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What is Umbrella Insurance? Does the Average Person Need It?

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At Collum Insurance Group LLC, we can provide Richardson, TX, businesses with the kind of high-quality umbrella insurance policies that they need to avoid long-term financial troubles. However, do you need this type of policy if you’re an average person? Let’s take a look to understand more.

What is Umbrella Insurance?

Umbrella insurance is a unique type of liability coverage that kicks in when your standard policy gives out. For example, if you are successfully sued for more money than your typical business coverage provides, umbrella insurance will pay the difference up to your coverage limits. 

Most businesses have some kind of umbrella policy because it’s too beneficial as a way of protecting their short- and long-term liability problems. However, someone who doesn’t own a business may even be interested in this type of coverage. But is it strictly necessary for the average person?

Does the Average Person Need This Coverage?

Unless you anticipate ever needing a high amount of liability coverage, you probably don’t need umbrella insurance. However, if you’re a business owner or someone who plans to open a new firm soon, you might want to consider high-quality umbrella insurance seriously. 

Doing so will provide you with a high level of protection, minimizing the kind of devastating impact you may otherwise experience. But, beyond that, it can serve to give you a better level of protection that should reduce the amount of money you have to spend on lawsuits. 

How We Can Help 

If you think you want an umbrella insurance policy from Collum Insurance Group LLC, call us today to learn more. We serve the Richardson, TX, area and can help educate you about what types of insurance are suitable for your needs and which you may be able to ignore or not purchase.

Essential Tools for Flood Zone Protection

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Floods usually strike without warning. Even in areas where they are rare, they can still happen. If you reside in Richardson, TX, you should consider getting flood insurance from Collum Insurance Group LLC. Why? Standard homeowner’s insurance doesn’t cover flood damage. That’s why flood insurance is essential for your home.

Flood insurance can save you from incurring the hefty costs of repairing and rebuilding your home after a flood. But here are some tools you can use to protect your home from floods before they happen.

Flood Sensors

Installing a flood detection system will ensure you’re alerted about even the tiniest of leaks in your home. Detecting these small leaks early can help you stop them before they cause substantial damage, saving you lots of money.

Battery-Powered Sump Pumps

A sump pump is a useful device that can pump and drive water away from your home in the event of a flood. Sump pumps are typically incorporated into the home’s electrical system. However, you’ll ideally want to get a battery-powered sump pump. So that if the power goes out during a flood, the pump will continue to function until the power returns.

Flood Resistant Doors

Doors are usually the most common entry point for floodwater. Therefore, investing in a flood-resistant door can prove to be an excellent first line of defense against floods. Alternatively, you can line the base of your door with duct tape to prevent floodwater from getting into your home. While installing flood-resistant doors is a more effective way to prevent floodwater from getting into your home, lining your doors with duct tape is far less costly.

Purchasing Flood Insurance

If you’ve done the things listed above, flood water is less likely to enter your home. But, it’s still advisable for you to get flood insurance. If you’re interested in taking out a policy, and you live in Richardson, TX, contact Collum Insurance Group LLC or visit our website to learn more about flood insurance.

Is Classic Car insurance different from Standard Car Insurance?

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According to the Texas Department of Motor Vehicles, if you own a car that is older than 25 years in Richardson, TX, you may be able to register it under Classic Car regulations. If registered as a classic car, you will be able to protect it with Classic Car insurance.

Classic Car insurance offers protection similar to standard insurance, but the payout value differs if your car needs to be replaced.  New cars depreciate as you drive them. When you are involved in a serious accident, and your car needs to be replaced, the insurance policy pays out the car’s market value less the depreciation, depending on how old the car was when the accident happened. However, classic cars usually appreciate (they get more valuable) as the years pass. Therefore, if your car needs to be replaced, the policy will pay out the agreed value amount without depreciation.

