Texas Home Owner Insurance
Beware... the Texas Home Owner Insurance market has changed considerably since 2000. The most important change has been the introduction of different policy forms by the various insurance companies. Most home owners used to have the HO-B form which provided a wide range of coverage. With the onslaught of massive mold claims, the companies filed new policy forms with the Texas Department of Insurance. Most companies sell either an HO-A, HO-B or HO-3 policy form. The coverage can vary from company to company even if they are using the same form. To obtain a Texas Home Owner Insurance Quote, please contact our office.
Many companies adopted the HO-A form, which provides coverage on a named peril basis versus all risk. This form was amended by most carriers to add some additional perils and include replacement cost settlement. However, coverage differences exist between companies offering this form.
Some companies still provide an HO-B policy, however it is not the same as the previous one as it has been endorsed with meaningful new exclusions and limitations. Also, each company that offers this form may have different coverage and limitations. Others have adopted the HO-3 form which is commonly found in most other states, but as with the other forms, differences do exist. You can visit the Office of Public Insurance Council website, www.opic.state.tx.us/hoic.php to compare the policy forms of various companies, however they do not show all endorsements which can limit the coverage actually available.
Another dilemma facing customers shopping for Home Owner insurance in Houston or Harris County, is one of availability. Many companies have elected not to offer new Home Owner Insurance policies in this area. Since we are an independent agency we can locate those companies that are writing policies and obtain coverage. If you would like a Texas Home Owner Insurance Quote, please contact our office and we will start working for you right away.
Texas Home Owner Insurance policies vary, but generally include the coverage parts outlined below. What makes the policies vary are the different exclusions or limitations imposed by each insurance company, which can be meaningful. Additional endorsements can be purchased for extra protection such as scheduled personal property, additional premises liability, water back-up, foundation coverage, glass breakage, building ordinance and more.
Dwelling - this is the residence structure and any attached structures such as a garage attached with a breezeway. If you purchase a replacement cost policy, it is important to have the dwelling limit reflect the cost to rebuild the structure in the event of a total loss.
Other Structures - the amount of this coverage is normally calculated as 10% of the Dwelling limit and is intended to cover other structures on the residence premises, such as a fence, driveway or storage building. Some carriers allow you to increase this coverage.
Personal Property - this is generally calculated as 40%-70% of the dwelling limit and covers your belongings such as furniture, clothing, food, tools and other household items while at the residence premises. Your personal property is also covered while anywhere in the world, with a limit of 10% of the personal property limit. Most policies have built in sub-limits for various items such as golf carts, ATV's, guns, silverware, or jewelry. Be sure to discuss any special items with your insurance professional.
Loss of Use - this pays for additional living expenses you incur if your house is uninhabitable due to a covered loss. The amount of coverage is usually calculated as either 10% or 20% of the dwelling limit. It will pay reasonable expenses you incur such as staying in a hotel, renting a home or apartment, and other expenses you normally would not have if your home was habitable.
Personal Liability - this provides very important coverage for bodily injury and property damage (not associated with a vehicle accident) that you become legally obligated to pay. It will reimburse third parties for bodily injury, property damage or associated expenses if you are found negligent. It also will pay for defense costs which are generally not part of the liability limit. You can select your liability limit which can range from $100,000-$1,000,000.
Your home is probably one of your biggest assets and should be insured properly. Most policies provide Replacement Cost coverage, others offer Actual Cash Value coverage. There are limitations and exclusions that are different among companies and policy types, which could result in a meaningful loss that is not covered or the amount of coverage is limited.
In evaluating Texas Home Owner Insurance, It is wise to consult a professional insurance agent regarding coverage differences that may exist, and not selecting a policy solely based on price. We can help you compare the various policies and determine a solution that is right for you.
Texas Car Insurance
Owning a car probably represents one of your greatest expenses and liabilities. Cars are very costly and should be protected properly. They are also capable of doing great harm to another person or their property. If you would like a Texas Car Insurance Quote please contact our office and we will provide coverage and prices from multiple companies.
