San Antonio TX

Is Flood Insurance Necessary? If So, Why?

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Understanding the Importance of Flood Insurance

Flooding is a known concern for homeowners living in the central and western parts of Texas, including San Antonio, TX. If you’re unsure whether your residence or rental property needs flood coverage, contact one of our agents at Versatile Insurance Planners. We can assess your situation and make appropriate recommendations.

What is Flood Insurance and Why You Need It

Flooding, whether from flash floods, coastal floods, or river floods, can cause devastating damage. It can be triggered by various factors, including hurricanes, tropical storms, or stalled storm systems. Regardless of the cause, it’s crucial to prepare your home for such events.

Benefits of Flood Insurance

In the event of a flood, Texas flood insurance covers damage to the structure, including plumbing, electrical, foundation, and water heaters.

Flood insurance also covers the loss of belongings within the home, including electronics, clothing, and furniture.

With the added protection of flood insurance, you can minimize the impact on your personal finances.

Under Texas federal law, all federally regulated lending institutions (including credit unions, nonbanks, and banks) require your home to have flood insurance if it is in a high-risk area.

Do I Need Flood Insurance if My Home is Not in a High-Risk Flood Area?

Even if your home is not in a flood zone and is in a moderate or low-risk area, we recommend considering flood insurance. Storms and flooding are unpredictable, and it’s always better to be safe than sorry.

Contact Us

At Versatile Insurance Planners, we understand what our customers need to keep their San Antonio, TX homes safe and secure. Contact us today, and let’s create a plan of action.

Choosing a Valuation Method for Your Auto Policy

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When purchasing an auto policy from Versatile Insurance Planners, it’s important to understand the different valuation methods. An informed policyholder chooses the method rather than relying on the company’s default method. This ensures that your auto policy pays to replace your vehicle if you’re involved in an accident in San Antonio, TX, or elsewhere.

Understanding Valuation Methods

The term ‘valuation method’ refers to how an insurance carrier determines the value of the insured vehicle. The common choices of valuation include:

  • Market value: This is the amount the vehicle would fetch if sold on the open market.
  • Actual cash value: This uses reference data from sources like the Kelley Blue Book to determine value.
  • Agreed-upon value: When the policy is written, this value is set by negotiation between the carrier and policyholder.
  • Stated value: This method sets the value using proof of purchase information, such as the bill of sale.

So, how do you choose the proper valuation method for your policy?

Choosing the Right Valuation Method

Most policies written today use actual cash value. If a vehicle is damaged in an accident in San Antonio, TX, most policyholders who file a claim would receive a payment based on the automobile’s Kelley Blue Book (KBB) value. This reference book sets values based on the auto’s age, quality of care, and other criteria. The listing for any vehicle make and model provides four values, depending on the state of the vehicle:

  • Fair
  • Good
  • Very Good
  • Excellent

Less than 5% of autos qualify for an excellent rating, while about 50% earn a good rating. For example, a 2020 Chevy Malibu Premium in excellent condition with 100,000 miles is valued at $14,328 by KBB, but a vehicle in good condition is valued at $12,670. This would not cover the full value of what the policyholder paid for the vehicle, as the Chevy Malibu Premium cost $34,195 in 2020.

Contact Us Today

Versatile Insurance Planners can help you amend an existing policy or purchase a new one with a more beneficial valuation. Choose the agreed-upon or stated value if you want to recoup the purchase price of your vehicle in case of an accident.

Do You Need Time Element Insurance?

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Time element insurance is a type of coverage that pays for costs incurred during a business interruption due to damaged property. If you weren’t aware this type of insurance existed, you’re not alone. However, that lack of knowledge can be a problem. If you don’t know the coverage, you might not realize what this coverage can do for you if your business in San Antonio, TX, is suddenly prevented from operating.

Covering Costs When Damage Halts Your Business

For most businesses, severe damage to the property can prevent the business from operating. For example, when a restaurant has to clean up mud and water damage after a flood, no one will be able to do business there until the place is fixed up. The commercial insurance that covers the business should have bundled something with a name like "extra expense coverage" or "business interruption coverage." These are examples of time element insurance, which covers the business’ lost income while the property is being repaired. The "time element" portion of the name refers to the time during which the property is unusable. That’s the key factor in determining the length of the coverage.

When you file a claim with insurance companies like Versatile Insurance Planners, you may be able to get reimbursement for costs such as payroll, moving expenses, and even new advertising. You will have to meet certain requirements to make sure the damage qualifies for coverage from your commercial policy. But once you’ve done that, your agent can help you with the rest.

In San Antonio, TX, Versatile Insurance Planners wants your company to continue to thrive. Contact us for more information about commercial coverage for every aspect of your business.

