Personal and Commercial Texas Auto Insurance Specialist
HENDERSON
INSURANCE AGENCY
972-840-0700
Texas Home Insurance
Homeowners Insurance also referred to as home insurance or hazard insurance is a wise choice for those who want to protect one of the single-most important purchases that a person will make. Financial service providers realize the importance of Texas homeowners insurance. This is why they require the purchase of this insurance policy as a condition of lending you money for this purchase.
A typical home insurance mortgage policy requires the insured to pay a monthly premium to keep the policy active. In addition, the policyholder is usually required to pay a deductible in order to activate an insurance claim against a covered loss.
There are several different Texas house insurance policies that can be purchased such as:
HO-1 - This is a basic homeowners insurance policy. This policy provide protection only against 11 perils (causes) listed on the policy. Some examples of the perils are: fire, lightening or windstorm, vandalism, and theft, etc.
HO-2 - This is a broad homeowner policy which protects the insured against 17 listed perils. The protection is greater which results in an increase in premium.
HO-3 - This is an "all risk" homeowners policy which provides protection against all perils with some exceptions such as flood and earthquake. Contents are covered under this policy. This policy provides the most comprehensive coverage for a single family homes.
HO- 4 - The commonly known Renter's Insurance that protects the contents and personal property. Structures and dwellings are not covered under this policy.
HO-5 - Provides the more coverage protection in addition to that on an H0 3 policy.
HO- 6 - Insurance policy for Condominium owners.
HO- 8 - Provides insurance for "older" homes.
HO-A - Provides actual cash value protection. Perils must be listed on the policy in order to be covered.
HO-A Amended - More coverage than that offered on an HO A policy with additional perils listed on the policy. An amended policy may include replacement cost coverage.
HO-B - Provides replacement cost coverage unless specifically excluded in the policy. Covers personal property and contents up to 40 per cent of dwelling coverage.
HO-C - Provides the most comprehensive coverage available which results in a higher policy premium.
Actual Cash Value policy differ from a Replacement Cost policy since it provides less protection, it is cheaper than a replacement cost policy. An actual cash value policy pays replacement costs minus depreciation. On the other hand, a replacement cost policy pays to restore the insured property back to its original condition at current construction and material costs.
Some Texas Home Insurance exclude protection against windstorm and hail. Flood insurance is not covered under a TX homeowners insurance policy. Contact your local Texas independent insurance agent to assist you with this coverage.
We can assist you with your multiple insurance needs, whether it's life insurance home, etc., Want to know the average home insurance premium ? Let us help you get below that average home insurance rate.
There are a large variety of Texas home insurance coverages available. Contact us today for assistance.
