Umbrella Insurance – Extra Liability Coverage for Your Protection

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Do you live in the Dallas, TX area? Have you accumulated assets through hard work that need protection? Umbrella insurance is for you. Our team of insurance experts at Brooks Cannon Insurance Group is here to provide this coverage.

Umbrella Insurance: The Basics

Umbrella insurance is also known as personal liability or excess liability insurance. This coverage does not stand alone. It supplements other liability policies you already have in place, such as homeowners, automobile, or renters insurance. When the liability coverage on those policies ends, that is when umbrella coverage takes over.

Based on the provider, umbrella policies can be written on broader forms of coverage, not covered by existing policies, such as slander or libel, and can help pay for the associated legal fees.

In the event you become involved in a lawsuit for a considerable amount of money, but do not have enough insurance to cover the resulting damages, the expenses will have to be paid out-of-pocket. This could result in a significant financial burden.

If, for example, your home is mortgage-free and you do not have enough liability coverage to satisfy a lawsuit, you could lose your home. An umbrella policy would eliminate this risk.

While you may consider increasing the liability limits on your existing policies, it may satisfy some common events, but not all. For example, a seemingly innocent comment made on a social media platform could lead to a lawsuit for slander. The possibilities for needing extra liability coverage are endless.

Umbrella coverage will take over where other liability policies stop, both in terms of scope of coverage and dollar limitations.

Give Us A Call

Don’t jeopardize the assets you have worked so hard for by not having this important additional coverage. Brooks Cannon Insurance Group can provide a quote or answers to any questions you have about umbrella insurance. Contact us today. We are happy to serve you in the Dallas, TX area.

Why you need flood insurance in addition to homeowners insurance

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When you own a home, it is important to make sure that you have a comprehensive insurance policy in place to protect your property. While homeowner’s insurance from the Brooks Cannon Insurance Group covers many of the risks associated with owning a home such as damage due to fire, theft, or vandalism, it does not cover the damages caused by flooding.

That is why it is important for homeowners in the Dallas, TX area to purchase flood insurance in addition to their regular homeowner’s insurance policy.

Flood Insurance: The Basics

Flooding can be caused by many different factors including heavy rains, melting snow, hurricanes, and overflowing rivers and streams. It can also be caused by broken pipes or other plumbing issues within the home.

No matter what the cause of flooding may be, the damage caused by flooding can be extensive and costly. Floodwater can damage furniture and personal belongings as well as ruin drywall and flooring. In some cases, homes may even need to be abandoned if the damage is too severe for repair.

Unfortunately, most standard homeowner’s insurance policies do not cover any type of flooding damages; this means that all repair costs associated with floods must be paid out-of-pocket unless special coverage has been purchased through a flood insurance policy.

The cost of flood insurance policies varies depending on the location and type of coverage chosen, but they offer much-needed financial protection in case of a flood emergency. The good news is that most mortgage lenders require homeowners who live in high-risk areas to purchase flood insurance before they approve financing for a home loan; this helps ensure that homeowners are adequately protected from potential losses caused by floodwaters.

Contact Us Today

For more information, call the Brooks Cannon Insurance Group today. We proudly serve the Dallas, TX area.

Do You Own a Condo? It Needs to be Insured

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Do you live in the Dallas, TX area? Do you own a condo? If you need insurance protection for your condo, Brooks Cannon Insurance Group can provide it.

If you own a condo, you do not own the land or building. But you still need insurance for your unit and belongings. If you want coverage for your personal property or liability coverage for accidental injuries to visitors, you need condo insurance.

The Basics of Condo Insurance

Condo insurance is a combination of coverage that protects your investment against theft, fire, accidental injuries to others, and temporary living expenses if you are unable to occupy your condo.

A good HOA master policy is vital, but each condo owner needs their own insurance coverage to be properly protected. It covers:

  • ALE or additional living expenses – this is also known as loss of use. It will pay for living expenses, such as lodging, meals, pet boarding, laundry, etc.
  • Interior walls – it pays for repairs to the inside walls of the condo and items such as cabinets, built-in bookshelves, etc.
  • Liability coverage is for accidental injuries that happen to visitors or the pizza delivery man. If your dog decides to bite or if your child throws a ball through a neighbor’s window, you are covered.
  • Medical payments cover expenses for costs relating to injuries suffered by a guest who slips and falls on ice or a wet floor.
  • Personal property, such as your electronics, furniture, clothes, appliances, kitchen utensils, jewelry, and musical instruments.

