What to Consider When Choosing Multifamily Properties


Are you looking to grow your real estate portfolio quickly? Multifamily investments are not only a great investment, but they can work to expand your portfolio very quickly. Moreover, they can often have long term value as well. However, there is no doubt that this type of investment can sometimes be seen as complex and navigating them can be difficult if you are not sure what considerations to make.

If you are thinking about a multifamily property, or you already have this type of real estate already in your portfolio, here are a few things you should consider:

What Type of Vehicle Insurance Coverage is Required in Texas? Is It Enough?

Texas car insurance requirements

One of the questions we get quite often is, “What Type of Vehicle Insurance Coverage is Required in Texas?”

In addition, in the state of Texas, you’re required to pay for any accidents you cause. That’s why it’s critical to have the right amount of coverage. Thus, you are both looking for the required coverage, as well as what might be beneficial to you.

Whether you’ve recently moved to Texas or you’ve just acquired a new vehicle, if you’re wondering what type of vehicle insurance coverage is required in Texas, then this is the guide for you.

Discover the coverage you need to meet Texas car insurance requirements.

What Type of Vehicle Insurance Coverage is Required in Texas?

Some typical Texas auto insurance requirements include:

Texas car insurance requirements

Minimum Liability Insurance

Texas requires that all vehicle owners possess a minimum of liability insurance. This includes $30,000 bodily injury coverage per person and $60,000 per incident. Property damage coverage is also required for at least $25,000 per each incident.

Burden of Proof of Financial Responsibility

You must also provide proof of insurance in the event of a car accident. You’ll also need it when you renew or register your vehicle or if you’re asked to present it by the police.

This proof of insurance is typically sent in the form of an insurance card by your insurance company. However, the state of Texas also allows you to present digital copies, so it’s okay to show your proof of insurance from your cellphone.

Exclusions with Most Texas Auto Insurance Requirements

Some exclusions or aspects that are typically covered by your car insurance policy include racing, intentional acts and named driver policies, which only cover those who are named on the policy.

Texas Auto Insurance Coverage Breakdown

Meeting Texas minimum auto insurance requirements starts with understanding what coverage you need. Some essential coverage drivers should have to meet Texas car insurance laws include the following.

Liability coverage

Liability insurance is critical to have in the event of a car accident. It pays for car accident-related expenses, such as:

  • funeral costs
  • pain and suffering compensation
  • car replacement or repair costs and car rental costs
  • people driving your vehicle who have your permission, you, family members who are away attending college, the occupants of your car, such as family members or in-laws living with you in your home and even separated spouses.

Your liability insurance can even cover you in the event of an arrest following an accident for up to $250 in bail expenses. Texas minimum liability coverage laws require that you have at least have liability.

Collision coverage

To cover collision costs or damage to your vehicle, the minimum insurance coverage in Texas for your policy is determined by your insurance provider if you still owe money on your car.

Comprehensive coverage

Texas vehicle insurance requirements for comprehensive coverage covers things, such as repair and replacement costs in the event of theft or fire damage.

Additional Medical Payments Coverage

Sometimes meeting the minimum required coverage isn’t enough. If you’re health insurance plan or auto insurance plan doesn’t fully cover the cost of all your healthcare needs related to a crash, then taking on an additional medical payments coverage plan may provide the extra financial help you’ll need. This type of plan even covers the funeral costs or medical bills of pedestrians or bicyclists involved in the accident.

Uninsured/Underinsured Motorist Coverage

If you’re involved in a hit-and-run accident or you find out the driver of the other vehicle does not have sufficient insurance or any at all, then uninsured/underinsured motorist coverage can help you cover unexpected costs.

These costs include bodily injury costs, such as disfigurement, lost wages or disability. It also covers property damage costs, including car rental expenses and vehicles repair costs. However, you are required to pay a minimum of $250 deductible in the event of property damage before the insurance company pays for the rest of the expenses.

Towing coverage

While no Texas state minimum car insurance requirements exist for tow coverage, it’s still critical to consider this option in the event you are unable to move your vehicle if it breaks down or you need a new battery.

Rental Renumeration Coverage

There are no Texas minimum car insurance requirements for rentals. However, you’ll want to consider this in the event of theft or an unexpected event that results in damaging your vehicle, such as a fire.

Miscellaneous coverages

Other Texas insurance requirements you may need to consider include commercial vehicle coverage. Texas commercial auto insurance requirements also must meet minimums.

