Best Homeowner Insurance in Texas
Homeowner Insurance is one of the most important coverages
If you’re like most homeowners in Texas, your home is the most valuable asset you want to protect. When your home is damaged or destroyed, you need your claim settled by an insurance company that understands the importance of the place you call home.
Momentum Insurance and Financial Services can help you get the best homeowner insurance in Texas. It will meet your needs and provide the most valuable combination of tailored coverage, quality service, and competitive pricing.
Note: If you are looking for the best homeowner insurance in Texas for a rental property or home that is unoccupied, you cannot use traditional homeowners insurance. You need a “ specialty dwelling ” policy which we can also help you with.
Regardless of whether you live in The Woodlands or any other part of Texas , homeowners insurance is one of the most important insurance policies you could ever own.
It’s important to understand that no two homeowners insurance policies are equal though. Different insurance companies offer different levels of coverage, different endorsements, and riders, and have different conditions and limitations.
Homeowner Insurance in Texas
If you’re not using an independent agent in Texas like us, it can be hard, if not impossible to tell the difference between two homeowners insurance policies.
Whether you own or rent, insuring the place you call home can help protect you financially. It can cover your loss due to fire, theft, vandalism, or other events. It will also cover you in the event someone is injured while on your property and wins a legal judgment against you.
Furthermore, homeowners’ insurance policies differ by which losses they cover, which coverages you choose, and what type of residence you own. You can choose which policy is best for you, whether it’s a comprehensive policy that covers losses such as fire, hail, smoke, falling objects, vandalism, and theft of personal property, or whether it’s a policy that covers only specific losses.
Common Homeowners Insurance Coverages
These are some common homeowner insurance coverages you typically see on a policy:
- Dwelling — this is the portion of your policy that covers the actual structure (main house). The cost to replace your home can fluctuate from time to time based on the cost of raw material and labor, and of course, supply and demand. Therefore, we will run a replacement cost analysis on your home to see how much it would actually cost if the worst happened and you had to rebuild.
- Other Structures — this covers any structure on your property that is not permanently attached to your house, like fencing, driveways, sidewalks, and detached buildings like sheds and garages. Usually, this coverage is 10% of whatever your Dwelling limit is. But you can increase this amount if you need more coverage.
- Personal Property — this covers all of your personal belongings like clothing, furniture, electronics, and appliances. Basically, anything that would fall out of your house if you turned it upside down and shook out the contents.
- Loss of Use — this covers your living expenses if you need to live somewhere else temporarily because your primary home is uninhabitable due to a loss.
- Medical Expense —this covers medical expenses for guests if they are injured on your property, and in certain cases covers people who are injured off of your property. It does not cover health care costs for you or other members of your household.
- Family/Personal Liability — Personal Liability Coverage applies if someone is injured or their property is damaged and you are to blame. The coverage generally applies anywhere in the world. So, when choosing your liability coverage limits, consider things like how much money you make and the assets you own. Your personal liability coverage should be high enough to protect your assets if someone sues you. In some situations, an Umbrella policy may be necessary to provide extra coverage.
- Scheduled Personal Property — there are some situations where you might want special coverage for valuables, or collectibles like jewelry, guns, collectibles, rugs, etc.
Homeowner insurance in Texas – Frequently Asked Questions (FAQs)
What’s not covered by Homeowners insurance in Texas?
Typically, your home insurance policy won’t cover all the problems your home may face. Some of the common exclusions in standard home insurance include:
- Floods
- Sinkholes
- Earthquakes
- Nuclear Hazards
- Power Failures
- Intentional Loss
- Insect & Vermin Infestation
- Regular Wear & Tear
Make sure you thoroughly read your policy to understand what it covers and excludes from coverage.
What insurance coverages for homeowners in Texas are recommended?
If you are a homeowner in Texas, we recommend getting the following insurance coverages:
- Flood Insurance (Flash floods between April and September can be a significant problem for homeowners)
- Personal property replacement cost (If your belongings get damaged or lost in an event already covered (like wildfire or theft), this coverage will take care of the cost of new items).
- Blanket Jewelry
- Inflation Protection
- Escape of water
Is getting homeowner insurance required by Texas Law?
Legally, it’s not mandatory to get homeowners insurance. However, your mortgage company may need it to get a loan. Homeowner insurance helps protect your home and other assets even if it’s not legally necessary. Therefore, you should consider it.
What is the average cost of homeowner insurance in Texas?
According to Insurance.com rate analysis, The average cost of homeowner insurance in Texas is $3,429/year (or $285.75/month) in 2022. This makes Texas the fifth most expensive US state for home insurance. The top four are Oklahoma, Kansas, Florida, and Arkansas, respectively.
However, this homeowners insurance rate may be lower or higher for you depending on factors like coverage type, value & age of your home, your claim history, etc.
We hope this was helpful! As always, follow us on Facebook , Instagram , and LinkedIn – and check out our blog for new content daily discussing topics on everything from the insurance industry to personal care tips.
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