Texas Home Insurance Money Saving Tips and Texas Homeowners Insurance Quotes!
Do you feel like you are paying to much for your Texas homeowners insurance Policy?
Your home is probably one of your most valuable asset. It is also likely that it is a huge risk for you financially. What if a disaster strikes? What if someone visiting you slips, falls and suffers a serious injury? What if they sue you? An accident like that could destroy you financially.
For most people, insurance is a bit of a mystery. You know you have to purchase Texas insurance to satisfy your mortgage company, but do you know what your policy actually covers? Since most people don't fully understand the purpose of there Texas homeowners insurance policy, many people think insurance is a rip-off.
Texas home insurance is not created equal. In fact, almost none of it is. There are thousands of different products out there, from hundreds of different insurance companies. How do you find the insurance and the insurance company that is best for you? Read this special report and tap into my vast knowledge of insurance products and the top rated companies that provide it.
Insurance Over Texas is a local Houston Texas insurance agency specialized in in Texas home insurance. With over 20 of Texas insurance experience our licensed professionals can build you an insurance plan that fits your needs.
Texas flood insurance is one peril that is not covered by your Texas home insurance policy.
- You can get coverage for earthquake and flood damage in a separate policy or as an endorsement to your homeowners insurance Texas coverage.
Replacement Cost or Actual Cash Value
There are different ways to insure your home. Generally you insure both the structure and your personal property. Let's take the structure first.
The two coverage types available for Texas property insurance are replacement cost and actual cash value.
Replacement cost coverage is highly recommended for all Texas homeowners. Under replacement cost coverage, the insurance will cover the cost of replacing the part of the structure that is damaged, up to a maximum dollar amount.
Actual cash value coverage will cover the cost of replacing the damaged structure minus the depreciation. If you have an older home, this maybe the coverage you want. Unless your policy says it provides replacement cost coverage, the coverage is most likely actual cash value.
So how much insurance should you have?
Unless you want to pay some of the rebuilding costs yourself, you should insure your home for what it would cost to rebuild it if your residence were destroyed.
How do you find this out?
Your local Texas insurance agent should be able to provide you with this information. If you don't have an insurance agent, you can contact your local builders association.
In the home construction world, building costs are calculated on a square foot basis. As such, to determine the cost to rebuild your home, take the square footage of your house and multiply by the average per square foot building rate in your area.
Your possessions are also insured on a replacement cost or actual cash value basis. Again, unless specified otherwise, the coverage in your policy is actual cash value.
Home insurance policies also have limits on coverage for such items as jewelry, fine art and computer equipment. Read your policy and see what these limits are.
For example, the standard policy will provide a maximum of $1,000 coverage for your jewelry if it is lost or stolen. If you have lots of jewelry, fine art or computer equipment, you should consider purchasing a special personal property endorsements or floaters that provides the coverage you need.
Speaking of needs, you need to take a written and a visual (still pictures or video) inventories of everything you own in your home and in other buildings on the property.
- Include all furniture -
- Indoor and outdoor, appliances, stereos, computers and other electronic equipment, hobby materials and recreational equipment, china, silverware, kitchen equipment, linens, jewelry and clothing.
- For the major items write down the serial number, make or model number, purchase price, present value and date of purchase of each item.
- If you have the receipts for the items, attach them to the inventory.
- Make at least two copies of the inventory and store one of those copies offsite a safe deposit box is a good place.
- Store the pictures or video of the inventory offsite as well.