Insurance Coverage for a Residential Rebuilding Project

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If you’re preparing to rebuild part or all of your home, you might want to consider increasing your home insurance coverage. Many specialized types of home insurance can protect you as a property owner.

Liability Risks

Any rebuilding project has risks. If you’re hiring people to assist you with rebuilding, you might be concerned about the risk of injury or damage to another person or their property.

Liability insurance is a type of coverage that provides protection if you are sued. This coverage will prevent you from facing monetary loss that directly results from an injury or damage.

Material Protection

Some home insurance products are designed to protect personal possessions. Your policy can cover siding, bricks, concrete, shingles, and any other materials used during rebuilding.

In addition, you can acquire insurance coverage for the tools you will use throughout the rebuilding project. The coverage will protect against theft, vandalism, and damage from natural disasters.

Project Assessment

Conduct a project assessment. This assessment should cover all the rebuilding plans for the proposed project. Identify potential dangers. Outline all the materials and tools you will use during rebuilding.

Once you have evaluated your plans, compare different types of home insurance. Choose insurance that will provide adequate protection from the beginning to the end of the rebuilding project.

Contact An Agent Who Serves San Antonio, TX

Our agents at Versatile Insurance Planners assist property owners like you every day. Contact our office to set up an appointment with an agent.

Does Motorcycle Insurance Cover Dirt Bikes?

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There are various types of vehicles, and most are covered under the same insurance policy unless used for business operations. However, policies for vehicles like motorcycles can be more complex. For instance, given their similarities and road usage, could your motorcycle insurance cover your dirt bike? This is a complex topic, but the team at Versatile Insurance Planners in San Antonio, TX, is here to help you understand your options regarding motorcycle insurance and its coverage.

Does Motorcycle Insurance Cover Dirt Bikes? In Some Cases, Yes.

So, does motorcycle insurance cover dirt bikes? It can, but not always. For example, if your dirt bike is approved for road use, then a motorcycle insurance policy would cover it. However, if your dirt bike isn’t registered for road use, you can’t cover it with your motorcycle insurance. That said, there is off-road insurance for these specific types of vehicles, so you don’t have to go without coverage. If you get your dirt bike covered by motorcycle insurance, consider whether there are customizations, as your standard policy will not cover these.

Cover Your Motorcycle or Dirt Bike With Versatile Insurance Planners

Whether you have a motorcycle or a dirt bike that needs coverage, finding insurance for these vehicles doesn’t have to be complicated. We’re here to ensure you secure a policy you’re satisfied with. Get started with us at Versatile Insurance Planners in San Antonio, TX, and compare quotes now.

Should Adult Children be on Your Auto Insurance Policy?

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In today’s economic climate, more adult children are either returning home to live with their parents or delaying their own journey into independent living. This is often a financially convenient situation and one that more families are becoming comfortable with. Yet, this does bring up an interesting dilemma: Should adult children be on your auto insurance policy? As your insurance representative at Versatile Insurance Planners serving San Antonio, TX, will tell you, the answer depends.

Should Adult Children Be On Your Auto Insurance Policy?

There are situations where you should have your adult child on your auto insurance policy and situations when it doesn’t make sense. If your adult child is living at home, whether they never left or they’ve returned, chances are they will be driving the family vehicle at least some of the time. You and your adult child will save money by adding them to your policy, even if you add their own vehicle to your family policy.

When an Adult Child Shouldn’t Be On Your Auto Policy

If your adult child is no longer living with you, has their own vehicle, and is financially independent, there’s no reason to add them to your policy. If they drive your vehicle while visiting and something happens, your own policy will cover it. In fact, some insurance companies actually insist that people with different residences have their own policies. You can discuss your circumstances with your insurance representative at Versatile Insurance Planners serving San Antonio, TX to learn the specifics in your case.

You may feel like you want to support your adult child a little longer by adding them to your auto insurance policy. And that’s fine, as long as they reside with you. Remember, you don’t have to add them if they already have their own policy. Contact us to learn more.

Auto insurance add-ons you may want to get

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Basic auto insurance only provides liability coverage. If you need to protect your vehicle when it is damaged, you will add collision and comprehensive coverage. Beyond that, our team at Versatile Insurance Planners in San Antonio, TX, can help you customize your policy so that it provides exactly what you need. 

Gap coverage

If you have a car loan and a newer vehicle, if your vehicle is damaged, the insurance that you have on it may not be enough to cover the amount that you owe on the car. Having gap insurance will ensure you get enough money for your vehicle to pay off what is owed. 

Roadside service

Roadside service offers services similar to those provided by the automobile club. It provides towing if you have a breakdown or an accident. If you get a flat tire, they will come out and change the tire for you. If you get into your vehicle and it won’t start, it provides a jump start. It provides peace of mind when you are out on the road. 

