TEXAS PERSONAL INSURANCE

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Texas Personal Insurance: Auto Liability and Homeowners Insurance

Holding personal insurance is vital for protecting you against financial hardship in the wake of an unexpected incident. Auto liability and homeowners insurance coverage options help ensure that your life can return to normal.
Do you have the right coverage to safeguard you, your family, and everything you’ve worked for against significant loss?
Performance Insurance is your peace of mind in an uncertain world, the right coverage can make all the difference in putting the pieces back together and managing a very difficult time with confidence.
We’re here to help you make smarter, better informed choices to protect your financial well being. That begins with knowing how personal insurance coverage works for you.

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Auto Liability Insurance

This type of automobile protection protects other individuals and their property if you cause an accident and are deemed the responsible party. This coverage pays the other party’s medical costs, property damage expenses, and any legal fees that may be incurred. Simply put, auto liability coverage shields you from the financial responsibility of covering these costs, up to the limits of your policy.
The state of Texas, along with nearly every other state in the United States (with the exception of New Hampshire), makes it mandatory by law that you hold some level of auto liability insurance in order to cover the costs of injury and/or property damage sustained by other individuals who are party to an automobile accident in which you are deemed responsible.
This coverage does not, nor is it intended to, cover any of your bodily injury, property damage, or legal costs.

The two main components of a standard auto liability policy are the following:

Bodily Injury Liability

This portion of your policy is assigned towards covering medical bills, lost wages, and any legal fees that are incurred by an injured party as a result of your actions, as the driver of an automobile, that was responsible for the accident in which the other party sustained physical bodily injury.

Property Damage Liability

This portion of the policy is assigned to paying any repair or replacement costs for another party’s personal property that has been damaged as a result of your actions, as the driver of an automobile that was responsible for the accident. In most cases, the costs are associated with damage done to the other party’s automobile in a fender-bender. But property damage liability will also cover the costs of repairing a fence, a glass window, or most other types of structures or buildings that become damaged from a collision with your vehicle.

Bodily Injury Liability

This portion of your policy is assigned towards covering medical bills, lost wages, and any legal fees that are incurred by an injured party as a result of your actions, as the driver of an automobile, that was responsible for the accident in which the other party sustained physical bodily injury.

Property Damage Liability

This portion of the policy is assigned to paying any repair or replacement costs for another party’s personal property that has been damaged as a result of your actions, as the driver of an automobile that was responsible for the accident. In most cases, the costs are associated with damage done to the other party’s automobile in a fender-bender. But property damage liability will also cover the costs of repairing a fence, a glass window, or most other types of structures or buildings that become damaged from a collision with your vehicle.

The Benefits of Auto Liability Insurance

There are many reasons why you should carry automobile liability insurance. For starters, it’s the law. In order to legally drive in the United States, you must have a policy with coverage that carries the minimum liability required by state law.
In the state of Texas, the rule of thumb is 30/60/25 for minimum liability coverage limits:

$30,000 in bodily injury liability per person
$60,000 in bodily injury liability per accident
$25,000 in property damage liability per accident

These coverage options help ensure that you are fully protected against paying for the costs associated with an automobile accident out of your own pocket.
That’s the most important benefit of carrying state law minimum auto liability coverage because if you don’t have a valid policy, you, as the driver deemed responsible for an auto accident in which other parties sustained injuries and property damage, can be held personally liable for covering these costs, which can reach thousands, if not hundreds of thousands of dollars in expenses.
If you aren’t in a financial position to cover these costs out of pocket, you may be subject to asset seizure, wage garnishments, and possible bankruptcy, putting the financial future of you and your family at considerable risk.
Many drivers will typically choose higher liability limits that go well beyond the state mandated coverage as the minimums are sometimes inadequate to cover the expenses for injuries and property damage in a major accident.
Performance Insurance offers many affordable auto liability insurance policies to protect you against overwhelming costs and fees related to litigation that you could be facing in the event you are deemed responsible for someone’s injury or loss of property.

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Homeowners Insurance

As auto liability insurance is intended to address any unfortunate events or mishaps that happen on the road, homeowners insurance coverage provides financial protection from damage and liability for accidents that take place in or around your home.

The main components of a standard homeowners insurance policy include the following forms of coverage:

Dwelling Coverage

This coverage protects the structural integrity of your home against perils such as fire, hail, heavy winds, vandalism. Policies include the roof, the walls, even built-in appliances against loss or damage.

Additional Structures Coverage

If your residence has additional structures that are separate from the main home, your policy can extend coverage to these other structures in the event of loss or damage. Some examples are a detached garage, a fence, a workshed, or secondary dwelling.

Personal Property Coverage

This portion of the policy covers the loss or damage to personal belongings inside of your home, including furniture, electronics, clothing, and tools. Some valuable belongings such as fine jewelry and artwork may not be protected under a standard homeowners policy, requiring additional coverage to protect those items.

Personal Liability Coverage 

Much like with auto liability coverage, this part of your homeowners policy offers coverage in the unfortunate event that someone sustains an injury due to a slip and fall or some other accident or you cause damage to someone’s personal property while visiting your home. This also covers any legal costs incurred should you be sued by the injured party.

Medical Payments Coverage

If a guest or visitor to your home is injured while on the property, your policy may provide limited coverage for medical expenses up to a certain limit, no matter who is deemed responsible for the incident.

The Benefits of Homeowners Insurance

Your home is your most precious asset. Protecting your home is just good common sense and a wise investment. Unlike auto liability insurance, the law does not require you to keep a valid homeowners policy. But most mortgage lenders make it a condition of financing and you won’t get approved for the loan without proof of a valid policy with proper coverage.

Consider all of the costs that you will have to take on should your home and all of yours and your family’s personal effects be destroyed due to fire or extreme weather or a break-in. The cost of rebuilding your home and replacing your lost or stolen belongings can be overwhelming and, without a homeowners insurance policy, your life may never return to normal.

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What to Look for When Choosing Your Coverage

Coverage amounts that reflect your asset value and potential risks.
Deductibles can have an impact on your premium. The more you are willing to pay out of pocket before your policy kicks in can help manage the price of your policy.
Exclusions and limitations of your policy can affect your premium. Always be sure you know what your policy covers and, more importantly, what it does not.
Additional coverage in the form of endorsements or riders may be required to fully protect your assets and belongings. Consider how those extra costs impact your choice of policy and the coverage it offers.
Don’t be caught short-handed when it’s too late. Evaluate your policy on an annual basis to be sure that you have sufficient coverage. This is particularly important after any big life changes. Maybe you have gotten married, purchased a new home, or you have started a family. These and other big changes may require you to revisit your current policy to determine if more coverage is necessary.

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Why You Should Be Fully Covered

Holding auto liability and homeowners insurance policies provides complete protection against the perils that can change your life. Auto liability protects your financial well-being when you’re in your car, homeowners protects your property and liabilities when you’re at home.
So don’t make the mistake of being left partially covered or without enough coverage to tackle any unexpected accidents or disasters.
Choose Performance Insurance to guide you through the process of choosing the right coverage for your home and automobile to keep your assets safe and your financial future bright. Our experts are ready to discuss your insurance policy needs and find the most affordable options for meeting those needs to protect you 24/7.

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