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How to understand what home insurance you need
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What are the most common questions about homeowners insurance? The Texas Department of Insurance asks one of our experts to help you better understand coverage. • Am I required to have homeowners insurance in Texas? • Texas law doesn’t require homeowners insurance. But if you have a home loan, your lender will likely require it. Homeowners insurance is still a good idea to protect your assets. • If my house is paid off, do I need home insurance? • Think about the cost to repair or replace your home after a disaster. Home insurance also covers your personal property inside the house—your clothes, electronics, and furniture. • How much homeowners insurance do I need? • Make sure you have enough to repair and rebuild your house. Talk to your agent or insurance company about once a year to learn how much it would cost to rebuild your house. Also keep your policy updated when you buy new things. • Besides your house, what does home insurance cover? • Your policy lists the losses it covers. Generally, it will cover damage caused by fire, lightning, theft, explosion, and sudden water leaks. Most homeowners insurance doesn’t cover flood damage. You’ll need a separate policy for that. Homeowners insurance doesn’t cover termites, wear and tear, or earthquakes. • What does flood insurance cover? • If there is a flood in your area, flood insurance would cover damage to your home caused by rising water. • Why is my neighbor’s home insurance cheaper? • There are many factors that determine what you pay for insurance, including the size and construction of your home. Do you have brick or siding? Are you close to a fire hydrant? Does the home have fire and burglar alarms? • What is a CLUE report? • A CLUE report shows the insurance claims filed for a house for the past seven years. Insurance companies use the claims history as a factor in deciding how much you’ll pay for homeowners insurance. Homeowners can get a copy of the CLUE report. • How do I shop for homeowners insurance? • Go to https://www.HelpInsure.com where you can see sample rates and policies. Once you pick a company, talk about coverage and possible discounts. You’ll want to talk about your deductible. If you have a higher deductible, you’ll have a lower premium. The deductible is what you have to pay before your insurance company pays. You can call TDI and ask about a company’s standing to make sure they’re a good company. • For more about homeowners insurance, go to the Texas Department of Insurance website, https://www.tdi.texas.gov, or call 800-252-3439. • #HomeInsurance #Insurance #InsuranceTips • 00:00 How to understand what home insurance you need • 00:22 Are you required to have homeowners insurance in Texas? • 00:55 If your house is paid off, do you need home insurance? • 01:46 How much homeowners insurance do you need? • 03:13 What does home insurance cover? • 04:14 What does flood insurance cover? • 04:42 Why is your neighbor’s home insurance cheaper? • 05:59 What is a CLUE report? • 06:49 How do I shop for homeowners insurance? • 08:10 For home insurance questions visit https://www.tdi.texas.gov or call 800-252-3439
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