Homeowners Insurance

home insurance illustration

¿De cuánto es mi deducible?

¿Usted sabe de cuanto es su deducible en su seguro de propietario de vivienda? Vale la pena saber esto. En los recientes años hay una tendencia entre compañías de seguro de subir el deducible, especialmente en reclamos de tormenta de viento y granizo. Si su compañía de seguro ha subido su deducible recientemente podría ser tiempo de buscar una nueva póliza. En la agencia de Northside en Fort Worth, Tx representamos una multitud de compañías de seguro de casa. Llámenos hoy para ver si podemos ahorrarle dinero y posiblemente reducir su deducible.

Seguro para propietario de vivienda tiene un deducible que es evaluado por ocurrencia cuando se reporta un reclamo. El deducible es la cantidad de dinero que se deberá paga antes que la compañía de seguro pague los danos. Por ejemplo, si usted tiene un reclamo de $2,500 y un deducible de $1,000 la compañía de segur va a deducir automáticamente $1000 del pago y le entregara un cheque de $1,500.

Puede encontrar su deducible en su póliza en la pagina de declaraciones. Por lo regular pólizas de viviendas tienen dos tipos de deducibles, uno por reclamos relacionados al clima y otro por reclamos no relacionados al clima como incendio o robo.

El deducible puede ser una cantidad fija o un porcentaje de la cobertura de la vivienda.

¿De cuánto es mi deducible? Read More »

homeowners discounts

Discounts available for your homeowners insurance

Home Insurance premiums are going up these days in Texas.  You may see real savings, though, if you will take a few minutes to check around and make sure that you are getting all the discounts available.  Below is a brief discussion on discounts available for your homeowners insurance.  Not all discounts are offered by all homeowners insurance companies, but it pays to ask your insurance agent about all the available homeowners insurance discounts which ones they have available.

Northside Insurance Agency in Fort Worth, TX represents insurance companies which offer many or all of the homeowners insurance discounts discussed below.  We are happy to discuss them with you at no cost and no obligation. Call us at (817) 626-3100, or visit our homeowners page https://www.northsideinstx.com/home-insurance/

Alarm Discount

If you have a monitored burglar and/or fire alarm, you can get a discount off your premium.  Most Alarm companies will provide a certificate for you to give to your insurance agent to obtain the discount on your homeowners insurance.

Age of Roof Discount

If you have recently replaced your roof, let your agent know.  Some insurance companies offer a discount for newer roofs.

Newly Purchased Home Discount

If you are shopping for a home and getting insurance quotes, some insurance companies offer a discount on newly purchased homes.  Tell your agent if the quote you are getting is for a home you are just now buying.

Senior Discount

Many insurance companies offer a Senior Discount on their homeowners insurance policyholders.  If you are 60 or older, make sure to let your agent know.

Newer Home Discount

If your home is less than 10 years old, many insurance companies discount their rates.  If your home is less than 10 years old it pays to shop for a company that discounts their rates on newer homes.

Good Credit Discount

Many insurance carriers use credit as a component in their rating.  If you have good credit, you can see substantial savings with these insurance companies.  Ask your agent how your credit history effects your rate.

Companion Policy Discount

Some insurance companies offer substantial savings if you put both your homeowners insurance and auto insurance with them or through their agent.  Ask your agent if any additional discounts are available for placing both your home insurance and auto insurance with them.  The discount is also sometimes available when other lines of insurance are with the same insurance agent or insurance company such as a motorcycle insurance, boat insurance, or RV insurance.

Hail Resistant Roof Discount

Did you have a hail resistant roof?  If your roof complies with the Texas Department of Insurance requirements for Impact Resistant Roofing Credits, some insurance companies will discount your homeowners insurance rate.  There are 4 levels for this discount, and each insurance company establishes the amount of discount available for each level.   The roofing material must have passed the UL Standard 2218 test and be property labeled.  The Texas Department of Insurance also requires a certificate from your roofer, so make sure your roofer provides you with the form that is required.

The link below will take you to the Texas Department of Insurance web page with details about this credit:

Accredited Builder Discount

Some insurance companies offer extra discounts when newer homes which were built by a home builder with a good reputation.  If your home is less than 5 years old, ask if the home builder is on the insurance company’s list of accredited builders.  You may qualify for an extra discount

Discounts available for your homeowners insurance Read More »

What's covered on your homeowners insurance

Homeowners Insurance – Make sure you know what’s covered

 

Your home is a big investment.  Homeowners insurance protects you from financial loss to your home from a covered loss.   This article concerns owner occupied dwellings.  (If you are a renter, please check our blog post Renters Insurance for information on renters insurance.)

