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Boat Insurance FAQs

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Whether purchasing a new or second-hand boat, you should talk to Texas Classic Insurance and get advice on why you need insurance coverage. Buying boat insurance is the surest way of guaranteeing your safety and that of your boat while in the waters. 

But before purchasing boat insurance in Granbury, TX, you might have some questions. Luckily, we have assembled a FAQs section to answer queries that you might have.

Is boat insurance mandatory?

In Texas, no law requires boaters to purchase watercraft insurance. However, if a federal-registered lender has financed your boat purchase, they may require you to buy boat insurance. 

What are the different boat insurance coverages?

When shopping for boat insurance in Texas, you are likely to bump into the below coverages:

  • Liability coverage: In the unfortunate case you cause an accident that causes damage or loss to other people’s valuables, boat insurance covers the resulting bodily injury and property damage. The costs may be high, but with the help of boat insurance, they become easy on your pocket.
  • Uninsured watercraft coverage: In cases where an uninsured boater hits your boat, your boat insurance meets the uncovered repair costs.
  • Physical damage coverages: Boat insurance pays for the repairs or replacement of your boat if it sustains physical damage from a covered peril. For instance, if a fire destroys your boat, your insurer pays for the damages up to the coverage limit. 
  • Medical payments coverage: This policy covers medical expenses for you and your passengers following a boating accident.

What impacts boat insurance rates?

Boat insurance coverages differ depending on various variables. Here are some factors that affect boat insurance rates. 

  • The value: The more valuable your boat is, the more insurance premium you will pay.
  • Type of boat: Ski boats, bass boats, cabin cruisers, deep-waters fishing boats, pontoon boats, etc., have different insurance needs and varying rates.
  • Horsepower/speed: High-performance boats have higher risks and hence would cost more to insure.
  • Cruising area: Different cruising areas carry different risks, and this has an impact on insurance rates
  • Boating history: If you had a boat accident before, you might pay a higher insurance premium.

Where can I get boat insurance in Granbury, TX?

Your boat means the world to you. For this reason, you should insure it today! That said, reach out to Texas Classic Insurance and get your boat insurance today.

Do I Really Need Umbrella Insurance?

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Life is full of uncertainties, and you never know what can happen that leaves you liable for paying medical expenses for another person. Most insurance policies provide liability insurance; however, these policies have caps on how much they payout. Purchasing an umbrella insurance policy as an add-on to your existing insurance coverage can help pay for the expenses basic insurance policies do not provide. 

Those in Granbury, TX should take a moment to speak to their insurance agent or call a specialist at Texas Classic Insurance to learn more about umbrella insurance options. 

Financial Situation

Your decision to purchase umbrella insurance should be based on your financial situation. For example, if you are in an accident where you are found liable for the other driver’s injuries, and the court deems you must pay $500,000 in damages. However, your primary auto insurance policy only covers $300,000, leaving you with $200,000 to pay for out of pocket. Would you be able to pay for that? Unfortunately, most people cannot pay that without causing financial hardship. In this situation, an umbrella insurance policy will pay the $200,000 and any legal fees not covered by your primary insurance policy. 

Personal Assets

If you have a significant amount of personal assets which may be at risk if you are sued, you may want to consider purchasing an umbrella insurance policy. This policy will pay out money for damages instead of the courts seizing your assets. 

Income

If you are found liable to pay for damage and injuries, and you cannot pay, the court may order to have a portion of your paycheck garnished until the amount is paid. 

Risk

Some people are at a higher risk of being sued, including business owners. If there is a high chance of being sued, you may want to protect yourself with an umbrella insurance policy. 

The experts at Texas Classic Insurance are ready to help you understand the benefits of an umbrella insurance policy. Residents of Granbury, TX should call today to speak with an agent. 

Flood Insurance vs. House Insurance: Do I Really Need Both?

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House insurance is one of the most important types of insurance you can carry. The state of Texas is no exception. While there is no mandatory requirement for house insurance, most mortgage companies and banks require it in order to finance your housing loan. 

