Recreational Insurance Options for Boaters

Residents of Tuscaloosa, AL have many great places to ride boats in the area. Anyone who plans on taking their boat out for a little fun this year needs to learn more about the benefits of recreational insurance policies from us at TCU Agency.

Boat Types Protected By These Policies

Multiple types of recreational insurance coverage is available for the many types of boats available on the market. These boats include yachts, speed boats, pontoon boats, fishing boats, sportfishing vessels, liveabord boats, and personal watercraft insurance.

One interesting option is “mature” vessel coverage, which pays for boats that are over 25 years old. The benefit of this coverage is that it will repair things that occur in older boats, such as the development of leaks on the bottom of the boat.

Types of Policies Available

Recreational insurance for boaters will vary heavily based on what type of coverage an individual needs. For example, a policy can cover replacement costs for providing owners with a new boat if theirs is damaged or suffers from total failure. Typically, this coverage includes an agreed hull value that is set by the provider before the policy is purchased.

However, recreational insurance will also cover problems such as fuel spills, towing costs, uninsured boater crashes, mechanical breakdowns, coverage on crews – for commercial vessels – , the loss of fishing gear, and fire arms confiscation. Liability for injuries to the boat owner and others on the boat is also available.

Find a Policy for Your Boat

If you live in Tuscaloosa, AL and plan on riding your boat a lot this year, please contact us at TCU Agency. Our specialists will work hard to find a policy that suits your needs and will keep your financial investment safe from loss.

Can You Have More than One Life Insurance Beneficiary?

One of the most important decisions you’ll make concerning your life insurance policy is naming a beneficiary. In fact, you’re not limited to just one beneficiary – you can name several beneficiaries and divide life proceeds in a manner that helps them all. If you need help selecting a beneficiary, talk to an agent from TCU Agency in Tuscaloosa AL. We can answer any questions you may have about life insurance policies, beneficiaries, benefits and more. Here are some basic facts you should know about beneficiaries. 

Primary and Contingent Beneficiaries

Your primary beneficiaries are your first pick for receiving your life insurance benefits. You’re not limited to one primary beneficiary – you can choose variously. Contingent beneficiaries are like backups – if your primary beneficiaries should pass away before you do, your proceeds will automatically go to your contingents. Choosing both kinds of beneficiaries ensures your benefits are distributed the way you want them to be.

Revocable and Irrevocable Beneficiaries

Your beneficiaries can be classified as revocable or Irrevocable. Revocable beneficiaries can be changed if you decide you want someone else later down the line. Irrevocable beneficiaries are more or less permanent – unless they decide to forfeit their benefits on their own. Young singles should take advantage of the fact that they can choose revocable beneficiaries as it gives them a chance to change their mind if circumstances change in their lives, such as getting married and starting a family.

Division of Proceeds

Life proceeds can be divided among your primary beneficiaries as you choose. They can be split evenly between your beneficiaries or you can request that a certain percentage be given to each.

To purchase a life insurance policy as financial security for those you love, contact TCU Agency, Tuscaloosa, AL.

Does my COA insurance policy provide sufficient coverage for my condo?

Condominium owners often fall into the mistaken belief that their Condo Owners’ Association policy will provide the coverage that they need for their own unit. The team at TCU Agency can help you find the right policy for your needs as your COA policy will not protect your individual condo in the Tuscaloosa, AL area.

COA policies are geared toward the protection of the building itself and the common areas that are available to all residents. It is important to have your own condo insurance policy in order to protect yourself from:

  • Water damage
  • Theft
  • Liability if an injury occurs in your unit
  • A fire that begins in your own unit
  • Damage within your unit that is caused by your neighbor or nature

This is just the beginning of the types of situations where your home and property could sustain damage that would not be covered by the COA insurance policy. An easy rule of thumb is to consider everything within your unit as your own responsibility. For example, if there is a leak in a unit above you that causes damages to your unit, you will likely be held responsible for the repair and replacement of any damaged items.

While these may sound unfair because the damage was caused through no fault of your own, it is just the way that things work. In order to gain the peace of mind that you need to rest easy, it is advisable to obtain your own condo insurance policy at the appropriate level to protect your unit and all of your belongings.

Contact the knowledgeable team of professional agents at the TCU Agency today to schedule a consultation to review the condo insurance options in the greater Tuscaloosa, AL area!

Does Commercial Insurance Include Liability Insurance?

When Tuscaloosa, AL businesses meet with TCU Agency to find out more about what is included in their commercial insurance policy, liability insurance is one of the first areas of discussion. While a commercial insurance policy is designed to protect you against certain liabilities, it does not serve as catch-all liability insurance.

What’s The Difference?

Every business needs to ensure that they are properly covered by their commercial insurance policy. Even if they have purchased a commercial insurance policy that is specifically designed to provide liability coverage does not offer universal coverage against any liability that a business is going to face. 

