Homeowners insurance covers damage or destruction that may occur in homes due to fire or other accidents that the policy may cover.
Texas law has a Declaration of Consumer Rights where both homeowners and renters or also known as tenants can count on such benefits that the policy offers in case of any inconvenience caused by any eventuality in the properties.
It is extremely important to be clear that Texas law does not require property owners to have this insurance for housing, it should also be noted that it is not a requirement of law, it is simply a great idea for homeowners they can protect their homes and other assets in case they can be at some risk due to external or internal factors of where the property is
Most homeowners insurance or policies have a wide coverage depending on the case in which the establishment is located; Texas law includes the following coverage benefits:
This is that, if your home is affected, damaged or destroyed, the policy covers such damages.
Coverage for personal property items
As the name implies, the policy is the duty to pay if your furniture, clothing and other goods are stolen, destroyed or damaged.
Coverage for other structures
The policy is in the duty of repairing the structures that have been affected by any situation, that is, if your home has detached or damaged areas.
The management and risk system allows us to recognize the vulnerability of the areas in which we live; the policies for housing properties allow us to protect the establishments from various risks in which they may be affected, either by external or internal situations of the place we may be residing; Below are some common risks in the properties and that the policies can cover and also some that most insurance could not cover.
The coverage of risks that may or may not be covered varies depending on the insurance company.
Most of the housing policies are in your duty to cover damages because of:
Sudden and accidental leaks of water or smoke.
Fire and lightning.
Most policies do not cover damages caused by:
-A continuous leak of water; Nor do they cover mold removal.
-Termites, insects or others.
-Losses that occur if your house is uninhabited.
-Earthquakes or earthworks.
On the other hand, homeowners insurance provides either replacement cost coverage or current cash value coverage. To be fully protected, ensuring that your policy has replacement cost coverage.
– Replacement cost coverage
– Pay to repair your home or replace your property based on current costs.
-Current cash value coverage
– Pay the replacement cost less depreciation. Depreciation is the reduction in value due to wear and tear or age.
It should be clarified that homeowners policies generally pay a percentage of the coverage limit on the residence they live in either to repair or replace their furniture, clothing and other property.
Similarly, housing policies or insurance can protect against some risks, but for the risks that it does not cover you could add more benefits by buying another policy separately and completing the protection of your property.
There are different reasons why your property may be at risk, but then you will be presented with types of insurance that are according to the needs of each person:
It covers your clothes, furniture and other personal property if they are stolen or damaged while you live in a rented house or apartment.
This type of insurance covers your property and the interior of your unit.
Insurance for ranch and farm owners It is for homes that are outside the city limits on land that is used for agriculture and livestock.
All persons wishing to acquire these insurances have rights which must be taken into account at the time of a claim or complaint; insurance companies cannot:
Refuse or charge more due to race, color, religion or national origin.
refuse or charge more because of your age, sex, marital status, geographic location, or disability.
But if you have a complaint, you can make the claim and it will be handled in the most appropriate time.