Is Homeowners Insurance Worth It?
We know what you’re thinking. Is homeowners’ insurance worth looking into?
There are a few essential aspects your homeowner’s insurance policy will cover. These are your assets, personal property, and the home itself. In the event of damage to your property, your homeowners’ insurance will step in to reimburse you for either living expenses and/or reconstruction of your home. Should you experience a break-in where personal belongings are stolen, rest assured knowing that your insurance policy will reimburse you for stolen assets.
When it comes to homeowners insurance in Texas, you’ll need to be aware of the different types of coverage options available for purchase. Briefly, your coverage options include:
- Personal Property: Where your insurance policy protects your personal property both within and outside your home.
- Liability Cover: It’s always crucial to have some form of liability coverage in the USA. If someone were to hurt themselves in your home or if you were to accidentally hurt someone on your property, i.e., accidental shootings for gun owners, then you’d receive some liability coverage. If you do own firearms, we highly recommend purchasing additional liability coverage in the form of umbrella insurance.
- Dwelling cover: This form of coverage is standard to most homeowners’ insurance policies in Dallas, Tx. It ensures that in the case of damage to the infrastructure of your home, you’ll receive the necessary reimbursements needed for repairs.
What is the average cost of homeowners insurance in Texas?
In the state of Texas, homeowners can expect to pay an average of $2500 to $3500+ in premiums for their policies. Of course, the annual cost of your homeowner’s insurance will vary depending on your coverage level. However, on average, expect a dwelling coverage of $300,000, liability cover of $300,000, and a deductible of $1,000.
Why is homeowners insurance so high in Texas?
If you’ve lived in other states across the USA, you probably already know that Texas’s homeowner insurance is high, and we mean really high! But, there’s a reason why insurance policies in Dallas, Austin, Houston cost a lot. The climatic conditions in this state can pose to be hazardous to homes. Weather risks commonly seen in this state include hailstorms, hurricanes, tornadoes, and flooding. Due to the unique climatic factors common to our state, Texas homes are more at risk of damage and destruction. As a result, homeowners insurance premiums in Texas tend to sit on the more pricey side. That being said, don’t panic! We know that searching for an affordable homeowners insurance policy is a stressful task.
Don’t Forget About Flood Insurance in Texas!
As we mentioned above, the state of Texas can have a few unique weather challenges. Amongst hurricanes and hailstorms, flooding is yet another climatic factor a homebuyer must consider when purchasing insurance for their property. It is vital to note that flood insurance in Texas is separate from your standard homeowners’ policy. According to valuepenguin the average cost of flood insurance is $634 per year. But of course, the price will vary depending on which city you live in. Most flood insurance policies in Texas will provide coverage of up to $250,000 for repairs involving the infrastructure of your home. The insurance policy will also offer a $100,000 cover to replace personal contents that a flood may have damaged.
Let’s Help You Find the Best Homeowners Insurance in Dallas, Texas!
Earlier, we mentioned that the cost of homeowners insurance policies in Texas is a lot more expensive than in other states. When you begin the process of shopping for the best homeowners insurance policies in Dallas, Texas, you’re going to come across a lot of different insurance agencies that all have diverse arrangements and prices. The search for the best homeowners insurance in Texas can be a lucrative task, but fortunately, you don’t have to do it alone. By working with an independent agency, you’ll be able to receive unbiased options and, therefore, can make a more comprehensive choice when purchasing your new policy.
- Federal Emergency Management Agency
- Insurance Institute for Highway Safety
- NADA Guide
- National Flood Insurance Program
- Office of Public Insurance Counsel
- Texas Department of Insurance
- Texas Department of Public Safety
Contact us today and see why so many people just like you prefer working with an independent insurance agent.