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What Does It Mean If Something is Excluded On a Home Insurance Policy?

Prior to purchasing a home insurance product, it is strongly advised that you read through that policy and find out what is excluded. One of the things that we at Armadillo Insurance Agency, serving the greater Austin, TX area, have found is that many people do not understand what it means if something is listed as excluded on a home insurance policy. Read on to learn what it means if something is listed as excluded on a home insurance policy and what types of things may be typically excluded. 

What Does It Mean If Something is Excluded On a Home Insurance Policy?

An exclusion list means that an event or item is not covered by the home insurance policy. The exclusion list for a homeowners policy may exclude specific events, or they may exclude specific items. If you see something listed on the excluded list, you know that that type of event or that type of item is not covered by your policy. 

What Types of Things Are Typically Listed On the Exclusion List For Home Insurance Policies?

Specific events, such as flooding, fires started by arson, or damage done by a criminal act you committed are typically listed on the exclusion list. The exclusion list may also list items that are not covered by a home insurance policy, including things like fine art, expensive jewelry, or cars with motors in them. 

Contact Us Today

Just because something is listed as an exclusion on your home insurance policy does not mean that it cannot be covered. Floods can be covered by buying the right flood insurance, and expensive jewelry can be covered with a jewelry insurance policy. At Armadillo Insurance Agency, serving the greater Austin, TX area, we can help you get the coverage you need. Call us today to get started. 

Is Landlord Insurance the Same as Home Insurance?

If you own property that you are considering turning into a rental property, you may find yourself wondering what landlord insurance is, and if it is the same as home insurance or how it varies from home insurance. Landlord insurance is one of the insurance products offered by Armadillo Insurance Agency, serving residents in the greater Austin, TX area, and we would love to help you understand exactly what landlord insurance is. 

What is Landlord Insurance? 

Landlord insurance is designed to cover a rental property from disasters and emergencies. This may include things such as pipes bursting and covering water damage or hail damage occurring to your roof. As a general rule of thumb, landlord insurance covers the structure of your property the same way home insurance does. Despite many myths online, landlord insurance does not compensate the landlord for tenants that damage their property or that do not pay their rent. 

How Does Landlord Insurance Differ From Home Insurance? 

The biggest difference between landlord insurance and home insurance is the property that is stored inside your home. Home insurance covers not only the structure of your home, but everything you have stored inside of the home as well, such as clothing, jewelry, artwork, electronics, and furniture.

Landlord insurance does not cover these items, as you are not living in the home. A renter should obtain renters insurance to cover their property, while you should obtain landlord insurance to protect the property and structure of your investment property. 

Get The Right Coverage Today

If you have an investment property that you are looking to insure, the experienced and knowledgeable agents at Armadillo Insurance Agency, serving the greater Austin, TX region, would love to help you insure that property. Call or email us today and let’s work together to ensure the property is fully covered. 

Does my condo insurance cover damage from natural disasters like tornados and flooding?

As we all know, Austin, TX weather is unpredictable. One minute it’s sunny and 80 degrees, and the next minute there’s a tornado or severe flooding. So, does your condo insurance cover damage from natural disasters like tornados and floods? Armadillo Insurance Agency has answers to all your insurance questions.

What Does Condo Insurance Cover?

Tornado Coverage

Most standard condo insurance policies will cover damage from tornados. However, there may be some deductions for wind damage, so it’s important to check with your insurance provider to see what your policy covers. Central Texas is prone to tornados, so you may want to purchase additional windstorm insurance to make sure you’re fully covered.

Flood Coverage

Flooding is a different story. Standard condo insurance policies typically do not cover flood damage. If you choose to live in a high-risk flood zone, you will need to purchase additional flood insurance to ensure that your home is protected. Even if you don’t reside in a highly susceptible flood zone, it’s still a good idea to get flood insurance. Why? Because less than an inch of water may destroy $25,000 worth of property.

We Are Here If You Have Questions

As a condo owner in Austin, TX, it’s important to know what your condo insurance policy covers—and what it doesn’t cover. Most standard condo insurance policies will cover damage from tornados. Although you may want to add a windstorm insurance policy. However, they typically do not cover flood damage.

If you live in an area that is prone to floods, you will need to purchase separate flood insurance to make sure you’re protected. Don’t wait until it’s too late — contact Armadillo Insurance Agency to learn more about windstorm and flood insurance today!

What Is the Difference Between General Liability and Product Liability Insurance?

If you are in the process of shopping for insurance, you may have come across the terms “general liability” and “product liability.” But what exactly do these terms mean? And more importantly, do you need both types of coverage?

Consult with our team at Armadillo Insurance Agency in Austin, TX when you are ready to purchase this important coverage. 

Here are the differences between general liability and product liability insurance:

General Liability Insurance

General liability insurance is a type of policy that provides protection against claims arising from your business operations. This can include injuries that occur on your premises, damage to property, advertising injuries, and more.

If you are sued by someone who alleges that your business was responsible for their injury or damages, general liability insurance can help cover the costs of legal defense and any resulting settlement or judgment.

