INSURANCE SERVICES OVERVIEW

At Providence Financial Services, we understand the importance of safeguarding your most valuable assets. Our objective is to provide you with comprehensive coverage that gives you peace of mind, knowing that you and your loved ones are well-protected. Here are some of the key personal insurance policies we offer:

 

HOME INSURANCE

Home insurance is an important type of financial protection that helps homeowners avoid financial loss if their house or personal items get damaged or destroyed. It covers many types of problems like fires, thefts, acts of vandalism, storms, and more.

 

Why Getting Home Insurance is a Good Idea:

Our homes are so much more than just buildings, they’re where we make memories with our loved ones and invest a big chunk of our savings. So, it’s very important that we don’t leave the protection of such prized possession to chance. That’s where home insurance comes in handy. Imagine the worst, like a fire breaks out that turns everything you own into ashes. It’s unimaginable, right? But with home insurance, you’ve got a safety net to catch you if disaster strikes. It’s like having a financial partner ready to cover the costs of fixing or rebuilding your house after an unexpected damage. Similarly, if a visitor is injured on your property, liability coverage within your home insurance policy can help cover legal expenses and medical bills. Home insurance basically gives you financial protection as it keeps you from handling unnecessary costs.

 

How Home Insurance Works:

When you buy home insurance, you enter into a deal with an insurance company. The deal will involve paying a fee commonly called a premium either monthly or yearly. This keeps your insurance going. Now, what do you get in return? You get financial cover during eventualities such as a storm damaging your roof or a burglary resulting in stolen items. Once such a mishap occurs, you can file a claim with your insurance provider. The insurer will assess the damage or loss, and if the claim is approved, your insurer will cover the expenses related to the mishap. But keep in mind, that the insurer will only cover the problems that are listed in the policy you choose.

 

How We Can Help:

At Providence Financial Services, we specialize in helping homeowners in Texas find the right home insurance coverage to protect their properties and belongings. Our dedicated insurance professionals understand the unique risks homeowners face, from severe weather conditions to property crime trends in different neighbourhoods. We work with leading insurance providers to offer a wide range of policies tailored to meet your varying needs and budget.

 

We take a person-centred approach to make sure you receive comprehensive coverage that includes not only the structure of your home but also your personal possessions and liability protection. We will simplify the insurance process for you, give you clear explanations of coverage options, and assist you in selecting the policy that best meets your requirements.

 

AUTO INSURANCE

Auto insurance in simple terms is a deal you make with an insurance company to keep you from incurring expenses due to mishaps like traffic collisions. It is a form of insurance that helps cover the costs of fixing the damages on your car or replacing it if it gets wrecked. It also covers damages caused to people’s property or injuries caused due to the car crash. Apart from covering costs incurred due to accidents, it is designed to offer financial protection in cases of theft, vandalism, and natural disasters that affect your vehicle.

 

Why You Need Auto Insurance:

Driving is a necessity for many, but it comes with imminent risks. Accidents can happen anytime, and without adequate auto insurance, the financial consequences can be severe. Auto insurance is crucial because it helps cover the costs associated with vehicle repairs, medical expenses, and legal fees if you’re involved in an accident. It also protects against theft, vandalism, and other non-collision-related damages. In many states, having auto insurance is legally required, ensuring that you can cover any damages or injuries you cause while driving.

 

How Auto Insurance Works:

When you purchase auto insurance, you pay a premium to the insurance company in exchange for coverage. This coverage is detailed in your policy, which outlines the types and limits of coverage you have chosen. If you get into an accident or experience another covered event, you can file a claim with your insurer. The insurance company will assess the claim, and if it’s approved, they will cover the costs up to the limits specified in your policy. This can include repairs to your vehicle, medical expenses, and liability for damages to other people’s property or injuries.

 

When you purchase auto insurance, you pay a fee to the insurance enterprise in trade for coverage. The coverage is detailed in your policy, which outlines the types and limits of coverage you’ve got. After your insurance has been set up and maintained, you could file for a claim if you get into a car crash or other issues outlined in your policy. The insurance company will investigate the claim, and if it’s approved, they may cover the expenses as much as the limits laid out in your coverage. Your insurance company could cover the incurred medical bills, repairs and liability for damages to different people’s belongings or accidents.

 

Types of Auto Insurance Coverage:

Liability Coverage: Covers damages or injuries you cause to others in an accident which can include bodily injury liability and property damage liability.