Assuming that all commercial insurance policies offer the necessary coverage is never in the best interests of any business. The coverage that is obtained will depend on the needs of the business and the advice that they receive from the insurance providers that they meet with.

What Types of Claims Are Not Covered?

If an accident or incident takes place and the business is found to be at fault for the damages that have taken place due to their own negligence, these damages are not going to be covered under any commercial policy. Workers’ compensation claims are also not going to be covered by the commercial insurance policy that you select.

The same goes for any intentional acts and any accidents/incidents that take place because of faulty goods and services that the workplace provides. There are also limits to the existing commercial insurance that need to be considered and a business must make sure that they are obtaining the necessary amount of coverage during the early stages of the purchasing process. 

Those who reside in Tuscaloosa, AL and seek additional guidance when it comes to their commercial insurance policy should contact TCU Agency as soon as possible. 

What Does Boat Insurance Cover?

Alabama requires registration of your boat with Alabama’s Marine Patrol Division. The boats that are expected to be registered are sailboats, boats for hire and mechanically propelled vessels.  There are at least a dozen exceptions were registration is not necessary.  A boat operators license is necessary. 

In  Alabama boat insurance is not mandatory. Insurance covers pontoon boats, leisure craft, yachts and fishing boats, all boats with motors.  Homeowners insurance does not cover boats it may have limited coverage for small watercraft by adding a special endorsement or purchase separate coverage.

It is the personal watercraft such as jetskis that provide entertainment for friends and family. These fun water toys are inherently dangerous because of their speed with reckless driving, which should be insured because such activity commonly results in accidents, injury or damage to the watercraft.  Insurance encourages safety which includes the use of life vests for boating comes with risks.

There are common types of coverage which you should expect when getting a boat insurance quote:

* Property/Physical Damage Coverage –  helps pay for repairs whether the damage occurred in the water or on the land.  Marine insurance plans should cover damage to the boat’s hull,  motors, safety equipment, fuel tanks, fire extinguishers, anchors, vandalism and damages caused by fire and hazards other than collision. 

* Liability Coverage – Coverage which will protect you if you are at fault for a boat accident which caused property damage or physical injury to another person. Coverage should cover for large wakes caused by the operation of your boat.

* Uninsured Watercraft Coverage

* Additional Coverage such as personal property replacement,  towing and assistance, boat trailer damage, wreckage removal, and fuel spill coverage.

The agents of Tuscaloosa, AL, TCU Agency, will discuss your needs for boat insurance based on your lifestyle. Please call!

Do You Need Umbrella Insurance?

Most people shopping around for insurance are aware of the most common types. Some of these include home, auto, health, and even renters insurance. However, one type of insurance that a lot of people do not know much about is umbrella insurance. Even though a lot of people in Tuscaloosa, AL do not know much about it, umbrella insurance can be very beneficial in a lot of situations and is a type of coverage that you should consider. These are some of the ways that it can be helpful from TCU Agency.

  • If can cover your home and auto. If you have a home or a vehicle that cannot be covered completely with a standard policy, an umbrella insurance can help to cover that gap. Home and auto insurance policies can only cover so much but you do have options with an additional umbrella policy. 
  • It can provide liability insurance. If you are someone who likes to throw a lot of parties or even has a pool in your backyard, you may need more liability insurance than a standard policy can provide. With more risk comes the need of more coverage so you do not have to pay out of pocket for any lawsuits against you. 
  • If you are well known in the community, you may want to extra coverage for things like lawsuits, libel, and even slander. People that are well known are more likely to get sued and this is a perfect coverage for that.

If you are interested in learning more about umbrella insurance and seeing if it is the right choice for you, be sure to reach out to us here at TCU Agency, serving Tuscaloosa, AL. We can provide you with more information as well as find you the perfect policy that meets all of your needs while staying in budget. 

Is umbrella insurance only for businesses?

Business owners in Tuscaloosa, AL know that it’s smart to protect their investment with an umbrella policy. Businesses can face significant losses in the event of a catastrophic event or injury, and just one big lawsuit could force a company to close for good. 

Besides expanding the amount of coverage, umbrella policies may also expand the kinds of coverage available. Regular commercial policies are limited in scope, covering specific kinds of losses. An insurance agent can help to cover other important areas.

A commercial umbrella policy purchased through TCU Agency covers losses past the regular insurance limits, giving an added protection beyond traditional insurance policies. If someone is injured on business property or because of a product the business produces, the umbrella policy will kick in once your regular commercial policy limits are at their maximum. 

But umbrella policies aren’t just for businesses. Sometimes individuals in Tuscaloosa, AL have assets that need to be protected, or they are in a vulnerable position where, for whatever reason, they may be vulnerable to lawsuits. 

