How Escrow Works With Homeowners Insurance

What is Escrow?

Escrow is money, property or a written document delivered or held by a third party pending the fulfillment of an agreement. Banks and lenders use escrow accounts to make sure borrowers have homeowners insurance and the means to pay for it.

How does it work with my insurance?

Your bank or lender creates the escrow account at the time that you sign your mortgage agreement and manages the account thereafter.

You pay a lump sum each month to the escrow account and your mortgage lender puts the money toward your mortgage payment and pays your insurance premiums directly to your insurer. The components of this payment are mortgage principal, interest, property taxes and insurance.

The data to determine your total payment usually comes from the tax authority in your state, your homeowners insurance company and the bank itself through the mortgage it provides. This way, the banks and lenders know the premium is paid and that the home is insured. Since rates change, at the end of the year, if you paid too much toward any amount owed, your bank or lender will refund your money.*

If you have any questions about following this video, please reach out to us at 210.979.9000 or

*information derived from

What is the current state of the San Antonio Real Estate market?

If you’re here, then you know that the San Antonio Real Estate market has been crazy!

We were curious ourselves, so we asked our friend, business partner, and client, Tadd Chapman, to provide some analytics on the current Real Estate market in San Antonio. Please watch the 2-minute video below for some updates and the latest statistics below:

Keep in mind that increasing home market values, often times DOES NOT equal the rebuild value of the home. For more on that, please contact us at EIA. We’ll be happy to educate you on the difference between the market value and rebuild value… and how that could impact your homeowners insurance.

If you would like to reach out to Tadd directly, here is his information below:

Momentum Group I Keller Williams Heritage
o: 210-920-0447 I c: 210-823-5568
7701 Broadway, Ste 104 I San Antonio, TX 78209 I

Thank you, Tadd, for this incredible information!

Why Should I Invest in Flood Insurance?

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?

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. 

EIA Insider: Playing Catch-Up

We wanted to take this moment to catch you up on what’s been happening around EIA since we launched our new website. We want to make sure you’ve checked out the Client Center and our new Live Chat feature. We have a couple of new team members, so be sure to introduce yourself by checking out their bios. We are wrapping up our latest community fundraiser for CISSA’s Stuff the Bus and are blown away by your support. Keep reading on for more!

New Website

How are you enjoying the new website? Have you checked it out yet? We are very excited about the Client Center. You can view your insurance policies, print your insurance ID cards, update your information, and download documents. If you haven’t checked it out yet, please click HERE to login and find all of your information.

We just launched our Live Chat feature that will be available for a few hours a day every week. When the chat is offline, you can still submit your question(s) for a quick response! You can find that feature located on the bottom right corner of our website on every page.

New Faces

We are happy to welcome Michael McGruder and Pam Guillen to the EIA Family. Please take a moment to get to know them by clicking on their picture.

Stuff the Bus

Thank you to everyone who helped support our Stuff the Bus Fundraiser. We exceeded our goal by over $250! There is still time to donate. The fundraiser closes on August 31, 2021. CISSA’s goal was to raise $225,000 this year and we are so happy to help that happen. Click on the image below to still donate today!

Referral Winners – May/June

Don’t forget: For every referral you send to us, your name is entered in to win a $100 Amazon Gift Card for that month! You can catch up on our last 2 winners below! Thank you for trusting Ellis Insurance Agency – We love our clients! Stay tuned for July’s winner!

May Referral Winner!
June Referral Winner!

Labor Day Hours

We will be closed on Monday, September 6th in observance of Labor Day. We will reopen on Tuesday, September 7th at 9 a.m. We hope you all have a wonderful weekend!

Thank you for choosing Ellis Insurance Agency – We love our clients!

Do I Have Enough Accident Coverage?

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. 

How Old Is Your Roof?

When it comes to your roof, age matters at claim time.

Over the past several years, with increasing hail and wind storms, insurance companies have begun to automatically assign a Roof Schedule for roofs that are 15 years and older with Actual Cash Value (ACV) coverage instead of the recommended Replacement Cost Value (RCV) coverage.  In many instances, a lower premium may result, but you could get caught without sufficient financial resources when it comes to loss.

What’s the difference between ACV and RCV?

ACV: Your insurance company will pay the actual cash value of your roof at the time of a covered loss. This means the actual cash value minus your deductible amount minus the depreciation cost according to the age of your roof. Generally, the older your roof, the higher the amount depreciate or not covered under your policy.

RCV: Your insurance company will pay the replacement cost value of your roof at the time of a covered loss. This means the replacement cost value minus your deductible. There is no deduction for depreciation under the RCV valuation method.

In conclusion, the older the roof, the more deducted for depreciation. Do you know how old your roof is? If you know that your roof is 15 years or older, please let us know, we can tell you if your roof is covered at Actual Cash Value or Replacement Cost Value.  If you have updated your roof, please let us know so we can add that to your policy.  This could be the difference in saving thousands of dollars in the case of wind or hail damage.

Please watch the video below for more information!

CISSA Stuff the Bus 2021

We are so excited to support CISSA Stuff the Bus for our 6th year in a row!

Ellis Insurance Agency is proud to support Stuff the Bus School Supply Drive for over 6 years! The goal of the campaign is to help under served students throughout Bexar County get the tools they need to succeed in school and in life. Since COVID-19, CISSA (Communities in Schools San Antonio) is trying to raise $225,000 in lieu of school supply donations this year. Please help us reach our goal of $500 which can supply half a classroom!

Why is Stuff the Bus important?

The Communities In Schools’ (CIS) Stuff The Bus School Supply Drive is one of city’s largest school supply drives that serves thousands of under-served students and families. Many of these families are below the poverty line and cannot afford all the supplies their children need to start their school year. The funds raised through this event will be given to about 150 CIS partnering schools (elementary-high school) across 12 school districts to purchase supplies for any student in need at that campus. The Stuff The Bus School Supply Drive helps to alleviate the stress of back-to-school expenses and allows students to focus on their education with the tools they need to be successful.

What can your donation provide?

Want to donate?

Please visit our personal fundraising page where we are trying to raise $500 by clicking HERE.

Thank you for your support and continued trust in Ellis Insurance Agency.

Advantages of Home Insurance

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

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.