 

Collision Coverage: Pays for repairs to your vehicle after an accident, regardless of who is at fault.

 

Comprehensive Coverage: Covers non-collision-related damages to your vehicle, such as theft, vandalism, fire, or natural disasters.

 

Personal Injury Protection (PIP): Covers medical expenses for you and your passengers, regardless of fault.

 

Uninsured/Underinsured Motorist Coverage: Protects you if you’re involved in an accident with a driver who has insufficient or no insurance.

 

How Providence Financial Services Can Help:

Getting you the best auto insurance is our priority at Providence Financial Services. We achieve this goal by partnering with top insurance providers to offer a wide range of coverage options at competitive rates. Whether you’re a new driver, have a perfect driving record, or need specialized coverage, we will find you an auto policy that suits you. We won’t stop at that, in the case of an eventuality, we will help with the claim filing process and see it through with your insurance company.

 

HEALTH INSURANCE

Health insurance is like that safety net that helps cover the costs incurred due to illness or surgery. It often works in two ways; either your insurer gives a reimbursement for your medical expenses or the bills are paid directly to your healthcare provider. All things being equal, a functional health insurance policy should cover hospital admission, checkups, consultants, and more

 

Why You Need Health Insurance:

Health is wealth and indeed securing a health insurance policy can help you achieve that. It offers financial security against substantial medical expenses. In its absence, you may be confronted with hefty bills for regular healthcare, emergencies, or chronic treatment. This type of insurance is designed to make sure that you can receive necessary medical attention without worrying about excessive out-of-pocket costs.

 

How Health Insurance Works:

As with every other insurance, health insurance also requires the payment of fees/premium every month. In return, the insurer agrees to cover a range of medical expenses, either in full or in part, depending on the terms of your policy.

 

Premium: The amount you pay monthly or yearly to maintain your health insurance policy.

 

Deductible: The amount you pay out-of-pocket for healthcare services before your insurance begins to cover the costs.

 

Copayment (Copay): A fixed amount you pay for a covered healthcare service, usually when you receive the service.

 

Coinsurance: The percentage of costs you pay after you’ve met your deductible.

 

Out-of-Pocket Maximum: The most you have to pay for covered services in a plan year. After you reach this amount, the insurance company pays 100% for covered services.

 

Types of Health Insurance Plans:

 

Health Maintenance Organization (HMO): Requires members to get healthcare services from a network of designated providers and typically requires a referral to see a specialist.

 

Preferred Provider Organization (PPO): Offers more flexibility in choosing healthcare providers and doesn’t require referrals for specialists. You can see out-of-network doctors, but it will cost more.

 

Exclusive Provider Organization (EPO): Requires members to use the network of providers except in emergencies. Unlike HMOs, referrals to see specialists aren’t necessary.

 

Point of Service (POS): Combines features of HMOs and PPOs, including requiring a referral from a primary care doctor to see a specialist.

 

How We Can Help:

At Providence Financial Services, we make finding the right health insurance easy. Our knowledgeable team will explain your options clearly and help you choose the best plan for your needs and budget. We can help you source for individual coverage, family plans, or employee benefits according to your preference.

 

LIFE INSURANCE

Life insurance is a contract between an individual and an insurance company where the insurer promises to pay a designated beneficiary a sum of money upon the insured person’s death. It’s a financial protection that covers outstanding debts and funeral expenses. And most times, it offers financial security to the insured’s dependents.

 

Why You Need Life Insurance:

Life insurance is essential because it ensures that your loved ones are financially protected in the event of your passing. It provides peace of mind knowing that your family will have the financial resources to cover daily living expenses, pay off debts, and maintain their quality of life. Life insurance can also be a critical component of your estate planning, helping to manage estate taxes and provide an inheritance.

 

How Life Insurance Works:

Once you reach out to an insurance company, the insurer will analyse the risk associated with insuring you. You will be given health questionnaires to fill and your medical history will be analysed to get a clear picture of your associated risks. After the review, you’ll be scheduled to make regular payment as monthly or yearly premiums. The fees paid will help keep your life insurance policy active.

 

Upon the demise of the insured, a lump sum payment will be made to the beneficiaries. Beneficiaries are often family members but can also include trusts or charities. The agreed amount is usually stated in the policy.

 

Types Of Life Insurance Policies

 

Term Life Insurance:

Provides coverage for a specific period (e.g., 10, 20, or 30 years). If you pass away during the term, your beneficiaries receive the death benefit. This is often the most affordable type of life insurance.

