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Homeowners Insurance Simplified

Texans looking for home insurance quotes may find themselves in over their heads. Not only are there many different websites that will provide home insurance quotes, but the concept of homeowner’s insurance itself is very complicated. It can feel like the only people who actually understand the process are the insurance agents. Unfortunately, it’s difficult to be sure that the insurance agent has your best interests in mind when he or she presents you with home insurance quotes. Are they taking something for themselves? A thorough understanding of how homeowner’s insurance works will keep the average Texan from being overwhelmed when they receive their home insurance quotes.

What Homeowners Insurance is and what it Covers

Homeowner’s insurance, or home insurance as it is sometimes called, is a kind of property insurance. It differs from renter’s insurance in that one must own the residence to even get home insurance quotes. Generally, this means the residence is a condominium or house. When getting home insurance quotes, it is important to specify which type of property the quotes are for.

Homeowner’s insurance covers loss of property and liability concerns. If a hurricane hits your house in Galveston, your homeowner’s insurance will pay for the repair of your house and the replacement of your possessions. The same goes for a house in Amarillo that is engulfed in a wildfire. While natural disasters are events that most Texans have in mind when they get home insurance quotes, the liability protection is used far more commonly. It’s important to ensure that you specify the amount of liability protection you want when getting home insurance quotes.

The Premium

The unique dual nature of homeowner’s insurance means that one premium covers both the property damage and liability facets of the coverage. The premium, of course, is the fee that the insured has to pay the insurer in return for the coverage. The premium is the amount you will be comparing when you are getting home insurance quotes.

The cost

The cost of homeowner’s insurance in Texas varies as widely as the cost of a house. As you might imagine, the cost of homeowner’s insurance increases with the value of the house. What you might not know, however, is that additional clauses tacked on to the insurance policy can increase the premium significantly. For example, damage caused by a flood is usually not covered under homeowner’s insurance. It’s possible to buy flood insurance to go with homeowner’s insurance, but the premium will increase significantly. Consider this when comparing home insurance quotes.

Legal Information Regarding Homeowners Insurance

Homeowner’s insurance is a term contract, which means it is a legally binding agreement in effect for a specified length of time. The policyholder must pay the insurer the full amount of the premium, or the insurer has the right to cancel the policy and nullify the legal contract. Certain factors that influence the amount of the premium are specified in the legal contract. For example, a house in close proximity to a fire station will see a lower premium due to the reduced risk of fire damage. Also, the contract will specify which improvements will see a decrease in the amount of the premium. A house in a tornado-prone area will cost less to insure if a secure storm cellar is built. It’s important to research the specifics of a policy instead of merely looking up home insurance quotes.

Perpetual term

As mentioned in the preceding paragraph, the standard legal agreement is a term contract. However, perpetual term homeowner’s insurance is available in some areas. This sort of homeowner’s insurance involves a contract that lasts until the insurer or the insured cancels it. To begin a perpetual term homeowner’s policy, you must make a deposit with the insurance company that is much larger than the annual premium would be for a term contract policy. However, you do not have to pay a yearly premium after this point. Perpetual term homeowner’s insurance may not be right for many Texans. Consult your insurance agent. Do not get home insurance quotes for a perpetual term policy without being informed.

Is Homeowners Insurance Required?

Many first-time home buyers in Texas are confused about whether they must purchase homeowner’s insurance when they buy a home. The simple answer is probably. Nearly every mortgage company will require that the buyer’s purchase a policy to cover the house. This is because the bank or mortgage company actually owns the house and needs to protect their investment. This is common practice in the insurance industry and actually stops banks from charging homeowners for damages that may occur. It’s the same as an auto loan lender requiring collision insurance on a financed car. Just as with auto loans, some home buyers are surprised by the expense of homeowner’s insurance the first time they get home insurance quotes. Keep in mind the value of what you are protecting.

If you own a house outright, homeowner’s insurance is not required. However, experts highly recommend that you carry a policy to protect what is likely your most valuable possession. Covering home repair expenses yourself can be ruinous. Run a few home insurance quotes to check rates for your house or condo. You may be pleasantly surprised.

Is Homeowners Insurance Complicated?

Homeowner’s insurance, like most types of insurance, can be difficult to understand. There are many different levels of coverage. Several of them are listed here from the bare minimum to full coverage. Note that the premiums increase as the level of coverage increases.


This is the lowest level of coverage. It’s also the cheapest. It covers natural disasters such as fires, smoke damage, windstorms, hail, lightning, explosions, damage from vehicles, and civil unrest. If a mortgage lender requires a policy and the homeowner cancels their policy, the lender will usually purchase this an HC0 policy. In fact, homeowners usually cannot get home insurance quotes for an HC0 policy.


This is the second cheapest type of homeowner’s insurance. It is generally the cheapest that a private person can get home insurance quotes for.

HO3 Special

87% of Texan homeowners have this type of insurance. It provides an excellent combination of value and protection. Compare home insurance quotes for HO3 to home insurance quotes for H01 when looking for a cheap policy.

H05 Comprehensive

This is the most complete policy available. When comparing home insurance quotes for H05 to home insurance quotes for the other types of policy, you will notice HO5 is much more expensive. However, some homeowners choose it because of the peace of mind such all-encompassing coverage gives them.

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