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Homeowners Insurance for Texas Home and Property Owners
Homeowners insurance exists to fix unexpected problems in your home without costing you a lot of money. You will find the benefits of coverage a lifeline that ensures you and your family feel secure around the clock. Remco Insurance Agencies’ dedicated team is ready to help you get covered today!
What Is Homeowners Insurance?
Think of homeowners insurance as an emergency fund that will cover the costs of damaging occurrences on your property like fires, severe weather or guest injuries. When these problems occur, you might have to undertake household repairs, rebuild part of the home, replace possessions and even cover the costs of harm others sustain. With homeowners insurance paying on your behalf, you won’t have to dig into your own pockets just to recover from an accident you didn’t plan on happening.
Homeowners Coverage Options
Within most homeowners policies, you can buy numerous types of coverage, including:
- Structure insurance: Coverage will help you pay for repairs to or reconstruction of your house.
- Detached structure coverage: For structures like your fences, storage sheds or carports, this portion of your homeowners policy can help you pay for repairs.
- Personal property coverage: This coverage will apply to damaged or lose personal belongings like furniture, electronics, clothing and other household contents.
- Scheduled items: For high-value belongings, like jewelry or critical electronics, you can use this coverage to insure them for their specific dollar values.
- Liability coverage: If you negligently cause harm, like property damage or bodily injuries, to a third party, like a house guest, you can use this coverage to compensate them for the losses.
- Accidental medical payments coverage: Even if you have no negligence for a guest’s injuries, this coverage can still help you pay for their medical bills, if they need any assistance.
- Loss of use stipends: Damage in the home might make you have to move out for a time. Loss of use coverage, therefore, can help you cover hotel or dining bills until you can move back home.
Sometimes, your homeowners insurance will pay you the actual cash value of a damaged asset, which is that item’s depreciated cost at the time of the accident. Other policies will pay you an item’s replacement cost value. Replacement cost coverage pays what it would take to replace or repair that item at today’s market value—the cost of a new item. Talk to your agent to determine which type of coverage is in your best interest.
What types of homeowners insurance polices are there?
There are 8 standard types of homeowners insurance. Our agents are happy to help you determine the appropriate policy for your property.
- HO-1: This is the most-basic type of home insurance, also called a named-peril policy. It will usually only insure damage from a specific set of named perils. It will cover the structure of the home, and sometimes possessions, but might exclude certain types of coverage.
- HO-2: These policies offer more coverage than HO-1 policies. They will include structure, possessions and often liability coverage. They will also cover an expanded list of perils. But, if the policies don’t list the peril as covered, then you might have no help available.
- HO-3: Unlike HO-1 and HO-2 policies, HO-3 policies will cover any type of peril unless the policy specifically excludes them. They can include structure, liability, possessions and other coverage. However, the possessions coverage on this policy is often limited.
- HO-4: This is also known as renters insurance. Coverage can pay for possessions, liabilities, loss of use costs and other coverage for those who rent their homes.
- HO-5: This coverage is very similar to HO-3 coverage. However, it provides a higher level of possessions insurance, which might make it more expensive than HO-3 policies.
- HO-6: Also known as condo insurance, policies cover possessions, liabilities and portions of the condo that are the homeowner’s responsibility, like walls, floors and ceilings.
- HO-7: Mobile homes and manufactured homes have coverage under this policy.
- HO-8: Older homes can benefit from this coverage. It is a lot like HO-3 coverage, however, it contains specialized coverage to apply to the risks of older properties.
If I am renting, doesn’t my landlord’s home insurance cover me?
You might wonder why you need a HO-4 renters insurance policy if your landlord has insurance. Your landlord’s insurance might cover damage to the rental home itself. But, it won’t cover your personal liabilities or possessions when the landlord is not at-fault for the losses. That’s why you need renters insurance. It is specific coverage for you, the renter, and not your landlord.
What does renters insurance cover?
Renters insurance won’t offer structure coverage like on a typical homeowners policy. The home belongs to the landlord, so you don’t have a responsibility to insure it.
Homeowners Insurance FAQs
Do I have to buy policies?
Take our advice, you need to carry homeowners insurance at all times. But, if you still need convincing, remember that in many cases, coverage is usually a requirement. Mortgage lenders often require their loan applicants to buy coverage, and you often won’t be able to close on the home without a policy.
Does my policy cover actual cash value or replacement cost value coverage?
Homeowners policies usually pay the replacement cost value for the home’s structure. However, your possessions insurance will often only pay you the cash value of items. Still, you can often request replacement cost value possessions insurance, though availability and eligibility rules vary.
Am I covered no matter how my home is damaged?
No. In many cases, your homeowners policy won’t cover every type of damage to the home. For example, if you intentionally damage the property, then you might have no coverage available. Or, if your policy excludes a certain hazard, damage from it won’t have coverage.
What are endorsements?
Endorsements are special types of coverage that don’t come with a standard homeowners policy, but that you can still add to your coverage later. For example, scheduled items are usually endorsements.
What can I expect when I have to make a claim?
We are proud to offer numerous types of homeowners insurance for the security-conscious property owner. Therefore, if you need to file a claim, you won’t have to worry about doing it. We’ll make sure you get fast claims service, so that you can pick up the pieces as quickly as possible.
Contact Us Today
Remco Insurance works with some of the best home insurers in America, and occupies a strong position to help Texas residents find top-rated coverage. With us, you’ll get the protection you need, right when you need it.Contact us at 800-282-2000877-325-4545 or request an online quote today. It’s fast, free and absolutely no-obligation to call.