Is Coinsurance an Option for Your Business?

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If you’re a business owner, you likely understand the necessity of purchasing commercial insurance. However, you may have questions about which type of insurance you need and which options you should choose. If your business is in the Dallas, TX, area, and you have questions about how to choose the right policy for your workers, our team at Alloy Insurance Partners will be glad to discuss our full range of policy options with you. We’ve been working with businesses in your area since 1996.

Understanding Coinsurance in Business Insurance

One of the terms you may hear our agent use regarding health insurance is "coinsurance." Some business owners believe that coinsurance is related to health insurance. However, in business insurance policies, small businesses typically use coinsurance to cover property, business vehicles, and business equipment. These clauses specify the percentage of the property’s value your business must insure to collect a full claim payment if you sustain a property or equipment loss.

The acquisition of coinsurance is helpful for the insurance company as it informs them of the potential payment they would be responsible for. The property value on which these policies are based may be related to the cash value of the property. Accepting a coinsurance policy will help expedite policy underwriting and help the insurance company determine premiums.

Contact Us Today for Your Appointment

Whether coinsurance is the right decision for your company, our team can help you understand which insurance will work. Our experienced agents can provide this knowledge to business clients in the Dallas, TX, area. Our team at Alloy Insurance Partners is dedicated to finding personalized insurance solutions for every business. Call us for an appointment today, and let’s discuss insurance options.

Living in a Flood Plain? You Need a Flood Insurance Policy

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If you live in a floodplain, having the right insurance coverage, including a flood insurance policy, is crucial to protecting your home from potential water damage. Mortgage holders will require this coverage, and even if you own your home outright, maintaining it is a wise decision. At Alloy Insurance Partners, we aim to help homeowners in the Dallas, TX, area safeguard their homes and enjoy greater peace of mind.

Does Standard Home Insurance Cover Floods?

Many homeowners mistakenly believe that their standard home insurance policy covers floods. However, this is not the case. Flood coverage requires a separate policy. Even for those who don’t live in a flood plain or are on its periphery, having this type of coverage is extremely important. Floods can cause devastating damage, and it’s essential to ensure your home is protected against them.

Is It Time to Update Your Policy?

If you haven’t updated your flood policy recently or an agent hasn’t reviewed it, now is the time to do so. Don’t wait until a flood occurs to realize that your policy needs important updates. The best way to protect your home is to work with one of our trusted agents to review and update your policy at least once a year or any time you experience a significant life event that affects your home.

Finding the Right Policy for Your Needs

If you need flood insurance in the Dallas, TX, area, contact Alloy Insurance Partners today. We’re committed to helping you obtain and maintain the right coverage so you can feel confident that your home has proper flood protection.

What Is the Difference Between Commercial and Personal Insurance?

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If you own a business, have employees, or even use your vehicle for work-related activities, you’ll need to consider commercial insurance. It’s crucial to understand the difference between commercial and personal insurance.

  • Personal Insurance protects individual assets and includes life insurance, auto insurance, and homeowner’s and renter’s insurance.
  • Commercial Insurance is typically for businesses and likely includes coverage for liability claims, workers’ compensation, and property damage.

Primary Differences Between Commercial and Personal Insurance

The following are a few examples of differences between commercial and personal insurance policies.

  • The Named Insured: For personal insurance, the name on the policy is an individual, couple, or possibly family. In commercial insurance policies, the name would be a business or entity.
  • Property Insurance: Personal property insurance covers a home and individual assets. Commercial property insurance usually covers offices, warehouses, and assets associated with a company.
  • Auto Insurance: Personal auto insurance covers individuals and families. A commercial auto insurance policy typically covers company vehicles and personal vehicles used for work-related activities.
  • Liability Coverage: Personal liability is often part of homeowners insurance, covering someone who is injured on your property. Commercial liability covers companies instead of individuals. With more people working from home, individuals may need commercial insurance coverage when working from a home office.

Contact Alloy Insurance Partners in Dallas

At Alloy Insurance Partners in Dallas, TX, you’ll find an experienced team of insurance professionals working hard for Texans. We can help you find the right insurance products and services that meet your needs. We offer several types of insurance, including commercial. Contact an Alloy Insurance Partners agent in Dallas, TX, to start today.

How Term Life Insurance Works

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It’s important to be able to leave something behind once you’re gone, and life insurance allows you to do just that. Two main types of life insurance can help you to help your loved ones after you’re gone. These are term life and whole life. Whole life is a type that works very differently from term life. Both are popular types, but term life is often chosen for its main benefit. When you need to get a life insurance policy, call us at Alloy Insurance Partners in Dallas, TX.

