What Is the Difference Between General Liability and Product Liability Insurance?

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If you are in the process of shopping for insurance, you may have come across the terms “general liability” and “product liability.” But what exactly do these terms mean? And more importantly, do you need both types of coverage?

Consult with our team at Armadillo Insurance Agency in Austin, TX when you are ready to purchase this important coverage. 

Here are the differences between general liability and product liability insurance:

General Liability Insurance

General liability insurance is a type of policy that provides protection against claims arising from your business operations. This can include injuries that occur on your premises, damage to property, advertising injuries, and more.

If you are sued by someone who alleges that your business was responsible for their injury or damages, general liability insurance can help cover the costs of legal defense and any resulting settlement or judgment.

Product Liability Insurance

Product liability insurance is a type of coverage that protects your business against claims alleging that your products caused injury or damage. If you manufacture, distribute, or sell products, this type of insurance can help protect you in the event that one of your products injures someone or damages their property.

Product liability claims can be very costly, so it’s important to make sure that you have this type of coverage in place if you sell products.

Get Insurance Coverage for Your Business Today

Both general liability and product liability insurance are important types of coverage for businesses. Which one you need will depend on the nature of your business and the products you sell. If you have any questions about which type of coverage is right for you, our team at Armadillo Insurance Agency in Austin, TX can help. Give us a call and we’ll be happy to walk you through your options and help you get the coverage you need.

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Should I get home insurance for my Austin property?

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Those that live in the Austin, TX area will likely have found that the real estate market has been strong for a long time. This has made it a good place to invest and purchase a home. If you do intend to live in this region and want to purchase a property, you should also get home insurance.

There are multiple reasons why insurance for your home should be a top priority:

Protect Real Estate Owner

The main reason you should have insurance for your home in Texas is to take advantage of the protections that coverage provides. As a property owner, you will always face various risks. These can include risks that your home is damaged by a bad storm or that an accident occurs on your property. If you do carry the right home insurance, it can help to mitigate and offset all of these 

Meet Your Requirements

You will also want to have a home insurance policy so you can meet the standards and requirements that are set by your lender. If you decide to take out a mortgage, it is important to follow all of the rules and requirements until you have paid the loan off. A common rule is the requirement to carry home insurance and have your payments escrowed, which ensures you do not have a coverage lapse. 

Give Us A Call

If you do decide to purchase a home in the Austin, TX area, you will undoubtedly find that you want to have a home insurance plan as well. Once you start looking for coverage, it can be a good idea to call Armadillo Insurance Agency. The team with the Armadillo Insurance Agency understands the value of home insurance and can offer the support needed to build an ideal plan. This will help ensure you remain appropriately covered at all times. 

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What Are The Different Types Of Landlord Insurance?

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There are a few different types of landlord insurance policies that you can choose from. It’s important to understand the differences between each type so you can make an informed decision about which policy is best for you. Armadillo Insurance Agency in Austin, TX is here to navigate this important insurance coverage.

Here are the three most common types of landlord insurance policies: property damage, liability, and rental income protection.

1. Property Damage Insurance

This type of insurance policy covers the physical structure of your rental property. This includes the walls, floors, ceilings, windows, and doors. It also covers any fixtures or appliances that are permanently attached to the property, such as built-in cabinets or countertops. If your rental property is damaged by fire, wind, hail, or other covered events, this policy will help you pay to repair or replace the damaged property.

2. Liability Insurance

Liability insurance protects you from being sued for negligent actions that result in injury or property damage. If a tenant is injured on your property, or if their belongings are damaged, they could sue you for compensation. This policy will help pay for your legal defense costs, as well as any damages you’re ordered to pay by a court.

Liability insurance also covers you if someone is injured while on your property, even if they’re not a tenant. For example, if a delivery person slips and falls on your icy sidewalk, they could sue you for their medical bills and lost wages.

3. Rental Income Protection

If your rental property is damaged by a covered event, such as fire or wind damage, it can take months to repair or replace the property. This can leave you without any income from your rental property during that time. Rental income protection insurance from Armadillo Insurance Agency will help reimburse you for the lost rental income while your property is being repaired.

Give Us A Call

There are a few different types of landlord insurance policies to choose from. It’s important to understand the differences between each type so you can make an informed decision about which policy is best for you. If you have any questions about landlord insurance, or if you would like to get a quote, please contact Armadillo Insurance Agency in Austin, TX. We are here to help.

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When Does My Flood Insurance Policy Go Into Effect?

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If you live in an area that experiences frequent floods, getting a flood insurance policy is prudent. However, you should know there will be some wait time before the flood policy takes effect. The wait time will be between 14 and 30 days, depending on whether you obtained your flood coverage through the National Flood Insurance Program (NFIP) or purchased a private policy.  

When Does My Flood Insurance Policy Go Into Effect? 