Coverage options can vary by company, but Texas Car Insurance policies generally offer the following coverage:
Liability - provides coverage for bodily injury or property damage which you become legally obligated to pay due to an auto accident. The state minimum requirement is $30,000 per person bodily injury / $60,000 per occurrence bodily injury, and $25,000 property damage. This is not much coverage considering the cost of health care and automobiles. You should consider this as insurance to help protect your assets because once the limit is paid, you may be sued for the rest. Defense costs are included and are generally not part of your policy limit. The amount of coverage you choose can go up to 1,000,000 and should be considered carefully.
Uninsured/Underinsured Motorist - provides coverage for bodily injury to you and your passengers, or property damage to your car if caused by someone who does not carry insurance. This coverage is also applicable if the responsible party does not have adequate insurance to cover all damages.
Collision - provides coverage for physical damage to your car caused by a collision regardless of fault. This coverage is subject to a deductible and the larger the deductible the smaller the premium.
Other than Collision (Comprehensive) - this pays for damage to your car caused by perils that do not include collision, such as hail, fire, theft, explosion, flood, impact with an animal, glass breakage and vandalism. The coverage is also subject to a deductible.
Personal Injury Protection - this provides coverage for medical expenses, 80% of lost income, assistance with personal services you are unable to perform, and funeral expenses to you and your passengers regardless of fault. Limits generally range from $2500 to $50,000 per person.
Medical Payments - pays for medical and funeral expenses to you or your passengers regardless of fault.
Rental Car - provides a daily/monthly maximum for reimbursement of a rental car due to a covered vehicle being damaged in a car accident. Optional limits range from $20.00-$50.00/day.
Towing/Roadside Assistance - provides reimbursement for towing or roadside assistance such as flat tire repair or locksmith services. Limits you can select are generally $40.00, $80.00 or $120.00 per disablement.
Several Texas Auto Insurance carriers are now providing enhancements to the basic policy such as disappearing deductibles for accident free periods, new car replacement for total losses on brand new vehicles, loan or lease gap coverage for total losses where the loan or lease payoff is greater than the value of the car.
One note of caution, all Texas auto insurance policies are not the same. Several companies are beginning to limit the amount of coverage for losses to cars you rent, and in some instances there may be no coverage at all. As with any other decision you make, you should consider carefully the coverage options available when purchasing a policy and do not choose by price alone.
Rising water is not covered under a Texas Home Owner Insurance policy and must be purchased separately. Although you may not be in a 100 year flood plain, 25% of flood claims come from areas with minimal risk. Policies for these areas are inexpensive and worth the investment.
Even if only a few inches of water enters your home, you will have a significant loss costing thousands of dollars. Please contact our office to learn more about Flood Insurance.
Mobile Home Insurance
These policies are similar to Home Owner Insurance policies providing coverage for the dwelling, detached structures, liability and personal property. You can purchase replacement cost or actual cash value coverage. Please contact our office to learn more about mobile home insurance.
Boat insurance is similar to car insurance in that coverage can be purchased to cover the boat, motor and trailer for physical damage as well as provide liability protection if you cause bodily injury or property damage to another party. Various other coverage options are available. please contact our office if you would like a Boat Insurance Quote.
This policy is also similar to car insurance as it offers liability and physical damage coverage for the motorcycle. Various other options are available. please contact our office for a Motorcycle Insurance Quote.
Provides coverage for bodily injury or property damage you become legally obligated to pay, due to a covered loss. This is excess insurance over any other existing liability policy you may have such as home owner, auto, boat, jet ski, ATV, and landlord policy to name a few. Policies are generally inexpensive, and are meant to protect your assets. Please contact our office to learn more about Personal Umbrella Insurance.
Important Note: Coverage explanations in this website are simplified descriptions and are not a statement of contract. For complete details of coverage, exclusions, conditions and limitations please read your policy and endorsements.