Many homeowners know that they can enjoy extra discounts on their homeowners insurance if they have adopted certain security measures, such as a dead bolt lock or burglar alarm. In some cities in Texas, if you have a law enforcement official carry out a home safety inspection, you can get an additional discount. Not only can you benefit from another discount, but you may be able to have the home inspection carried out at no cost to you.
Before buying insurance, consider the specific requirements in your state. There are two basic types of policy available in Texas, comprehensive coverage, also known as all-risk policies, and specified perils coverage, or named perils policies. If you need broad protection against losses caused by different things, an all risk policy may be ideal for you; if you are content with having less protection and only need coverage for losses specifically mentioned in the policy, named peril protection may be a better option. Named peril policies cover the minimum as required under Texas law, although an all risk policy may have specific exclusions.
If you own a second home, you probably know how pleasant and relaxing it can be to spend time there, and owning a vacation home is definitely an achievement to be proud of. However, it also means that you should have adequate insurance to protect your valuable investment so that you are able to enjoy it for years to come. Ideally, your homeowners insurance on your second home will provide enough coverage so that in the event of any disaster affecting the building, you would be able to afford to rebuild it. Your home is definitely at risk if you don’t have this coverage.
These five categories are covered in most Texas homeowners insurance policies:
* Dwelling. Covers costs of damage or destruction to your home, garage, shed, fences and other surrounding structures.
* Personal Property. Covers the cost of replacing damaged, destroyed or stole property in your home. Clothing, furniture, appliances and other possessions are all included.
* Liability. Protects you against injuries to another person or property damage; minimum amount is $25,000.
* Medical Payments. Covers medical expenses in the event of someone being injured on your property, or away from it including a dog bite. Up to $5,000 is available, although minimum required is $500.
* Loss of Use. If you have to move because of damage to your home, this covers housing, food and other necessary living expenses. Coverage is usually for a specific time period or a percentage of the full amount.