A Guide to Buying Home Insurance in Texas
Spring is just around the corner, and in the state of Texas, this means that many homeowners are preparing for a possible move. Yes, the beginning of the year for many Texans includes preparing for a new chapter in a new home. It doesn’t matter if you are a seasoned homeowner or a first-time buyer, you’re going to need a home insurance policy to keep your investment protected. Your homeowners insurance policy helps you protect against common perils that can cause serious damage to your home if not destroy it altogether.
Every homeowner is recommended to purchase a home insurance policy because the financial hurdle of rebuilding a home in the event of a major loss is inconvenient at best and insurmountable at worse. If you’re looking to move this year, we’ve got a great guide to help you navigate the world of home insurance and help alleviate some of the stress that goes into finding your new home. Check out our guide below, and if you have any questions about finding the right policy, feel free to ask an agent today!
The Secrets to Saving on Home Insurance
If you’re a homeowner, chances are you’re going to want to save money on your home insurance policy. A home is your shelter and your investment. Putting a significant amount of money into your home is a great financial move, but you’ll also need to protect your interest. Home insurance policies differ from homeowner to homeowner. This is due to several reasons including your coverage needs, personal factors which affect your premium, and characteristics of your home, just to name a few. But saving on a home insurance policy is the shared dream of all homeowners. Your dream can be a reality through these easy to follow tips:
- Compare your rates among a variety of insurance brands. Each insurance brand will assess your risk differently which leads to differing insurance premiums. By shopping around you can find the right company for your needs.
- Bundle your home insurance policy with your auto insurance
- Increase your deductible for a lower home insurance premium.
- Install improvements to your home that increase its ability to sustain natural disasters, prevent crime, or keep your household safe. (Examples: Hurricane grade storm shutters, security systems, a fire alarm system with sprinklers, etc.)
There are plenty of ways to save money on your policy and seeing as every homeowner needs this protection, it only makes sense to receive it at the lowest rate. Texas has some of the highest home insurance rates in the country making it imperative for homeowners to take the necessary steps to save money. Shop around, bundle when you can, and do your part in protecting your home for the best results.
3 Weather Events Covered by Home Insurance (and 3 That Aren’t)
As we all know, the weather in Texas can feel unpredictable. One thing that isn’t unpredictable, is that the Lone Star State is going to face some extreme weather events. Homeowners will be happy to know that one of the main protections a home insurance policy will afford is against natural disasters and extreme weather events, but there are some exclusions to these protections. Take a quick look at some of the weather events you can count on your home insurance for and a few that are not included:
Windstorms and Tornadoes
Homes all across Texas are no stranger to windstorms of many different forms. In the east, you have the Gulf Coast, which sufferers from intense tropical conditions that may even come in the form of a hurricane or tropical storm. Up north, Texans face severe thunderstorms and tornadoes. Central Texas, West Texas, and Southern Texas all face some form of wind peril ranging from hurricanes to tornadoes and more. Luckily, the right home insurance policy will keep you protected against such perils and help you restore your home after suffering a loss caused by wind damage.
Hail Storm Damage
Hail damage is one of the most common claims in the home insurance game. Roof damage among other things is nothing to trifle with as hail damage can lead to other forms of damage including water damage and wind damage. A standard home insurance policy can help you mitigate any losses from hail storms and better restore your home quicker.
While you’re more likely to find bluebonnets than molten lava in our state, Texans can rest assured that if there ever is a volcanic event affecting their home, home insurance is there. The most popular volcanic site in Texas can be found at Pilot Knob, just south of Austin, Texas, but did you know that Texas was home to around 200 volcanoes? You’re unlikely to experience this peril, thankfully, but if you do, your policy can help you restore and rebuild.
Flooding Is Not Covered
Floods can be devastating weather events and are often misconstrued as a peril protected by a homeowners insurance policy. Homeowners who misunderstand face an expensive and frustrating path to recovery during the aftermath of a flood event. To be covered by flood damage, you’ll need to purchase a separate flood insurance policy to supplement your home insurance.
Earth Movement is Not Covered
Things such as earthquakes, landslides, and sinkholes are unfortunate, but they aren’t covered by a standard home insurance policy. There may be different endorsements and options depending on your insurance carrier, but in any case, additional coverage is required.
Sewer Backup Requires Additional Coverage
Flooding among other events can cause your sewers to back up, and when this happens, you can be left with a disgusting and expensive mess. Unfortunately, a home insurance policy won’t ordinarily cover you, but you still have options. Depending on your insurance carrier, some brands offer endorsements that can help you restore such losses through inexpensive coverage options.
The Benefits of Reviewing Your Home Insurance Policy
If this isn’t your first time buying a home, you’ll want to review your home insurance policy upon moving. There are several reasons for this including the following:
- Rates can vary from home to home. Each home is unique and you’ll need to see which insurance provider offers the lowest rate for your new residence, even if it is a comparable home in the same neighborhood.
- If you are upgrading or downsizing, you’ll want to ensure that you have either enough insurance to fully restore your home after a major loss such as a fire, or avoid paying too much for coverage you’ll never use.
- The cost of materials and labor continues to rise and your policy limits may be out of date without review. Moving is the perfect time to take a step back, reflect, and find the best coverage option for your new home going forward.
There are many reasons to review your home insurance, but they all point to a common goal: saving money. Taking the time to look over your coverage can help you save hundreds if not thousands of dollars.
Issues Homeowners May Overlook
First and foremost, your home insurance policy will protect you against liability. This includes property damage should a member of your household cause damage to another party’s property. It also means you’re covered in the event a visitor becomes injured on your property while visiting. These are important protections, however, there are some considerations all homeowners should remember:
- Policies come with limits. This means that if you are involved in a liability dispute that reaches beyond your coverage, you’ll need to pay for the remaining costs out of pocket. Supplemental coverage such as umbrella insurance can help you enjoy an extra layer of protection to better safeguard your assets.
- While an injury suffered by a visitor may be covered by your home insurance, injuries to members of your home are not. To protect against such losses, you’ll need health insurance for the members of your family.
- Appliances may be covered by your home insurance policy depending on the perils afflicting them, however, general wear and tear is seldom covered. Home warranties and general maintenance can help you avoid damage and keep your house in working order today and for years to come.
While home insurance isn’t blanket coverage, it will protect you against many common perils. You can avoid coverage gaps and misunderstandings by going over your policy with your insurance agent and planning with the right protections in place.
Home Insurance Protects You
Keeping your home protected is important and one of the main components of any protection starts with the right home insurance policy. A variety of perils including theft, fires, windstorm damage, and more are all protected by your policy and can help you restore losses big and small. Your home, personal belongings, and finances all receive benefits from homeowners insurance coverage, and Freedom Insurance Group helps you find the right policy for your needs.
We’ve helped thousands of homeowners throughout the state of Texas since 2005 save an average of 40% on home insurance. By working with 25+ of the most reputable home insurance brands, we can quickly compare your coverage needs to find the right protection at the lowest cost on the market. We’ll even help you find discounts you may qualify for and bundle opportunities for even more savings. Contact us today or get a free home insurance quote with our easy-to-use tool.