According to Texas law, certain types of insurance coverage are mandatory. For example, if you drive a car or own a mortgaged home, you must have insurance. Even though these types of insurance are commonplace, it is surprising how many people are improperly insured. Indeed, after some investigation, you may find that you are overspending, underinsured, or unaware of truly valuable protection options.

Auto, Home and Umbrella Insurance – Understood

AUTO

An auto insurance policy provides several types of coverage. By law, a driver must have certain limits of property and bodily injury liability coverage. Optional coverage includes:

• Comprehensive: This insurance covers damages to your vehicle that happen in certain situations that are not a collision. Certain examples may be a falling tree, theft, flood, or vandalism.
• Collision: This insurance covers damage to your own car if there is an accident, up to the current value of the vehicle. If your car is newer, collision coverage makes a great deal of sense.
• Uninsured/ Underinsured Motorist: This insurance reimburses you for damages from an accident if the other party is at fault and does not have sufficient coverage for the damages you incur.

Remember that it is important, not only to obtain coverage, but to obtain the right amount of coverage. According to the Texas Department of Insurance, minimum amounts are likely not enough to truly protect you. “Because of car prices and the high cost of medical care, the minimum amounts might not be enough to pay all of the other driver's costs if you're in an accident. Other drivers could sue you to collect the difference. Consider buying more than the basic limits to protect yourself financially.”

For example, families with teenage drivers should take a second look at the family’s auto insurance policy to make sure liability limits are sufficient. As a physician, it is vital to purchase coverage that thoroughly protects your financial interests.

HOME

A homeowners insurance policy protects you from many losses. These often include:

• Damage to the home by fire, lightning, vandalism, and hurricane.
• Liability protection if anyone is injured on your property.
• Damage or loss to your personal property due to theft.

UMBRELLA

At TMA Insurance Trust, we understand the importance of complete coverage. Many physicians protect their financial future with an umbrella policy. This policy offers another layer of liability protection beyond your auto and homeowners insurance, safeguarding your family’s finances and possibly your practice from the risk of excessive lawsuits.

Comprehensive Protection from a Trusted Source

At TMA Insurance Trust, we are here to protect what you have worked so long to build. This includes helping you select the correct policies and the appropriate coverage amounts. It also means helping you take advantage of the discounts that may be available to you, including the significant discount available to those who bundle their home and insurance policies.

Now is the time to reevaluate your insurance protection. Are you getting a truly competitive rate for the coverage you have? Has your insurance company been raising your rates, little by little, every year? Remember, as the only insurance agency endorsed by the Texas Medical Association, TMA Insurance Trust is your partner. We’re here for you throughout your entire career: from residency to retirement. Contact us now and a TMA Insurance Trust advisor will help make sure you have the best possible coverage.

For over 60 years, TMA Insurance Trust advisors have been serving Texas physicians, their families and staff. TMA Insurance Trust prides itself on offering unbiased information and strategies to members, along with exclusive group rates on a range of the highest-rated plans in the industry.