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Why Should I Invest in Flood Insurance?

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Is there anything worse than undergoing a natural disaster? Perhaps there is, but dealing with the aftermath of a natural calamity is never child play. Floods are one of the most common disasters in the US. And boy, when floods strike, most residents are left counting losses upon losses. 

Given that floods are ubiquitous in the US, you might wonder how you can protect yourself. While arming yourself with precautionary tips during floods is superb, flood insurance coverage ensures that your home is livable even after floods damage.

Still not convinced why you should invest in flood insurance? Ellis Insurance Agency of San Antonio, TX, shares more reasons.

It may be required

While Texas doesn’t require residents to purchase flood insurance, your lender may insist you purchase coverage if you live in a flood plain area. And even if your property is in a low flood-risk area, your lender may still require you to invest in flood insurance. But whether flood insurance is compulsory or not, you need it. 

Home insurance doesn’t cover floods

Home insurance is an excellent investment to protect your home. Unfortunately, typical home insurance doesn’t cover flood damage. As a result, you require flood insurance from private insurers or the National Flood Insurance Program (NFIP) to protect your home against floods.

Floods can strike anywhere

According to FEMA, there is a 26% chance that you will experience floods at some point during a 30-year mortgage period! Floods can strike anywhere, and sometimes without warning. The only way you can be safe is by purchasing flood insurance.

Flood insurance in San Antonio, TX

If it rains, floods can strike anytime and anywhere. And even if you live in a low-risk area, you are not entirely safe. About 20% of flood insurance claims come from residents living outside high-risk areas! Are you ready to get started with flood insurance? Contact Ellis Insurance Agency today.

What Is Covered By Your Condo HOA’s Insurance?

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Condo owners have the luxury of having the outside of their home and community areas covered under their condo association’s insurance policy. However, not everything in a condo community is covered by the master HOA insurance plan. As a condo owner in San Antonio, TX, you need to purchase additional insurance to cover things your condo association does not cover. 

So what exactly does my condo association’s master insurance policy cover? Would you please continue reading to learn more and then call our agents at Ellis Insurance Agency to discuss your condo insurance coverage options? 

Condo Insurance vs. Condo Association Insurance

Your condo insurance covers your needs and what directly impacts you as an owner of a condo unit. The condo association insurance typically covers all common areas of the building and property and some protection of the interior structure, depending on their policy and building design. 

What is Covered by Your Condo’s Master Insurance Policy? 

Regardless of the policy your condo association carries, you can expect most HOA’s insurance to cover the following: 

  • The exterior of the condominium building
  • Common areas, including exercise rooms, swimming pools, lobbies, outdoor pavilions, etc. 
  • The land around the building

What is Not Covered by Your Condo Association’s Master Insurance Policy? 

When purchasing your condo insurance, check with your HOA to learn more about the condo association’s level of structural insurance protection. In most cases, the master insurance policy protects the outside walls up to the inside border of your unit. Additionally, your condo association’s master insurance policy does not cover your personal belongings, anything damaged inside your unit and does not protect you against liability claims in your unit. 

With questions about their condo association’s master insurance policy, condo owners in San Antonio, TX, should reach out to the experts at Ellis Insurance Agency for assistance. 

Do I Have Enough Accident Coverage?

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There are many types of auto insurance coverage options available, which leave many wondering if they have enough accident coverage. The experts at Ellis Insurance Agency understand the need for accident insurance and do not want San Antonio, TX, residents wishing they had more coverage after an accident. When shopping for an insurance policy, make sure to discuss your options with your insurance agent and ensure you have enough coverage in the event of an accident. 

Below are the different coverage options you will benefit from having when in an accident:

Bodily Injury Liability

This coverage pays for the damage caused to someone else’s property and injuries when you are at fault. For example, if you caused an accident and are sued for the damage, this policy covers your court costs and legal defense. Additionally, liability coverage pays for the other person’s medical bills, lost wages, and compensates for pain and suffering. 

Collision Insurance

This coverage pays for the damages caused to your vehicle after being in an accident with another car or object or in the event of a rollover. 

Medical Payments

This coverage, often called personal injury protection, pays for medical bills and funeral expenses when the policyholder is injured in an accident. This policy may also provide coverage for lost wages and other related costs associated with the accident. 

Uninsured Motorist

This policy covers you if you are hit by a driver who does not have insurance coverage or enough insurance coverage to pay for your damages. 

Do not wait to discover you do not have enough San Antonio, TX, accident insurance coverage. Instead, call the experts at Ellis Insurance Agency today to learn about the different coverage options and which one is best for your needs. 

Advantages of Home Insurance

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A home is a valuable investment for all homeowners. This brings the need to protect it from disasters like fire and theft, using various home insurance coverage. To avoid a significant financial loss, Ellis Insurance Agency of San Antonio, TX explains the advantages of having home insurance.

Protect Contents in Your Home

Apart from protecting the external structure of your home, insurance covers the contents inside as well. This means that in case of a fire, water damage, or theft and your valuables are either stolen or damaged, home insurance will compensate you for the costs of repairing or replacing property.

Peace Of Mind

No matter the amount of financial security one has, ensuring their home is secured will give them peace of mind. Home insurance offers a sense of security to homeowners by seeing that they are compensated after a loss.

Provides Temporary Living Expenses

Your house may suffer severe damage to the point it becomes uninhabitable. This will require you to find alternative shelter till your home is restored to its original state. Home insurance will help cover the cost of the temporary expenses, including accommodation costs, travel expenses, and meals.

Protect Your Family

Home insurance also provides family coverage. If any of your covered family members cause an accidental bodily injury or property damage to a third party, home insurance can help compensate for those losses. It can be by covering medical bills or the cost of repairing damaged property.

Protect You From Lawsuit

Depending on the policy you have chosen, you can protect yourself or your family members from lawsuits. If someone accidentally gets hurt or their property gets damaged in your home, a home insurance policy will help you cover legal fees or compensate the third party for the damage.

If you are shopping for home insurance to enjoy the benefits mentioned above, you can give us a call at Ellis Insurance Agency. Our San Antonio, TX agents will take you through the different policies and help you choose a suitable one.

How Commercial Insurance Benefits Texas Business Owners

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Ellis Insurance Agency provides coverage to the San Antonio, TX community. For over 30 years, we have helped the local community find the coverage they need to protect their assets and minimize risks. We will do a thorough assessment of your individual situation to ensure that you find a policy that aligns with your needs.

Why Commercial Insurance Is An Asset For Texas Business Owners

The San Antonio, TX community is home to several thriving businesses. As a business owner, you are constantly looking for ways to stand out from the competition. Commercial insurance protects the long-term future of your business. Here are a few ways that commercial insurance can help your business.

Prevent Serious Losses

Commercial insurance covers your business if your equipment breaks down or your property is vandalized or damaged due to a natural disaster. If the damage is severe, business interruption coverage will protect you if you have to cease operations for a few weeks until your business is repaired. Commercial insurance can prevent you from losing everything.

Makes Your Business More Credible

Having a strong commercial insurance policy increases your business’s credibility. Your business will become more appealing to potential customers because they will have peace of mind in knowing that your business is protected.

Safe Working Environment

Your commercial insurance policy should include worker’s compensation. Worker’s compensation protects your business and your employees if there is an injury in the workplace. A strong worker compensation policy helps promote a safe work environment. This should help you attract the best talent when you have job openings.

Ellis Insurance Agency Will Help You Protect Your Investment

Visit our website to learn more information about commercial insurance.