All of the above will be covered if there is a fire, theft, vandalism, or some other covered event. Don’t let the things you have worked so hard for remain unprotected.

The average cost for condo insurance is $445 annually. This would include $100,000 in personal property coverage, and $300,000 for liability coverage, with a $1,000 deductible.

Give Us A Call

If you need insurance coverage for your condo in the Dallas, TX area, contact Brooks Cannon Insurance Group today.

What to Expect When Filing a Claim

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We are approaching the Fall and Winter which means the potential for a freeze happening again, so we are getting these questions quite a bit. What happens next after I file a claim? How does that affect my rates? How do I know if I should file a claim? These are all very real and valid questions that we strive to be forthcoming about with our customers at the Brooks Cannon Insurance Group.

What Happens After I File a Claim?

Insurance companies typically should be responding to you within 48 hours with an assigned adjuster to your claim. Now, when thousands of customers are hit with something catastrophic it makes things a little more difficult, and sometimes we, as your agent, must intervene to get the ball rolling quicker for you. We absolutely encourage our customers to keep us in the loop with their claims experience as often if you go directly to the carrier to open a claim we are not immediately notified of the claim. If you called us directly to talk through your claim prior to filing it, we would have direct notification from you. Regardless, if any claim is not moving the direction you like or if you feel like you need additional guidance through the process, we are more than happy to help you with this! We have over 20 years of experience in insurance – we have gone through the process time and time again with customers and now how to get you the answers to your questions quickly when you need them. We have relationships with all the carriers we offer that allows us to aide you at any point in time.

How do Claims Affect My Rates?

How do I know if I should file a claim? Call the Brooks Cannon Insurance Group would be the best short answer to this question. To be honest, there really isn’t a “best answer” to this question. Every single scenario can vary by the slightest degree which would determine the outcome. We encourage all our customers to please call us so we can always try to find the best answer and solutions to your problems. We love challenges!

3 Reasons Why You Need Life Insurance Even if You Don’t Have Kids

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Many believe life insurance is only for those with children, but that isn’t the case. If you don’t have kids, you may think you don’t need life insurance. Here are three reasons from Brooks Cannon Insurance Group in Dallas, TX why you need to rethink that position.

Why You Need Life Insurance Even if You Don’t Have Kids

If you have a spouse or domestic partner…

One of the most important aspects of life insurance is that it can help to financially protect your spouse or domestic partner if you were to pass away unexpectedly. If you are the primary earner in your household, your death could leave your partner in a difficult financial situation. A life insurance policy can help to ensure that your partner can maintain their standard of living after your death. If you die without life insurance, your partner may be left responsible for paying off any debts you jointly hold, which could strain their finances. A life insurance policy can help ensure your partner is not left with this burden after death.

If you have other loved ones…

Funeral and burial costs can be expensive and are often not covered by health insurance. Your loved ones, such as your parents, would likely have to bear this burden financially if you were to die without life insurance. It can give them the financial means to grieve and heal without the added stress of financial worry.

If you own a business…

If you own a business, life insurance is a vital tool to help ensure the continuity of your business in the event of your death. If you have partners or co-owners, life insurance can help buy out their interests so the company can continue without them. Your partners can also use life insurance to help pay off business debts and expenses.

Get Life Insurance Today

At Brooks Cannon Insurance Group in Dallas TX, we understand the importance of life insurance. We offer various life insurance options to fit your needs and budget. Contact us today to learn more about our life insurance products.

I have a car loan. Can I get by with liability insurance?

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State law requires all drivers to carry liability insurance. However, you may be required to carry more in some situations. Our Dallas, TX team at Brooks Cannon Insurance Group is dedicated to helping Texas drivers understand state insurance requirements as well as situations when full coverage insurance may be required. There are situations that may require some drivers to carry more than just state-required liability insurance.

