Purchasing a home is going to be the largest investment that most people make in their lives. Ensuring that this investment is protected in the best way possible is where we come in. We can help you find the policy that will best cover your home, should something unexpected happen. We’re always just a phone call away from getting the support you need, and in the event one of those pesky Gulf Coast hurricanes makes its way to your front door, our emergency response team is ready and prepared to handle any situation.
Contact us today at 713-666-3601 for a free consultation and to get more information about how GBS Insurance can help shield you from disaster.
Want to read more about Homeowners Insurance in Texas? You got it!
Most homeowners policies in Texas combine the following five coverages:
- Dwelling – pays if your house is damaged or destroyed by a covered loss. It also pays for unattached structures and buildings, such as fences, detached garages, and storage sheds.
- Personal Property – pays if the items in your house (such as furniture, clothing, and appliances) are stolen, damaged or destroyed by a covered loss
- Liability – provides $25,000 in coverage if you are sued and found legally responsible for someone else’s injury or property damage. You may be able to purchase up to $1 million in additional coverage.
- Medical Payments – pays the medical bills of people hurt on your property. It might also pay for some injuries that happen away from your home. A basic homeowners policy pays $500 in medical bills, but you may buy up to $5,000 in medical payment coverage.
- Loss of Use – pays any additional living expenses you may acquire (housing, food, and other essential expenses) if you must temporarily move because of damage to your house from a covered loss. Your policy will pay either a percentage of the amount of your dwelling coverage (typically 10 to 20 percent) or for a specific period after the loss (such as 12 months).
However, there are only two types of policies sold in Texas:
- All-Risk Policies (or Comprehensive Coverage) – these policies offer you broad protection and cover all causes of loss unless the policy specifically excludes them.
- Named Peril Policies (or Specified Peril Coverage) – these policies offer narrower protection than an all-risk policy and cover only the causes of loss specifically named in the policy.
Other types of Residential Property Policies:
- Renters Insurance – A landlord’s insurance does not cover a renter’s personal property. Renters insurance covers your belongings, provides liability protection, and pays additional living expenses if a fire or other event stated in your policy forces you to move temporarily from your rented home.
- Condominium Insurance – Covers your belongings, provides liability protection, and pays additional living expenses. It also covers damage to improvements, additions, and alterations to the condominium unit.
- Townhouse Insurance – Townhouses may be insured by either an individual homeowners policy or an association master policy. If a townhouse is owner-occupied and the townhouse association does not have a master policy on the building, you can purchase a homeowners policy on your individual unit. If the association has a master policy, you should get a Texas tenant homeowners policy to ensure your personal property.
- Mobile Home Insurance – Mobile homes without wheels and resting on blocks or a permanent foundation qualify for a homeowners policy. However, most mobile homes are insured by a Mobilowners policy. A Mobilowners policy is actually an auto policy that covers mobile homes used as residences. Mobilowners policies offer extremely limited coverage.
- Farm & Ranch Insurance – Farm and ranch owners policies insure homes outside city limits on land used for farming and raising livestock. You can pay extra to get coverage for certain farm equipment and outbuildings.
Factors that can affect your premium:
- Your home’s age and condition – Some insurance carriers will refuse to cover your home if it’s in poor condition, but it is illegal for them to deny you coverage based solely on a home’s value or age. In general, however, most carriers will charge you more when insuring an older home.
- Your home’s replacement cost – If you have a replacement cost policy, you will be reimbursed the cost to replace your home should it be destroyed. As such, your premium will increase based on the cost of your home.
- Age of your home – Depending on when your home was built, you could have a lower or higher premium.
- Construction materials used in your home – Homes built primarily with brick are in general less expensive to insure than frame homes.
- Condition of Home – The condition of your home will be one of the major factors on your premium. An inspection is normally required.
- Location – Premiums tend to be higher in areas with a higher crime rate or places that experience frequent storms.
- Availability of local fire protection – In areas where local fire protection is near, insurance premiums are generally lower.
- Your claims history – Carriers will look through your claims history to determine what type of coverage you may need. Your claims history will include both the type and number of claims filed.
- Your credit score – Insurance carriers have the ability to use your credit score to determine whether or not they will sell you a policy. However, it is against the law for an insurance carrier to refuse to sell you a policy based on your credit score alone. You can learn more about how companies use credit scoring on HelpInsure.com
Discounts that can help you save money on your insurance:
- Impact-resistant or noncombustible roofs
- Burglar, fire, and smoke alarm systems
- Automatic sprinkler system
- Fire extinguishers
- Premises in good condition (carriers set their own standards)
- House insured to full replacement cost
- Good claims experience for three consecutive years
- Marking personal property with an identifying number (inspection required)
- Other policies with same company or group
- Senior citizen discounts