Home Insurance in Texas
While Texas has no state law requiring you to obtain homeowners’ insurance, if you have payments left on your mortgage, your bank or credit union will require it. They want to know that if you incur damage to your home or it gets destroyed, the mortgage still gets paid off. SWH Insurance Agency, LLC of Whitesboro, TX wants you to have the homeowners’ insurance coverage you need to protect your home investment.
A standard homeowner’s policy offers dwelling and personal property protections, other structures coverage, and liability coverage. The dwelling coverage is what most people think of when home insurance gets mentioned, but each portion of the overall coverage helps you keep your home investment safe.
- Dwelling:This covers physical damage to your house when it gets destroyed or incurs damage due to a named peril. Named perils typically include fire, tornado, earthquake, hurricane, wind, and lightning damage. Flood requires a separate policy from the National Flood Insurance Program (NFIP).
- Personal property: This coverage provides reimbursement for damage or stolen clothing, furniture, appliances, etc.
- Other structures:This coverage provides reimbursement for structural repair or replacement of buildings or other structures such as fences on your property but not attached from the house.
- Living expenses: This coverage, also called loss of use, covers your living expenses when home damage or destruction causes you to need to move to an alternate location such as a hotel while your house gets repaired. It also covers food and vehicle parking you would not usually have while living at home.
- Personal liability: This coverage provides for the court costs and settlement if you get sued due to an accident on your property or damage you cause to another person’s property. It also pays for the medical bills and lost wages of the injured people.
- Medical payments: This coverage also contributes to the payment of medical bills of those injured on your property. Medical payments coverage pays for several types of injuries that happen offsite, too, such as if your German Shepherd bites someone while you walk them at the park.
Contact SWH Insurance Agency, LLC servicing Whitesboro, TX for more information on obtaining the right home insurance for you.