NFIP Wait Time

The wait time for the NFIP flood coverage to take effect is typically 30 days. However, some exceptions result in the waiver of the waiting period that you should know as an Austin, TX resident. These exceptions are;

  • You buy new coverage or add to the existing flood policy due to a loan or mortgage

Banks traditionally require owners of mortgaged homes to get flood insurance, more so if the property is in a high-risk area. If you purchase flood insurance under this circumstance, you don’t have to wait 30 days for the coverage to become effective. 

  • If your home sits on burned federal land

The damage that wildfires cause can also increase flood risk in the affected areas. If your home sits on federal land that has been affected by wildfire, you will have 60 days to apply for flood insurance and get a wait time waiver. 

  • Your home was relocated to a special hazard zone

FEMA is responsible for assessing and establishing flood risk zones countrywide. If the area where your home sits is established to be a special hazard zone for floods by FEMA, you can purchase flood insurance with no wait periods. 

Private Policy Wait Time

The wait time for private flood policies is usually 10 to 14 days. At Armadillo Insurance Agency, we recommend that you confirm this with your insurer. Keep in mind that the wait time exceptions listed above also apply here. 

Call Armadillo Insurance Agency for expert insurance advice in Austin, TX.

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What to Look for in a Good Commercial Insurance Policy

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Anyone who owns a business knows that commercial insurance is a necessity. But with so many different types of coverage available, it can be difficult to know what to look for in a good policy. Armadillo Insurance Agency in Austin, TX offers you this guide to explore some of the key features to look for when choosing commercial insurance for your business. 

What to Look for in a Good Commercial Insurance Policy

1. The Deductible

The first thing to look for in a good commercial insurance policy is a low deductible. The deductible is the sum of money you must pay before your insurance company begins to pay out on a claim. A low deductible means that you won’t have to pay as much money out of pocket if something happens to your business.

2. Coverage Limits

Another important thing to look for in a good commercial insurance policy is high coverage limits. Coverage limits are the maximum amount of money that your insurance company will pay out if you have a claim. Having high coverage limits means that you’ll be covered in the event of a major accident or disaster.

3. Covered Perils

When choosing commercial insurance, you’ll also want to make sure that the policy covers the types of perils that are most likely to occur in your business. Perils are the events or conditions that can cause damage to your property. Common covered perils include fire, theft, and wind damage. However, it’s important to note that different commercial insurance policies cover different perils. For example, product liability insurance will only cover damage caused by your products. It does not cover professional liability.

Now that you know what to look for in a good commercial insurance policy, it’s time to start shopping around! Armadillo Insurance Agency is a great option for businesses in Austin, TX. We offer competitive rates and comprehensive coverage. Contact us today to get started.

 

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Your Custom Home Policy

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You weighed your options and decided on an HO-3 home insurance policy. You chose replacement cost over actual cost, and now you need to customize your policy, so it covers everything inside your home, too. 

Your Custom Home Policy

When Armadillo Insurance Agency says home insurance doesn’t come standard, we’re not kidding! Since every Austin TX home differs, so should every Austin, TX’s homeowners’ insurance policy. What you need differs from your neighbors’, so you’ll need to determine the major items requiring extra coverage.

Your HO-3’s policy covers your personal property up to a percentage of the home’s value. That doesn’t cover everything you own to its full value though, unless you have an empty house. This blog explains the customizations you can make to a policy.

First, are you married or engaged? Look at your left hand, if so. Could you afford to replace the rings on it? If not, insure them specifically with a jewelry clause.

Second, do you run a home-based business? You need to add coverage for your business equipment and business liability.
Third, how many hobbies do you and your family have? Do any of them require expensive equipment like a 35 mm camera and film development equipment? You’ll need to add a rider to cover those items.

Fourth, do you or any member of your household engage in sports? The equipment to train for it can cost quite a bit. For example, a home gym or road bike can cost thousands. Add a hobby or toys rider to your policy for these items.

Fifth, do you own any haute couture or designer clothing or suits? Could you afford to replace those $5,000 to $7,000 suits all in one fell swoop? What about those designer dresses you nabbed for a song online? Add extra personal property coverage for their replacement.

Contact Armadillo Insurance Agency in Austin, TX today to learn more about customizing your home insurance policy. It can cover the replacement costs of your personal property, you’ll need to add to its coverage to do so.

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A Beginners Guide to Landlords Insurance

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If you own a residential property you are renting in Austin, TX, do not assume that your homeowner’s insurance will cover all costs associated with a disaster, accident, or other damaging incidents. It’s highly likely that your homeowners’ insurance policy will only cover owner-occupied homes. As soon as the room is rented out, the coverage no longer applies, and the landlord is responsible for 100% of the costs associated with damages. Luckily, landlord insurance is able to help and includes three key components. Armadillo Insurance Agency can assist you with the details.

