Homeowners Insurance Information
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Every Texas resident needs homeowners or renters insurance. Your dedicated Pan American Insurance agent can help you get the right policy at the right price.
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Homeowners Insurance Protects You
You don’t want to think about accidents at home, but you must ask yourself: How much would I lose if something damages my house? Can I replace my belongings? Can I afford to rebuild?
If you want to worry less about how you’ll answer these questions, invest in a full, tailored homeowners or renters insurance policy. Coverage provides money and other assistance to help people afford the costs that arise after damaging personal accidents involving their home or property. Your long-term solvency and your ability to maintain the property can therefore remain assured.
What does Texas homeowners insurance cover?
Most of the time, your homeowners policy can apply funds to multiple potentially-damaging risks, like:
- Physical damage to the home’s structure or possessions (both on or off the property)
- The injuries or property damage that you might cause to others
- Lawsuits leveled against you by those who blame you for their personal losses
Having protection is so important that most lenders require homebuyers to get covered before qualifying for a loan. You’ll present yourself as a more responsible homeowner for doing so.
What are some common policy elements?
Most people carry at least a few of the basic types of homeowners coverage.
- Dwelling/structure coverage will insure the house itself in case of a damaging accident.
- Contents insurance covers possessions (like clothes or furniture) damaged by covered incidents.
- Liability insurance pays for the property damage or injuries that others, like neighbors or guests, experience that might be your fault. Coverage can also pay for legal costs that might arise.
- Living expense insurance pays costs like hotel or dining bills if you have to temporarily move out of the home after a covered accident.
Do I need extra coverage?
Your home insurance policy can also often provide a variety of enhancements for your protection.
- Scheduled item riders will apply specific coverage to high-value belongings, like jewelry or art.
- Pet liability insurance can cover others if your pet bites them or damages their property.
- Other structure insurance can pay for damage to buildings on your property that are not part of the main structure, such as sheds, fences or swimming pools.
- Flood insurance applies to weather-related water damage, which standard home insurance typically won’t cover. Most policies come from the National Flood Insurance Program (NFIP).
- Medical payments supplements can help pay the medical costs of a guest injured in your home. Unlike with liability insurance, negligence usually won’t factor into claims.
- Sewer backup coverage applies if a plumbing problem causes damage to the home.
Sometimes, your policy will automatically contain the specialty coverage you want. In other cases, you’ll need policy endorsements or supplementary coverage.
How is renters insurance different from homeowners coverage?
If you rent your home, you need renters insurance. It is not exactly the same thing as home insurance.
Policies usually include possessions, liability, and expense insurance. You often can get extra options, too. Many landlords require tenants to carry liability insurance. It usually applies to traditional household liabilities, but it also might apply if you damage the rental property itself. The property might belong to another person, but you still have certain responsibilities for it which this coverage can insure.
What are the costs?
Many people ask us what they will pay out-of-pocket for home insurance. Most costs look a lot like this:
- You’ll pay a premium on the policy. We can apply discounts to help keep coverage affordable.
- Most policies contain several deductibles. You pay the deductible as part of your personal responsibilities for a claim cost. We’ll balance this deductible cost, so you can always afford it.
- Policies typically pay the replacement cost value for structural repairs. With it, you can repair or rebuild the home at today’s costs. Some costs might remain depending on the policy’s limits; have the home appraised so you can match the home’s replacement value.
- Policies often only pay a percentage of the total dwelling coverage for detached structure limits.
- Some contents policies will only pay the depreciated cash value of items at the time of a loss. In other words, if your TV is five years old, you likely won’t get back the full price you paid for it.
- Contents policies might also set maximum amounts that they will pay for certain items. However, you might be able to get around this by adding scheduled items to the policy.
For assistance choosing the best financial limits and most-affordable coverage for your residence, let one of our agents help you. Call us at (833) 775-2355 or request a policy quote online right now!