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Paragon Independent Insurance Agencies, Inc

6305 Preston Road #1000
Plano, TX 75024

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Will homeowners insurance cover the cost to repair home due to poor construction remodel?

If you are tired of looking at your outdated kitchen and decide to do a remodel, you will need to budget for the expense. You can get the money from your savings, you can borrow it from friends, or you might even take out a home equity loan. You can not file a claim or ask your home insurance company to pay to finance the costs of home repair or home construction in such a scenario.

In a similar light, if you hire a contractor and he does a terrible job on your remodeling project, you have no basis for filing a claim under your homeowners policy. Your action would be against the contractor for the shoddy work he did. Insurance is not there to protect you against poor workmanship when the home repair is not related to a covered loss.

Now, your homeowners insurance may pay to cover the cost to repair your home due to a poor construction remodel if it was related to damage suffered by a covered peril. For instance, if a storm tears off half of your roof, you are entitled to have the roof repaired or replaced so it is in the same or better condition as it was in before it was damaged.

It is not unusual for an insurance company to require you to hire an approved contractor before they will issue a check for a home repair that is covered under your policy. They may even pay the contractor directly as the work is completed. If it is later discovered that the roofing work was not done correctly, and the roof starts to leak, you should not have to pay to fix the problem. In such a case, your insurance company will pay to have the job done right and then have the option of seeking restitution from the original contractor.

I don’t have any major business assets. Why do I need insurance ?

If you have a new business that is still building itself, or if you have an already established business that lacks any major business assets, that still does not mean that you don’t need to have any business insurance. This type of insurance, also commonly referred to as commercial insurance, is something that you are usually required to have by law. Most states in the United States do require businesses to have this type of insurance, but you should make sure to check with your insurance agent about the laws in your area.

Even if you don’t feel that your business has enough assets to insure, you might be forgetting to consider the building where you actually do business. You need to make sure that the building itself is insured because you need to be able to repair damage that may happen. Whether it is environmental damages like lightning striking or it is damage due to thieves breaking in and vandalizing your building, you just can’t afford to take the chance to leave your work space unprotected.

Another important reason to have business insurance is that you should have liability protection. Did you know that every time your employees or your customers sets foot on your property you are technically responsible for what may happen to them? If someone gets injured while they are on your property, they can sue you for all of their injuries and damages. If you don’t have any insurance then you will not be prepared for any of the potential financial consequences.

Don’t let yourself be caught with no business insurance. It is an essential part of being a business owner, no matter how big or small your assets are. Call our offices today to get a free quote and to discuss exactly what commercial insurance can do for you.

During the snow storm my tree fell on my shed and damaged it will my insurance pay for the damage?

A snow storm can cause a variety of damages to your house, and sometimes the damage may cost more than you are ready to pay out of pocket in Plano, TX. Fortunately, many home insurance policies will pay for the cost of repairs when a tree falls on your shed as long as the plan does not have exceptions or clauses to prevent the claim.

Shed Repair Claims

Even though your insurer may allow you to make a claim for the repairs to your shed, it is possible that your home insurance may have a limitation on the amount that you can claim. Every insurer is different, but most have a set percentage of your total policy that they allow you to claim for sheds, a detached garage or any other additional building that is on your property.

In most cases, you can claim five to ten percent of the total coverage for your home. Read your policy to determine that exact amount that your insurer allows you to claim for sheds or similar detached buildings on your property.

Exceptions

Keep in mind that every home insurance policy is different, so there may be exceptions in your plan that prevent you from making a claim to repair your shed. Review the exceptions and clauses to ensure that your home is covered from trees falling on the property or damage from storms. Even if many insurers offer protection against damages from snow storms, some may have clauses or exceptions to prevent claims in certain situations.

It can seem complicated to determine if you have coverage for specific concerns, but your policy will usually have clear details regarding the situations that are covered. Contact us to talk to an agent for more information about making a claim.

Will my property insurance cover my personal belongings when I’m traveling?

Purchasing property insurance in Plano, TX can provide coverage for a variety of situations and concerns. Depending on the plan that you purchased, it may cover your personal belongings while you are traveling, even if those items are with you during your travels and are lost or stolen on your trip.