Rental car 

If you have an accident or your vehicle is damaged by something beyond your control, you will need a vehicle to go about your routine activities. If you have this coverage while your vehicle is out of commission, it will pay for a rental car. 

Full glass

If you have comprehensive coverage, it includes glass coverage, but there is a deductible. With full glass coverage, there is no deductible; insurance pays for the full repair. 

If you live in San Antonio, TX or the surrounding area, you can count on our team at Versatile Insurance Planners for all your insurance needs. Give us a call to schedule an appointment to discuss your auto insurance. 

Three Commercial Insurance Types Your Business May Need

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There are many different types of commercial insurance. There is no one policy that’s right for every business. Most businesses need several types of insurance covering various aspects of the business. There are several common commercial insurance types that your business may need, depending on many different factors. To learn more about which kinds of commercial insurance your business may need, call us at Versatile Insurance Planners in San Antonio, TX.

Worker’s Compensation 

When you have employees, worker’s comp insurance is a must. This policy will protect your business against liability in the event of a workplace accident or illness. If someone gets an illness related to their work or gets injured there, your worker’s comp policy will pay for the related expenses that will become due. This can protect a business from huge expenses that could seriously dent its bottom line. 

Commercial Auto Insurance

Any vehicle your company owns needs to have a commercial auto policy to protect your business. This ensures that if there’s an accident with this vehicle, the auto policy can pay out. If there is a personal policy on a work vehicle, it won’t pay out in the event of an accident, which can cause a lot of financial damage to a business. 

Premises Liability

It’s easy for injuries to happen, and they often do. This type of insurance protects you against the cost of accidents that people could happen at your place of business. You likely need this type of business insurance if you have a physical location.

Get Your Commercial Insurance

When your business needs insurance, we can help. To find out more, call Versatile Insurance Planners in San Antonio, TX. 

What’s the Difference Between Comprehensive and Collision Coverage?

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Comprehensive coverage and collision coverage are the two main auto insurance coverages that help protect against vehicle damage. They’re often purchased together within an auto policy but offer protection in different situations.

Collision Coverage for Collisions with Other Vehicles

Collision coverage typically covers damage that your vehicle sustains in a multi-vehicle accident. For example, if you’re driving down one of the main roads in San Antonio, TX, and are in an accident, this coverage would likely apply.

In the event of an accident, collision coverage may pay for the damage. Payment is subject to your deductible, and the maximum payment from this coverage is normally the value of your vehicle.

Comprehensive Coverage for Non-Collision Events

Comprehensive insurance provides protection against a range of non-collision incidents. These might include as theft, vandalism, fire, natural disasters, and animal strikes. 

If your vehicle is broken into while in downtown San Antonio, this coverage would probably cover the damage. It’s also likely to cover damage if you hit an armadillo, your vehicle sustains hail damage, or in any number of other situations.

Like collision coverage, comprehensive coverage will pay for repairs up to the value of your vehicle. However, you still must pay your deductible first.

Choosing the Right Coverage

In most cases, we at Versatile Insurance Planners recommend that drivers get comprehensive and collision coverage. Protecting your vehicle against damage is important, as it requires protecting against the different events that can cause damage- both collisions and other incidents.

For help finding auto insurance with comprehensive coverage and collision coverage, contact one of our insurance agents here at Versatile Insurance Planners.

Three Tips To Improve Your Home’s Curb Appeal This Year

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Several factors are worth considering if you want to enhance your curb appeal. These elements can significantly impact your home’s value, its overall aesthetic appeal, and the quality of your life within it.

1. New Gutter System

Replacing your home’s traditional gutter system with a modern one that tucks beneath the roof’s perimeter is worthwhile. This design makes the gutter system more discreet, allowing other features to stand out while still efficiently draining water. Additionally, the system concealed beneath the roof significantly minimizes the likelihood of large clogs forming.

2. Update House Numbers and Mailboxes

Modern mailboxes are an excellent addition to enhance your home’s sleek and contemporary design. You can replace your roadside or door mailbox with these modern design elements. Upgrading your house numbers to match the modern style is also recommended to ensure a cohesive aesthetic appeal. Otherwise, the classic numbers might disrupt the overall modern look of your home.

3. Upgrade Your Front Door

Amid growing energy efficiency concerns, replacing your traditional front door with a more energy-efficient model can be beneficial. This can lower your monthly energy costs and contribute to your home’s upgrade. Old doors might seem out of place on an otherwise renovated property. Make the front door the focal point, enhancing the upgraded feel with nontraditional colors, handles, and textures.

If you’re a homeowner in San Antonio, TX, considering upgrading your home insurance policy rate could also be beneficial. Our agents at Versatile Insurance Planners can provide you with a quote that suits your needs.