A Term of Insurance

Term life gets its name from the term of time that it’s suitable for. When you get a term life policy, it’s specified precisely how long the policy will run. This may be 10 years, 20 years, 25 years, etc. This term of time is when the policy will be active. After this term ends, the policy will no longer be in effect. Because it has this expiration date, policyholders will have to get a new policy to have insurance coverage again.

A Big Benefit

The main benefit of having this type of life insurance is its death benefit, which can help save loved ones from financial devastation once you’re gone. However, there’s another big benefit of this coverage: It also costs much less than whole life insurance. This allows many people who would otherwise not be able to have life insurance to get a policy of their own. For people on a budget, it’s important to have access to coverage, and term life does this for many people.

Get Term Life Insurance in Dallas!

Having this coverage is important, and we’re here to help you get it. Call Alloy Insurance Partners in Dallas, TX, if you’re looking for a policy.

Fall Maintenance Tasks For Your Car and Motorcycle

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As the cooler months approach and the weather starts to change, there are some steps you should follow to protect your motorcycle or car.

1. Oil Change

Now is an excellent time to change the oil in your car or motorcycle. You don’t want your motorcycle stored with bad oil all winter. Similarly, you don’t want debris circulating through your car’s engine, which the cooler weather could exacerbate.

2. Battery Check

It’s an excellent time to have the battery tested and see if it needs to be replaced. The change in weather patterns can impact your battery, causing it to underperform. You certainly don’t want to be stranded with a dead battery when winter temperatures arrive.

3. Top Off Fluids

This is an excellent opportunity to top off the other fluids in your car or motorcycle. Low fluid levels could make it difficult for the vehicle to start and prevent the motorcycle from starting when you plan to drive it next.

4. Check Your Tires

Not only do you need to inflate your tires and check the pressure, but you should also evaluate your tires’ condition. Examine the remaining tread and determine if you need to replace your tires for the winter. As the weather cools down, tires can wear down faster if they are already deteriorating.

5. Use a Cover

If you plan to park your motorcycle for the fall, ensure you have a tarp or heavy-duty cover to put over it. Leaving it exposed to the elements can lead to unwanted rust.

If you live in the Dallas, TX area and are looking for a quote on auto/motorcycle insurance, contact us at Alloy Insurance Partners for more information.

Residential Insurance Add-Ons

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Unique living conditions or specialized upgrades could require more home insurance coverage. Review some common residential insurance add-ons. Then, contact one of our agents representing the Dallas, TX area for assistance upgrading your insurance policy.

Swimming Pool Coverage

A new swimming pool will increase the value of your property. It will also increase the risk of someone becoming injured on your land.

If your home insurance policy doesn’t cover the type of water feature you are adding to your land, seek an add-on that will provide you with the coverage you need.

This type of coverage will protect against damage and injuries when the swimming pool is used.

Buried Utility Coverage

Digging in your yard can damage underground plumbing and electrical wiring. If planning an excavation project, you may want to purchase buried utility coverage.

This coverage will protect you if any underground materials are damaged on your property.

Equipment Breakdown Coverage

Washing machines, dryers, dishwashers, and other appliances may break down unexpectedly. Equipment breakdown coverage will reimburse you for the cost of having equipment repaired or replaced.

Extended Reconstruction Coverage

A rebuilding project that you have planned may cost more than you intended. Extended reconstruction coverage will absorb the excess cost of rehabilitating your property.

Agent Assistance

Contact one of our Alloy Insurance Partners representatives to discuss your unique living situation. During your consultation, you will be advised if you qualify for any add-on insurance products. You will also have the opportunity to upgrade your existing insurance policy, which will ensure that your home is provided with plenty of protection.

Does Auto and Motorcycle Insurance Cover Single Vehicle Accidents?

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Single-vehicle accidents are more common than many realize, accounting for nearly one-third of Texas traffic deaths. Both automobile and motorcycle operators can be involved in single-vehicle accidents. While the same coverage and liability issues apply to both types of vehicles, it is essential to know what to do if you are involved in a single-vehicle accident and how insurance treats these incidents. The Alloy Insurance Partners team, serving Dallas, TX, is here to answer your insurance questions and provide the coverage you need.

