Four Point Insurance Services are experts in home insurance policies. If you are a homeowner, you can reach out to our agents to learn more about policy options and have your questions answered. Four Point Insurance Services wants you to know the following when looking for a home insurance plan.
Texas Homeowner's Coverage
- If your home is severely damaged, the dwelling coverage will cover this loss.
- If attached structures to your home are damaged, such as your garage, fences, or sheds, other structure coverage will repair or rebuild the structure.
- Personal property pays if the items in your house are stolen, damaged, or destroyed, such as appliances, furniture, and clothing. Personal property coverage will pay for these losses.
Living Expenses, Personal Liability, Medical Expenses
If forced to move, as a result of a damaged home, additional living expenses which are 10 to 20 percent of the costs, will be paid. In the alternative, you may be covered for the period of the loss, as determined by the policy.
Defense cost will be paid if sued and found responsible under the law, including any damages to property or a third persons' injury.
A basic homeowner policy will pay a minimum towards medical bills. Medical payments can be increased for additional coverage up to a specified amount.
Texas Insurance Policies
- An all-risk comprehensive coverage policy is an open perils policy. This means that the coverage is very broad. There are exceptions for losses with certain types of damages being excluded. Endorsements will also provide additional coverage.
- On the other hand, the specific perils policy coverage is not comprehensive, and only covers losses which are individually named. The policy includes replacement costs through determined or actual cash value.
Typically, excluded damages include, but are not limited to such events as intentional damage, flooding, sudden accidental damage by smoke, earthquakes, explosion, and freezing pipes.
FOUR POINTS: Key coverage considerations to look for under your Homeowners policy:
- What triggers coverage under my homeowner's policy? Is it an "open-peril" policy or is it limited to "named perils" only? Many agent/carriers will sell a limited "named peril" policy to obtain a lower premium. Some insurance companies only sell the named peril policies. Much to your surprise when you have a claim that is not covered - now you know why the premium was lower.
- Will my claim payment cover the cost to replace or is the claim payment reduced for depreciation? You should know this upfront. Now. You don't want to discover this when you get your claim check only to find it is not enough to cover the cost you incurred to repair/replace your loss.
- Does my policy include the key coverages needed for most common/frequent types of claims? Water related claims (not flood) are one of the most common types of homeowner's claims. A homeowner's policy form does not automatically include the key water related coverage you expect. There are several endorsements that must be added to the policy by endorsement for an additional premium. Please call and we can explain these key coverage endorsements.
- How much insurance do I need? The Dwelling Amount on your homeowner's policy is often confused with the homes market value or tax appraised value. Every insurance company will run a "replacement cost estimate" on your home. It is extremely important that you review this in detail with your agent.
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