Boat Insurance FAQs

Boats are expensive. But when you know how fun water can be, boats are worth every extra buck. However, as you enjoy your boat, you better have boat insurance to protect you regardless of where fun takes you. If you are in McKinney, TX, and looking for coverage, contact Parker Preferred Insurance to get boat insurance that protects you the way you want. 

And before getting coverage, here are FAQs to enable you to understand boat insurance better. This way, you will make an informed decision when shopping for coverage.

Is boat insurance mandatory?

Yes, Texas law doesn’t require you to purchase boat insurance, but when a federal-regulated lender finances your boat, they may insist you purchase at least the basic boat insurance. However, compliance shouldn’t be the only motivator for you to invest in boat insurance. There are loads of benefits you accrue when you invest in boat insurance.

What are the different boat insurance coverages?

Boat insurance is broad. In light of this, you need to talk to your insurance agent to help you choose coverages that suit your needs. However, when shopping for boat insurance, you may come across the below coverages:

  • Comprehensive coverage: It protects your boat from non-collision perils like theft, fire, and certain natural disasters. 
  • Collision coverages: It protects your boat when involved in accidents with other boats or stationary objects.
  • Medical payments: It covers medical expenses for you and your passengers following a boating accident.
  • Uninsured boater coverage: This covers repairs of your boat for damages caused by an uninsured boater.
  • Liability coverage: This coverage protects you from bodily injury and property damage caused to other people following a boating accident. Additionally, this coverage covers legal costs if the aggrieved party goes ahead to sue you.

Where can I purchase boat insurance?

At Parker Preferred Insurance, we like to put our customers at the heart of everything. Are you looking for boat insurance, or do you have additional questions about boat insurance? Don’t hesitate to get in touch with us today. Better yet, you can visit our McKinney, TX offices to speak to one of our agents. 

How Umbrella Insurance Works

Having enough insurance is extremely important to everyone, but especially to those who have assets that they want to protect. If you don’t have enough insurance, you may face losing those assets to pay for legal judgments. If you are interested in raising your liability coverage, call us now at Parker Preferred Insurance in McKinney, TX.

Add to Your Home and Auto Policies

Umbrella insurance is available to those who already have auto and home insurance policies. When you have these insurance types in place, you likely have the minimum amount of coverage because it is so expensive to raise the amount of liability coverage that you have in your auto and home policies. However, it is much less expensive for you to get an umbrella insurance policy. This policy adds to the amount of auto and home liability coverage that you have through those policies. This is extremely helpful for when there is a serious accident that results in a large amount due for property damage and/or bodily injuries. 

How Umbrella Policies Work

Once there has been an accident either in your vehicle or in your home, your auto or home policy will come in to take care of the injuries and property damage that you are liable for paying. However, when you don’t have much coverage for liability in those policies, there may be a lot of overage after insurance has paid up to its maximum. To pay that overage, there is umbrella insurance. It comes in after the primary insurance policy and is there in case the bills outstrip that first policy. It’s valuable protection in case of big accidents. 

Get an Umbrella Policy

If you are interested in having more liability insurance coverage, an umbrella policy can help. To find out more, call us at Parker Preferred Insurance in McKinney, TX.

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.

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.

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. 

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.

Is Boat Insurance Required in Texas?

Although boat insurance is not required in Texas, it is still an essential item if you are looking to protect the investment you’ve made in a watercraft. Whether it’s a new Jet Ski, boat, or any other type of seaworthy vessel, having insurance provides peace of mind and helps protect you in the event that the watercraft is damaged due to a storm, an accident with another boat, or leads to an injury to you, a passenger or a third party. 

Boats are a major investment and a single accident can lead to thousands in damages and potentially the loss of the entire vessel. Boat insurance protects you from the unprotected by offering monetary coverage to repair or replace the vessel. One of the most important benefits of boat insurance is liability coverage. Typically, liability coverage includes damage to another person’s property whether that is another boat, marina, or home and bodily injury if someone is injured either on your vessel or on another because of your accident or negligence. Boat insurance typically consists of three options – replacement cost, actual cash value, and agreed amount – with the ability to customize your policy depending on your specific needs.

Working with a reputable and trustworthy insurance agency is imperative when selecting boat insurance to ensure that you find the right coverage for your needs. At Parker Preferred Insurance in McKinney, TX, we take the time to know our customers so that we can provide them the best possible recommendations. For our team of knowledgeable professionals, insurance is more than just a hobby, it’s our job and we strive to deliver the best possible service. Give us a call today to learn about your boat insurance options.