Good News about Homeowners Insurance in Texas
The time has finally come, you’ve been renting an apartment in Texas and thanks to your new job, you’ve got the income to afford your first house. Everything is coming together nicely. You’re meeting with a realtor, who is ready to show you a number of houses that meet your needs. It would seem that you’re all ready to go, except you’ve forgotten to shop for homeowners insurance!
Whether you’re new at buying homeowners insurance or you have been through it a few times, there is always something new to learn. To get started, you‘ll be looking for a dependable homeowners insurance company, one with exceptional customer service and outstanding rates!
Shopping for Homeowners Insurance
Don’t run out and sign up with the first company you run across. Use the Internet for researching companies,home insurance quotes Texas offers, checking company histories, company financial ratings and customer reviews, so you can make a good choice.
Make sure the company and agent you choose to do business with are licensed. Check into the company background and history to see how long they’ve been in business. Research real customer reviews online looking for positive or negative experiences. Check the Better Business Bureau for complaints or an A+ rating.
Types of Insurance Coverage
If you’re not familiar with the types of insurance coverage available, you should learn about your homeowners insurance coverage options by talking to a qualified agent or researching online.
Typically, standard insurance options available in Texas might include:
• All-risk Policies or Comprehensive Coverage.
• Named Perils Coverage.
• Actual Cash Value.
• Replacement Costs.
Due to a variety of special weather conditions in Texas like tropical storms and hurricanes, you should consider optional insurance coverage for hail and windstorms and flood insurance. These types of coverages are not part of standard policies and must be purchased separately.
When you’re applying for homeowners insurance, the insurance company will check your credit score. If your score is too low or there are blemishes on your credit history, it’s possible to be turned down for insurance.
The most important things you can do to clean up low credit scores is to pay all your bills on time, review your credit history for inaccuracies and have them removed from your record.
Homeowners insurance companies may have a variety of payment options from which to choose. Typically, choices include quarterly, twice a year or yearly. In most situations, your homeowners insurance payment is paid with your mortgage payment through the bank or lending institution.
Homeowners Insurance Discounts
The following discounts may or may not apply depending upon the insurance company:
• Smoke Alarms. Working smoke alarms could reduce premiums by 10 percent.
• Security Systems. Monitored alarm systems or those tied to a police station could lower annual premiums by as much as 5 percent or more.
• Multi-policy Discounts. Insuring other insurance coverages like automobiles, boats or ATVs with your homeowners insurance could reward homeowners with a 10 percent savings.
Remember, whether you’re buying a new or used home, smoke alarms, security systems and dead-bolt locks can all easily be added to the home after purchasing to reduce premium costs.
Choosing a higher deductible reduces the amount of your yearly premium. However, making a claim on your insurance will cost you more of your cash out of pocket.
Buying a home in a neighborhood with less crime, close to a fire station or near a hydrant usually results in lower homeowners insurance rates.
Remember, homeowners insurance is a bill you’ll be paying for many years. Take the time to get several insurance quotes, research companies and find the best rates.