Product Liability Insurance

Product liability insurance is a type of coverage that protects your business against claims alleging that your products caused injury or damage. If you manufacture, distribute, or sell products, this type of insurance can help protect you in the event that one of your products injures someone or damages their property.

Product liability claims can be very costly, so it’s important to make sure that you have this type of coverage in place if you sell products.

Get Insurance Coverage for Your Business Today

Both general liability and product liability insurance are important types of coverage for businesses. Which one you need will depend on the nature of your business and the products you sell. If you have any questions about which type of coverage is right for you, our team at Armadillo Insurance Agency in Austin, TX can help. Give us a call and we’ll be happy to walk you through your options and help you get the coverage you need.

Should I get home insurance for my Austin property?

Those that live in the Austin, TX area will likely have found that the real estate market has been strong for a long time. This has made it a good place to invest and purchase a home. If you do intend to live in this region and want to purchase a property, you should also get home insurance.

There are multiple reasons why insurance for your home should be a top priority:

Protect Real Estate Owner

The main reason you should have insurance for your home in Texas is to take advantage of the protections that coverage provides. As a property owner, you will always face various risks. These can include risks that your home is damaged by a bad storm or that an accident occurs on your property. If you do carry the right home insurance, it can help to mitigate and offset all of these 

Meet Your Requirements

You will also want to have a home insurance policy so you can meet the standards and requirements that are set by your lender. If you decide to take out a mortgage, it is important to follow all of the rules and requirements until you have paid the loan off. A common rule is the requirement to carry home insurance and have your payments escrowed, which ensures you do not have a coverage lapse. 

Give Us A Call

If you do decide to purchase a home in the Austin, TX area, you will undoubtedly find that you want to have a home insurance plan as well. Once you start looking for coverage, it can be a good idea to call Armadillo Insurance Agency. The team with the Armadillo Insurance Agency understands the value of home insurance and can offer the support needed to build an ideal plan. This will help ensure you remain appropriately covered at all times. 

What Are The Different Types Of Landlord Insurance?

There are a few different types of landlord insurance policies that you can choose from. It’s important to understand the differences between each type so you can make an informed decision about which policy is best for you. Armadillo Insurance Agency in Austin, TX is here to navigate this important insurance coverage.

Here are the three most common types of landlord insurance policies: property damage, liability, and rental income protection.

1. Property Damage Insurance

This type of insurance policy covers the physical structure of your rental property. This includes the walls, floors, ceilings, windows, and doors. It also covers any fixtures or appliances that are permanently attached to the property, such as built-in cabinets or countertops. If your rental property is damaged by fire, wind, hail, or other covered events, this policy will help you pay to repair or replace the damaged property.

2. Liability Insurance

Liability insurance protects you from being sued for negligent actions that result in injury or property damage. If a tenant is injured on your property, or if their belongings are damaged, they could sue you for compensation. This policy will help pay for your legal defense costs, as well as any damages you’re ordered to pay by a court.

Liability insurance also covers you if someone is injured while on your property, even if they’re not a tenant. For example, if a delivery person slips and falls on your icy sidewalk, they could sue you for their medical bills and lost wages.

3. Rental Income Protection

If your rental property is damaged by a covered event, such as fire or wind damage, it can take months to repair or replace the property. This can leave you without any income from your rental property during that time. Rental income protection insurance from Armadillo Insurance Agency will help reimburse you for the lost rental income while your property is being repaired.

Give Us A Call

There are a few different types of landlord insurance policies to choose from. It’s important to understand the differences between each type so you can make an informed decision about which policy is best for you. If you have any questions about landlord insurance, or if you would like to get a quote, please contact Armadillo Insurance Agency in Austin, TX. We are here to help.

When Does My Flood Insurance Policy Go Into Effect?

If you live in an area that experiences frequent floods, getting a flood insurance policy is prudent. However, you should know there will be some wait time before the flood policy takes effect. The wait time will be between 14 and 30 days, depending on whether you obtained your flood coverage through the National Flood Insurance Program (NFIP) or purchased a private policy.  

When Does My Flood Insurance Policy Go Into Effect? 

NFIP Wait Time

The wait time for the NFIP flood coverage to take effect is typically 30 days. However, some exceptions result in the waiver of the waiting period that you should know as an Austin, TX resident. These exceptions are;

  • You buy new coverage or add to the existing flood policy due to a loan or mortgage

Banks traditionally require owners of mortgaged homes to get flood insurance, more so if the property is in a high-risk area. If you purchase flood insurance under this circumstance, you don’t have to wait 30 days for the coverage to become effective. 

  • If your home sits on burned federal land

The damage that wildfires cause can also increase flood risk in the affected areas. If your home sits on federal land that has been affected by wildfire, you will have 60 days to apply for flood insurance and get a wait time waiver. 

  • Your home was relocated to a special hazard zone

FEMA is responsible for assessing and establishing flood risk zones countrywide. If the area where your home sits is established to be a special hazard zone for floods by FEMA, you can purchase flood insurance with no wait periods. 