 

Whole Life Insurance:

Offers lifelong coverage with a death benefit and a savings component that builds cash value over time. Premiums are typically higher than term life insurance.

 

Universal Life Insurance:

Provides flexibility in premium payments and death benefits. It also includes a savings element that earns interest.

 

Variable Life Insurance:

Combines a death benefit with investment options. The cash value and death benefit can fluctuate based on the performance of the chosen investments.

 

How We Can Help:

If you have setup a life insurance policy and you need a professional review we can help. Even if you don’t have a life insurance policy setup, we can also help. We will offer you a variety of life insurance options from top providers and guide you to choosing a favourable life insurance policy that will benefit your beneficiaries.

 

RENTERS INSURANCE

Renters insurance is a type of policy that provides coverage for tenants’ personal property and liability. Unlike homeowners insurance, it does not cover the building itself but covers your belongings within the property that makes it your home.

 

Why Renters Insurance Matters:

Renters insurance is a must-have for anyone renting a place. It’s like having a financial safety net for your stuff. Your landlord’s insurance covers the building but it doesn’t cover your personal things. Think about it, if there’s a fire or your place gets broken into, you’d want to be able to replace the items without breaking the bank. That’s what renters insurance does. It helps you out when you need to replace your possessions, so you’re not stuck with the full bill. Plus, it’s got you covered if someone gets hurt in your rented place.

 

How Renters Insurance Works for You:

When you get renters insurance, you pay a small fee to an insurance company. It’s like paying for a promise that if something bad happens to your personal belongings, they’ll help you financially. The amount you pay depends on how much items you want to cover and your preferred deductible. The deductible is like your share of the bill before the insurance company chips in. So, if you have a $500 deductible and something happens that costs $2,000, the insurance company will cover the remaining $1,500.

 

Choosing the Right Policy for You:

There are two main ways renters’ insurance policies roll: Actual Cash Value (ACV) and Replacement Cost Value (RCV). If you go with ACV, you get money for the current worth of your belongings, which isn’t always much for old items. But with RCV, the insurance company covers the cost of buying new items to replace your old ones. It’s like getting a fresh start without worrying about the price tags.

 

Where Providence Financial Services Comes In:

We’re here to help you figure out the type of renters insurance you need. We work with the best insurance companies to give you plenty of options. Whether you’re renting a cozy little apartment or a big house, we want to make sure you’re protected. Our team will help you find the perfect policy so you can kick back and relax, knowing your belongings are safe. We are also here to help with your claim filing process.

 

UMBRELLA INSURANCE

Ever heard of umbrella insurance? It’s a special kind of liability insurance that gives you extra protection on top of what you already have with your home, car, or renter’s insurance. While your usual insurance acts as a cozy covering, umbrella insurance acts a sturdy shelter that comes in handy when the storm of big claims or lawsuits that exceeds your standard limits hits

 

Why You Need Umbrella Insurance:

Life can be unpredictable. You might think you’re all set with your regular insurance policies, but sometimes things can get out of hand. For example, say you’re in a car accident that’s really bad, and the bills start piling up way more than your car insurance can handle. That’s when umbrella insurance swoops in, covering the extra costs.

 

How It Functions

So, how does this policy work? Well, when the money from your usual insurance runs out, your umbrella insurance kicks in. You pay a yearly fee for this extra security, and the coverage usually starts at $1 million. If you’re ever sued for more than your normal policy can pay, your umbrella policy takes over, making sure you don’t have to dip into your savings or future earnings. For instance, if your auto insurance covers up to $300,000 in liability and you’re sued for $1 million, your umbrella policy would cover the remaining $700,000. It’s like having a secret piggy bank that only opens when you really need it.

 

What It Covers

Umbrella insurance kicks in when the liability limits of your standard insurance policies are exhausted. Umbrella policies also extend coverage to certain situations that might not be included in your standard policies, such as libel, slander, or false arrest. This broadens your protection and provides peace of mind in various scenarios.

 

Types of Coverage Provided:

Umbrella insurance offers a wide range of coverage, including but not limited to:

Personal liability: Protects you against claims of bodily injury and property damage to others.

 

Legal defense costs: Covers legal fees associated with lawsuits, even if you’re not found liable.

 

Rental property liability: Extends coverage to any rental properties you own, offering protection against liability claims.