Understanding Fault in Texas Single-Vehicle Accidents

Texas is an at-fault state, meaning we determine who is at fault for vehicle accidents. Identifying the fault is critical to determining who is legally responsible for the cost of injuries or damages resulting from an accident. Even in single-vehicle accidents, more than one person or entity may be legally at fault. Surprisingly, the vehicle operator might not be partially or wholly at fault for the accident. The fault may be attributable to the following scenarios:

  • Weather conditions like snow, ice, rain, or fog, even when moving slowly
  • Road issues such as broken pavement, potholes, or other faults
  • Hidden street signage
  • Running into an animal or items falling from another vehicle
  • Forced to swerve due to another vehicle negligently pulling into your path
  • Vehicle manufacturer or mechanic errors resulting in a faulty vehicle

We strongly recommend obtaining a police report for all accidents. Safely documenting the accident scene can significantly help determine what is at fault. Do take pictures and videos to demonstrate the events you perceive caused the accident, especially when contributing factors exist.

Working with Alloy Insurance Partners

If you live in or near Dallas, TX, the team at Alloy Insurance Partners will ensure you have the correct automobile, motorcycle, and other insurance coverage. Stop by our office today or call us at (800) 527-2209 to get started.

Can Home Insurance Cover Lodging During Repairs?

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At Alloy Insurance Partners in Dallas, TX, we’ve served plenty of homeowners who may not know exactly what they can expect their home insurance policy to cover. Although you may be aware of the limits of your policy and liability coverage, you might not know that it may be possible for your home insurance policy to cover lodging when qualifying repairs are happening. Of course, before you believe that your insurance policy covers this, you should check with our qualified insurance professionals about what your policy offers.

Why You May Need Lodging During Repairs

While small repairs like fixing a door handle or stopping a faucet from leaking may allow you to be in the home while they’re happening, larger repairs like replacing the flooring in a key room in your home may not allow you to be there. Additionally, some repairs may involve materials that are unsafe for you to be around. In these cases, having somewhere else to stay might not only be helpful for your peace of mind but also necessary for your health and safety.

Can Home Insurance Cover Lodging During Repairs?

Although every insurance policy is different, some home insurance policies may cover lodging at short-term accommodations or other approved places during repairs. In most cases, it depends on the reason for repairs and what the policy explicitly agrees to cover. For purely cosmetic renovations, it’s unlikely that insurance policies will cover lodging, but it never hurts to ask our professionals for clarity on what your policy provides. We’ll always be glad to explain what you can expect from your policy and what is definitely not covered.

For more information on our home insurance policies, call our office at Alloy Insurance Partners in Dallas, TX, today!

How Whole Life Insurance Works

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Everyone who has people who rely on them needs to have a life insurance policy. Two main kinds are available: term life insurance and whole life. Term life insurance is only valid for several years. After that time, it will expire. However, a whole life policy works very differently. Many aspects of these policies are unique and not found in term policies. Call us at Alloy Insurance Partners in Dallas, TX, if you need life insurance.

No Term, No Expiration

A whole life policy is there for your whole life. It’s a policy that doesn’t expire and can stay in effect no matter how old you get. It will remain active if you keep paying to keep your policy. Because it never expires, you never have to worry about getting another life insurance policy later, as many people have to do when they have term life policies. This can bring policyholders a lot of peace of mind. 

Cash Value

Another major benefit of this type of life insurance is that the policy will slowly build up a cash value. Throughout the policy, the insurance company invests the amount you pay for premiums and makes a profit from those investments. A small percentage of that profit becomes available to you as a cash value you can borrow against when needed. This can also bring peace of mind because policyholders know they will have access to important funds if they have a financial emergency later. 

Get Life Insurance 

Having life insurance to leave something behind when you’re gone is essential. To get started with a policy, call Alloy Insurance Partners in Dallas, TX.

Three Types of Protection in a Home Insurance Policy

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Investing in a home insurance policy is more than necessary to protect your valuable assets. It shields you from potential losses due to various unexpected events, thus securing your home and belongings. For comprehensive coverage, consult the experts at Alloy Insurance Partners in Dallas, TX.

Home Coverage

Home coverage is a fundamental feature of homeowner insurance. It safeguards your house against certain damaging occurrences, such as disasters, calamities, and accidents. Establishing this coverage from the inception of homeownership until sale mitigates the risk of exorbitant repair costs.

Possessions Coverage

An essential part of your home insurance policy is possessions coverage. It steps in after damaging incidents to reimburse for damaged or destroyed household items. This coverage will provide financial relief, aiming to return normalcy to your life as soon as possible.

Liability Protection

Liability protection is often overlooked, yet it is vital to your home insurance policy. It covers costs associated with accidents occurring on your property. For instance, if a guest incurs injury on your property, home insurance can cover the medical costs, thus sparing you from sudden financial strain.

If you haven’t secured home insurance yet, now is the time to act. Call the professionals at Alloy Insurance Partners in Dallas, TX, to start structuring your ideal policy.