Do you own a home in Texas? If so, you’re likely familiar with the various hazards of this type of investment, from household fires to extreme weather events like tornadoes and hurricanes. Keep reading for more about protecting your investment with the homeowners insurance coverage.
Table of Contents
- Coverages Available with a Standard Homeowners Insurance Policy in Texas
- Recommended Homeowners Insurance Coverage
- Does Texas Law Require Homeowners Insurance?
- How Much Does Homeowners Insurance in Texas Cost?
- Take Control of Your Home Insurance Coverage Today!
Coverages Available with a Standard Homeowners Insurance Policy in Texas
A basic homeowners policy provides these coverages:
- Dwelling coverage (pays to repair or rebuild your home after damage)
- Third-party personal liability (covers bodily injury, including medical bills and property damage incurred by others)
- Personal property coverage (pays to replace personal belongings damaged or stolen inside your home for their actual cash value)
- Additional living expenses/loss of rent (covers the cost of a temporary relocation, including hotel accommodation and meals, after severe damage to your home)
Although standard homeowners insurance covers wind, hail, and hurricane damage, some states allow owners with FAIR coverage to opt out. The policies also cover tornado damage.
Recommended Homeowners Insurance Coverage
These home insurance policies are optional, but they may be worth the investment depending on your circumstances:
Flooding is a significant cause of headaches for Texas homeowners, especially between April and September. However, standard homeowners insurance policies do not cover flood damage. Insurance companies offer this optional coverage through the National Flood Insurance Program (NFIP). You might still need flood insurance to obtain a mortgage for a property in a high-risk flood zone. Don’t forget that flood damage can occur in homes not in a designated flood zone.
Personal property replacement cost
Standard personal property coverage only pays the depreciated value of an item at the time of covered damage in a fire or theft. Consider purchasing a replacement-cost endorsement to cover your belongings for their brand-new price.
Consider purchasing blanket jewelry, escape of water, and inflation protection policies if you own a house in Texas. Although these coverages are optional, they’re a worthy safety net for residential property owners.
Does Texas Law Require Homeowners Insurance?
You can own residential property in Texas without carrying homeowners insurance. While the policy isn’t mandatory in the state, you’ll often need it to secure a home loan. Mortgage lenders usually protect their financial interests in the transaction by requiring their customers to have this insurance.
How Much Does Homeowners Insurance in Texas Cost?
According to NerdWallet, homeowners insurance premiums in Texas average $3,257 a year, double the national average. You may pay higher or lower than this rate depending on several factors. Remember that home insurance costs increase as the home’s value, age, or coverage limit increases. Similarly, insurers will likely raise your premiums if you file claims frequently.
Take Control of Your Home Insurance Coverage Today!
Are you looking for more specific policy options tailored to your coverage needs and risks in Texas? Our team at Pierce Insurance Group is here to help! With our experienced agents, we can assist you in exploring additional homeowners insurance coverages that are relevant to you. Contact us today to discuss your requirements and find the right policy for your home. Don’t wait; reach out to us now or call us at (469) 2528001.