Make sure you get and read your homeowners policy. If you’re not sure about something, ask your agent. The discussion below concerns Texas homeowners policies only.

What types of property do Texas homeowners policies cover?

Most homeowners policies in Texas include the following coverages:

  • Dwelling pays if your house is damaged or destroyed by a covered loss.
  • Personal property pays if the items in your house (such as furniture, clothing, and appliances) are damaged, stolen, or destroyed.
  • Other structures pays to repair or rebuild structures not attached to your house, such as detached garages, storage sheds, and fences.
  • Loss of use pays your additional living expenses (housing, food, and other essential expenses) if you must temporarily move because of damage to your house from a covered loss. Your policy will pay either a percentage of the amount of your dwelling coverage (typically 10 to 20 percent) or for a specific period after the loss (such as 24 months).
  • Personal liability pays to defend you in court against lawsuits and provides coverage if you are found legally responsible for someone else’s injury or property damage.
  • Medical payments pays the medical bills of people hurt on your property. It might also pay for some injuries that happen away from your home, such as your dog biting someone at the park. A basic homeowners policy pays $500 in medical bills, but you may buy up to $5,000 in medical payments coverage

Remember,  insurance companies may exclude coverage for certain losses. Even the most comprehensive all-risk policy will exclude certain types of damage.

Is your home and/or personal property covered for actual cash value, or replacement cost?

Will your policy settle claims on replacement cost, or actual cash value basis?

See our article on the difference between actual cash value and replacement cost. Home Insurance – What is Replacement Cost and Actual Cash Value.

What are the coverage limits on your Texas homeowners policy?

Review your policy declaration page to.  The declaration page states the maximum amounts available for a covered loss to your house and/or personal property.  Make sure you know what those limits are and if they are adequate.  Additionally, certain types of property will have sub-limits listed within the homeowners insurance contract.  Most policies place a small dollar limit amount for losses involving jewelry, watches, furs, money and securities and firearms.  This list is not all inclusive.  Make sure you read your policy so you are aware of what types of property have sub-limits and what those sub-limits are.

In some cases, the insurance company can increase the sub-limit for an additional premium or can schedule the valuable items individually for each item’s full value. Ask your agent.

What perils are covered on your Texas homeowners policy? 

 

Subject to the policy terms, conditions, limitations and exclusions, most homeowners policies cover damage caused by Fire and Lightning, Windstorm, Hail, Smoke, Explosion, Riot & Civil Commotion, damage caused by aircraft and vehicles, vandalism and theft.  (Not all policies are the same, so make sure you read your policy.)

Additional perils may be added such as damage caused by sudden and accidental discharge of water, falling objects, collapse from weight of ice or snow, as well as sewer backup, and damage caused by plumbing leaks within your foundation.  Read your policy to know which perils are covered.

Most policies do NOT cover (exclude) losses caused by:

Flooding
Earthquake
Termites, Insects, Rats & Mice
Freezing pipes while your dwelling is unoccupied.
Losses if your house is vacant for the number of days specified in your policy
Wear and Tear and Maintenance
Wind or hail damage to trees and shrubs
Mold
Water damage resulting from continuous and repeated seepage

Other exclusions, conditions and limitations may apply.  Make sure to read your policy.

You can buy Flood insurance on a separate policy written through the National Flood Insurance Program.  Northside Insurance has access to this program.  Call us at (817) 626-3100 for a flood insurance quote.

What is my deductible for a covered loss?

Deductibles are typically listed as a dollar amount and a percentage. The deductible is the amount you must pay before the insurance company will pay. For example, if you have a claim for $5,000 and a deductible of $1,000, the insurance company will automatically deduct $1,000 from the amount it will pay you.   In some cases you may have a different deductible amount depending on whether the loss is weather related or non-weather related.

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This article is only a very brief discussion of certain basic considerations regarding homeowners insurance.  Each homeowners needs and circumstances are different, so make sure your agent understands those needs.  Ask questions, and read your policy until you fully understand what’s cover and what’s not covered.

If you live in Fort Worth or the Greater North Texas region and would like to discuss your homeowners insurance, or obtain a free, no obligation quote, call us at (817) 626-3100 or visit our website at https://northsideinstx.com/.

