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HOME OWNERS INSURANCE

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.

Licona Insurance Group has over 50 years of experience with auto insurance. Call us today to learn how we can help and get a free quote.

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FREQUENTLY ASKED QUESTIONS

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!

  • • Is it required to have homeowners insurance in Texas?
  • 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.

  • • How much home insurance do I need to cover my property?
  • 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.

  • • What is the average cost of homeowners insurance in Texas?
  • 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.

  • • What factors go into determining the cost of insuring my home?
  • 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.


KEEPING YOUR PREMIUM LOW

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:

  • • Bundle your homeowners policy with your auto policy and other insurance
  • • Have low or no claim history
  • • Be continuously insured by a previous carrier for the years prior
  • • Make plumbing, electrical, and heating/cooling renovations to your home
  • • Install smart home technology that helps avoid or prevent damage
  • • Purchase a home in a gated community
  • • Improve your homes roof rating

Read more tips to save money and make the most of your insurance in our blog.


SPEAK WITH AN AGENT AND SAVE

Contact us today to let our licensed and experienced agents find the personalized coverage that fits your needs and budget.

As a family owned company with over 50 years in the business, we keep the best interest of our clients in the forefront of our mind. Your safety, financial security, and satisfaction are our agents top priority.

Call us today and get better service at a more reasonable rate.

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