Either way, you will go from room to room of your home and list and or photograph every inch. Open the closets, pull out the drawers, go through your kitchen cabinets. Head up to the attic, down to the basement and out to the garage. This is not a small undertaking, but the advantage it offers if you need it makes it all worthwhile. 

Finally, place your inventory in a safe place where you can get to it when you need it. 

Collum Insurance Group LLC in Richardson, TX is here to help you with your home insurance needs and to answer any questions you may have. Please stop by our office, or give us a call.