Three Instances When You Should Update Your Life Insurance Policy

Once you have purchased a life insurance policy, it will remain active for years, as long as you pay your premiums. Most residents of Quinlan, TX don’t often give their life insurance policies a second thought other than paying their monthly premiums. However, it is important that this coverage is reviewed occasionally, as modifications may be necessary over the years as circumstances in your life change. To help you better understand, here is a look at three instances that warrant an update to your life insurance policy and a quick call to Slaughter Insurance Agency.

Marital Status Change

When you get married, you may be interested in designating your new spouse as the beneficiary of your life insurance policy. However, when you get divorced, you will probably want to remove your ex-spouse and ensure your children or another family member will receive those funds in the event of your death.

Increase in Significant Debt

Your policy should be evaluated any time a change in your debt occurs. For instance, if you finance a new vehicle, purchase a home, or even take out a loan, you will want to sit down and take a look at your life insurance. You want to ensure that your existing coverage will offer enough for your family to pay off any debt that you have incurred if you were to pass away unexpectedly. If not, reach out to an agent at Slaughter Insurance Agent about purchasing more coverage.

Job Change

If you change jobs, you will be making more or less than you were at your previous job. In either case, your new salary may not be compatible with your existing life insurance coverage. By reviewing your current policy, you can ensure that you have sufficient coverage to match your job. In some cases, you may have the option of an employer-sponsored policy. If this is the case, you may still need to obtain a supplemental life insurance policy to properly protect your family.

If your life circumstances have changed and you believe you need additional life insurance coverage, reach out to the agents at Slaughter Insurance Agency. Serving the residents of Quinlan, TX, we will work with you to find a policy that meets your individual needs.

Tips for keeping your home safe

Keeping your home safe is something that everyone wants to do. Risks are everywhere both inside and outside the house. Some risks are things you can’t control, but for others, you can make sure that your home is prepared. At Slaughter Insurance Agency in Quinlan, TX we have a team of experienced agents who are here to help make sure you get the right insurance at an affordable price. As independent agents, we can offer more choices and work for our customers, not one carrier. 

Check your batteries

Make sure the batteries in your smoke detectors and carbon monoxide detectors are changed at least twice a year for maximum safety. 

Use your locks

Make sure you not only have locks on your windows and doors but that you use them religiously. They can’t keep you safe if you don’t use them. Window locks especially can be overlooked. 

Get your furnace and chimney cleaned yearly

Fire is one of the biggest safety threats to your home. Making sure your furnace and chimney aren’t fire hazards gives you peace of mind and in the case of your furnace, can save you money since your unit will run more efficiently if it is clean. 

Install a home security system

These days it is inexpensive to have the security you need in your home. Some systems are DIY and unless you opt for a monitored system there is no expense other than buying the alarms and cameras. 

Store poison in a safe place

Poison should always be stored where it can’t be reached by children or pets. Outside the home is best. 

Making your home safer only takes a few key steps.  When you are ready to discuss your home insurance or would like us to review it, at Slaughter Insurance Agency in Quinlan, TX we are ready to help.

Everything You Needed to Know About Umbrella Insurance

Have you ever wondered what may happen if you are in an accident where you are found at fault and do not have enough insurance protection to cover all the damages? Well, if this happens, you would be financially responsible for covering what the insurance company does not. Because insurance policies do not cover everything, many in Quinlan, TX, are purchasing umbrella insurance policies. Would you please continue reading to learn more about umbrella insurance and then call our offices at Slaughter Insurance Agency to learn more about the policies we offer? 

What is Umbrella Insurance? 

Umbrella insurance is an add-on policy option that offers additional liability coverage if you have to pay for costs beyond the limits of your base insurance policies. Essentially it closes the gap between what you are liable for and the insurance company payout.

How Does Umbrella Insurance Work? 

Before purchasing an umbrella insurance policy, you must first have existing basic liability coverage, such as homeowners, renters, auto, and boat insurance. After that, your umbrella insurance policy is based on the specified liability limit of your primary plan and goes above and beyond that to help you meet additional financial obligations. 

What is Covered by Umbrella Insurance? 

Most umbrella insurance policies provide additional protection against the following: 

  • When you or your family are found liable for personal injury to another. 
  • When you or your family are found responsible for damage to another’s private property.
  • Pays for settlements from defamation claims against you or a member of your household.
  • Pays personal injury attorney fees if you are held liable for paying the amount for another person’s claim against you.
  • Pays for additional damage caused by your teenage driver’s accident where they injured multiple people. 

