According to Texas law, it is not necessary that a person have home insurance. However, if a person owes money on their dwelling the institution who is lending money to them will most likely require a person to apply for it. It is always a good idea to have homeowners insurance because it protects a person’s assets from sudden loss or destruction.
There are a few different coverage’s which most insurance companies offer including dwelling coverage, personal property coverage, loss of use coverage, personal liability coverage and other structures coverage. These coverage’s pay for a person’s house, furniture, external garages, loss of wages, and moving expenses in case some damage is caused to them.
In most cases, damage done by the following sceneries will generally be covered by a home insurance company:
- Smoke and water damage
- Civic commotion
- Hurricanes and storms
If a person’s home is damaged by any of the above methods, they will most likely be able to get financial compensation to fix the damages. A reliable home insurance company can help a person out when they are in need of assistance after sudden damages which befall their home.
When looking for a good home insurance company, individuals should look for good prices and good communication on behalf of the agents at the company. If the agents are available to answers a person’s questions it shows they are trustworthy and are most likely a very good choice to work with.
What form of damage will my home insurance most likely not cover?
There are some forms of damage which an insurance company will not bother to cover. These include damage due to:
- Constant water leaks
- Pests such as mice and insects
Apart from these forms of damage, some insurance companies will also not compensate a person if they had left their home vacant when the damages occurred.
Can I be refused insurance?
Insurance companies can actually refuse to insure a person if they feel like that person’s home is very vulnerable to thefts and other crimes which can be claimed for. Individuals should try to make sure their home is as protected as possible if they would like insurance.
In order to keep one’s home safe, a person should install alarm systems around the house, keep trees trimmed, park vehicles inside the garage, and use extra locks to ensure no one can break in. Apart from having an insecure home, some other common reasons why a company may stop giving insurance include:
- A person stopped paying their premiums
- The insurance company finds out that a person’s application held false information
- The insurance company finds that a person hid vital information from them
Once a person is insured, their insurance company cannot sop insuring them without giving a 10-day notification first. A good insurance company will always inform a person well before making any serious changes to their plan or before canceling the agreement with them.