Why Every Condo Owner Needs Condo Insurance

Owning a condo comes with a number of important responsibilities, and keeping a condo insurance policy is one of them. These policies offer you a number of types of protection all in one policy. If your condo is not insured, or you want to shop for a new insurance provider, contact us right away at Parker Preferred Insurance in McKinney, TX.

Your Dwelling

One of the types of coverage that you get from a condo policy is coverage for the dwelling itself. However, this includes only the inside of your condo and not the outside. The outside of it, as well as the common areas, are owned by the condo board and must be insured by them. Your areas to insure include only the inside unless you have made improvements to the outside. In this case, you must also cover that improvement in your maintenance and insurance coverage. 

Your Possessions

Your belongings inside your condo are also covered by this policy. There are many ways that the items inside a condo could be destroyed or ruined, and your condo insurance will help you to replace those items after the worst happens. Many calamities, accidents and disasters can ruin belongings, and without this insurance, you would have to pay to replace everything yourself. 

Liability Coverage

Many condo owners don’t think a lot about liability coverage, but they get it from their condo policy. It’s an important type of coverage that can pay for the medical bills of someone who has an accident or falls ill inside your condo. Without this coverage, you might find yourself being sued for those bills. Don’t go without this liability coverage in case an accident does happen.

Condo Insurance

To talk to an agent about condo insurance, make an appointment with us by calling Parker Preferred Insurance in McKinney, TX.

Auto Insurance Add-Ons: Is Your Texas Car Insurance Accident Ready?

When someone has been in a car accident, a number of things go through their mind that causes instant stress and worry. Among them are the worries of car insurance rates hiking as a result of the accident, or not having enough coverage in the event of an accident. At Parker Preferred Insurance serving McKinney, TX, we don’t want you worrying about that when you are in a car accident. Here are some very affordable add-ons for your Texas car insurance policy that will ease some of those concerns.

Accident Forgiveness

Accident forgiveness or claim forgiveness is a common add-on for car insurance in Texas. If you have it, you don’t have to worry about your insurance rates increasing after an accident or claim. 

If you get into an accident, your insurance rating might go down and this will impact the cost of your car insurance in the future. Adding this to your policy "forgives" that in your insurance record for your first at-fault accident, so you won’t see your rates go up.

Minor Conviction Protection

This protection works very similarly to accident forgiveness but instead focuses on minor moving violations that will impact your insurance score. If you get a ticket for speeding, not signaling or turning properly, or have another problem on the road, you may be able to get minor conviction protection. 

This coverage will prevent your rates from going up after your first violation.

Loss of Use

In this add-on, you have coverage if your car is stolen or written off after an accident. You may also get coverage for rentals or additional transportation until your car is replaced or repaired.

Get a Quote

At Parker Preferred Insurance serving McKinney, TX, we want you to have the most coverage possible to protect you today, and tomorrow. Call us today for a quote for your Texas auto insurance needs.

Benefits of Getting Life Insurance

Most people go about life without an insurance plan due to the misconception that life insurance is only for elderly citizens, a myth that could not be any further from the truth. Life insurance is available for people in all age groups within McKinney, TX, making it a worthwhile option to consider getting. Among the benefits that you can expect is peace of mind during your everyday ventures, allowing you to live with the guarantee that you are protected when unforeseen events occur. Parker Preferred Insurance outlines other benefits to expect from life coverage.

Protects Your Loved Ones

Life insurance is structured to provide your loved ones with financial support when you pass on, especially when you are the sole provider. Life coverage can help cover costs related to college tuition and mortgage fees, eliminating any financial burden for your children and spouse in their later years. It also serves as an inheritance plan, an aspect that will set up your dependants with a solid foundation for any future monetary needs.

Acts As Supplemental Savings

Depending on the insurance you get, some life policies can help supplement your retirement plan, acting as an additional funds source. This usually happens when your policy accumulates in value, resulting in incremental benefits over time. The payout you receive from your policy can help offset your daily living expenses, with mortgage use being a common area to utilize your policy.

Provides Coverage for Chronic Illnesses

In the event that you get terminal illnesses that often come with expensive medical bills, life insurance can help protect you against such costs. Numerous life insurances come with endorsements that allow you to adjust your coverage, making it possible to structure your policy in line with any emergencies. This will allow you to live out your life comfortably without relying on your dependants for financial care.

No matter your current income level, living with life insurance is one way that will allow you and your loved ones to take charge of your future. If you are within McKinney, TX, contact Parker Preferred Insurance today to get life insurance.

The Importance of Having Enough Home Insurance

The main goal of buying insurance is to protect yourself against financial loss. You pay a small amount to an insurer, who then takes care of your burden on a large scale. With that in mind, home insurance protects your dwelling against damage. 

However, every homeowner has this concern— how much will the insurance cover in case of loss? In this article, Parker Preferred Insurance explains to the people of McKinney, TX, what it means to have enough home insurance coverage.

