Are Your Personal Possessions Really Protected?

While you have Plano, TX home insurance through the Paragon Independent Insurance Agency, are your valuable truly protected in case of total loss due to fire or theft? There is a section of your policy that is for replacing personal items in times of emergency, but each one can provide differing coverage.  If you own valuables such as high-end electronics, designer shoes or jewelry, will you be sufficiently compensated when faced with replacing them with a single check from your insurance company?

Actual Cash Value vs. Full Replacement Cost

Once you’ve worn your red heeled shoes a few times, they are no longer considered new. Should they be part of a claim of personal possessions, it is likely you’ll receive significantly less compensation than what it will actually cost to replace them.  Many basic home insurance policies use an actual cash value to place a price on your items, meaning if they are used, you won’t get the money to replace it with a new version.  Full replacement cost helps to ensure your grandmother’s diamond ring will receive a proper valuation and benefit check.

Fine Collections Can Be Costly

Stamps, fire arms, coins and other fine collectibles should be itemized on your inventory complete with a valuation submitted by an expert in the field, in order to truly protect your investment in case of loss or theft.  You may want to include separate insurance for such items when creating a home insurance policy capable of protecting your future.

In order to ensure that you and your family will continue to live according to how you are accustomed after a catastrophic loss of property, it’s a good idea to give your agent at Paragon Independent Insurance Agency in Plano, TX a call today and update your home insurance policy.

5 Tips for Buying Commercial Insurance

At Paragon Independent Insurance Agency, we know how difficult it can be to find the right commercial insurance coverage. Below are 5 tips to help guide you through finding the right coverage for your business.

  1. Assess Your Own Risk – Insurance companies are going to do this when they consider that policy coverage they’ll provide you. You’ll balance premium against deductible – that is, the higher your deductible you pay to access benefits, the lower your premium payment will be. Understanding the financial risk you can afford to take with your business helps you determine the sweet spot between those two points of tension.
  2. Reassess Annually – Your needs as a business change over time, as does the amount and type of coverage your commercial insurance provides. Make an annual habit of going over your insurance policy with your agent to ensure you have the best coverage to suit the current needs of your company.  
  3. Don’t Sell Your Business Short – In the case of business insurance, the lowest priced option is often not the best decision for your company. Do your research, understand your needs, and look for an insurance coverage option that provides comprehensive coverage and support within a comfortable budget range.
  4. Prepare for an Audit – If your business is new, you can expect the provider to audit you after your first year of sales, either during or at the close of your policy period. Make sure you keep accurate sales records so they can adjust the policy to reflect your sales.
  5. BOP Your Way to Success – A great option for new or smaller businesses is a business owner’s policy, which combines property and general liability insurance and will often cover the most common concerns in a startup or smaller operation, including property damage, lawsuits, suspended operations, and other common loss situations.

.To find the coverage most suitable for your company, contact Paragon Independent Insurance Agency today for a detailed discussion of your options and get a quote that suits your budget.