In Texas, the typical homeowners insurance policy includes fire and extended coverage for the structure itself and your contents. Whatever entity holds the mortgage on your home is going to want to make sure that in the event of a catastrophe there is enough coverage to replace or rebuild your home. Many insurance claims don’t come from the entire destruction of your residence but perhaps due to damage to a specific part, such the roof, due to hail or a windstorm. Whether the damage is major or minor, a lender is going to want to protect their investment just as you want to be able to protect yours. For this reason, you usually have to carry enough basic insurance to include the costs to replace the entire property in case disaster strikes. Typically, this would be at least your mortage amount, perhaps more, depending on your down payment and your particular location.
If you live in an area that is in a “flood zone”, which is a designated low area prone to flooding or possible rising water, then in Texas, you will also be required to carry flood insurance on your property. Even if you are not in a flood zone, you are not safe from water penetration to your home in the case of serious storms. Many people in Texas go ahead and purchase flood insurance even if they are not required to do so. Since Texas is a coastal state which can be affected by rising water and hurricanes, homeowners insurance rates here are some of the highest in the nation. Cities that have experienced past hurricane destruction such as Galveston, South Padre Island and even Houston, will have higher rates on their homeowners policies due to potential hurricane hazzards.
Your contents coverage will be directly dependent on your individual situation and property. For purposes of theft or total destruction of your property you should photograph and list or make a record of your personal belongings and keep that outside of your home in a safety deposit box or something similar. That is the very best way to make sure that you receive the full value of the coverage you are paying for in the event of any type of loss relating to your property. If you are purchasing a home in Texas make sure to check out any prior insurance claims on the property you are considering.
2 Responses to “Information about Texas Homeowner’s Insurance”
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April 20th, 2010 at 2:29 pm
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May 20th, 2010 at 7:03 am
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