What Home Insurance Covers?

To determine if you have enough coverage for your home, you first need to understand what home insurance covers. 

Home insurance should cover your house and other structures in your home. Consider things like a garage, fence, and driveway. All these need protections.

You’ll also get personal property protection under home insurance. In this case, you’ll be protecting the contents of your home. These could include things such as jewelry and artwork. 

So when approaching your insurer, ask them about additional coverage for specific items you’d want to protect. 

When considering your coverage limit, you need to understand that insurance is meant for sudden and accidental occurrences. For instance, if your roof collapses due to old age, you might not qualify for protection.

Make sure you understand every aspect of home insurance to determine if you’re covered adequately. 

Important: If you run a home-based business, you need to know your home insurance limits. Home insurance won’t cover everything on your property. You need additional coverage to protect your business equipment. 

Finally, factor in building codes when purchasing home insurance. There could be new regulations that make it more expensive to repair or rebuild your home. Such concerns should be addressed in your policy.

Do You Have Enough Protection?

Your home is probably the most significant investment you’ve ever made. As such, protecting it is not optional. You need to go beyond the basic coverage. Purchase additional coverage to get your home the most protection.

Are you wondering how much protection is enough for your home in McKinney, TX? Parker Preferred Insurance is ready to help you. We’ve extensive knowledge of home insurance, and we’ll ensure you have enough coverage.

How Does Renters’ Insurance Work?

When you are renting your home, no matter what type of rental it is, you need a renters’ insurance policy to provide you with a number of different coverage types. If you need renters insurance, please contact us at Parker Preferred Insurance in McKinney, TX.

Protection for Your Belongings

One of the main reasons why so many renters get renters’ insurance is that it gives them protection for their belongings. If there were a major incident or catastrophe that ruined or destroyed their personal possessions, those would be covered under the policy. It’s a good idea to have some photos or video of your possessions so that you can prove what you owned if the worst should happen and they should be destroyed.

Protection From Liability

If you were to have a third-party into your rental, and that party should have an accident, an illness or another incident that happened to them, you could be found liable for their medical bills. Renters’ insurance pays for those medical bills as a part of your liability coverage. This is important coverage for protecting your financial future against this type of liability. Medical bills can be high, so having this coverage is a must in today’s world. 

A Habitable Home

If a major incident or catastrophe should make your rental uninhabitable, your renters’ insurance policy will pay for you to live somewhere else for the duration. You won’t have to try to stay in a home that is unlivable or to pay out of pocket for an immediate move to somewhere else. All of this will be taken care of for you. 

Get Your Renters’ Coverage

If you need renters’ insurance for your rental, contact us at Parker Preferred Insurance in McKinney, TX now to talk about your renters’ insurance needs. 

How much life insurance is enough

Many things in life are personal and life insurance is one of them. Everyone has different needs and wants when it comes to how much life insurance they consider to be enough. Life insurance comes in two different types, whole life, and term life. Both of them offer a death benefit and have a place in financial planning. At Parker Preferred Insurance in McKinney, TX, we have the experience to help you to make one of the most important decisions of your life. 

Enough is a vague word, what is enough for one person won’t be enough for another. What you consider enough may be too much for someone else. When it comes to life insurance enough is a relative thing. It relates to your need to provide for those who count on you. If you have a lower income, there will be a much smaller need since they count on less than if your income is in the upper six figures. 

When you don’t have dependents, you need enough life insurance to take care of any debt you may have. Things like a car loan or credit card debt. You also want to make sure you have enough to pay for whatever final expenses may be incurred. If you have a home and a mortgage, that is a larger debt that requires a larger amount of life insurance. 

Once you have dependents, your need for life insurance rises. If you have a spouse and children as a responsible parent you want to make sure they can stay in the home they love and not have to skip going to college. This means thinking ahead to the amount of income you would have earned until they are grown. Only you can decide how much life insurance is enough. 

Call Parker Preferred Insurance in McKinney, TX to discuss your life insurance needs. 

What to Consider When Choosing a Life Insurance Beneficiary

Life insurance is something everyone needs and no one wants to think about. It is important to make sure that your loved ones are taken care of in the event of your passing. We offer auto, life, and umbrella policies at Parker Preferred Insurance in McKinney, TX. In addition to selecting the right policy, you will also need to select your beneficiary. 

Understanding Your Options

You may not be aware of how many options you have when selecting a beneficiary. In addition to selecting a person, you can select your estate, a trust, a charitable entity, or a company. You can also choose more than one beneficiary. 

The primary beneficiary, or beneficiaries if you select more than one, will receive your death benefit if they are alive when you pass. A secondary beneficiary will receive the benefit if the primary beneficiary passes before or at the same time that you do. You may also choose to name a final beneficiary, which will receive the benefit of both the primary and secondary beneficiaries have passed. 