Private Policy Wait Time

The wait time for private flood policies is usually 10 to 14 days. At Armadillo Insurance Agency, we recommend that you confirm this with your insurer. Keep in mind that the wait time exceptions listed above also apply here. 

Call Armadillo Insurance Agency for expert insurance advice in Austin, TX.

What to Look for in a Good Commercial Insurance Policy

Anyone who owns a business knows that commercial insurance is a necessity. But with so many different types of coverage available, it can be difficult to know what to look for in a good policy. Armadillo Insurance Agency in Austin, TX offers you this guide to explore some of the key features to look for when choosing commercial insurance for your business. 

What to Look for in a Good Commercial Insurance Policy

1. The Deductible

The first thing to look for in a good commercial insurance policy is a low deductible. The deductible is the sum of money you must pay before your insurance company begins to pay out on a claim. A low deductible means that you won’t have to pay as much money out of pocket if something happens to your business.

2. Coverage Limits

Another important thing to look for in a good commercial insurance policy is high coverage limits. Coverage limits are the maximum amount of money that your insurance company will pay out if you have a claim. Having high coverage limits means that you’ll be covered in the event of a major accident or disaster.

3. Covered Perils

When choosing commercial insurance, you’ll also want to make sure that the policy covers the types of perils that are most likely to occur in your business. Perils are the events or conditions that can cause damage to your property. Common covered perils include fire, theft, and wind damage. However, it’s important to note that different commercial insurance policies cover different perils. For example, product liability insurance will only cover damage caused by your products. It does not cover professional liability.

Now that you know what to look for in a good commercial insurance policy, it’s time to start shopping around! Armadillo Insurance Agency is a great option for businesses in Austin, TX. We offer competitive rates and comprehensive coverage. Contact us today to get started.

 

Your Custom Home Policy

You weighed your options and decided on an HO-3 home insurance policy. You chose replacement cost over actual cost, and now you need to customize your policy, so it covers everything inside your home, too. 

Your Custom Home Policy

When Armadillo Insurance Agency says home insurance doesn’t come standard, we’re not kidding! Since every Austin TX home differs, so should every Austin, TX’s homeowners’ insurance policy. What you need differs from your neighbors’, so you’ll need to determine the major items requiring extra coverage.

Your HO-3’s policy covers your personal property up to a percentage of the home’s value. That doesn’t cover everything you own to its full value though, unless you have an empty house. This blog explains the customizations you can make to a policy.

First, are you married or engaged? Look at your left hand, if so. Could you afford to replace the rings on it? If not, insure them specifically with a jewelry clause.

Second, do you run a home-based business? You need to add coverage for your business equipment and business liability.
Third, how many hobbies do you and your family have? Do any of them require expensive equipment like a 35 mm camera and film development equipment? You’ll need to add a rider to cover those items.

Fourth, do you or any member of your household engage in sports? The equipment to train for it can cost quite a bit. For example, a home gym or road bike can cost thousands. Add a hobby or toys rider to your policy for these items.

Fifth, do you own any haute couture or designer clothing or suits? Could you afford to replace those $5,000 to $7,000 suits all in one fell swoop? What about those designer dresses you nabbed for a song online? Add extra personal property coverage for their replacement.

Contact Armadillo Insurance Agency in Austin, TX today to learn more about customizing your home insurance policy. It can cover the replacement costs of your personal property, you’ll need to add to its coverage to do so.

A Beginners Guide to Landlords Insurance

If you own a residential property you are renting in Austin, TX, do not assume that your homeowner’s insurance will cover all costs associated with a disaster, accident, or other damaging incidents. It’s highly likely that your homeowners’ insurance policy will only cover owner-occupied homes. As soon as the room is rented out, the coverage no longer applies, and the landlord is responsible for 100% of the costs associated with damages. Luckily, landlord insurance is able to help and includes three key components. Armadillo Insurance Agency can assist you with the details.

Coverage Provided By Landlords Insurance 

  1. Property Damage: This coverage kicks in when your rental property or furnishings are destroyed or damaged in a covered incident such as a fire, natural disaster, electric/gas issue, vandalism, or irresponsible tenants. When searching for a landlord insurance policy look for one that offers replacement cost protection instead of the actual cash value to protect you best. 
  2. Lost Rental Income: If your rental property becomes uninhabitable because of a covered incident, this coverage offers rental reimbursement to cover the rent money you typically receive if tenants are living in residence. 
  3. Liability Protection: Covers the legal and/or medical costs if a tenant or visitor is injured at your rental due to a property maintenance issue or neglect. 

In addition to the three core pieces identified above, landlords have the option to purchase additional coverage for extra peace of mind. The most popular of these add-ons include guaranteed income insurance whereby, if the tenant fails to pay rent or pays less than the amount owed, this policy will cover the difference.

Give the Armadillo Insurance Agency a call for more information on landlord insurance in Austin, TX. We’ll take the time to answer all your questions and customize a policy that best meets your needs.