Texas Auto Insurance – Is Texas A No-Fault Auto Insurance State?

Driving in Texas?  There are things to be aware of when operating a motor vehicle in the state of Texas that you may not encounter in other states.  Texas is known for its heavy thunderstorms and torrential rains, so flash floods are a distinct possibility in certain parts of Texas during a summer storm.  Those are just some of the situations to look out for, there are others such as who’s at fault during an accident?  You can purchase auto insurance at Heydari Financial Group in Houston, TX.

No-Fault Auto Insurance

There are 18 States which require PIP – No-Fault Auto Insurance coverage:  Arkansas, Delaware, Florida, Hawaii, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Dakota, Pennsylvania, Oregon, Utah, Washington State, and Texas.  PIP is known as Personal Injury Protection and is another name for No-Fault Insurance.

What’s So Special About These States?

No-Fault Auto Insurance States operate under the rules that there is no fault given in automobile accidents between two or more drivers.  In the case of an accident between two drivers, each insurance company would pay for the damages and liability to the other driver.  This way, both ends of coverage are covered in the case of an accident.  

Uninsured Drivers?

You can purchase uninsured drivers coverage to cover yourself in case you get into an accident with another driver and that other driver does not have auto insurance.  This scenario happens a lot more than you may think, so it’s always a good idea to protect yourself from any possible scenario that you may find yourself in.  

More Information

You can find more information about No-Fault Auto Insurance by contacting Heydari Financial Group in Houston, TX today!

Why flood insurance is so important

If you are a local resident, you may be familiar with flood insurance and how it works to protect you and your family. At Heydari Financial Group, we strive to inform all of our clients about the importance of this type of insurance. The greater Houston, TX area is no stranger to hurricanes and floods and the damage that they can cause. It’s important to be protected. 

The importance of flood insurance

Water damage is often treated differently by insurance companies due to the cause of the damage. For instance, a water main break on your street will likely fall under a different category than the damage caused by a flood or other severe weather. Because of this, many homeowners’ policies do not cover all types of water damage. 

Flood insurance can protect you from damage that would otherwise not be covered by your primary policy. This is information that not everyone understands, and it is an important topic to discuss with your local insurance agent. In fact, in some low-lying areas, flood insurance is required as part of your overall insurance put in place by your mortgage lender. Water damage can be very disruptive, but when you have the right coverage in place, you can reduce your stress level and get back to normal a lot sooner than if you didn’t have it!

Rely on Heydari Financial Group for all of your insurance needs

Houston, TX area residents can turn to us for all insurance needs, including flood insurance. Our agents are here to help! Call to make an appointment, or stop by our office today to learn more. 

Should You Rely on Life Insurance Provided by Work?

Many people think that the life insurance policies provided by work are enough to cover all their expenses, but this may not always be the case. In many cases, the life insurance offered by work is not the best plan.

Heydari Financial Group, which serves Houston, TX, understands that you want the best for your family. This means you want to find the best insurance for your family. These are some of the times when life insurance provided by work may not be enough.

Term Life Insurance May Not Be For You

In some cases, employers do not offer the kind of life insurance you want. They may instead offer term life insurance for a short period of time when you would rather have a whole life policy.

Life Insurance Value May Not Be Right

You may also find that the value of the life insurance policy is not appropriate for your family. It could be too low or too high based on your family’s needs, so you might pursue a different option.

You Want a Policy With Your Spouse

If you want to share a life insurance policy with your spouse, you may not be able to find the right policy through work. You may need to get a policy on your own so that you get the coverage your family would benefit from most.

Private Life Insurance Policies Could Be the Better Option

If you are interested in learning more about other insurance policies, now is a great time to learn more. Heydari Financial Group, which serves many people in Houston, TX, can help you understand which policy is right for you.

How commercial insurance can save a small business

The backbone of the American economy is small businesses. 99% of businesses are what is classified as small businesses, meaning less than 500 employees. Many small businesses are much smaller than that, with the average having 10 employees. The risks they face can cause them to go out of business if they don’t have a way to mitigate the dangers. Heydari Financial Group in Houston, TX offers businesses commercial insurance that helps them survive a variety of hazards. 

Commercial property insurance

Commercial property is the business version of home insurance. It protects your building if you own it, but if you are a renter, the protection it offers is still of great value. It covers your business equipment, the things you need to do business. Your machinery, office equipment, inventory, raw materials, and more. 

Commercial auto insurance

If your business owns a vehicle, it must be covered by commercial auto insurance. It is the law in Texas. If that vehicle is in an accident, it must be covered to protect others from a business-caused accident. Keeping your personal finances separate from your personal finances is always the best idea. 

Commercial liability insurance

Small businesses are particularly vulnerable to being sued. If a customer is injured when visiting your business or by a product that you produce, you could find yourself involved in legal action. If you lose the legal action, you could have to pay a large settlement and have legal expenses. With commercial liability insurance, you will be covered for both the settlement and the legal fees up to the limit of your policy. It can save your business from having to close its doors. 

