When you shop for home insurance in McKinney, Texas, it’s important to consider the types of natural disasters that can happen in the state. According to a recent Bankrate study, for a Texas home valued at $250,000, homeowners pay about $1,863 per year for insurance. Here’s a look at how to get the best home insurance coverage that meets your needs.
Common causes of home loss in Texas
Texas is known for hurricanes and tornadoes, which have caused massive damage at times. In 2017 Hurricane Harvey ran up costs of $125 billion, according to the National Oceanic and Atmospheric Administration (NOAA). High winds and flooding from thunderstorms can destroy plumbing systems. Other common issues that lead to claims include fire, theft, and burglary.
Home insurance coverage options in McKinney, Texas
It’s fairly simple to purchase homeowners insurance in McKinney, Texas. Think about the following types of coverage to customize your homeowners’ policy:
- Dwelling coverage: Pays for damage to your physical structure and attached structures like a shed or guest room. This coverage typically reflects what’s offered in a standard insurance policy.
- Personal property coverage: Pays for replacing your personal possessions stored indoors or outdoors on the property. Ask your insurer about certain items like jewelry or computers, which tend to have set coverage limits.
- Liability coverage: Pays for medical bills and lost wages to victims who are injured or become ill on your property. Liability also covers certain legal issues, such as if someone accuses you of defaming them. Usually, liability is a major component of a standard homeowners plan.
- Guest medical protection: Extends coverage to injured individuals on your property regardless of fault. This protection is usually included in a standard homeowners policy.
- Flood coverage: Fills the gaps not covered for water damage in a basic homeowners plan. While you may not be concerned if you don’t live in a flood zone, 99% of all U.S. counties were hit with floods between 1996 and 2019, according to the National Flood Insurance Program (NFIP).
- Wind/hail coverage: Due to the state’s history of tornadoes, you need this extension that’s usually excluded from basic plans. If you have problems finding appropriate wind/hail coverage for your home, contact the Texas Windstorm Insurance Association (TWIA) to help you get coverage.
- Seepage and leakage: Pays for damage from water leaking into your home through cracks. You’ll have to read the policy carefully and ask questions about how much coverage this extension provides. Insurance companies typically don’t pay for damage that could have been prevented through regular maintenance.
- Water backup coverage: This extension will pay for damages if water backs up in your drains or sewer lines. A home’s sump pump can be strained by severe storms, causing water backup. You don’t want water to stay backed up long because it can cause further damage.
How do I get homeowners insurance in McKinney, Texas?
There are countless insurance agencies licensed to operate in Texas. Some of the biggest names that offer coverage to Texas homeowners include Allstate, State Farm, and Farmers. Amica Mutual is one of the highest-rated insurers based on scoring by J.D. Power. If you are an active or former military professional (or part of a military family), you can get home insurance from USAA.
Many homeowners seek a more customized plan than what major insurance agencies offer. Not all homeowners have the same risks, as many take proactive steps to avoid worst-case scenarios. It’s helpful to find an insurance agency that bundles several plans together for a discount. Even though insurance agencies typically don’t promote discounts, many still offer them for customers who qualify.
If you have trouble finding the right insurance you want, check with the Texas FAIR Plan Association, which offers basic homeowners plans. These plans are usually offered to applicants who have been rejected by at least two insurance firms licensed in Texas. You can call the organization at 800-979-6440.
When you approach an insurance provider to learn about its offerings, you should be prepared to share certain information about your home. Know the square footage, roof type, and various other characteristics of your home. It’s also helpful to have an inventory list of your belongings so you can ask about coverage for certain valuable items.
What do I need to purchase a homeowners insurance plan in Texas?
You mainly need to provide an insurer with personal information and details about your home. The application requires providing your name, date of birth, home address, and details about your home. Some of the main factors that affect insurance costs are the age of the home, its construction materials and engineering, and the quality of the neighborhood.
Understand that your zip code and several other factors influence your monthly premium costs. Zipcodes with lower crime rates are associated with lower premiums. Be aware of how your property’s value can affect your insurance costs.
After researching various insurance company websites and collecting quotes, you can get an idea of which firms best match your needs. This research takes several hours of follow-up by learning about various policies and features. If you aren’t able to devote several hours to this research, it’s advantageous to work with an insurance broker that can help you find the best match.
Making your way through the maze of complex homeowners insurance plans can be overwhelming. So consider working with experienced insurance experts who can answer your questions and provide tips on how to save money. Contact our experts at Pierce Insurance Group to learn more about how we can accommodate your insurance needs.