property damage liability

Auto Liability Limits

Tom Wallace Auto Insurance

Property Damage Liability Not long ago a local bakery suffered a loss to their store, The cause, a vehicle crashed through the storefront. The driver’s property damage liability limits become very important. Property damage liability limits often pay for damage to vehicles, however that is only part of the story. Other Types of Property Damage The bakery and landlord …

rental property insurance

Rental Property Insurance

Tom Wallace Rental Property

Loss of Rents Rental property insurance articles often focus on losses to tangible property. This article will take a different viewpoint. Landlords often neglect loss of rents coverage in their policies leaving a valuable and inexpensive coverage behind. Loss of rents coverage in rental property insurance is an indirect insurance coverage. Indirect insurance coverages hinge on covered direct damage. Let’s …

mysterious disappearance

The Case of Mysterious Disappearance

Tom Wallace Homeowners Insurance, Valuables

Mysterious Disappearance Here is a real life mysterious disappearance claim, guy goes into a hospital bathroom to wash his hands. He is distraught, his wife is in the hospital. Takes his Rolex watch off while washing, finishes and walks out of the bathroom. Hours later realizes his watch is missing. Returns to the bathroom and no watch! Not in lost …

Renters Insurance – Mystery Coverage

Tom Wallace Financial, Homeowners Insurance

So little renters insurance? Why is it that many renters have no insurance? Why is it, when disaster strikes a rental property, the Red Cross really matters? These are questions that likely have complicated answers but don’t need to be. Renters insurance is an unbelievable value. To not have it, simply makes little financial sense. Not a “have to have …

The case for your own Vacation Rental Insurance

Tom Wallace Homeowners Insurance, Liability Insurance, Rental Property, Short Term Rental, Vacation Rental

Vacation Rental is a Business Renting your property is a business activity. Perhaps it does not feel like work but it is a business. Making a profit does not define a business. Many businesses loose money. A business does not have to have a formal name or corporate structure. It can a one person sole proprietorship or a corporation with …

Cyber Liability Basics

Tom Wallace Cyber Insurance

What is Cyber Liability? A good question but not a simple one to answer. Cyber insurance or cyber liability can cover different things. Liability insurance typically pays compensatory damages to another party. Cyber liability does that and more. Cyber insurance policies are not like auto insurance. Relying on standard terms and definitions is not wise. We cannot speak for every …

Rental Income Coverage

Tom Wallace Rental Property

Rental Income Coverage Rental income means a lot if you: Have tenant occupied residences as your main business Have tenant occupied residences for a side income Rent your home or a home on a short term basis for vacations, events or corporate meetings A rental income coverage policy can help protect you in the event of a loss of rental …

Usage Based Car Insurance

Tom Wallace Auto Insurance, Videos

Watch this video for a quick introduction to “usage based car insurance”. Or, read the transcript below. Usage Based Car Insurance Usage based car insurance becomes more popular each year. Underwriting can now include real world driving results. While traditional underwriting remains the main source of information these programs continue to grow nationally. Day to day driving tracked by an …