When you want to discuss commercial insurance, turn to Heydari Financial Group in Houston, TX for a good selection of carriers and the information you need to choose the right coverage. 

Do I Need Homeowners Insurance If I Rent Out My Home?

As a homeowner, you probably already have a homeowners insurance policy to protect your investment. However, basic homeowners policies do not cover all damages, especially those incurred while the home was rented out to someone else. Depending on how long the Houston, TX home is rented for and the situation, there may be some exceptions. Our experienced agents at Heydari Financial Group can advise you on what insurance you need while renting your home. 

Short-Term Rentals

If renting out your home is only short-term, such as a week or for a few weekends, your homeowners insurance needs may vary. The insurance company takes into consideration the length of time and specific circumstances the home is rented. Some insurance companies allow short-term rental and provide coverage if they have been notified in advance and the same tenant is renting the house. Other companies require short-term tenants to be added as a rider to your existing homeowners policy.

If you plan to have multiple tenants rent your home for short periods, the insurance company considers this a business and will not cover your property. For these home rentals, you need a business insurance policy, such as a hotel or bed and breakfast policy. 

Long-Term Rentals

A second home is a popular investment strategy, and many rent out their second homes. Renting out a second home as a source of income requires you to carry business insurance, such as landlord or rental dwelling policies. Your insurance agent will discuss risks with you and how long the home will be rented. This information helps determine what types of insurance policies are needed and how much coverage is required. 

Rental Insurance

Your business insurance policy covers the house’s structure and not your tenant’s belongings when renting out your home. However, some landlords require tenants to carry renters insurance to cover their possessions and any damage they may incur on your property. 

When renting out your Houston, TX home, call the experts at Heydari Financial Group for help purchasing the best insurance available for your needs. 

How to Avoid Car Insurance Lapse

As money gets tight, everyone starts looking for ways to cut back and save a little money. One option many consider is letting their car insurance in Houston, TX expire for just a short period. However, allowing car insurance to lapse is not the best idea because many other unexpected problems can occur when car insurance lapses. Call the experts at Heydari Financial Group to discuss the dangers of letting a car insurance lapse. 

Is Car Insurance Required in Texas? 

All car owners with a registered vehicle in Texas must satisfy the Texas Financial Responsibility Law and maintain proper car insurance. When pulled over, drivers must show proof of insurance and have their insurance card on them at all times. If stopped without insurance, drivers face a fine of up to $350 for the first time pulled over. In addition to penalties, repeat offenders not having proper insurance could face having their license revoked. 

How Do I Avoid a Lapse in Coverage? 

There are two main reasons car insurance gets canceled — multiple driving offenses and not paying the premiums. The best way to avoid a lapse in auto insurance coverage is to make the payments on time and maintain a clean driving record. If money is an issue, speak with an insurance provider to discuss discounts to help make premiums more affordable or shop around with other insurance companies for a cheaper rate. 

What Happens if My Car Insurance Lapses? 

Should an insurance policy lapse, call the insurance agent immediately to discuss options to get it reinstated. When a lapse in insurance happens, drivers face financial consequences, such as fees and penalties, and risk losing their license. Additionally, when an insurance policy lapses, there is a risk of paying higher premiums in the future.  

When owning a car in Houston, TX, it is imperative to do everything possible to maintain the required car insurance. For additional information or help with a lapse in your insurance, call our experts today at Heydari Financial Group. 

Do I Need Flood Insurance in Houston, TX

Before Hurricane Harvey hit Houston, TX on August 25, 2017, no hurricane had damaged the city since 1961. Although conventional wisdom attributes hurricane damage to the high, sustained winds, flooding often causes longer-lasting, costlier damage due to the length of time required for the waters to recede so that debris cleanup and mold mitigation may begin. Nevertheless, home and business owners roll the dice without flood insurance, mistakenly thinking that their homeowner’s, renters’, or commercial insurance policies cover those contingencies.

Your Policy Coverage and Flood Damage

Homeowners’, renters’, and commercial insurance policies typically exclude flood damage, including losses from home business disruptions, mold formation, other issues. A single inch of floodwater could cost $25,000 in damages. Therefore, while saving a few dollars a month by not carrying flood insurance might seem tempting, the financial bite from a single heavy rain could haunt you later. A wiser decision? Speak with an agent at Heydari Financial Group to determine the correct coverage for your home, auto, and business.

The National Flood Insurance Program

Created after the passage of the National Flood Insurance Act of 1968, the National Flood Insurance Program protects property owners — including business owners, homeowners, and renters — from flood damages. The program defines a flood as an area partially or completely underwater that normally remains dry, or two or more properties affected by mudflow, shoreline erosion, or an unusual amount of surface water runoff.

I Live Outside the Flood Zones

Floods happen everywhere. Additionally, flooding affects homes and businesses outside declared disaster areas. NFIP policies pay damages with or without a federal disaster declaration. Better yet, the NFIP provides $5000 advance payments before the insurance adjuster examines your property.

At Heydari Financial Group, we will happily assist you with determining the coverage needed for your peace of mind.

Who Needs Life Insurance in Houston, TX?