Texas auto insurance laws

Where Do Texas Car Insurance Laws Cover You

The states and countries Texas car insurance laws extend to include all states in The United States and Canada. However, since Mexico doesn’t recognize U.S. vehicle liability policies, you’ll need to get additional coverage should you decide to drive into Mexico.

How to Shop for Texas Auto Insurance

Always think about the type of coverage you need when shopping for Texas auto insurance. Also, consider who will drive the car and ask about what discounts you may qualify for.

Shopping for the minimum auto insurance coverage in Texas for standard vehicles may not be enough if you need commercial vehicle insurance as well. So, it’s important to consider all the vehicles you need to insure and the type of vehicles that require insurance so that you meet Texas insurance minimums.

What to Do After a Car Accident?

Ensure that everyone involved in the car accident is safe. Check for vehicle damage and contact the authorities. Also, call your car insurance company and exchange your insurance information.

Get Help with Texas Liability Insurance Requirements from Benchmark Today

Navigating Texas auto insurance laws doesn’t have to be complicated. With the right guidance, you can get sufficient automobile insurance to meet Texas minimum insurance requirements.

To get a quote, or to learn more about Benchmark’s personal auto insurance in Texas, please contact Benchmark today.


What is Fire legal Liability Endorsement and What Does it Cover?

business fire insurance
business fire insurance

Do you know what a Fire legal Liability Endorsement is?  How about whether or not you have a potential fire legal liability.  Here's what you need to know:

Do You Have Fire Legal Liability? 

In mere minutes, a fire can wreak havoc and cause major damage to any business. The devastating inferno could cause your property to go up in smoke, and your finances, too.

When reviewing your business insurance, don’t wrap up your documents without securing fire damage legal liability. Anyone who wants to succeed in their business should be properly insured and fire damage and liability are a very real concern for many business owners.

What Is Fire legal Liability Endorsement?

It is known as both Fire Legal Liability or Fire Damage Legal Liability. In some documents, it can be referred to as "damage to premises". Fire damage liability is typically provided as an exception to most policy exclusions for the insured property.

Why is it important to have fire insurance for business?

A fire disaster is a businesses’ worst nightmare. And yet not enough businesses take the necessary steps to guard themselves against potential damages and secure business fire insurance.

We know how hard it can be to navigate the legal system, so here are some tips for getting commercial property fire insurance for your business.

How Important is Fire Legal Liability in Property Lease Agreements?

Does liability insurance cover fire in a standard business policy? In many cases, it does not.

Don’t skip over fire liability, as it’s a key point in policies. Having this clause included can provide coverage for property damage due to a fire to the leased or rented property. It is especially key if the fire and damage were caused by someone else’s negligence.

what is fire legal liability?

What Exactly Is Covered in Fire Liability Insurance?

Fire insurance will normally cover the damages and losses directly caused by the fire. In some cases, this coverage can help to replace, repair, or reconstruct your property after a fire. The property insurance policy will have a set limit, which you will discuss and agree upon with the insurance firm.

Fire damage legal liability is usually limited to only fire losses and can only be applied to the leased or rented premises ‘occupied’ by a tenant. It does not cover any specific damage to the body of persons affected by a fire, or emotional and health problems that ensued as a result of the disaster.

Because some insurance professionals often focus more on other major coverages, the business fire insurance policy is often overlooked.

Always Read Between the Lines

Some owners wonder if liability insurance covers fires. Unless spelled out, it may not.

Before you sign any lease contracts, ensure that you are covered if damages from fires occur. If not, you may be forced to pay the damages. Unless you have additional insurance in advance, it does not matter whether the fire was caused by negligence, or by a natural disaster. You may be held responsible.

As part of your risk management strategy, you should always review lease agreements periodically. Taking a proactive approach to risk is the only way to ensure your full security, safety and prevent financial problems.

Learn more about Fire Liability and Insurance from Benchmark Brokers


At Benchmark Brokers, we understand the hazards and risks many businesses and their owners face. We specialize in providing insurance for all types of properties, from office buildings to apartments and commercial spaces.

You can learn more about Benchmark's commercial property insurance by visiting our website or scheduling a call. Contact us online today!

Our experienced agents understand your challenges and are committed to working with you to provide the best coverage. Our flexible pricing plans are reasonable and affordable. We always evaluate your needs and give you options for deductibles, limits, and requirements.

Contact us today to get an insurance quote from Benchmark, or ask any other questions regarding commercial property insurance in Texas.