House insurance normally covers the following types of problems:

  • Fire
  • Flood
  • Vandalism or Theft
  • Structural damage due to no fault of your own
  • Other "Acts of Nature"

So the question we often get at Texas Classic Insurance is, "If I have house insurance, why do I need flood insurance?" 

The answer is that, while house insurance does cover a certain amount for flood damage, it may not be enough to pay for the massive damage a major flood can bring. Floods can create such high degrees of damage that the entire home can be compromised or left unsafe to live in.

When this happens, you will be paying for the rest of the damage with your own pocket. 

What to Do?

To avoid serious financial setbacks from a flood, visit with the insurance experts at Texas Classic Insurance. Serving Granbury TX and the surrounding area, they have years of experience estimating both the potential damage and the resulting expenses from a flood.

They can visit with you and show you how much flood insurance you need to cover all of the potential loss so that you won’t have to take it out of your savings!

General vs. Specific

In conclusion, you should think of house insurance as a general overall type of protection that covers a wide variety of issues that can happen to your home, causing damage. But the limits are often not as much as to flood insurance, which focuses on offering insurance to protect you from flood damage, which is much more narrow in scope and offers more flood protection.

In either case, you need to talk to experts to decide which is right for your home. If you live in a flood plain (as 12% of Texans do), you may need both. If not, you’ll be that much safer if you carry flood insurance in addition to your home insurance plan.

Visit with Texas Classic Insurance today, serving the Granbury, TX area and keeping Texas safe from loss due to floods. 

What Does Your Condo Insurance Cover in Texas?

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Condo insurance in Texas can be confusing. You are responsible for having some condo insurance, but your condominium association will be responsible for some as well. That is because the benefit of owning a condo is being a part of an association that takes care of many elements of homeownership for you, so that you have fewer responsibilities. 

At Texas Classic Insurance, we want Granbury, TX condo owners to know what their Texas condo insurance covers, so that you are covered for every risk. 

What Does Condo Association Insurance Cover?

Every condo association will design their own unique condo association insurance policy. The most common kinds of coverage on every condo association insurance policy are liability coverage and property damage coverage.

Liability coverage will cover the association if anyone is injured in the areas commonly used by owners and their visitors. Property damage insurance will cover them if the common condo areas are damaged by fire, theft, or other perils.

As a condo owner, you will not be responsible for any of the damages to common areas unless you caused the damage, or it is specified by your association as part of ownership.

What Your Condo Insurance Will Cover

In Texas, condo insurance is not mandatory unless your lender asks that you get that coverage, which is often the case. Your own personal condo insurance will cover you for liability coverage and contents, and any additional coverages you put on your condo insurance yourself. 

The most common condo insurance add-ons include loss assessment coverage and improvements coverages to start.

Liability coverage will protect you if anyone that is in your condo suffers an accident or injury. Your liability coverage may not always cover you on-site. There are some policies where your liability coverage goes where you go.

Contents coverage will cover your contents in the event of theft or fire. If you have a storage locker on site, those contents will be covered as well. 

Loss assessment coverage will cover you in the event that the condo association insurance has a claim that exceeds their own caps on liability or property damage. In those situations, condo owners are often asked to divide the costs amongst themselves, a claim that is covered by loss assessment coverage. It’s never a bad idea to have this, and may be required by some lenders.

Get a Quote

At Texas Classic Insurance, we want Granbury, TX owners to feel comfortable about their insurance coverage. Call us for a quote today.

When my child moves out can I still keep them on my auto insurance?

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Auto insurance is designed to provide coverage for families. It allows all the members of the family to be on one policy that covers the entire household. At some point, younger members of the family will be moving out of the family dwelling, it may be short-term or forever. You are probably wondering how this affects your car insurance. At Texas Classic Insurance in Granbury, TX, we work for you, not the insurance carriers. We take that responsibility seriously and will go the extra mile to make sure you get the best coverage at the most affordable price. 

