If you’re shopping for Texas homeowners insurance, it’s useful to know what is and isn’t covered by standard homeowners policies. While standard Texas homeowners insurance policies may offer enough coverage for you, your family, and your possessions, knowing exactly what isn’t covered will give you a chance to add other things that are important to you. If your Texas homeowners insurance policy is tailored to your situation exactly, you can have the peace of mind of knowing that if you suffer a big loss, you’re covered.
You can find an insurance quote online with someone. Texas homeowners insurance is often called hazard insurance, and it included five different kinds of coverage under one policy:
The Actual Structure Of Your House — This part of your policy is the easiest to understand and to plan for. If your house is damaged or destroyed by a disaster like a fire, a hurricane, hailstones, a lightning strike, or any one of a number of other accidents, your Texas homeowners insurance policy will pay to have the house repaired or replaced. The amount of money it would take to rebuild your house can change over time, so it’s useful to review this number yearly to make sure that it’s keeping pace with inflation in your area. Remember that while almost any damage to the structure of your home is covered, damage due to flooding, earthquake, and acts of war are not covered, and normal wear and tear is also not covered.
Other Structures — Your policy will have a list of other structures that are covered as well as your main house. These might include a detached garage, a garden shed, a gazebo, or even a pool. In most cases, unless the outbuildings are very valuable, they’ll be covered under your regular policy at regular rates.
Your Personal Property — In many cases, you’re not required to specify the number and value of your personal possessions in order for them to be insured by your Texas homeowners insurance policy. Many policy underwriters provide standard coverage for a percentage of the total value of the structure, usually for around 50 percent of the house’s insured cost. If you’re concerned about the value of your furniture, clothes, and other belongings exceeding this standard amount, you can conduct a home inventory and have the list added to your policy as a rider, or floater, and pay more to get additional coverage. Personal property insurance can also cover a portion of your belongings kept elsewhere, like a storage locker, but the dollar value shouldn’t be more than about 10 percent of the total unless you have additional insurance.
Personal Liability Protection — If you, a family member, or even a pet causes bodily injury or property damage to other people or their property, Texas homeowners insurance policies can offer liability protection to handle any claims. This coverage can also be used to provide you with legal representation in the event of a lawsuit. In a standard Texas homeowners insurance policy, the limits on this liability can be quite low, so you may want to pay more to get higher coverage.
Additional Living Expenses — If your home is heavily damaged or destroyed, your Texas homeowners insurance can reimburse you for the cost of living elsewhere while your home is being repaired in addition to the cost of renovating or rebuilding your house. It’s generally included as part of your standard policy, with limits on the total amount.