State Auto Insurance Requirements

Every state has minimum auto insurance requirements for drivers. All drivers are required to carry auto liability insurance. Liability insurance is designed to cover damage to other people’s autos and property, as well as injury to others. In other words, liability insurance is designed to protect others if you are found responsible for an accident and/or injuries. In summary, auto liability insurance covers:

  • Bodily injury 
  • Property damage 
  • Compensation for injuries to others

I have a Car Loan. Can I Get by with Liability Insurance?

All drivers must carry auto liability insurance. However, if you’re financing your car, your lender will more than likely require you to carry full coverage insurance. If you fail to get full coverage insurance or drop full coverage while you’re financing your car, you could void your loan and the lender could take your car.

If you’re financing your car, you must carry liability, collision, and comprehensive coverage. Full coverage insurance protects the lender’s investment in case the car is totaled or you can’t pay the loan. Most require all auto loan holders to carry full coverage insurance as a way of protecting their investment. If you have questions about auto insurance, call us. Our team of experts at Brooks Cannon Insurance Group in Dallas, TX will be happy to answer all of your questions.

Three problems you can avoid by carrying commercial insurance for your company

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Business owners should understand the importance of investing in commercial insurance. If you run a company in the greater Dallas, TX area, we can help you to meet your commercial insurance needs at Brooks Cannon Insurance Group.

Here are three problems business owners can avoid if they carry the right commercial insurance policy

Difficulties with attracting customers

If you don’t carry insurance for your company, customers may be disinclined to do business with you.

Carrying commercial insurance can make you more attractive to customers because it shows professionalism and dependability. Commercial insurance also is a sign of financial security, so it makes it so that customers feel more confident when they do business with you. 

Significant financial losses resulting from lawsuits

A lawsuit could completely wipe out the assets and value of your company if you’re not carrying commercial insurance. You need to have commercial insurance coverage that will cover the costs that result from any lawsuit against your company. 

Lawsuits can happen to companies in any industry. This makes commercial insurance coverage highly beneficial to any company. 

Inability to secure business loans

Having access to capital for your business is essential if you want to grow your company. Some lenders will not lend to companies that aren’t carrying commercial insurance coverage. This means that commercial insurance can make it easier to acquire business financing. 

Get Commercial Insurance Today

At Brooks Cannon Insurance Group, we’re here to provide you with the information you need to choose the right commercial insurance coverage. 

Let us provide you with commercial insurance options to increase the financial security of your business in Dallas, TX. 

Things home insurance won’t cover

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Home insurance can make you feel that your home is protected from anything and while it does provide a great deal of protection, like most insurance, it does have exclusions. Knowing what is excluded helps you to make other provisions for coverage in the area where home insurance is lacking. At Brooks Cannon Insurance Group in Dallas, TX, we take our duty to our customers seriously and we work hard to make sure they have all the tools they need to make a good decision. 

Home Insurance Exclusions

Wear and tear

Many things in your home suffer from wear and tear. Your roof won’t last forever, your appliances have an expected life. These things are not covered by home insurance. Anything that just gets old and breaks down will not be covered. 

Owner neglect

As a homeowner, you are expected to maintain your home. When your roof gets old, you need to replace it. If your home sustains damage from an old roof that leaks, your home insurance will refuse to pay. If you get mold because the water is leaking into your home through your old roof, it won’t be covered. If termites damage your home, your home insurance will not pay, you need to do preventive pest control. 

Flood

Flooding is excluded from your home insurance policy. This is shocking to many homeowners, but if you live where it might flood, you can purchase a separate policy through the NFIP. 

Earth movement

Earth movement is things like earthquakes, mudslides, landslides, and sinkholes. None of them is covered. You can however get a policy to cover these things. 

Sewer backup

If your sewer backs up into your home, the clean-up is on you. 

Give Us A Call

Contact Brooks Cannon Insurance Group in Dallas, TX to discuss your home insurance and what we can do to help. 

