All homeowners insurance policies are not equal, and those sold in Texas are an example of how different insurance coverage can be from policy to policy. The facts surrounding Texas homeowners insurance policy requirements are clear and set forth by the Texas Department of Insurance. However, those requirements merely set guidelines by which insurers must refer to in offering coverage to consumers.

There are two types of insurance policies sold to protect homes — all risk policies and named peril policies. All risk policies are very common and typically extend broad coverage to consumers. Named peril policies, on the other hand, cover losses stemming from only the types of conditions and circumstances outlined in the homeowners insurance policy.

Texas homeowners must also choose between insuring homes for their actual cash value or their replacement value. Typically, replacement value coverage is preferred, as it guarantees a homeowner can rebuild without extensive out of pocket costs. Insuring for actual cash value takes into account the home’s depreciation, which could result in significant out of pocket costs.

Special Coverage

Certain types of homeowners insurance coverage are not standard in Texas. For example, the state does not require insurers to protect against earthquake damage, per the minimal history of damaging earthquakes in the state. Similarly, flood coverage is not standard on Texas homeowners insurance policies, and must be purchased separately.

Finding an Insurance Agent

If you live in or around the Lufkin, Texas area and are in search of insurance protection for your new or existing home, contact our office for assistance. When you utilize our services, you are in the care of an independent agent who is devoted to the consumer, rather than a specific insurance company. We can give you multiple quotes from leading Texas insurance providers, as well as guide you in determining which policy is right for you. If you could use an advocate in your insurance buying process, contact our Lufkin agency today.

Anyone that lives on a rented property will need to obtain a renter’s insurance policy. For many renters in Lufkin, Texas, this is a simple step that can add considerable protection.

Most renters policies are quite inexpensive. It isn’t uncommon to find a policy for around $15 to $30 a month, and some can even fall below that general range. Of course, it will depend on what type of coverage you would like to have.

A renter’s policy commonly covers the following areas:

• Personal property
• Personal liability coverage
• Relocation assistance, if you are forced to live somewhere else for a period of time
• Others: Off-premise coverage, identity theft coverage, and others

Why is this a necessary policy? While landlords have insurance on properties, it is not for the sake of renters. Thus, if someone gets hurt on your property, a fire damages your property, or for other scenarios, you would be at risk. While these are inexpensive policies, they provide a great deal of protection for the money.

You may wish to purchase endorsements to add to your protection. For instance, if you run a business out of your rental (and it’s legal), would like additional protection for certain valuables (such as jewelry), or would like replacement cost coverage (you receive the cost to replace an item; not what it’s worth), you can pay a little extra there.

It is a good idea to speak with an independent agent to discuss your needs. Not only can you receive advice on your situation, but an independent agent will be able to compare quotes from multiple insurers at once – ensuring that you receive a competitive rate quote.

After considering your options, you can choose the policy that’s right for you and your budget.

With millions of State Farm Insurance homeowners policy holders in Texas facing an impending rate increase, many people wonder what they should do in order to prepare for the time when rates go up. State Farm is likely to be just the first of many insurance companies to raise their premiums in the coming months. Whether you are satisfied with your current insurance policy and don’t plan to change, or you want an independent agent to help you find a new insurer for your Lufkin home, here are some tips to help you prepare for the increase in rates:

Reassess Your Coverage- Do you really need your land to be insured? Most claims are usually filed due to the house being damaged. Have you sold any big ticket items that you had previously insured through your homeowners policy? If you no longer have the home theater system or the fishing boat, there’s no reason you need to have money to replace them. You’re better off having the extra money stay in your pocket now than paying a higher premium and getting a higher payout if you have to make a claim. Raise Your Deductible- If you can keep enough money set aside to cover a high deductible, you’ll save a decent amount of money, up to 25 percent for many people. Pay for the Whole Year- Insurance companies love to keep things streamlined and will give charge you less if you pay them less often. Of course you’re still paying a similar amount, but if you just need to be billed once a year, rather than monthly, you save the company a lot of work. One final thing you can do is to shop around for another insurance provider. Your local Lufkin insurance agent can help you find the best rates on homeowners insurance. Shopping around for a cheaper policy is easy to do, and usually results in lower premiums. Contact us today to talk about your insurance needs.