Your home is a major investment. Homeowners insurance protects that investment should events occur that damage or destroy the home or the owner’s personal property. Typically, homeowners policies that are purchased in Texas cover damages to the house. They will also cover personal property and other structures, such as sheds or fences, that are located on the property. Should your home become inhabitable due to damage, the policy will cover the additional living expenses such as hotels and food that will be incurred. Homeowners policies also protect the homeowner from personal liability in the event the are responsible for someone’s injury on their property. In some cases, the policy will also cover any medical expenses related to an injury on the property.
There are two primary types of homeowners insurance policies available in Texas: all risk and named perils. All risk policies, also called comprehensive coverage, cover all risks unless specifically stated. Named perils policies provide coverage only for specifically defined threats. The policy will outline whether is provides for replacement cost or actual cash value. The replacement cost is the cost to rebuild or repair the home if it is damaged or destroyed. This figure will be based on current construction costs and does not include the land’s value. Actual cash value represents the cost to rebuild or repair the home less the depreciation due to age. Homeowners should talk with their agent to determine the most appropriate type and level of coverage for their individual situation.
The agents at Integra Insurance Services serve homeowners in the Huntington, TX area. They are able to discuss the available homeowners insurance options. Contact them at 800-655-2159 to protect your home today!