 

Worldwide coverage: Provides protection for incidents that occur outside the United States, ensuring you’re covered no matter where you are.

 

Where Providence Financial Services Comes In:

We always encourage our clients to get extra coverage for themselves and the umbrella insurance offers this coverage. To help you get the right insurance, we will assess your current coverage and identify potential gaps where umbrella insurance can be beneficial. We will see to it that you have a reliable extra layer of protection to safeguard your assets and future.

 

SPECIALTY INSURANCE

Specialty insurance is your go-to choice for protecting those one-of-a-kind and luxurious items that regular policies can’t handle. It covers jewelry, art, collectibles, antiques, and the like. It is a type of insurance made to give your expensive possessions special consideration due to their unique nature or high value.

 

Why You Need Specialty Insurance:

Standard homeowners or renters insurance policies often have coverage limits and exclusions for high-value or unique items. Without specialty insurance, you may not receive adequate compensation if these items are lost, stolen, or damaged. Specialty insurance ensures that your prized possessions are fully protected, giving you peace of mind. Whether it’s a rare piece of art, a family heirloom, or a valuable collection, this insurance provides the specific coverage you need to safeguard your investments.

 

How Specialty Insurance Works:

When you purchase specialty insurance, you work with an insurer to evaluate the specific items you want to cover. You’ll need to provide appraisals or detailed descriptions of these items to establish their value. The insurer then creates a policy tailored to the unique characteristics and value of your possessions.

 

Premiums for specialty insurance are based on the value of the items and the level of coverage you choose. In the event of a covered loss, the policy will compensate you based on the agreed value or the appraised value of the item. You will receive appropriate compensation to repair or replace your valuable possessions without suffering significant financial loss.

 

Types of Coverage Provided:

Specialty insurance offers a range of coverage options, including but not limited to:

Jewelry Insurance: Covers loss, theft, or damage to valuable jewelry pieces, including engagement rings, watches, and family heirlooms.

 

Fine Art Insurance: Protects art collections, paintings, sculptures, and other artistic pieces against damage, theft, or loss.

 

Collectibles Insurance: Provides coverage for various collections such as stamps, coins, wine, sports memorabilia, and more.

 

Antique Insurance: Insures antique furniture, rare books, and other vintage items against damage or loss.

 

Musical Instrument Insurance: Offers protection for professional and amateur musicians’ instruments, covering damage, theft, or loss.

 

If you’d like to learn more about specialty insurance, feel free to reach out to Providence Financial Services.

 

FLOOD INSURANCE

Flood insurance is a type of property insurance that covers losses and damage to your property caused by flooding. As opposed to standard homeowners insurance, which does not cover flood damage, flood insurance provides specific coverage for this type of natural disaster. It offers protection for your home and belongings in the event of flooding.

 

Why You Need Flood Insurance:

Flooding can occur unexpectedly and cause extensive damage to your property which can result in significant repair and replacement costs. In Texas, where heavy rains, hurricanes, and overflowing rivers are common, the risk of flooding is particularly high. Without flood insurance, you could face substantial out-of-pocket expenses to restore your home and replace damaged belongings. Flood insurance helps you have the financial protection needed to recover quickly from flood-related damage.

 

How Flood Insurance Works:

Flood insurance policies are typically offered through the National Flood Insurance Program (NFIP) and private insurers. When you purchase a policy, you pay an annual premium based on factors such as your property’s location, flood risk, and coverage amount. The policy covers two main areas: building property and personal property.

 

– Building Property Coverage: Covers the structure of your home, including the foundation, electrical and plumbing systems, HVAC systems, and permanently installed fixtures. It also includes coverage for detached garages and other structures on your property.

– Personal Property Coverage: Covers your personal belongings, such as furniture, clothing, electronics, and appliances. It provides compensation for the actual cash value of the items lost or damaged in a flood.

 

The coverage limits for flood insurance vary, with NFIP policies offering up to $250,000 for building property and up to $100,000 for personal property. Private insurers may offer higher coverage limits and additional options.

 

How Providence Financial Services Can Help:

Our experienced team will help you navigate the complexities of flood insurance. We will help you get the coverage you need at competitive rates. We work with both NFIP and private insurers to provide you with a range of options tailored to your specific risk profile and budget.

 

We’ll assist you in evaluating your flood risk, selecting appropriate coverage limits, and understanding policy terms and conditions. Contact us today to learn more about our flood insurance options and how we can help you safeguard your home and belongings from the devastating effects of flooding.