Transparity Financial Services

77 Sugar Creek Center Blvd, Suite 206
Sugar Land, TX 77478

Condo vs Homeowner’s Insurance, How to Protect Your Investment

When you buy a condo in Houston or Sugarland, TX, your insurance responsibility is different than if you owned a house. For a house, you insure inside and outside of your property and the surrounding land. However, for condos, you are solely responsible for the interior of the dwelling. All owners share responsibility for the land and common areas, insured through homeowner’s association (HOA). A Transparity Financial Services professional can help you understand the types of condo insurance you need.

What is Condo Insurance?

Condominium insurance pays for personal belongings, liability, and additional living expenses if coverage kicks in. You are reimbursed for damage to additions, improvements, and changes you make to the condo.

Dwelling Coverage

Under condo insurance, you see a big difference versus homeowner’s insurance. You only need to cover the cost to rebuild the interior of your home. Typically, this is from the wall studs inward. Repairs on the outside of the building, hallways, and other areas are covered by HOA insurance. 

Under homeowner’s insurance, you pay a higher premium based on the cost of replacing the home, its contents, and any structures such as fences, sheds, and so forth. 

Liability Coverage

For your condo, you are responsible if a visitor is injured in your condo or damage is done to their property. A personal liability policy covers this. Your HOA insurance covers building common areas. So, if your guest slips in the pool, that’s the association’s responsibility.

When you own a standalone home, you need the same coverage for personal liability as in a condo. However, you also need additional insurance that pays for covered events for your pool, trampoline, and other places around the property.

Contact Transparity Financial Services today for more information on what personal and dwelling liability you need for your condo.

Personal Property Coverage

You need to cover personal belongings in your condo. This includes items not covered by the HOA, including jewelry, electronics, clothing, furniture, and other property. As a typical homeowner, the coverage type is basically the same, but you may require more coverage for the additional furniture and amenities in your larger home.

Contact Transparity Financial Services today to find out more about condo insurance or to schedule an appointment for a quote in Sugarland, TX.


Do All Businesses Have to Have Commercial Insurance?

Insurance is something that most people have a faint grasp on but that may need more help clarifying when things really get difficult. Commercial insurance is one branch of insurance that can get very tricky if you are not aware of what you need and what qualifies you to have this type of policy. For those that live in the Sugarland, TX area, the agents with Transparity Financial Services can help you find the perfect policy every time.

When it comes right down to it not all businesses are required to have commercial insurance but it is highly recommended across the board. In many cases, if you own the business outright you are not required to have a commercial policy on the business itself. If you are still paying for the business or on a loan for it, your lender may have their own unique set of requirements as far as your insurance coverage.

In most cases, a lender is going to require at least some sort of insurance policy to protect their assets and to protect the property that they have lent you money on. You may only be required to have property insurance and some may require further insuring the actual business itself. It is important to take the time to talk with your lender to find out exactly what type of coverage you need. Commercial insurance is always a good idea for the simple fact that it can help you bounce back should something happen and it can also protect your personal assets in the event that something should happen.

For those in the Sugarland, TX area, the agents with Transparity Financial Services can help you to find the perfect policy each and every time so that you can be fully covered no matter what.

What is a Tort Car Insurance State?

The definition of tort means that someone is civically or legally liable because of a wrong action they have committed. When applied to driving a motor vehicle, this means that the individual who causes an accident will be responsible for covering the costs related to the medical bills and property damage of the other driver. The at-fault driver can also be held accountable to take care of lost wages and to pay financial sums awarded to the victim due to pain and suffering. 

Texas is a tort state, and this means that the residents of Sugarland, TX are required to have insurance on their automobiles that will cover repairs to the other driver’s vehicle and medical expenses in the event of an accident. Drivers can also carry a variety of insurances above and beyond the minimum legally required by law. 

38 states in the U.S. operate under tort laws, and the other 12 are considered no-fault states. Tort states mandate that someone must be found to be at fault for an automobile accident, though there are contributory laws to determine if some fault lies with another party. Each state will have specific laws regarding their own tort system, for example, a state with limited tort will not allow someone to sue for pain and suffering unless it can be determined that the injury sustained is one of a serious nature or that will last for the rest of the victim’s life. 

Contact Transparity Financial Services 

Transparity Financial Services can provide you with the auto insurance to meet your needs and considers it a privilege to work with you. Faithfully serving the Sugarland, TX region, the friendly and helpful representatives at Transparity Financial Services can answer all your questions about auto insurance, and you can call our office today to schedule an appointment. Try our online rating tool for quotes on auto insurance.

What risks are covered under my commercial insurance?

Are you a business owner? Is your business located in Houston or Sugarland, TX? If so, commercial insurance is one of the most crucial financial investments you could make for your business. Even with a thriving business, you could be wondering whether your financial reserve is adequate to cover you from losses in case your business is affected by unforeseen perils like fire or theft. Certainly not!

If you thought commercial insurance coverage was a reserve for the big multinationals, think again. Small and medium enterprises face the same level of risks that can bring the business crumbling down. At Transparity Financial Services, we can offer commercial coverage for your business.

Commercial insurance can protect your business from the following risks:

Personal Injury 

Commercial insurance protects your business from claims made by third parties. Such claims could result from accidents that happen on business premises or from personal injuries for which your company is legally responsible.

Property Damage

Commercial liability insurance also covers your business against any damaged company products or property. Restoring damaged property and products can cost a fortune. However, if your business suffers a disaster that destroys your business assets, commercial insurance will cover your back.

Independent Contractor Coverage

Sometimes, your business may collaborate with an independent contractor, and they can be injured in the course of the contract. In such a case, your company is liable for the harm. With commercial insurance, you can be sure your business is rightly protected.

Some business owners tend to think they don’t need commercial coverage until a disaster happens. Well, instead of waiting for a blow that could wipe off your business in Houston or Sugarland, TX, how about safeguarding it by investing in commercial coverage. Contact us at Transparity Financial Services for a commercial insurance quote and to find out how to get started.

Important facts all home owners should know about home insurance and water damage.

Water damage is the second leading cause of insurance claims in the United States after wind and hail damage. In recent weeks with Hurricane Harvey and Irma, we in Sugar Land, TX  have seen first hand the type of havoc water damage can cause to homes. However, insurance coverage for water damage can be complicated, and it is important for homeowners to understand how it responds to various situations.

Flooding comes to mind when people typically think of water damage; however, that is not the type of loss water damage coverage is meant to cover. Water damage coverage in your homeowner’s policy responds to events such as a burst pipe, a washing machine or dishwasher overflowing, or water damage from a fire extinguisher.

An important note is the policy may not cover a loss if it is shown that the loss happened as a result of failing to maintain the home. For example, if your sink has been leaking for months and you did not repair it, any damage caused as a result of the leak may not be covered. It is important to properly maintain your various appliances and pipes to ensure they are working properly.

Another important consideration when it comes to water damage is mold. If you are unsure if your policy covers mold, you should reach out to your insurance agent at Transparity Financial Services to discuss. Mold can be costly to remediate, so it is important to know that you are covered.

As mentioned earlier, flood insurance and water damage coverage are two very different policies. If you live in an area prone to flooding, you should seriously consider purchasing a flood policy.

If you are interested in learning more about insurance for flooding and water damage, please feel free to reach out to us at Transparity Financial Services. We proudly serve the Houston and Sugar Land, TX area.

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