A homeowners insurance policy is designed to protect your home and covered personal property against covered losses included in the policy such as weather, fire, personal injury suits, theft, and more.
In the event of a loss, homeowners’ insurance can pay to repair your home and repair or replace your personal property. In fact, many homeowners’ policies cover your personal property anywhere in the world.
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Below is a list of questions that are commonly asked regarding homeowners’ policies. If you have any further questions, please don’t hesitate to contact us. We are here to serve you!
The simple answer is no, the state does not require homeowners to insure their dwellings. However, in order to secure a home loan, lenders require that borrowers insure the home for the life of the loan. This means that people still paying off their home are required to have homeowners insurance.
If you have a mortgage, your lender will set a minimum amount of insurance you must carry. It's helpful to remember that 60% of all homes in the U.S. are underinsured. Each case is unique but generally your policy should have enough coverage to (in the event of a loss) rebuild your home, cover any injuries/damages to others, reimburse your living expenses while you can't live in your home, and replace your personal belongings.
The average cost of a home insurance policy in the state of Texas is roughly $184 per month or $2,207 annually. These costs are around 37% higher than the national average for currently insured homeowners.
A common misconception is that insurance companies base rates on the value of the home. The reality is that they base their rate on the dollar amount it would take to rebuild the structure. This appraisal is typically independent of factors such as your mortgage, property value, or the market price.
Your premium is the money you pay to the insurance company in order for them to cover you in the event of a loss. You might pay monthly, quarterly, or annually, depending on the options available and what fits you best. Regardless, one of the top questions everybody asks is, "How can I keep my premiums low?"
Below is a list of ways you can lower your homeowners insurance premiums or avoid premium increases:
Read more tips to save money and make the most of your insurance in our blog.
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