Policy Details

The only way to determine if your property insurance plan has provisions regarding the loss of belongings while you are traveling is by looking through your policy and evaluating the details of the plan. Every plan differs, so it may or may not be covered.

Keep in mind that clauses and exceptions can have an impact on your coverage. Even if most items are covered, you may discover that a clause prevents a particular item from being replaced due to the risks or the cost of the item.

Stolen Items

Even if you do not take your personal belongings with you, it is possible for items to be stolen when you are away from home. Traveling can result in the loss of property due to theft or damages to the property.

If items are stolen from the property, then your coverage should allow you to replace it according to the policy requirements. When items are stolen during your travels, you may or may not be able to make a claim on your property policy. The details of protecting items you take out of the house may depend on the specific item and the current plan.

In many cases, insurers will pay for personal belongings that are lost or stolen while you are traveling, but the details of making a claim and the items that are eligible may vary. Contact us to learn more about your options and speak to an agent.

Can the parents license be suspended if a non licensed minor who took the car with consent was involved in an auto accident?

Allowing a minor to drive your car when he or she does not yet have a driver’s license is reckless and dangerous. The chances of an accident increase when a driver has limited experience behind the wheel, so it is possible that a parent may be held responsible if a teenager gets into an accident while driving a family car before obtaining his or her license.

Level of Responsibility

The level of responsibility that a parent might face can vary based on the situation, but in general the parents can be held financially responsible for the situation. You may be required to pay for any property damages and injuries that your teenager caused if he or she got into an accident while driving your car.

Suspended License

In most cases, parents will not have their license suspended when they allow a child to drive a car, but they may face fines or additional consequences. In certain situations, it may be deemed appropriate for a parent to lose his or her license due to the severity of the accident or any related problems.

Parent are often held responsible for the actions of their teen child, particularly if permission was given to drive the car. In certain instances, a parent’s license may be suspended. In other cases, the minor may not be allowed to obtain a license for a set number of years and parents face financial responsibility for the accident.

It is never a good idea to allow a teenager behind the wheel of a car unless it is legally appropriate. If a teenager has a permit, then a parent should always be in the passenger seat. Contact us to talk to an agent for more details.

Will my premium increase in the ratio of the amount insurance is paying to fix the car whether it is my fault or not?

We all worry about whether or not our insurance premium will go up if we get into an accident and have to file a claim. When you file a claim with your insurance company and they issue you a check to fix your car, the amount of the check may or may not influence your insurance premium.

Each auto insurance company has their own set of rules for when a claim may result in an increase in a customer’s premium. The amount that the insurance company has to pay on a claim factors into the rate that you will have to pay when you renew your policy. Some insurance companies have a first accident forgiveness policy, where your rates won’t go up if you have a minor accident.

Fault sometimes enters into the equation. If you are found to be the cause of an accident, it is more likely that your premium will go up than if the other driver was at fault. There is no direct link to how much your insurance premium will go up based upon the amount of the payment you receive from the insurance company to fix your car.

Whether you are at-fault, or just the unfortunate victim of another driver’s negligence, only matters if the accident winds up costing the insurance company more money to settle a claim. Both the size and the number of claims you file have an impact on how much you will have to pay for auto insurance. One small fender bender, when you have been insured with the same company for five years, will probably not affect your premium. Two major accidents in two years will be more likely to result in a higher premium.

Can I get insurance when my homeowners policy was canceled due to non-payment?

When a homeowners insurance policy is canceled due to non-payment in Plano, TX, it may seem like your options are limited. In many cases, you may find that insurance providers are less willing to offer a reasonable rate or plan due to the lack of payment in the past. Even though it may seem challenging, some insurers may offer solutions to help you protect your home and property.

The Situation

Depending on the homeowners insurance policy and the details of the plan that you are considering, the ability to obtain coverage may vary. Some insurers may be willing to consider the specific situation and offer solutions based on the problem that caused you to miss a payment. For example, if you lost your job suddenly and you have obtained a new job recently, then you may be able to obtain a policy that is appropriate for your budget.

The situation can have an impact on your options, so it is important to explain the reason for the late or missed payment if it is necessary for coverage.

Different Policies

Even though a missed payment that causes a cancellation may have an impact on the options that you are offered, every insurer and policy is different. Some insurers may have options that are specifically designed to address your situation and concerns. Keep in mind that you may find that the rates you are offered are slightly higher due to the historical data.