That agreed value is based on the industry standard, and valuation guidelines set out by organizations like Classic Car Club of America and the Antique Automobile Club. It also takes into account any other research and documentation that you may have. The insurance industry experts at Collum Insurance Group LLC can provide accurate valuation and help you establish the agreed insured value. That will be the amount paid out to you should your car need to be replaced.

The rest of the policy is similar to standard insurance. It includes the state-prescribed minimum accident cover, bodily injury, and liability coverage. If you choose the comprehensive policy, it additionally covers collision with animals, vandalism, falling objects, and theft.

For a complete valuation of your classic car, pop into Collum Insurance Group LLC in Richardson, TX, to make sure your classic car is suitably protected.

Renters insurance FAQs

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In Richardson, TX, 37% of residents are renters. In the entire country, only about 40% of renters have renters insurance. That means 60% of renters are feeling really lucky. A lot of them will be wrong about their luck. At Collum Insurance Group LLC in Richardson, TX, we are dedicated to providing our customers with high-quality insurance products and personalized service. As independent agents, we can offer more choices when it comes to carriers and products. 

Doesn’t my landlord have insurance?

Most landlords want to protect their property, so yes, they will have insurance. That insurance is property coverage to protect their building. If you are counting on them to protect your personal possession, don’t! Their insurance is on their building, not on your possessions. It would be best if you had renters insurance to protect yourself.

Will renters insurance protect my personal items when I am away from home? 

Part of renters insurance coverage is personal property. Your personal property is yours whether you are at home or traveling. If your renter’s policy has property overage, which most plans typically do, then your property will be covered no matter where you are. 

Is my dog covered on my renter’s insurance?

Renters insurance does cover damage caused by your dog and a dog bite unless the breed of your dog is one of those that are excluded. If you are going to have a dog, you should check with your insurance agent to make sure you are covered. 

What protection does renter insurance offer?

A renters policy provides several types of coverage:

  • Personal property– Your personal property is covered against loss from several types of hazards. Among them is theft. 
  • Liability– This protects from legal action against you from someone who is injured while visiting you. 
  • Loss of use– If your rental is damaged, you will get the funds you need to have a place to stay while your rental is repaired. 

Contact Collum Insurance Group LLC in Richardson, TX, for your renter’s insurance needs. 

Is RV Insurance Required in Texas?

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Recreational Vehicles (RVs) are very popular in Richardson, TX, and across Texas in general. People of all places and ages find RVs fun to travel because they let you explore the world as you enjoy the comfort and convenience of a home. But one thing most RV owners aren’t clear about is RV insurance. An RV cuts between a vehicle and a home, making it challenging to decide what insurance is required.

The good news is that Collum Insurance Group LLC is here to help you understand whether RV insurance is mandatory and what it covers.

Is RV insurance required in Texas?

Like auto insurance, RV insurance is mandatory in Texas as long as it’s driven on the roads. However, if your RV is non-motorized and is attached to a vehicle, it’s covered under auto insurance. If your RV is loan-financed, your lender may require you to carry RV insurance as long as the loan facility is due.

Doesn’t home insurance cover my RV? While homeowners insurance may cover the contents of your RV, it doesn’t cover liabilities or damages to your RV. In light of this, neither auto nor home insurance protects your RV optimally. Whether it’s a motorhome, camper, or travel trailer, RV insurance is the best coverage to protect your prized investment.

RV insurance options in Texas

When exploring RV insurance, some coverage options are likely to mimic your auto insurance, while others are specific to your RV. Let’s look at some RV insurance options.

  • Collision coverage to pay for damages if your RV is involved in an accident.
  • Comprehensive coverage to protect your RV from non-collision perils like theft, fire, vandalism, storms, and many more.
  • Liability coverage to pay for bodily injury and property damage to third parties.
  • Personal injury protection (PIP) covers medical expenses, final expenses, and partial loss of income for you and your passengers following an accident.
  • Vacation liability to protect you when your RV is parked on a campsite.
  • Full-timers cover if you reside in your RV full-time.

