Texas Home Insurance

If you’re shopping for Texas Home Insurance, you live in a state that’s taken great steps by creating the Texas Consumer Bill of Rights to protect you as you compare homeowners insurance quotes.  Though the choice of Texas homeowners insurance companies is still yours, there are many things you can always count on from every home insurance company, provided you choose a standard policy. 

Texas Homeowners Insurance Policies

• Dwelling Insurance – which pays to repair damage or replace your home or outbuildings after an incident.
• Personal Property Insurance – covering your normal household items if stolen or damaged, things like furniture or clothing.  (More expensive items, such as jewelry or computer equipment, may require purchasing extra insurance.)
• Liability Insurance – if you cause injury to someone else, or damage their property, there’s $25,000 coverage included in Texas policies, but again, this may not be enough, so consider buying an additional amount.
• Medical payments – providing a minimum of $500 to cover medical bills if someone is injured on your property.  You may want to purchase extra insurance here too, because everyone knows doctor and hospital bills can add up quickly.
• Loss of Use – if you can’t live in your home while damage is being repaired, this will provide a stipend to over living expenses.  The cap on this is usually 20% of the home’s insured value.

The amount of coverage and the type of reimbursement is determined by the type of form policy you purchase.

HO-A is the least expensive type of insurance, because it limited to the actual cash value of your home and contents meaning depreciation will be deducted from the value of each item.  This type of policy also specifically lists what types of damage are covered, which may leave your home at risk should you experience something not included on that list.

HO-B requires that you insure your house for at least 80% of the replacement cost, which includes a household contents amount of up to 40% of the value of the home, though contents are only reimbursed at actual cash value.

HO-C is the most expensive program, but also gives you the highest level of coverage.  This includes replacement cost of the home, meaning the insurance company will pay the current cost to repair or replace the domicile to its original state, regardless of depreciation.

Most Texas insurance policies cover losses caused by theft, explosions, smoke, and sudden or accidental water damage among other events.  However damage caused by flooding, termites or vermin, wear and tear, or homes left vacant for 60 days or more are all among the normal insurance exclusions.  One important caveat in Texas law concerns fire damage; insurance companies must pay the full amount of the policy, even if this amount is more than the replacement cost to repair the damage.

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