Missing a payment on your insurance can result in the loss of coverage, but that does not necessarily mean that you cannot find a new plan after the situation changes. Contact us to speak to an independent agent for more details about your options and the plans that are available for your goals.

What is the difference between market value and retail value in terms of insurance?

When people file accident or loss claims, insurance companies often calculate the market value of the item. They often take an average of the items resale and retail values to come up with a payout for the loss.

What Is The Seller Asking?

The retail value of an item is the price retailers might ask for the item. For example, when you start the search for a new car, you’ll note dealers list the retail value for their cars. This isn’t necessarily the price you must pay for the car, but it is the amount dealers believe they can get for their vehicles. It often includes a markup, or additional amounts the dealer adds on to make sure they get a profit.

What Can Sellers Charge?

Market value is the amount sellers can get away with charging. It includes considerations such as the item’s condition and resale value. Although sellers can charge any price they want, this value limits the amount they charge because there’s only but so much that customers will pay for a given item. To figure out a selling price for your home, you need to consider its location, repairs and prices other buyers paid for homes in the area. For example, selling prices for homes in Plano, TX, might be considerably different from one neighborhood to the next. You might pay higher prices for homes in Willow Bend Lakes than you would for homes in Park Forest.

Insuring Your Items

These values are important when you insure your valuables. Your premium payments depend on these amounts, and so does your loss payouts. You can visit our website to get instant quotes for your home or auto insurance policy. Compare these quotes to see the best option for you. You also can call our office. A representative can help make sure you select the best coverage for your possessions.

I have two car insurances, if I have an accident with one car, do I have to report it to the other insurance?

It’s not uncommon for some drivers to own multiple cars that are covered by separate car insurance policies with different carriers. For instance, you may have a daily driver covered under one provider and an antique or classic vehicle insured under another insurance provider. In other cases, you may have purchased a second vehicle for yourself or a loved one and, for whatever reason, decided to create a separate policy with another provider for that particular vehicle.

If the above applies, the only insurance provider you have to report an accident to is the one under which your vehicle is specifically covered. Given that the other vehicle you own isn’t involved, filing a claim with the other insurance provider isn’t necessary.

Another common scenario involves switching from one provider to another. Although it’s best practice to have your new car insurance policy’s effective date coincide with the end date of your old policy to avoid gaps in coverage, the two policies may overlap. If you have an auto accident during this overlap period, you should consult with your independent agent to determine the best course of action to take.

Remember, different insurers can cover different vehicles in your household fleet, but having two active policies on the same vehicle can bring about complications in the event of a claim and even result in a denial of coverage by one or both companies, plus it may not be allowed in your state, by your insurer or both. Don’t forget that our agents are always available to help answer the tough questions and work out your car insurance issues with you.

Will my homeowners insurance cover a cracked foundation caused by an earth quake in Dallas/Fort Worth, TX?

The abrupt shaking of the earth that happens during an earthquake can cause damage to a home’s foundation. Even the smallest magnitude earthquakes can cause slight cracking of the foundation, which can be extremely expensive to fix.

Many homeowners believe that their homeowners insurance will cover all, or most, of the cost to repair a cracked foundation, but that might not be the case. Even though an earth quake is considered an ‘act of God’, it is one of the perils that are listed as excluded from basic homeowner’s insurance policies.

When a homeowner’s policy lists a peril as excluded, it typically means that any expenses related to that incident will not be covered. Homeowners that are concerned about incurring the cost of damages due to an excluded peril may want to consider purchasing extra insurance coverage.

Many insurance companies offer earthquake insurance. This is often considered an addition to an existing homeowner’s insurance policy and will cost extra. How much extra this type of insurance will cost will depend upon a number of factors including how likely an earthquake is to occur in a specific area, the cost of the home, and how old a house is.

Even though homes in the Dallas – Fort Worth, Texas area are not in immediate danger of experiencing a cracked foundation due to an earthquake, it still may put a homeowner’s mind at ease to have that extra insurance coverage.

Our independent agents at Paragon Independent Insurance Agencies can help find the extra home insurance coverage you want and need. Working closely with an independent agent, you will be able to receive multiple quotes on homeowner’s insurance policies that may include coverage against damage caused by an earthquake.

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