Are you a First-Time Home Insurance Buyer? 8 Facts you should Know About!
Did you know that protecting your home is not just about safeguarding it against structural damage, theft or burglary? Well, it’s more about feeling safe in your home. That said, you will need to invest in a Houston’s homeowners insurance to protect yourself against unanticipated catastrophes. A typical homeowners insurance in Houston will cover damages to your property and possessions in the event of vandalism, theft, fire and even certain storms. Here are 8 little-know facts about homeowners insurance Houston that you should be aware of.
What a basic homeowners insurance policy covers
A typical homeowners insurance in Houston will include coverage for theft, ice, fire, snow, frozen pipes, lighting, and vandalism among other forms of risks. The policy also covers for liability in case someone suffers an injury in your home. The homeowners insurance in Houston might also take care of the living cost if you are rendered homeless following damages that arise from the covered risks.
You may pay less for newer homes than older residences
Homes that were built some decades ago may not meet modern building standards and thus making to insure them a bit more costly compared to their counterparts. Updating an old home makes it safer and could save you a bundle in terms of money on homeowners insurance in Houston.
With time, your home may start to wear and tear making it susceptible to structural defects that can lead to potential repair or renovation costs. Houston insurance companies require an inspection to be conducted before coverage is offered. So, if the inspection turns out unsuccessful, the homeowner may be compelled to update their home features like the plumbing fixtures, roofs, electrical wiring, and heating systems in order to be given coverage.
Your policy may not cover everything
Houston County is known for tropical storms, heavy rains and other harsh weather conditions that impact this city. That said, residents should know that a typical homeowners insurance in Houston doesn’t cover some risks as floods and earthquakes among others. So, in the event such disasters occur, then you will need to purchase separate policies. If, for instance, you live in an area that is prone to flooding, you may need to purchase coverage through the National Insurance Program.
In some coastal areas, homeowners insurance in Houston doesn’t also cover for damages occasioned by wind. In such instances, the homeowner will be compelled to purchase a separate windstorm insurance policy to cover wind damage.
Did you know that for you to be compensated for damages caused to your property, structure or any other asset, the damage must have been sudden and accidental? Well, if for instance, you have a plumbing fixture problem such as a leaky faucet and that has caused damage over an extended period, you might not be compensated as you ought to have acted to provide remedy and prevent the damage. This is because, that may be perceived as negligence in the maintenance of your property.
Although a home property may be covered by a homeowners insurance in Houston, homeowners should make sure they take responsibility to prevent damages from arising.
Sewer backups and molds are perils that might also not be covered, especially if you have not added them to the standard homeowners insurance in Houston. It is not uncommon to find some homeowners having home-based businesses where customers come to the premises. These businesses acquire special inventory and equipment, and these may as well not be included in the standard homeowners insurance in Houston. In such a case, a separate commercial policy is required.
Your insurance policy may not cover a remodeling project
If you plan to add another structure or room in your home, make sure you first contact your insurer before the construction work begins. You might need to update your homeowners insurance in Houston or purchase other forms of insurance to protect the project. If you do not inquire whether you are supposed to update your homeowners insurance in Houston and the project suffers damages before or after, you might not be covered.
Always seek clarification from your insurer before you do any renovations and remodeling projects. You might need to consider having other forms of insurance to protect the new structure. The contractors building the structure ought to have a general contractor liability policy. If you hire a contractor who is not insured and injuries on workers occur in your premises, you will have to cater for the damages from your own pocket.
Homes located near fire departments may cost less in insurance
If your home is located in an area with the highly rated fire department, your insurance premiums may be lower. Ranking of fire departments is determined by many factors such as whether it is a professional fire department or a volunteer. The type of training of the personnel may be another determinant factor.
Other factors may include the community’s water supply and effectiveness of such department in receiving and dispatching fire alarms. Not only fire departments may determine the premiums you pay but also fire hydrants near the home.
Owning a dog may affect your ability to buy comprehensive homeowners policy
A Houston’s homeowners insurance policy may provide coverage in case your dog bites someone. However, some insurance companies may not sell you an insurance policy if you own a dog. There are also specific breeds that insurers may consider when offering coverage.
Owners of dogs believed to have a history of biting are more likely to be imposed these restrictions. An insurance company may decide that you will not renew your policy. At other times, damages related to dog bites may be excluded from the homeowners insurance in Houston. Insurers treat dogs in different ways. For example, the insurance for a dog owner may be canceled or not renewed if the dog attacks a person or another animal causing liability under Houston’s homeowners insurance policy.
The size of your homeowners policy deductibles may be limited
To try saving money on Houston’s homeowners insurance premiums, homeowners normally increase the size of deductibles they pay. A lender may, however, limit the amount of deductible to make sure you can pay it in the event that you need repairs done on your property. Nonetheless, some insurers may offer even more deductible; for instance, flat dollar deductible amounting to thousands of dollars.
Valuables and luxuries may attract limits on coverage
If you have valuables such as fine art, jewelry, antiques, or furs, they might only be covered to some extent. In such cases, a homeowner may be required to purchase what is known as a “floater” to help cater for the extra coverage. On top of that, some types of luxuries such as spas and pools may have limits on coverage. Therefore, an additional liability cover may be needed through an umbrella policy.
In a nutshell, there are many things that can affect the premium rates one has to purchase. Before you sign the Houston’s homeowners insurance contract, you should get the details clear so that you know the limits and exclusions. This will stop you from getting into crossroads when disasters strike and your homeowners insurance in Houston does not extend coverage to some of the damages. While a standard homeowners insurance in Houston not cater for every other damage or loss in your home, it can assist in helping you recover some financial losses or damages you have suffered. It is crucial that you keep the policy always updated.