Damages to your house or property can happen at anytime, but the worst thing you can do is be unprepared for it. Having insurance ensures that you are financially covered even if there’s a disaster. It would be foolish not to have homeowners insurance if you live in Texas, especially since the state is vulnerable to bad weather conditions. A report released by the Texas Department of Insurance revealed that Texans had made 500,196 claims as of July 2021, most of which were for residential property damage. If you are looking for information on homeowners insurance in Texas before you decide to get one for yourself, continue reading.
How much does home insurance cost?
The specific cost of homeowners insurance depends on the kind of insurance you purchase from your provider or carrier and which part of the state is your residence. As a rough estimate, the homeowners insurance Texas average cost is around 184 USD monthly and 2,207 USD annually. However, the overall cost of your premium will increase if you opt for additional coverage that is not mentioned in the policy.
Factors that determine your insurance cost
Some factors that determine the insurance cost in Texas include your home’s age and condition, replacement costs, construction materials, credit score, claims history, and the part of the state where you have a house. For instance, homeowners insurance in Houston costs around 1,462 USD annually, including wind/hail damage coverage.
Types of homeowners insurance in Texas
Most home insurance in Texas combines several coverages into a single policy. These are the six coverages available in the state.
Dwelling coverage is applicable if your property is damaged by anything your policy covers.
Personal property coverage
Under this coverage, you can claim if your clothes, furniture, or other valuable items are damaged, stolen, or destroyed.
Other structure coverage
It covers any structure not attached to your property, including garages, fences, or storage sheds.
Loss of use coverage
Use this coverage to cover your additional living expenses such as rent and food if you have to move outside when your house is being repaired to fix the damages covered by your insurance policy.
Personal liability coverage
If you have accidentally injured a person, it takes care of their medical bills, lost wages, and other additional costs incurred by them. It also covers any price you might incur for damaging somebody’s property.
Medical payments coverage
If any person has been injured on your property in any way, this coverage takes care of that. It will also cover injuries that happen outside your property, for example, if your dog bites someone on the road or in a park.
How to lower your insurance cost?
You must make a Texas homeowners insurance comparison before selecting a particular policy from a carrier. However, you will benefit from these tips to save on your insurance costs.
Enquire about discounts
It would be helpful to ask your insurance provider about the discounts available under their scheme. Usually, you will be entitled to a discount if you have a burglar alarm, an impact-resistant roof, no claims for three years continuously, and a home in excellent condition.
Ensure security measures are in place
Even the best homeowners insurance in Texas will not sell you insurance if your house is well-guarded and vulnerable to crime. They will usually ascertain the safety measures in your home during the first inspection itself. Installing deadbolts on doors and windows, avoiding parking cars on the street, locking your garage doors firmly, and writing an identification number on your property are all precautions that one can take.
Keep your house well-guarded
You could take steps like replacing rotten boards, fixing cracks in walkways, taking care of loose railings, repainting your house, and replacing a damaged or old roof.
You must get homeowners insurance in Texas to protect yourself financially if there is any damage to your property in any way. Doing your research thoroughly and taking care of a few things will help you save on your insurance costs while ensuring adequate protection.