Usually, at around 18 years old, children start moving out of the family home. The median age for Millennials is 19 years old. About 62% of them will be going to college. Others will go out into the world to begin their first post-high school job. Most of these young adults will not be completely self-sufficient and as a devoted parent, you will likely want to keep them on the family auto policy as long as possible. 

When a child goes off to college and comes back during the summer their primary residence is still the family home and most carriers will not have a problem at all with keeping them on your policy. After college, it has become more common for graduates to move back home before striking out on their own. Since they live in the same household, this is usually acceptable to most carriers, but be sure to check with your particular one. 

The issue may arise when they move out permanently. Depending on their age and your carrier it may still be alright at least in the short-term, just don’t assume, ask your carrier. You don’t want to get any nasty surprises in the event of an accident. 

Contact Texas Classic Insurance in Granbury, TX when you are looking for auto insurance. 

Why is Commercial Insurance Important?

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Any business owner wants the best for their business, and one way of doing this is getting commercial insurance. You never know how important it is until you need it, but don’t wait until it’s too late to find out about it.

If you have a business or commercial center around Granbury, TX, you can check out Texas Classic Insurance for some reliable quotes and coverage.

Reasons to Acquire Commercial Insurance

Commercial insurance is coverage designed for businesses and corporations, covering the business, employees, and any property owned by the business.

Here are a few reasons why you should think about getting commercial insurance or business coverage:

  • It protects your company from financial loss in case of damages from natural events like hurricanes, fires, and tornadoes and ensures that you don’t have to pay for costly repairs out of pocket.
  • It makes sure you are covered in case of theft so that you get your property reinstated.
  • It helps protect you from liabilities such as lawsuits and enables you to keep your business running even if you are sued by covering legal fees and such.
  • It is a requirement of the law that you should have one, so getting one will be complying.
  • It protects your employees by making sure their wages and benefits are covered and adequately available at all times.
  • It protects your customers in case of bodily injury while at your premises or using your product causes them harm.
  • It builds credibility and shows that you take the risk seriously, therefore, making it easy for other parties to get into contracts with you, for instance, with loan applications or lease agreements.

Be sure to check out Texas Classic Insurance for all your commercial insurance needs in Granbury, TX. Whether you’re a business veteran or have just launched your small business, your future self will be glad.

How Much Homeowners Insurance Should I Have?

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As a Granbury, TX homeowner, it can be difficult to try to determine how much insurance you need to protect you in the event of fire, theft, or storm damage. You’ll need three basic types of insurance, and then you can work with a Texas Classic Insurance agent to fine-tune your policy so that it covers the exact amounts you need to cover your specific property. 

Dwelling Coverage

This covers your home itself and will help rebuild or replace it if it’s damaged. This coverage will handle things like damage to your roof, walls, carpeting, and more. It can cover the rooms in your home after a covered incident. 

Contents Coverage

This coverage is designed to cover your personal belongings inside your home and includes your furniture, electronics, jewelry, and more. If you have any items that are especially expensive, like collectibles or art, you may want to consider adding a specific rider to your policy to purchase additional insurance for them. 

Liability Coverage

This coverage handles your liability for any accident that would occur on your property, such as a guest tripping and falling on your sidewalk and needing to go to the hospital, or a family member falling down your stairs and experiencing high medical bills. This coverage can be essential if you regularly have guests in your home or live in an area with a lot of foot traffic, as it helps protect you. 

At Texas Classic Insurance, we specialize in helping homeowners in the Granbury, TX area get the insurance coverage they need. Contact us today to learn more about your insurance options. 

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Partner Carriers

  • Allstate
  • ASI
  • BuildersRisk
  • Dairyland
  • Foremost
  • Germania
  • Hagerty
  • Hippo
  • Homeowners of America
  • Kemper
  • MetLife
  • Mercury
  • Mission Select
  • National General
  • Nationwide
  • Neptune Flood

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