Preparation for a Teen Driver

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Tackling the Teen Topic

Let’s tackle the topic of having a teen driver and things you can do to be prepared for this when the time comes. We see a lot of tactics and often chuckle at the lengths that parents will go to in order to be prepared – but the first thing is identifying that “do nothing” is not really a feasible option. Carriers change their underwriting requirements and the last place you want to be is pretending you don’t have children to avoid paying the premium. I know that may sound silly, but we see it often.

Facts Around Teenage Drivers and Insurance

  • All carriers cross reference Tx MVR with addresses. So even if you don’t alert your insurance company to the fact that you have a teen driver in the household, they will likely know already or find out soon enough.
  • Some carriers do not automatically cover for teen drivers in the household. Many reputable carriers cover permissive use but stipulate that if they are permanent residents of the household they must be listed on the policy. A minor child would fall into this category.
  • At some point after getting a license, almost all carriers will require that you either add them as a driver or exclude them from the policy. There’s no gray area of having them covered but not paying the premium for an inexperienced driver not being listed.
  • Most carriers require after 6 months of having a learners permit above the age of 16, they be listed on the policy.

Discounts with Teen Drivers

  • Many carriers give discounts for taking a driving course so be sure to ask about that depending on what carrier you are with.
  • Almost all carriers give good student discounts.
  • There’s a “distance learning” option with many carriers. Where this discount applies is if you have a college age child that goes to college without a vehicle typically more than 60 miles away. This assumes they still drive your cars when they come home to visit, but also gives the discount for them not driving daily.
  • If your teen driver ever gets a ticket (it does happen), the best thing you can do is request deferred adjudication to keep it off their record. Some carriers’ costs jump tremendously with one ticket or accident. By doing deferred adjudication, it keeps the ticket off their record if they don’t get another ticket within 6 months of the first ticket. We have many adult clients that don’t realize this option when reviewing a ticket they received. Paying the ticket or paying the ticket but requesting deferred adjudication is often the same costs. It’s always better to keep it off your driving record.
  • Many carriers offer an option on their auto policies to buy accident forgiveness at a premium. We recommend comparing the rates with and without this feature. While it is more premium, think of it as a way to buy the accident before it happens at a fraction of the costs.

Proactive Steps You Can Take to Cut Costs for Insurance

  • Consider raising your deductible if you carry full coverage.
  • Consider doing telematics for your teen driver. Telematics is offered by almost all carriers these
    days. Everyone has a different name for it but it all looks somewhat the same. This is a plus for
    parents – you actually can view your teen’s trips and see where they are going, the frequency
    and their driving habits and identify weaknesses with driving whether hard braking, speeding,
    distracted driving (paying more attention to their phones.) Almost, if not, all carriers give big
    discounts for signing up for telematics.

Does Umbrella Insurance Cover Defamation?

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Umbrella insurance policies are becoming increasingly popular among business owners and individuals. This policy provides additional coverage when something not covered by your standard insurance policy happens. Here we explore whether or not umbrella insurance covers defamation.

What Is Defamation?

Defamation is when someone makes a false statement about you that damages your reputation. This can be in the form of slander, which is spoken defamation, or libel, which is written defamation. If you’re the victim of defamation, you may be able to sue the person who made the false statement for damages. With a professional insurance company such as Brooks Cannon Insurance Group in Dallas, TX, you’ll get the compensation you deserve.

When Can an Umbrella Insurance Cover Defamation?

In most cases, umbrella insurance will only cover defamation if it’s determined to be business-related. For example, let’s say that you own a business and someone makes a false statement about your company in an attempt to damage your reputation.

If you can prove that the statement was false and caused you financial harm, you may be able to sue the person for defamation. However, if a customer or employee made the statement in the course of their work, it’s unlikely that your umbrella insurance policy will cover it.

Remember that most umbrella insurance policies have exclusions for personal injury. This means that if you are sued for defamation by a private individual, your umbrella policy will probably not provide any coverage.

Give Us A Call

Umbrella insurance policies can provide valuable coverage for business owners. If you are considering purchasing an umbrella policy, be sure to read the fine print carefully so that you understand what is and is not covered. If you have any questions, don’t hesitate to contact Brooks Cannon Insurance Group in Dallas, TX. We would be happy to help you find the right policy for your needs.

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