Homeowners Insurance
What Is Homeowners Insurance?
Homeowners insurance covers damage to your house and property, including your personal possessions and other things in your home. Your insurance may also provide liability coverage for injuries or accidents that happen in your home (or on your property) that you’re legally found responsible for, and for injuries you might unintentionally cause to others off your property.
Also, if a covered loss forces you to stay somewhere else while your home is being repaired or rebuilt, your insurance may cover your everyday expenses — above your typical cost of living.
Is Homeowners Insurance Required?
No, homeowners insurance is not required by Texas law. However, if you still owe money on your home, your mortgage lender will require you to have insurance. And since your home is probably the biggest investment you’ll make, it’s a good idea to protect it — and your other assets — with homeowners insurance.
If a person sues you for accidental injuries, your insurance may also cover you in those kinds of incidents.
How Does Homeowners Insurance Work?
Homeowners insurance is there to protect you if something unexpected happens to your home or occurs on your property. We represent the top-rated insurance companies in Texas, which means we can help you get coverage suited to your home and belongings.
If an event occurs at your home that is out of your control, you can file a claim to (potentially) get payment for covered losses. Depending on your insurance company and coverage types, you may pay a deductible for select claims.
Get the right coverage at the right price.
What Does Homeowners Insurance Cover?
Homeowners insurance normally covers your dwelling, your personal property (furniture, clothing, etc.), any other structures on your property, personal liability if others get hurt, and loss of use costs if you can’t live in your home because of a covered loss.
Here are the five types of coverage and what they normally cover:
Coverage Type
It Covers
Dwelling
Covers the structure of your home and attached garages, roofs, chimneys, countertops, flooring, cabinets, vanities, and in-ground pools.
Personal property
Pays to repair or replace your furniture, clothes, and electronics if they’re damaged or stolen from your home or car, including while you’re on vacation.
Personal liability
Pays for injuries or damages your or your family causes to others, including some lawyer fees and court costs.
Other structures
Covers detached garages, decks, patios, fences, sheds, shade structures (pergolas), and driveways -- things that aren’t permanently attached to your home.
Loss of use
Pays for daily things that go beyond your average living costs when you’re not able to live in your home during the repair or rebuilding process - due to a covered loss.
What Does it Not Cover?
Typically, your policy will not cover:
- Flooding (there’s separate flood insurance you can buy)
- Earthquakes
- Mold
- Wear and tear
- Damage caused by rodents
Also, standard homeowners policies do not typically cover homes that you rent out.
Other Common Questions
How Are Homeowners Insurance Premiums Determined?
Many factors may impact your rate, including:
- Home features: Your home’s age, structure, wiring, type of roof, and garage can influence your premium.
- Location: weather and local crime rates can factor into the cost.
- Claims history: Those who have prior claims may pay more for home insurance.
- Personal traits: Are you a smoker? Do you have a good credit history?
- Protective devices: Fire extinguishers, alarm systems, smoke detectors, and sprinkler systems can lower your rate, keeping your home safe.
How Long Are the Policies in Effect?
Most homeowners insurance policies are for 12 months and renew each year.
Do You Need Homeowners Insurance for a Rental Property?
Those with rental properties and tenants will need landlord insurance, a separate policy, to protect their Texas property and provide liability coverage.
Get Help from Your Local Insurance Agency
Oak Haven Insurance Agency is a family-owned business based in Georgetown, Texas. From home and auto policies to life and healthcare coverage, we can take care of any insurance needs you may have. Contact us to get the process started!