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Homeowners Insurance in Texas
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PERSONAL INSURANCE
Homeowners Insurance in Texas
What is homeowners insurance?
A house is a major investment, and thus requires protection against damage and destruction. Homeowners insurance can help Texas residents protect their houses against a range of perils.
Homeowners insurance usually provides protection for houses, the belongings in them, and the people who live in them. Most policies have a combination of property and liability coverages.
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Who in Texas needs home insurance?
Most Texas residents who own their residence should have home insurance. Mortgages typically require coverage for financed houses, and policies provide important protections regardless.
What coverages are included in homeowners' policies?
Homeowners' policies differ in the specific coverages they offer, but most make certain common ones available. Some of the more important and common protections to consider are:
- Dwelling Coverage: Usually protects the actual house on the insured property
- Secondary Structures Coverage: Usually protects other structures (e.g. sheds, detached garages, etc.)
- Personal Property Coverage: Usually protects belongings (e.g. clothes, dishes, furniture, electronics, etc.)
- Loss of Use Coverage: Usually pays for alternative lodging following a covered disaster
- Vacant Property Coverage: Usually required whenever a property is vacated for an extended period
- Personal Liability Coverage: Usually protects against lawsuits in which the policyholder is financially liable
Do homeowners' policies cover high-value belongings?
The personal property coverage included within homeowners' policies typically extends to high-value goods. The standard coverage often imposes restrictive limits on these particular goods, however. Items such as jewelry, artwork, collectibles, silverware, firearms and other expensive items might only be insured for a few hundred or thousand. It’s not uncommon for the restrictive limit to be lower than the total value of a homeowner’s high-value belongings.
If a limit is lower than the amount of coverage needed, additional protection is readily available. Coverage might be obtained through a different homeowners policy, a supplemental item-specific policy, or an endorsement. An experienced insurance agent can explore each of these options, and recommend the most suitable one for a homeowner’s particular situation.
What is force-placed home insurance?
Force-placed home insurance is a type of homeowners policy that’s purchased by lenders that underwrite mortgages.
Lenders typically require homeowners to carry at least enough home insurance so that the lender's financial interest is protected. Should homeowners fail to maintain the minimum required coverage, a lender will likely purchase insurance for the amount of their financial interest. The premiums are normally passed onto the homeowners as part of the monthly payment, and the rates tend to be higher than what standard home policies costs.
Force-placed insurance shouldn’t be assigned so long as homeowners maintain their lender’s minimum required coverage. Homeowners who have had a forced-placed policy purchased for their residence should talk with an insurance agent who knows homeowners' policies well. A knowledgeable agent will be able to switch the forced-placed policy with a standard one as quickly as possible.
Can Texas homeowners policies cover vacation properties located in other states?
Homeowners' policies generally must be purchased where the insured property is located. A property that’s underwritten in Texas likely can’t protect a vacation home in Colorado, Montana, Minnesota or another state. When insuring a vacation property that’s located in another state, homeowners should seek out a knowledgeable insurance agent in that state.
How can residents get quotes for homeowners insurance?
If you need help insuring a residential property in Texas, contact the independent insurance agents at Nathan Taylor Agency. Our agents will work closely with you to assess coverage needs, and then we can show you several quotes from different insurance companies that meet those needs. With our assistance, you can have confidence that the homeowners' insurance policy you ultimately select will protect your property, your belongings and yourself well.