When you buy homeowners insurance, you're buying protection for your property and your personal liability. Please remember that there are several different types of homeowners policies offered by a wide variety of insurance companies and that not all coverages are the same or are available in all states. You should speak directly with an independent agent about your specific coverage needs.
Keep in mind a few definitions as you begin. Exclusions refer to situations where your policy does not provide coverage. Liability refers to something that you are legally responsible for.
Here's a list of topics generally associated with standard homeowners insurance. Click on any topic for more information.
Your house and structures attached to it, such as an attached garage.
Structures on your property that are not attached to the house. For example, a detached garage, gazebo, or storage shed.
Your personal possessions, such as furniture, clothing and appliances. There are certain types of possessions that are excluded or that have limited coverage. Please see Personal Property Exclusions and Limits of Coverage for more specific information.
Pays for your housing and other living expenses if a major loss makes your house uninhabitable and you have to move out temporarily.
A homeowners insurance policy provides protection from the following covered perils:
Some policies also include the following as covered perils:
A homeowners policy does not provide coverage for the following perils:
For basic homeowners policies, a specific minimum limit of liability is required for each of the major property coverages, based on the primary amount of insurance selected.
For example, if your home is insured for $100,000 under Coverage A:
With a homeowners policy, a deductible applies to the property portion of the policy. A deductible is the amount you would have to pay out of your own pocket before the insurance coverage kicks in. Typical deductibles are 1% and some policies have several deductibles. The higher the deductible you select, the lower your premium payment is.
Endorsements are modifications which enhance your basic homeowners policy either by adding or removing certain coverages. Some of the more common endorsements include:
Certain classes of property are specifically excluded from coverage because of the nature of what they are or because they are generally covered by other types of policies:
Certain classes of property have specialized limits of coverage:
There are several endorsements or separate policies to cover personal property items for higher limits of coverage. For more information, you should speak with an independent agent.
Provides coverage for bodily injury or property damage that you are legally responsible for. For example, your dog bites someone, a guest falls down your front stairs, your son throws a ball through your neighbor's window. The section we can help you determine whether the liability limits available on your homeowners policy are sufficient for your needs. Of course, an independent agent is your greatest resource for this evaluation.
Pays all reasonable and necessary medical expenses for a period of three years from the date of an accident to a person or persons injured while on your property. This coverage does not apply to the insured or regular residents of the insured's household.
Accidental physical injury to others caused by you, residents of your household, or your pets.
Accidental damage to the property of others caused by you, residents of your household, or your pets.
A homeowners policy does not provide coverage for:
Umbrella or Excess Liability Coverage provides liability coverage for over and above what's covered by your auto, homeowners or other policy for personal liability and lawsuits. Such coverage can be purchased as a separate policy. You can speak with us directly about your specific needs.
Questions or comments send E-mail to;
webmaster@txcuins.com