In those cases, they can also add an umbrella policy to existing insurance coverage. Depending on the area covered, they may add it to their home insurance to cover potential lawsuits regarding, for instance, an attractive nuisance like a lake or swimming pool on the property. The policyholder may have a special vehicle which is very valuable. 

Whatever the case, the agents at TCU Agency are happy to talk to you about your options. You don’t have to remain vulnerable because of traditional policy limits if you are able to obtain an umbrella policy. Please call today for a free consultation and quote. 

How to Determine Insurance Coverage for Your Condo

Most condos come with a Master Insurance policy that protects the exterior of the building and common areas. To protect the interior of your unit and personal effects and cover liability risks, you’ll need to buy individual condo insurance. With the help of a TCU Agency agent, you can determine what kind of condo insurance coverage you need. An individual condo insurance policy will provide you with such basic protection as:

Interior Coverage

Individual condo insurance (aka HO6 insurance) will protect your unit’s walls, ceilings, light fixtures and floors against damage from fire, inclement weather, vandalism, and smoke. You never know when a catastrophe will strike, causing major damage to the interior of your Tuscaloosa AL condo. With condo insurance, you don’t have to worry about paying for repairs on your own.

Coverage for Personal Property

Personal property/condo contents coverage protects your personal effects to include furniture, clothing, jewelry, appliances, electronics, artwork and more. By making an inventory of your belongings, you can be prepared for making a claim when the time comes.

When insuring your personal goods, consider getting replacement cost coverage as opposed to cash value. With replacement cost coverage, your insurer will pay the cost of replacing your goods if they are stolen or lost. Pricey items such as costly jewelry, antiques or artwork may need an endorsement to cover their replacement cost.

Liability Coverage

Liability insurance protects you if a visitor has an accident on your property. If a friend cuts his hand while helping you cook or slips and falls in the hall, your liability coverage will pay for his medical care. Liability coverage also pays for damages you may cause to your neighbor’s condo, whether by accident or through neglect.

To learn more about condo insurance coverage and costs, contact us at TCU Agency, Tuscaloosa, AL.

What are the Advantages of Term Life Insurance?

Having a quality life insurance policy is very important for people that are in the Tuscaloosa, AL area. When you were looking at all of your different life insurance options, choosing a term life insurance policy could be very beneficial. There are several advantages of term life insurance policies that you should keep in mind when you are looking for your next life insurance policy.

More Affordable
One of the main advantages of term life insurance is that it is a far more affordable option than whole life insurance. When you get a term life policy, you will not accrue any cash value, but your monthly premiums for the amount of coverage that you receive will be significantly lower. This can result in a great level of coverage for a fraction of the price that you would pay if you had a whole life policy.

Flexible Terms
Another advantage of getting a term life insurance policy is that it will have very flexible term lengths. The term for a term life insurance policy typically will vary anywhere from 5 to 30 years in length. Generally speaking, the longer the term you choose, the more expensive the monthly premiums will be. This will allow you to build your own flexible and personalized policy based on your coverage period needs and will also allow you to save money by not trying to insure a period of your life that you do not need coverage for.

If you are in the Tuscaloosa, AL area and are in need of term life insurance, you should reach out to the TCU Agency.  When you meet with the TCU Agency, the company will be able to better explain your life insurance needs and help you choose a policy an option that is ideal for your situation.

What Types of Businesses Need Commercial Auto Insurance in Tuscaloosa, AL?

If you own a business that employs drivers, you should consider commercial auto insurance. This includes delivery services, transportation services and any business that requires a lot of driving. Your TCU Agency agent can help you determine if your Tuscaloosa, AL Company would benefit from commercial auto coverage. In the meantime, here is some additional information to get you started.

Who Needs Commercial Auto Insurance?

If you’re a commercial driver or own a business that employs CDL drivers, it’s important to be aware of federal and state laws. For example, food delivery and child care pickups require commercial auto insurance, so personal coverage isn’t enough. At a minimum, your coverage must include bodily injury liability and property damage liability, but there are many other options available.

Additional Coverage Options

Besides the basics, ask your TCU Agency agent if the following policies would help you protect your Tuscaloosa AL business in the event of an accident and resulting law suit.

  • Uninsured/underinsured motorist insurance pays for damages to your vehicle in an accident caused by an uninsured or underinsured driver.
  • PIP with medical coverages. Personal injury protection (PIP) with medical payments pays the expenses if your passengers are injured in an accident.
  • Emergency roadside insurance. This can be critical if you or your drivers travel cross-country and are at risk for an expensive breakdown in a remote area.
  • Personal effects insurance. This takes care of personal belongings in the event of theft.

Contact Us

Contact TCU Agency today to set up an appointment to get a quote for commercial auto insurance and any other coverage required by your Tuscaloosa, AL business.