Coverage Provided By Landlords Insurance 

  1. Property Damage: This coverage kicks in when your rental property or furnishings are destroyed or damaged in a covered incident such as a fire, natural disaster, electric/gas issue, vandalism, or irresponsible tenants. When searching for a landlord insurance policy look for one that offers replacement cost protection instead of the actual cash value to protect you best. 
  2. Lost Rental Income: If your rental property becomes uninhabitable because of a covered incident, this coverage offers rental reimbursement to cover the rent money you typically receive if tenants are living in residence. 
  3. Liability Protection: Covers the legal and/or medical costs if a tenant or visitor is injured at your rental due to a property maintenance issue or neglect. 

In addition to the three core pieces identified above, landlords have the option to purchase additional coverage for extra peace of mind. The most popular of these add-ons include guaranteed income insurance whereby, if the tenant fails to pay rent or pays less than the amount owed, this policy will cover the difference.

Give the Armadillo Insurance Agency a call for more information on landlord insurance in Austin, TX. We’ll take the time to answer all your questions and customize a policy that best meets your needs. 

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How To Know If Flood Insurance is Required

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You’ve likely heard of flood insurance, but might be unsure whether it is needed. Floods are the most commonly occurring natural disaster in the United States with only a few inches of water needed to cause extensive damage to your home and belongings. Flooding can be caused by a myriad of conditions including heavy rains, hurricanes, spring thaws, and the rapid accumulation of rain post wildfire. If your home is in a FEMA designated high-risk flood area and you have a mortgage on the property, then your lender is legally regulated to require that you carry flood insurance. 

Generally speaking, your homeowner’s insurance will not cover flood damage so you’ll need to purchase a separate policy. Flood insurance is issued via the National Flood Insurance Program and managed by FEMA or can be purchased via a private insurer. Moderate to low risk flood areas are designated via the letters B, C, and X on FEMA flood maps while high-risk flood areas begin with the letters A or V. 

Given that the risk of floods can change rapidly, FEMA works on an ongoing basis with communities around the United States to identify, map, and update flood risk. At Armadillo Insurance Agency in Austin, TX, we’ll work diligently to help identify if flood insurance is required in your area. Additionally, even if flood insurance is not federally mandated, we’ll help outline the pros and cons of having the coverage so you can make an informed decision. Give us a call today to learn more and schedule an appointment with an insurance professional. 

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What You Need to Know About Commercial Insurance

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As a business owner, you have invested both time and money in your company. One of the best ways to protect these investments is through a solid commercial insurance plan. The professionals at Armadillo Insurance Agency can help you better understand how this insurance product benefits business owners in Austin, TX and the surrounding areas. 

What Is Commercial Insurance?

Commercial insurance is a unique insurance product designed to meet the needs of business owners. There are many layers to the day-to-day operation of your business and each layer needs its own unique type of protection. Getting an individual policy for different aspects of your business can be both expensive and confusing. A commercial insurance policy will bundle together all of the types of coverage you need to protect your company and assets. 

What Does Commercial Insurance Provide?

Because each company is different, commercial policies can be customized to suit your particular needs, but in general, a commercial policy will cover the following areas:

  • Auto- If your business uses vehicles, you will want quality auto insurance to protect both vehicles and drivers. 
  • Property Damage- If you run a brick and mortar establishment you will need property damage coverage in the event that your property or equipment is damaged.
  • Liability Coverage- Business owners face a high risk of liability from both employees and customers. Liability coverage will pay for any expenses resulting from a liability situation. 

If you would like to learn more about commercial insurance, or if you would like to discuss any of our other insurance services, please contact us at Armadillo Insurance Agency, serving Austin, TX, and the surrounding areas. 

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Stay Protected With Home Insurance

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Home insurance protects you in a number of ways. It’s an important form of financial protection that every homeowner needs to have. If you need a home insurance policy, call us today at Armadillo Insurance Agency in Austin, TX to find out more. 

Protection for Your House

When you have home insurance, it offers powerful protection for your house itself. If the house is damaged or destroyed in a covered incident, your home insurance will pay for the repairs or the complete rebuilding of the house. This protects your biggest asset from damage that can happen due to a number of different circumstances. When something happens to damage your house, repairs can be extremely costly. That’s why it’s so important to have this insurance. 

Protection for Your Possessions

If something happens to damage your belongings that are inside the house, this coverage can pay to have them repaired or replaced. When you add up everything inside your house, it comes to a huge amount of money. Replacing all of that would be beyond the budget of most people. With your home insurance policy, all of that can be paid for without it coming from your own pocket.

Protection for Your Liability

When someone comes to your home and has an accident there, you may be liable for the resulting medical bills as well as other costs. With liability protection, the policy pays for those bills that you’re liable for so that you don’t have to. This also means that it’s much less likely that you will be sued, as it will be the policy that owes for the bills. 

Get Home Insurance 

To find out more about home insurance, give us a call at Armadillo Insurance Agency in Austin, TX to talk to an agent about this type of insurance coverage.

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