The Difference Between Condo Insurance and Renter’s Insurance

Condo owners in the Dallas, TX area may be curious about what insurance they need to protect their new home. There are subtle differences between a condo insurance policy and a renter’s insurance policy that may need further explanation. The agents at Parker Preferred Insurance can answer many of those questions and will be able to write a policy that meets your specific needs.

Condo Insurance vs Renter’s Insurance

The main difference between condo insurance and renter’s insurance is what it covers in terms of the building itself. Because you actually own your residence, your policy will cover many of the same types of damage that would be covered under a homeowner’s policy as long as it is within your living space. Renter’s insurance only covers damages to your personal property. 

Protect Your Investment

A condo is a real estate purchase. Unlike a rental or lease agreement, you own your home. It is an investment that will grow in equity just like a traditional piece of real estate. When you start to research on condo insurance, you need to take into account that you will be responsible for any repairs or damages that may occur to your home, even if they are not your responsibility. While the exterior of the building is owned by someone else, anything that is within your living area is yours to protect and insure.

At Parker Preferred Insurance, the agents are always ready to answer any questions Dallas, TX residents may have concerning various types of insurance. If you have just purchased a condo in the area and are in need of an insurance policy to protect your investment, call and schedule an appointment today!

Is There a Way to Keep Speeding Tickets From Impacting Auto Insurance?

If you have ever received a ticket before for speeding in McKinney, TX, then you likely already know how severe this type of violation can be on your insurance. And while many people pay their ticket and move on, it’s important that you know that you do have options when getting a speeding ticket removed from your driving record. If you don’t have it removed, there is a good chance that your auto insurance rate is going to go up. Here at the Parker Preferred Insurance, we want you to understand that you may have the option to go to traffic school to keep a ticket from showing up on your driving record.

In order to go to traffic school and keep a traffic violation from impacting your insurance, you must first go to court and see if you are eligible to have the ticket dismissed. If you can’t get it dismissed, then it’s up to the court to decide if you are approved or not to take a driving safety course. If you are, you may be able to complete the course online. 

It is important for you to understand that there are several factors that could possibly make you ineligible to go to traffic school and keep the ticket from showing up on your record. Such factors include:

  • Possessing a Texas commercial driver’s license
  • You have already had a ticket dismissed within the last 12 months
  • You won’t plead "no contest"
  • You plead "not guilty"
  • Your speeding ticket is for going 25 miles an hour over the speeding limit

If you would like to learn more about the benefits of going to traffic school, contact Parker Preferred Insurance serving the McKinney, TX area.

Can A Life Insurance Policy Be Sold As An Asset?

A life insurance policy has benefits other than paying death benefits. 

Parker Preferred Insurance here are alternatives to investing in the stock market in the Dallas and McKinney, TX area. It was observed by investors that the stock market crash in 2009 did not cause significant financial damage to the value of permanent or fixed life insurance policies. Investors were made aware of this fact and considered the attractiveness of life insurance as an investment strategy and considered adding life insurance to their portfolio.

Permanent life insurance not only holds its value but there is growth in its cash value over time, which can result in a higher return rate than on bonds. On the other hand, the value of a permanent life insurance policy will be affected by any lowering of its credit rating which would cause a downgrading in the value of the insurance company’s investments. As a result, Insurance companies, as an investment strategy, may limit their risks by avoiding residential mortgage-backed securities (RMBS).

Investors are now considering life insurance policies as life settlements (aka senior settlements) which are treated as assets that can be sold. The policy owner, whose life circumstances have changed, can sell his or her life insurance for a lump sum payment, thus exchanging a death benefit for a living benefit. The payment is less than its death benefit value but exceeds its cash surrender value. The policy owner sells his life insurance for a lump sum payment, thus exchanging a death benefit for a living benefit. The investor’s return on investment is when the policyholder has passed.

The agents of Parker Preferred Insurance in McKinney, TX not only will guide you to protect your loved ones but will also provide creative insight into other benefits of a life insurance policy. Please call us to have your questions answered and to get a quote!

5 Important Things You Didn’t Know About Home Insurance

Your home is not only your biggest investment but something you need to protect. Parker Preferred Insurance understands the importance of safeguarding Dallas, TX residents’ homes. Apart from providing coverage, we understand the importance of giving crucial information to customers. 

Here are five important things you probably didn’t know. 

Standard Home Insurance policies 

Most home insurance policies have four components, namely:

  • Structure coverage 
  • Personal property coverage 
  • Liability protection 
  • Additional expenses

Good Faith

Your insurance firm’s agents should always treat you in "good faith." Besides, the company should honestly communicate with you about the home. However, you should willingly provide all valid information requested. 

Verifiable Claims Process

You are not compelled to use the exact forms an insurer gave you to compile a contents list. The insurer can’t ask you to provide them with unrealistic proofs of loss. Besides, they should notify you on obtaining genuine claim-related documents whenever you need them.

Legitimate Investigation

Every home insurer should gather relevant information during a claims process. As a homeowner, you should cooperate with them when they give you reasonable requests. Also, you can request your insurer’s investigator to provide you with written questions. You are obliged to answer them in writing.

Extra Living Expenses

In case of a disaster rending your home uninhabitable, your home insurance provider may give you additional living expenses (ALE). Moreover, upon request, the insurer should give you a list of refundable ALE expenses. The ALE is paid upfront to help you settle after incurring a loss and on an "as incurred" arrangement when you submit document expenses and receipts.

Contractors 

An insurer can’t force you to hire a particular contractor to rebuild or repair your property. They should also inform a homeowner in writing that they can select any certified contractor or repair company. They should restore your property to the trade standards which Texas law allows.

If you reside in Dallas, TX or the surrounding areas, and you need home coverage, contact Parker Preferred Insurance.