While the conversation about life insurance isn’t something you want to hear, the sooner you have it, the easier it becomes for those who depend on your income when you are alive and kicking. Many people assume that life insurance only makes sense as one gets older. This preconceived notion can’t be further from the truth. Life insurance isn’t about age. It’s about your financial interests and situation. In light of this, Heydari Financial Group of Houston, TX, shares insights into who needs life insurance. You need life insurance if you:

Have dependents

Do you have children, a spouse, or aging parents? If you have dear ones depending on your income, you must have life insurance to take care of their financial obligations when you die. Life insurance replaces your income and comes in handy in meeting obligations like child care, school fees, everyday living expenses, and so forth in your absence.

Have debts

While some debts can be discharged when you die, others will have to be passed to your cosigners and loved ones. Do you have a mortgage or car loan? Have you ever wondered how these debts would be paid if you die? If you don’t want to burden your cosigners with your debts, you must consider life insurance.

Want to pay off your funeral expenses

Your family is already going through a tough time dealing with your death. An extra layer of financial obligation in the name of funeral expenses would torment your family even further. Given that funerals can be an expensive affair, take life insurance to relieve your loved ones of this burden.

Want peace of mind

Like taxes and rain, death is certain. The problem is that we don’t know the day and hour. Given that death can occur unexpectedly, life insurance can help safeguard against uncertainties of life. With life insurance, you and your family members don’t need to worry much about how your loved ones will survive financially after your death.

Buy life insurance today

Whether old or young, it’s never too late to invest in life insurance. If you are shopping for life insurance in Houston, TX, and its environs, please contact Heydari Financial Group for a personalized quote. 

Top 4 Things To Look Out For in Commercial Insurance

When you own a business, insurance protection should be high up on your priority list. Unfortunately, most business owners make the mistake of purchasing mandatory or minimum commercial insurance. While ignoring insurance for your business might seem like saving, you are in for a rude awakening when the unexpected strikes. Your prized business can come down tumbling when ravaged with perils like storms, theft, vandalism, and lawsuits. Would you want that for your business?

Are you a Houston, TX business owner looking for business insurance? You are on the right track. When buying commercial insurance from Heydari Financial Group, keep your eyes peeled for the below factors.

Compliance with the law

You wouldn’t want to be on the wrong side of the law. As such, make sure your commercial insurance complies with the state’s law. For Texas, businesses must carry commercial auto insurance and workers’ compensation insurance.

Liability protection

Whether it’s bodily injury, property damage, or advertising injury, your commercial insurance should have adequate liability coverage to safeguard your business. Financial liabilities can run your business into a financial mess. And if significant enough, liabilities can force your business to wind up. 

Property protection

Your business owns plenty of assets — talk of the building itself, inventory, furniture, and vehicles. Can you imagine the loss you would suffer if theft, fire, storms, or vandalism strikes your business? It must be enormous. With this in mind, ensure that the commercial insurance you buy provides all-around protection to your assets. 

Employee protection

Your employees are one of your most prized assets. To that end, you wouldn’t want injuries to affect their productivity. And if they do, you want to make sure that medical expenses are well covered. When sourcing for commercial insurance, see to it that it covers your employees against work-related injuries.

Need more information on commercial insurance? Contact Heydari Financial Group located in Houston, TX. Our team will be happy to answer questions you might have.

Home Insurance: Basic Terms to Know

Are you considering purchasing home insurance? This being your first time, the insurance jargon can be a bit confusing. But do not worry, Heydari Financial Group is here to help the people of Houston, TX. We’ll highlight key home insurance terms that you need to know.

These terms will help you understand different home insurance coverages and how they can help you when it matters most.

Actual Value

The actual value is the average value of your home plus personal belongings before the loss occurred. In short, it is the amount you need to replace your property after deducting the depreciation value. Depreciation refers to the value lost due to age and wear since purchasing the home.

H05 Policy

H05 is one of the main coverages under home insurance. It’s meant for homeowners who want high limit coverage to get the most protection of their property. You’re guaranteed compensation if you suffer personal property damage, except when the specific cause of loss is exempted from your policy. 

The term used to describe risks in home insurance is “peril.” Perils could include hurricanes, fires, water damage, among others.

H03 Policy

H03 policy is coverage for homeowners who need basic protection of their property. For your claim to be valid under an H03 policy, you must prove that the loss happened due to one of the “named perils.” Any cause of loss that is not included in the policy will not count for a valid claim.

In most cases, the H03 policy protects the home structure only. For personal belongings such as computers and furniture, they are only covered if they’re included in the named perils of an H03 policy.

Additional Living Expense

ALE is coverage under the homeowner’s insurance that protects the policyholder during the time they are temporarily displaced from their home. Most of the time, this coverage is a small fraction of the property insurance. 

Ready to Purchase Home Insurance?

Now that you understand these key terms, you’ve made your first step towards buying home insurance. But there are more home insurance terms you still need to learn. Luckily, you have us.

Heydari Financial Group offers home insurance advice to residents of Houston, TX. Call us today for immediate assistance.