Homeowners insurance matters because it protects one of your most important investments. That’s why in today’s blog we tell you everything you need to know about homeowners insurance in Texas, from some basic definitions to the different types of homeowners insurance out there.
Homeowners Insurance in Texas: What You Need to Know
Homeowners insurance offers financial protection if your home is damaged as a result of an incident listed in your policy.
As we saw in a previous post, Texas law doesn’t require you to have homeowners insurance, although many lenders ask you to have it as a mortgage condition.
Homeowners policies cover both the building itself as well as its contents. In turn, this coverage can be classified into “Named Perils,” when it includes only the risks listed in your policy, and “All Risk” if it offers protection against all types of incidents unless specifically excluded.
When it comes to homeowners insurance, Texas uses both the national policy forms (HO-1, HO-2, etc) and the Texas forms.
These are the Texas homeowners policies with the national form in parentheses:
- HO-A (HO-1): The most basic type of policy. Offers named perils coverage for both the building and its contents.
- HO-A+ (HO-2): Offers named perils protection to both the building and its contents. Covers more perils that HO-A.
- HO-B (HO-3): All-risk coverage for building and named perils for its contents.
- HO-C (HO-5): All-risk coverage for both building and its contents.
What You Need to Keep in Mind
Most homeowners insurance policies in Texas offer six different types of coverage:
- Dwelling coverage. For your home itself.
- Personal property. For furniture, clothing, and other items.
- Other structures. Protects detached structures such as gazebos and fences.
- Loss of use. Covers additional living expenses if you can’t live in your home due to an accident covered by your policy.
- Personal liability coverage. Pays legal costs, and medical bills for people you are responsible for injuring or whose property you damage.
- Medical payments. Helps cover the medical expenses of people injured on your property.
While this coverage looks really comprehensive, it’s worth keeping in mind that most homeowners insurance policies do NOT cover perils like floods and earthquakes.
This is particularly important if you live in a state like Texas, where these disasters are common.
To get affordable homeowners insurance, or to round out your coverage with flood or earthquake insurance, contact the experts at BZ Bee insurance. We’ll be happy to help you make sense of your options.
Looking for Insurance in Houston, Texas? BZ Bee Is Here to Help!
From life insurance to boat insurance, motorcycle insurance, and everything in between, BZ Bee Insurance Services is here to help. We are located in Houston, Texas, and serve clients all over the Lone Star state.
To get a free quote, just contact us by email (ayalamariaeugenia@yahoo.com) or telephone (832-729-8114), or fill out the contact form on this website.
