What You Need to Know About Umbrella Insurance

Is umbrella insurance something that you need? At Parker Preferred Insurance, we are happy to offer umbrella policies for those in the McKinney, TX area, but we understand that you may not know if umbrella insurance is right for your situation, or worth the cost. Our brief guide can help you decide!

The Purpose of Umbrella Insurance

Umbrella insurance is designed to extend liability limits from other types of insurance – usually auto insurance and home insurance. This offers extra protection for potential lawsuits. That can be very important if you are sued for an amount that far exceeds the current limits on your auto or home insurance (for example, in Texas auto insurance requires a minimum of $20,000 injury liability for any individual).

Umbrella insurance can help cover such lawsuits so that you aren’t in danger of losing assets like your house or car.  

When Umbrella Insurance is a Good Idea

Umbrella insurance isn’t for everyone, but it can be very important in the right circumstances. If you have assets worth significantly more than your insurance, you may be at a higher risk for lawsuits and umbrella insurance may be a good idea. This is also true of public figures, those who engage in a lot of sports (including boating, surfing, etc.) or entertainment events, coaches, and those in a variety of other occupations. If you aren’t sure if you need umbrella insurance, talk to an insurance agent about

If you have any further questions, contact Parker Preferred Insurance, serving the McKinney, TX area, and we can discuss limits, costs, and what will work best for you!

Is My Condo Association’s Insurance Enough?

If you own a condo, chances are you know that your condo association or HOA has its own insurance policy. You may wonder if that insurance is enough coverage for you. Parker Preferred Insurance specializes in condo insurance for the McKinney, TX area, and we’re here to tell you how these policies work, and why your association policy might not be enough to protect your personal assets.

What’s the difference between a condo association policy and individual liability insurance?

The insurance your HOA or association has will typically cover the building itself. This includes exterior building structures or common areas. We know this as a "master policy". It rarely covers interior, private units. This means that your belongings – anything inside your unit – do not fall under the policy’s coverage parameters. 

Condo insurance for individuals is a version of homeowner’s insurance that covers your belongings within your condo unit. This is also known as an HO6 policy. While the specific items covered can vary from policy to policy, condo insurance usually covers the contents of your condo and your liability for damages, such as when someone is injured inside your unit. In short, your condo association’s insurance covers everything outside your condo – you are generally responsible for the contents within.

The insurance you may need will depend on what is or is not covered by your HOA policy. This is where professionals can help. Parker Preferred Insurance can make sense of condo insurance and work with you to find the right policy for your needs. If you live in the McKinney, TX area, give us a call or use our quote tool to discover what our condo insurance policies can do for you. 

Lesser Known, But Equally Important, Road Safety Tips

There are tips that just about every driver in McKinney, TX knows when it comes to driving safe: give yourself more time to brake on wet roads, practice regular auto maintenance, stay off your phone while driving. So we’re not going to go over those ones again. Instead, here are some tips you might not know:

  • Keep your car out of the side-view mirrors. You can minimize your blindspot by adjusting your side-view mirrors until no part of your car is visible in them. This gives you as wide a look at the road as possible.
  • Listen to the right music. Aggressive, fast-paced music has been shown to make people worse drivers in studies, being twice as likely to miss red lights. Listening to calmer music, or no music at all can make you a more attentive driver.
  • Keep your vision clear. You don’t want to decorate your car with a bunch of things dangling from the rearview mirror, you don’t need that many bobbleheads, and certainly none on the driver’s side. Even a simple beaded necklace dangling from the rearview mirror can be a big distraction.
  • Keep your headlights on. Not just when it’s dark, not just when it’s overcast. Headlights improve your car’s visibility from miles away, making it less likely that someone else will fail to spot you.
  • Always use the parking brake. Your brake uses a steel cable, which is more likely to rust without regular use, and you don’t want it to snap in two the first time you actually use it while parked on a hill.

If you’re shopping for car insurance in McKinney, TX, give Parker Preferred Insurance a call or go to the Parker Preferred Insurance website to see what they can do for you.

How to pick a life insurance policy in Texas

Those that are in the McKinney, TX area will have a lot of different insurance needs. One form of insurance that someone will need to have is life insurance. This is a very important form of insurance that can protect the financial future of your dependants. There are several tips to follow that can help you to pick a life insurance policy. 

Consider Coverage Amount

The most important factor to consider is the amount of coverage that you need. If you are going to get a life insurance policy, you should consider all of the future expenses that your dependants will have. This will need to include the costs of living, higher education, and general spending money. This will help to ensure that your dependents do not have to worry about finances if you were to pass away. 