If you love your RV, contact Collum Insurance Group LLC to make sure you are covered. You can also visit our Richardson, TX offices to speak to our agents in person.

Why do you need motorhome insurance in Texas?

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When you are a resident of the Richardson, TX area, you will quickly find that there are a lot of fun activities that you can enjoy in and around the city. When you want to explore and enjoy the state as much as possible, getting a motorhome can be a great idea and investment. Along with buying a motorhome, you will also need to get motorhome insurance. 

Insurance is Needed to Drive Any Vehicle

One of the important reasons people need to get motorhome insurance is because they will need it to drive their vehicle. Texas requires that motorists always carry liability insurance. With this coverage, a driver will have the capacity to pay for damages they could cause in an accident. This requirement then extends to those that own a motorhome.

Insurance Needed to Protect Vehicle

You will also need to have a motorhome insurance plan to ensure that your asset is covered. Buying a motorhome is a tremendous responsibility and investment. If this asset is damaged in an accident, vandalized, or even stolen, you will want to know that you can repair or replace it. With a full motorhome insurance plan, you will get the coverage that you need to protect your motorhome. 

Those in the Richardson, TX area that would like to get a motorhome insurance plan should speak with the Collum Insurance Group LLC team. The insurance professionals with Collum Insurance Group LLC know the value that comes with a motorhome insurance policy. We will be able to help you understand what your needs are and answer any of your questions. Based on this assessment, they can also help you build the right plan for your situation. 

What first time motorcycle buyers should know about insurance

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Owning a motorcycle is one of the most exciting moments in one’s life. Statistics reveal that Texas has more motorcycles than any other given state. Richardson, TX residents have a formidable love for their bikes. These necessities for proper motorcycle insurance can protect you if you are involved in an accident or pre-exposed to other looming perils like theft and vandalism.

Motorcycle insurance is mandatory in Texas, but it is crucial to go beyond the prescribed minimums and shield your ride from dangers that the roadways can pose. Carrying your motorcycle insurance at all times while driving is crucial to stay within the law. If you engage in any insurance violation, it may pose challenges if you want to acquire insurance in the future and could affect your rates.

Acquiring reliable motorcycle insurance, especially as a first-time motorcycle buyer, is essential because you will enjoy being out on the open road knowing that your safety, your passengers, and your investment are covered. Contact our agents at Collum Insurance Group LLC, located in Richardson, TX, to get a quote for your motorcycle insurance.

Types of motorcycle insurance policies offered at Collum Insurance Group LLC.

  • Liability insurance policy: Covers property damage and bodily injury that you inflict on other people after an accident. It does not cater to damage to your motorcycle or rider’s injuries.
  • Motorcycle collision insurance: This caters for damage to your bike if you are engaged in a collision with another automobile.
  • Comprehensive coverage: This form of the policy pays for damages aggravated by an event other than collisions like vandalism, fire, and hailstorm.
  • Un-insured or under-insured motorist: This covers damages to you or your property caused by another driver who does not have adequate insurance or is not insured.
  • Coverage for customized motorcycle parts: This policy covers optional accessories such as custom paint jobs, chrome parts, trailers, or sidecars.

Factors that affect your motorcycle insurance premiums.

  • Age.
  • Your driving record.
  • The make and model of your bike.
  • The type of coverage.
  • Expected annual mileage.
  • Your motorcycle security.

Contact us or visit our Collum Insurance Group LLC offices at Richardson, TX, for more queries and motorcycle insurance information.

An Overview of Boat Insurance in Texas

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Boat insurance protects you from the unexpected perils similar to how auto and home insurance policies would cover you. And even though it is not required in the state of Texas, it will still be a smart choice to obtain it for your jet ski, boat, personal watercraft, or any watercraft. 

Different Types of Boat Insurance

As with auto insurance, there is liability insurance available. With this insurance, others’ injuries will be covered if you are at-fault while on your boat. Other insurance types include the following: 

Replacement Cost

With this coverage, you can repair or replace your boat when it is damaged.