Choosing Multiple Beneficiaries and Changing Beneficiaries 

You may choose multiple beneficiaries for both primary and secondary beneficiaries. When you choose multiple beneficiaries, you will choose a percentage that will go to each beneficiary. It’s common for a spouse and children to be named as primary beneficiaries. You can also name a charity, company, or your estate as a beneficiary alongside loved ones. 

Most policies are revocable. This means that you can change the beneficiaries at any time. You may also choose irrevocable beneficiaries. Irrevocable beneficiaries can only be removed with the beneficiary’s consent. 

Life Insurance at Parker Preferred Insurance

There are many things to consider when selecting a life insurance policy and beneficiaries. At Parker Preferred Insurance in McKinney, TX, we are happy to explain all your options so you can make the best decision for yourself and your loved ones. 

Required Auto Insurance in Texas

Texas Insurance 

Auto insurance is a must for anyone who drives in Texas. This insurance offers a number of different types of protection in case of accidents. If you need auto insurance, call us at Parker Preferred Insurance in McKinney, TX. 

Financial Responsibility

The law in Texas states that you have to be able to demonstrate that you can pay for any accidents that you cause. The most common way to do this is to buy auto liability insurance for the vehicle. This type of auto insurance pays for damage done to someone else’s car or property that you damage. It also pays for the other party’s medical bills if you are found to be at fault for it. However, the mandatory minimums required are often too low to pay for serious accidents and injuries. That’s why many people get a policy for more liability coverage to protect their financial futures.

Recommended Insurance Types

There are several types of auto insurance that are not required in Texas but are still a must to keep yourself and your vehicle covered. Comprehensive coverage pays for mishaps and catastrophes that can damage your car and that are not vehicle accidents. Collision insurance is a type that will pay for repairing or replacing your own vehicle after it has been damaged in an accident. Medical payments coverage is a type that pays the medical bills of both you and your passengers after an accident. It also protects you if you are hurt while riding in another person’s car or when you are hurt when biking or walking.

Make Your Appointment

If you want your car covered, call us at Parker Preferred Insurance in McKinney, TX to make an appointment with an insurance agent. 

Why should I get a RV insurance policy?

In the McKinney, TX area, you are going to be located within a reasonable drive of a wide range of state parks, major cities, and other attractions. For those that want to explore the rest of the country and Texas, getting an RV can be a great option. If you are looking for an RV, you should also consider your insurance needs. There are several reasons that you should get an RV insurance policy. 

RV Insurance Offers Asset Protection

The main reason that a lot of people will get RV insurance is that it can protect their assets. If you are going to buy an RV, you need to remember that it is a big asset that you should do your best to protect. With an RV insurance policy, you will have the protection that you need as long as you get collision and comprehensive coverage. This will ensure you are covered if your RV is damaged, stolen, or even vandalized.

RV Insurance Will Give Liability Protection

You should also get an RV insurance policy because it will provide you with liability protection. The liability risks that come with owning an RV are unique. In a way, you have many of the liability risks that come with both owning a home and a vehicle. With an RV insurance policy, you can receive the proper coverage to offset this risk.

Those that are going to get an RV in the McKinney, TX area need to spend time carefully assessing their insurance needs. When shopping for RV insurance, you should reach out to the team at Parker Preferred Insurance. When you do call Parker Preferred Insurance, you can learn a lot more about all of your options. This will ensure you are able to select a policy that is right for you. 

What Does Motorcycle Insurance Cover?

You love the enjoyment of heading out onto the open road on your motorcycle and to protect the investment you have made, you need to have the right motorcycle insurance policy for you and your situation.

There are several coverage options to choose from when it comes to motorcycle insurance policies. In Texas, all motorcycle riders are required to at least have a liability insurance policy in place. This will cover injuries or property damage caused by you in the event of an accident. Medical payments and uninsured and underinsured motorist coverages are not required but a good idea to have in the event you are involved in an accident with a motorist who has no insurance coverage at all or not enough to cover your injuries, your passenger’s injuries, and damage to your bike.

Collision Insurance

This type of insurance pays to repair your bike and a vehicle or object you become involved in an accident with if it is deemed to be your fault. For example, if you hit the wrong gear and run into your friend’s garage door, this part of your policy will cover any damages to your bike and to the garage door.

Comprehensive Insurance

Comprehensive insurance will help you pay for repairs to your bike or to replace it if it is damaged or destroyed by a fire, vandalism, or a natural disaster, such as a tornado or hurricane. This type of coverage will also pay to replace your motorcycle if it is stolen.  

To create the best motorcycle insurance to protect your investment in your beloved bike, you need to enlist the assistance of an experienced motorcycle insurance agent. The agents at Parker Preferred Insurance in McKinney, TX are ready to work with you to design the correct policy for you and your motorcycle. Call for an appointment today.