Pick the Right Option

Beyond knowing the amount of coverage you should get, it is important to also understand your plan options. The two most common options are whole and term life insurance. With a whole life policy, you will have coverage for the rest of your life. Further, a portion of your policies will accumulate in an account and can be liquidated later as an investment. With a term life policy, you will only have coverage for the length of your term, but your monthly payments tend to be much lower. 

Picking a life insurance policy in the McKinney, TX area is very important. To ensure that you are considering all of your important factors and options, you should call Parker Preferred Insurance as soon as you can. The team at Parker Preferred Insurance can provide you with a lot of insight that can assist you in picking a quality life insurance policy. This will ensure you get the right coverage and have peace of mind. 

If A Strong Storm Damages My Roof am I Covered?

The agents of Parker Preferred Insurance understand their client’s concerns when they are faced with roof damage from strong storms. Residents of McKinney, TX must deal with a variety of storms, including tornadoes and hurricanes. When these strong storms pass through the area, residents want to make sure they are fully covered if any type of storm damage occurs.

Your Homeowners’ Insurance Policy

Most homeowners’ insurance policies will cover storm damage to your home’s roof.  The extent of the damage will have to be assessed as well as the condition of the roof at the time of the storm. With these factors in mind, your agent will determine the value of your loss. You will also need to request estimates from contractors to determine the cost of making the necessary repairs.

Strong Winds, Hail, and Rain

A roof that is in good condition will be able to withstand strong winds, hail, and rain to an extent. When strong winds propel debris onto your roof, however, its condition may not play a role as to how well your roof can protect your home.  Damage from tree limbs and other types of flying debris can be severe and often cause damage inside your home as well. 

In McKinney, TX, if you have experienced any type of roof damage due to a strong storm, hail, or rain, call your agent at Parker Preferred Insurance as soon as possible. They can evaluate the damage and assist you in taking the next steps. Don’t delay! This type of damage can get worse if not corrected. Your insurance agent can help you figure things out.

3 Reasons To Purchase Renter’s Insurance.

Parker Preferred Insurance serves McKinney, TX with insurance services for renters, homeowners, landlords, and more. If you are a renter who is on the fence about whether or not you actually need renter’s insurance, then check out these three reasons why you may, and contact us if you have any further questions or are ready for a quote for renters insurance in Texas. 

Three Reasons to Purchase Renter’s Insurance:

  • You cannot control your landlord. You may have found the perfect apartment that is well-kept and the people renting to you seem friendly. But that does not mean that they have the right coverage or any coverage at all on the building. Even if they do have insurance, it likely does not cover your personal assets within the building. 
  • You cannot control your neighbors. If you are a very careful individual who takes little risks in life, you may feel that renter’s insurance is unneeded. However, you cannot control your upstairs neighbor who may flood their bathtub and destroy your electronics. You cannot control the people in the apartments around you and that may end up affecting your personal property in unexpected ways.  
  • You cannot control the weather. Renter’s insurance may protect you if something destroys the building you are living in. Sure, you are not liable for the actual building but your personal losses can be great and your landlord’s insurance policy will only cover the structure, not your furniture or personal belongings. This is where personal renter’s insurance comes in. 

Contact us at Parker Preferred Insurance if you are looking to purchase renter’s insurance or if you have any questions about this type of coverage. We serve the community of McKinney, TX and the surrounding towns with quality insurance and reliability. 

How much life insurance is enough

Life insurance is one of those things that most people don’t like thinking about. It is, however, something that is important not only to understand but to get while you are still young. Even if you are no longer young, it is never too late to get life insurance. In McKinney, TX, Parker Preferred Insurance has a team that can help you to understand how much coverage you may need and what type works best for you.

In order to determine how much life insurance is enough, you have to think about your situation.

  • Who depends on your income?
  • Do you have a spouse, partner, or dependent children?
  • Are you helping your parents monetarily?

These are important factors to consider.

  • How long will they need to be provided for if you died tomorrow? 
  • Do you have any debt?
  • Have you made arrangements for your final expenses?

You need to have enough money to take care of all of these so that your family is not left holding the bag. 

Do you have assets?

If you have a lot of savings or investments, it may be that your loved ones will not be left destitute by your passing, but you need to make sure that any gaps left between your assets and your liabilities if filled with life insurance. 

Once you have decided on the amount of money you need to provide for your loved ones, you can start thinking about how much life insurance you need. Start by talking to our experienced staff at Parker Preferred Insurance. They know the questions to ask to come up with a figure for both the coverage and the premium that will work for you. If you are in or near McKinney, TX, give our office a call or stop by and let us make sure that you have peace of mind.