Actual Cash Value

This coverage reimburses according to your boat’s current value.

Agreed Amount

This is a reimbursement amount previously agreed upon instead of the current boat value. 

Comprehensive

Comprehensive boat insurance typically covers almost everything except for intentional damage and normal wear. 

Limited or Named-Peril

Named-peril insurance policies cover losses specifically listed, such as vandalism, lightning, collisions,  fire, tornadoes, and collisions. 

Boat insurance is not required to have in Texas, but it is surely good to have. Even if you are hardly using it and it’s in the garage, home insurance policies usually won’t cover your boat, jet ski, or other watercraft in case of damages occurring to your home and property. 

So, for more information about boat insurance, contact a professional, reliable, and experienced insurance agency today. Collum Insurance Group LLC in Richardson, TX has been providing top-notch insurance products for approximately 30 years. So, if you live in Richardson, TX, or surrounding areas, contact them today. Collum Insurance Group LLC is more than happy to assist you. 

Umbrella Insurance – What is it and why do you need it?

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Think of umbrella insurance as a rainy day fund – hopefully, you never need it, but when you do, you’ll be glad you have it. With litigation becoming more common in the United States for even the most innocuous situations, it is imperative to have enough liability coverage to protect yourself, your family, and your assets from being depleted in a lawsuit. Luckily, that’s where umbrella insurance comes into play by providing another layer of liability coverage when your existing auto, homeowners, boat, and commercial insurance policies have been met. 

To determine whether you need umbrella insurance, ask yourself the following questions:

  • Do you have a high net worth?
  • Are you recognizable in the community as being wealthy?
  • Are you vulnerable to lawsuits because you own an ATV, swimming pool, or have a dog breed that is labeled aggressive?

If your answer to any of these questions is yes, you should consider purchasing an umbrella insurance policy. One benefit of umbrella insurance is that it covers the policyholder and other family members or people in the household. This means that if you have a new driver in the household, you’ll have extra peace of mind knowing that your umbrella insurance covers them wherever they are driving a vehicle. Additionally, umbrella insurance coverage does not have to involve your property, boat, or vehicle and is extended worldwide except for any vehicles and homes you own globally that are under another country’s laws. 

At Collum Insurance Group LLC in Richardson, TX, we’ll help answer any questions you have on umbrella insurance policies and help you customize a policy that works for your family’s needs. Give us a call today to schedule a no-obligation consultation with a friendly and knowledgeable member of our team. 

3 Tips for Buying Flood Insurance in Texas

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Flooding happens in Texas, and it’s up to you to be prepared.

Did you know that your standard homeowner’s insurance policy does not cover flooding? In fact, flood insurance is an entirely different policy and one that you need to have maximum coverage in the event of a flood. If you think it’s more of a hassle than what it’s worth, consider losing everything compared to paying a small premium for peace of mind and investment in your future. Purchasing flood insurance is a simple and straightforward process that the agents at Collum Insurance Group LLC in Richardson, TX can help you with. In the meantime, we’ve outlined three tips below to help you know what to expect when you give us a call.

1. You’re Working with a Reputable Agent

All of our agents at Collum Insurance Group LLC are knowledgeable, friendly, and reputable. They are here to take your call and answer all your questions and concerns. In fact, you’ll want to utilize their services to make the next two steps go smoothly.

2. Compare Many Quotes

You and your agent will pinpoint a few quotes for you to compare after learning your flood insurance needs and budget. From here, you can choose one that you’re happy with before moving on to the next step.

3. Bundle Your Policies

Once you’ve chosen the right flood insurance policy, you can see about bundling all of your other policies – life, auto, homeowner’s – under one insurance company. This gives you a discount on your insurance premiums.

Ready to purchase flood insurance? If so, contact our team, serving the Richardson, TX area, to get started today.