What could be more exciting than purchasing a new home where you and your family will eat, sleep, live, and make new memories? Let’s make sure you have the right insurance to protect your investment….
There are a wide variety of factors to consider when determining the appropriate home insurance coverage. These factors include location, age and size of the home, preferred deductibles, and potential discounts, just to name a few. Additional considerations like flood insurance are also important. Given what’s at stake, we recommend planning for insurance before making the purchase.
The physical location of the home impacts many aspects of its insurance cost.
Foundation type, plumbing, electrical, and roof age, just to name a few…will impact the coverage you need and the insurance companies that would be a good fit for your home.
Some companies will assign your home a “coverage score” which will impact cost.
Insurance will cover the cost to rebuild or replace the home, not its market value. It’s also important to consider coverage for personal belongings and any lender-imposed requirements.
In Texas companies can provide national insurance policy forms or Texas specific forms.*
The deductible amount you choose impacts your premium and out of pocket costs.
Does your home include features like security or fire protection systems? Are you or a resident in a profession like firefighting or law enforcement? Can you bundle multiple coverage lines? All these variables can reduce cost.
Especially in parts of Texas, this is a very important consideration. Keep in mind that 25% of flood claims were for homes not in a high-risk flood area according to FEMA. We can help you assess your risk and coverage needs.
While there’s a lot to think about, it’s our job help you select the right home insurance coverage by understanding your specific needs and presenting the best options. One size doesn’t fit all, and we’ll collaborate with you to get it right.
* The national forms include HOA (provides actual cash value coverage, meaning settlements for damaged property are depreciated for age and condition at time of loss), HOA+ (loss settlements are typically based on replacement cost but limited to a list of Named Perils), and HO3 (home coverage on an Open Perils basis with Named Perils coverage for contents). HOB is the Texas form Open Peril policy and it provides additional water damage coverage that HO3 does not. The term perils refers to a list of hazards that are oen the subject of insurance claims. Common perils include falling objects, falling trees or limbs, weight of ice, snow or sleet, and sudden and accidental tearing apart, cracking, burning or bulging of steam or water from the water heating system.