The Easy Guide to Home Owners Insurance in Texas  

The Easy Guide to Home Owners
Insurance in Texas

Homeowners insurance protects you from financial property losses caused by storms, fire, theft, and many other kinds of events. Just what will be covered depends on your particular policy. Be sure that you read through yours and understand what coverages and events apply to you. In Texas, there is a Consumer Bill of Rights to protect buyers of homeowners and renters insurance. Your company must send it to you when you buy your policy. You should read through it carefully before you have to report an incident, to know what your rights and responsibilities are under Texas law.

There are several different types of home insurance in Texas. You can buy only a dwelling policy if you want. This covers on the structure of your house and any outbuildings. It doesn't cover anything in the house. To get that coverage, you'll have to buy a homeowners policy, which combines dwelling coverage with personal property coverage, liability, medical payments for people hurt on your property, and loss of use, which pays for accommodations if your house becomes too damaged to live in. There are three standardized types of policy available in Texas – HO-A, HO-B, and HO-C. These are different than the standardized types available elsewhere in the country. In general, HO-B is considered the greatest coverage for your money, but your needs will vary. Study the types to find out what will work best for your situation. You can also get alternative, non-standardized policies, but these will vary by company. The others will not. A policy offered by one company will have the same coverage as one written by another, but their rates may vary drastically.

Most home owners insurance policies cover losses from fire, lightning, vehicles, vandalism and theft, explosion, smoke, storms, and sudden water damage. They often don't cover damage by flood, earthquake, vermin, wear and tear, or slow water damage. Depending on where you live in Texas, homeowners insurance companies may exclude damage from some kinds of sources. Residents of the Gulf Coast may find that their policies don't cover wind, storm, and hail damage, for instance. Most companies also don't cover mold damage beyond the amount needed to repair property damaged by otherwise covered water damage.

Other policies that are available to Texas residents include renters insurance and insurance for condo and townhouse owners, as well as ranch and farm policies. You can pay extra to get coverage for farm equipment and outbuildings. Be sure to maintain adequate coverage for your house. This means making sure that you're covered for the cost to rebuild your home, rather than its market price. You can consult with your agent to find out what this value is. If you have expensive personal property, consider avoiding actual cash value policies. These will pay only the value of your belongings, not the cost to replace them. If your electronics or other valuables are stolen, this could lead to problems getting new ones. If you own a lot of very nice electronics or jewelry, you might be required to pay additional premiums to cover them.   Site Map - About Us - Contact Us - Terms of Use - Privacy Policy

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