For many of us, our home is our most valuable possession. The time to think about the unthinkable disaster is before it happens to you. If your home suddenly becomes damaged or destroyed, insurance can help you repair or rebuild your home and replace damaged possessions.
The main purpose of insurance is to protect you against losses you cannot afford or control. Few people have the financial resources to rebuild their homes. In addition to protecting your home and possessions, Texas homeowner’s insurance provides liability coverage to protect you from financial ruin if someone is injured on your property and attempts to sue for damages.
A Texas homeowner’s insurance policy consists of coverage for your home and personal property. This policy additionally includes liability insurance, which pays for injuries to other people or damages to their property accidentally caused by you, your family or your pets. You may choose to add several types of additional insurance for property that is not listed in your Texas homeowner’s policy or for perils not covered, such as flooding, which requires a separate policy. You may add the additional coverage by buying a separate policy or adding an endorsement or rider to your policy.
Tips for Keeping Your Texas Home Insurance Rates Low
There are some simple steps you can take to reduce your Texas homeowner's premiums.
- Raise Your Deductible - A deductible is the amount you pay before the insurance will cover associated costs in a loss. Because the purpose of insurance is to pay for losses you cannot afford, raise your deductible to a limit that you could handle in case of a loss.
- New Home - If your home is less than 10 years old, you may be eligible for a new home discount.
- Make Your Home Safer - You may be eligible for a discount if you have burglar and fire alarms systems and/or sprinkler systems. Monitored systems will earn a bigger discount than unmonitored systems.
- Construction Material - When you buy a home in Texas, look for fire-resistant construction, such as brick, masonry or rock. You may pay a lower premium for hail-resistant roofs, such as those made of concrete tile, while wood roofs may bring a surcharge. Check the location of the nearest fire department and avoid buying in flood prone areas.
- Non-Smoker Discounts – Because smoking can cause damage to the home, such as fire, burn marks, and discoloration, you may receive a discount if you do not smoke.