At What Age Should People Think About Purchasing Life Insurance?

Most people don’t like to think about or talk about life insurance. However, it can be one of the most effective tools for protecting those loved ones left behind after someone passes. Preparing for the future is important and those who have loved ones to consider should begin the process of learning about life insurance and when it is time to purchase a policy. 

Purchasing Life Insurance

Those who have loved ones depending on them financially should begin their search for a policy that will cover needs and potential expenses for the future. Calculating the current and future needs should be the first step. In general, it is recommended that the policy amount reflects the financial need of the beneficiary for the next 10 years. That would include recurring bills, tuition, and living expenses. Once the information is obtained, find a licensed insurance agent who can work closely with the client to determine options that would best suit the situation. Age 30 is the recommended age to begin covering a person with life insurance. This figure is general, however, but anyone with financial responsibility, or those with substantial personal assets, should start looking immediately.

Working With an Agent

Licensed life insurance agents can help clients navigate the world of life insurance. There are a few different types and not all policies are ideal in every situation. An agent can help sort through all the different options and isolate those that would be most beneficial to the loved ones left behind, and the current situation of the policyholder. Those who want coverage in the McKinney, TX area should check out Parker Preferred Insurance for great, personal service and quality insurance products. 

Get the protection loved ones need right now by purchasing top quality life insurance from an insurance agency that understands the ins and outs of coverage. The agents at Parker Preferred Insurance, serving Dallas and McKinney, TX area, want to help clients discover options that offer peace of mind. 

Do’s and Don’ts When Traveling Alone by RV

Traveling alone by RV is a great way to make the most of your destinations. You get to choose the places you want to visit, stop for the day whenever and wherever you choose and you get to save money on the costs of hotels and restaurants. There are many adventures awaiting you; however, when traveling alone there are also do’s and don’ts that you need to keep in mind. Parker Preferred Insurance has put together some important dos and don’ts for the residents of Dallas or McKinney, TX who are traveling alone by RV.

Don’t Invite Strangers In

When traveling alone by RV, you will meet a lot of fun and interesting people, but it’s important that you use precautions as well. You should never invite a stranger into your RV and never give out any of your personal information to a stranger, including the fact that you are traveling alone or where you are going next.

Do Know Your Next Destination

Although it’s fun to let your instincts guide you on where to go next, it is also important that once you have a general idea of your next location you have a stopping point in mind. As soon as possible, make sure you choose a campground and call ahead for reservations. Once you know where you will be parking, be sure to enter the directions into your GPS right away. If at all possible, avoid stopping for the night at isolated campgrounds and you should not park overnight in shopping center parking lots. The safest place to park is at reputable campgrounds.

Do Let Family Know Your Plans

Be sure to update your family and friends about your plans. You should let someone know where you will be going, the route you plan to take and when your expected arrival date is. This is especially important if you will be traveling during inclement weather or to a location that you are unfamiliar with.

The most important thing is to “don’t forget to have fun” but it’s equally important that you travel safely, so always keep your cell phone handy and learn how to do simple repairs, such as changing a blown tire.

To learn more information about RV insurance, residents of Dallas and McKinney, TX should contact Parker Preferred Insurance.

What you need to know about motorcycle insurance

The state of Texas is well known for its vast amount of space and wide open roads. Because of this, it is an excellent place for somebody from McKinney, TX to get a motorcycle and enjoy the great weather. When you purchase a motorcycle in this area, it is vital that you get all the necessary insurance coverage in place. There is a lot that you need to know about motorcycle insurance before you get on your bike for the first time.

Required By Law

The first thing to consider when you are getting motorcycle insurance is what the state requirements are. Similar to when you were driving a car in Texas, you are going to be required by law to carry motorcycle insurance at all times. Specifically, you need to make sure that you have liability insurance coverage whenever you are on the road. However, you need to keep in mind that this minimum level of coverage will not provide you with any protection for your bike.

Additional Coverage Options

Since liability coverage will not provide you with any protection for your motorcycle, you should look into additional types of coverage as well. This can include getting a full collision and comprehensive insurance policy. When you have this type of coverage, you will be covered for a wide variety of situations that could cause a loss for you.

As you are considering your motorcycle insurance needs, you should reach out to the team at Parker Preferred Insurance. The insurance professionals at Parker Preferred Insurance can help a McKinney, TX motorcycle owner choose a policy that gives the right type and level of coverage. This will help to ensure that you are covered and that you have a professional giving you sound advice.