Homeowners insurance policy in Texas will help you replace or repair your valuable property in the event that it has been damaged by occurrences covered in your homeowners’ insurance policy. Such unexpected events or occurrences are referred to as ‘covered losses’. There is a Consumer Bill of Right for homeowners and renters insurance policies in Texas. You need to understand these rights and seek for a bill of rights from your insurance company every time you renew your insurance policy. The insurance policy is a contract between the insured and the insurance company, and you ought to read it carefully so as to know what it covers and your exact dollar limit.
Getting the right insurance policy quotes
No matter the size of your Texas home, it’s prudent to get a homeowners insurance that will cover your property and all the assets inside your home. It’s recommended that you consider applying for several quotes right off the bat. It’s very easy and reliable to check out various quotes online. Take out enough time to eliminate outliers such insurers who have quotes that are too high than average or providers that have deals that are too good to be true. Call each of the companies to make certain you’re comparing apples to apples and even get a feel of what the customer service is like. Remember, these are people that you’ll be dealing with in case of home emergencies, and hence they should be humble and trustworthy.
It’s extremely important to work with an established insurance company with a strong financial standing so that you can rest assured that it can pay your claims immediately without delays whenever disaster strikes. It’s very important that you select an insurance company that really has your back because a few dollars that you pay to protect your property today can save you loads of money in the long run. Besides the amount of premium, it’s wise to look at what is covered vs. what is not covered in the homeowners’ insurance policies from different providers. A cheaper policy may cost you more in the event of a loss because it has inadequate coverage.
Some of the common types of losses covered by homeowners policy include fire, lightning, explosions, sudden smoke damage, vandalism, theft, malicious mischief, sudden water damage, aircraft and vehicles, riot, and windstorm or hurricane for homeowners who don’t live on the Gulf Coast. Most policies, on the other hand, don’t cover flooding, termites, or insects, earthquakes, wear and tear, water damage from continuous seepage, and freezing pipes while the property is unoccupied.
How do rates compare in Texas?
The Lone Star State is known to have the second largest homeowners insurance rates after Florida. Therefore, while an average American somewhere else is paying about $1,096 for his or her policy, a homeowner is Texas will be parting with $1,837 a year for the policy. This is generally because of the likelihood of being predisposed to natural disasters like thunderstorms, tornados, and hurricanes. There is a wide range of rates across the state, and hence you need to shop around extensively.