Are you ready to purchase an umbrella insurance policy in Quinlan, TX? Call the agents at Slaughter Insurance Agency to discuss options and learn how an umbrella insurance policy can protect you and your family. 

Car Insurance Basics: Terms You Need to Know

Car insurance is one of those things that we pay very little attention to, until we need it. However, if we need it, that means we’ve been in an accident or something else negative has happened that is causing us to use our insurance, so it’s important that we understand some basic terms about insurance.

Luckily, if you are looking to learn about car insurance terms in Quinlan, TX, the team at Slaughter Insurance Agency can tell you all the terminology that you need to know.

Claim – A claim is a request made by the policy holder to the insurance company to pay for damages incurred to a vehicle, for medical treatments or other costs related to the covered vehicle/policy holder.

Collision Insurance – This coverage pays for damage to your vehicle in the event that it was in an accident (collision).

Comprehensive Insurance – This type of coverage pays for items that are not related to an accident. This can be anything from theft, to a fire or flood, or even a limb falling from a tree during a storm.

Deductible – This is the amount that you must pay before the insurance company will begin to pay towards your claims. For instance, if you get into a collision and your car sustains $5,000 in damage and you have a $500 deductible, your insurance will pay $4,500 towards the repairs.

Insured – The insured is also known as the policy holder. It is the drivers covered by the insurance policy.

Premium – A premium is how much your insurance costs. Premiums are paid either monthly, every six months or once a year. 

Call Slaughter Insurance Agency serving Quinlan, TX today and get all your car insurance questions answered!

When is it important to have commercial insurance in Texas?

Those that are in the Quinlan, TX area and would like to be their own boss should consider starting their own business. If you are looking to start a business when you in this part of Texas, having the right insurance is very important. Commercial insurance coverage should be considered a necessity for a few reasons. 

Coverage is Often Required

A reason that you should obtain commercial insurance in this part of the state is that it is a requirement for a lot of businesses. Many businesses of all sizes in this area will take out loans, bring in new investors, or will need to rent a place to operate out of. In almost all of these situations, the business is going to need to carry insurance as the various agreements will have insurance requirement provisions. 

Coverage Provides Necessary Protection

You should also get a commercial plan as it can provide necessary protections. Anyone that is going to start a business will need to acquire various commercial assets to get the business off the ground. With commercial coverage, you will have protection to repair or replace these assets if you incur certain losses. Further, if you have a commercial insurance plan, you are going to have the coverage needed to mitigate commercial liability risks. 

Business owners in the Quinlan, TX area need to take their commercial insurance needs seriously. If you are shopping for a new insurance plan when you are in this part of Texas, it would be wise to contact the Slaughter Insurance Agency. There are a lot of choices that come with picking commercial insurance and Slaughter Insurance Agency will help you evaluate both your needs and options. This support will help you build a plan that is ideal for your situation and business. 

4 Things Covered By Home Insurance

When you own a home in Quinlan, TX, you can’t afford to go without home insurance. Because a home is worth so much, you can’t roll the dice and hope nothing terrible happens to your home. Theft, vandalism, fire, hail, and other perils can damage your home; turning your dream home into a nightmare.

The good news is that you can purchase home insurance from Slaughter Insurance Agency to get coverage in the following areas.

Liability protection

The liability coverage in your home insurance covers you against bodily injury and property damage caused to third parties. For instance, if your dog bites a neighbor or you reverse your car into your neighbor’s wall, home insurance should pay for the arising liability claims up to the policy limit.

Structure protection

If your home and the structures within it are destroyed by fire, storms, or any other peril, your home insurance’s dwelling coverage reimburses the repairs or rebuilding costs of your home. 

Contents coverage

List down your assets — clothing, furniture, electronics, and other personal effects. You will be surprised that your belongings are pretty valuable. With this in mind, you need to protect your assets against theft, vandalism, and other risks that may cause damage or loss to your assets.

Remember, for high-value items like jewelry and cash, home insurance provides limited coverage. As such, talk to your agent for a separate policy.

Additional living expenses (ALE)

Is your home damaged by a storm or fire? Worry not. When you seek temporal shelter from a hotel, the ALE add-on covers meals, accommodation, and other expenses incurred beyond your average spending.

Do you need home insurance for your Quinlan, TX home? You are on the right track. Contact Slaughter Insurance Agency, and our team will help you purchase home insurance that gives you maximum protection.