Homeowners Insurance – Make sure you know what’s covered Read More »

Are you getting all the homeowners insurance discounts you deserve?

Homeowners Insurance premiums are going up these days in Texas. You may see real savings, though, if you will take a few minutes to check around and make sure that you are getting all the discounts available. Below is a brief discussion on some discounts available on homeowners insurance. Not all discounts are offered by all homeowners insurance companies, but it pays to ask your insurance agent which ones he has available.

Northside Insurance Agency of Fort Worth, Texas represents insurance companies which offer many or all of the discounts discussed below. We are happy to discuss them with you at no cost and no obligation. Call us at (817) 626-3100.

Alarm Discount

If you have a monitored burglar and/or fire alarm, you can get a discount off your premium. Most Alarm companies will provide a certificate for you to give to your insurance agent to obtain the discount on your homeowners insurance.

Age of Roof Discount

If you have recently replaced your roof, let your agent know. Some insurance companies offer a discount for newer roofs.

Newly Purchased Home Discount

If you are shopping for a home and getting insurance quotes, some insurance companies offer a discount on newly purchased homes. Tell your agent if the quote you are getting is for a home you are just now buying.

Senior Discount

Many insurance companies offer a Senior Discount on their homeowners insurance policyholders. If you are 60 or older, make sure to let your agent know.

Newer Home Discount

If your home is less than 10 years old, many insurance companies discount their rates. If your home is less than 10 years old it pays to shop for a company that discounts their rates on newer homes.

Good Credit Discount

Many insurance carriers use credit as a component in their rating. If you have good credit, you can see substantial savings with these insurance companies. Ask your agent how your credit history effects your rate.

Companion Policy Discount

Some insurance companies offer substantial savings if you put both your homeowners insurance and auto insurance with them or through their agent. Ask your agent if any additional discounts are available for placing both your home insurance and auto insurance with them. The discount is also sometimes available when other lines of insurance are with the same insurance agent or insurance company such as a motorcycle insurance, boat insurance, or RV insurance.

Hail Resistant Roof Discount

Did you have a hail resistant roof? If your roof complies with the Texas Department of Insurance requirements for Impact Resistant Roofing Credits, some insurance companies will discount your homeowners insurance rate. There are 4 levels for this discount, and each insurance company establishes the amount of discount available for each level. The roofing material must have passed the UL Standard 2218 test and be property labeled. The Texas Department of Insurance also requires a certificate from your roofer, so make sure your roofer provides you with the form that is required.

The link below will take you to the Texas Department of Insurance web page with details about this credit:

http://www.tdi.texas.gov/home/roofingx.html

Accredited Builder Discount

Some insurance companies offer extra discounts when newer homes which were built by a home builder with a good reputation. If your home is less than 5 years old, ask if the home builder is on the insurance company’s list of accredited builders. You may qualify for an extra discount.

Are you getting all the homeowners insurance discounts you deserve? Read More »

Homeowners Insurance – What is Replacement Cost and Actual Cash Value?

It is important to know whether your Homeowners Insurance affords Replacement Cost or only settles losses for their Actual Cash Value.

Replacement Cost is what you would pay to rebuild or repair your home, based on current construction costs. Replacement cost is different from market value and does not include the value of your land. Ask your company if you are not sure how much it would cost to rebuild your house.

Actual Cash Value is what you would pay to rebuild or replace your property minus depreciation. Depreciation is a decrease in value due to wear and tear or age. If your home is destroyed and you only have actual cash value coverage, you may not be able to completely rebuild.

Your Homeowners policy contract will specify how a loss is settled. At time of loss, the insurance company claim adjuster calculates what it will cost to repair or replace the damaged property with new materials or items and then will deduct an amount from that figure based on the age and condition of the damaged property. The amount deducted is called Depreciation.

If your policy only covers for Actual Cash Value, you will not be able to recover the Depreciation.

If you have Replacement Cost coverage in your policy, you can recover the Depreciation once you repair or replace the damaged property provided you have met the policy conditions,

It is important to note, that the amount of insurance you carry must be substantially what the replacement value of the property is at the time of loss. If you insure your property for less, you may not be able to recover any or all of the Depreciation which was deducted.

It is also important to note that your policy will limit the time you have in which to recover the Depreciation.

If you would like more information about Replacement Cost and Actual Cash Value, the licensed agents at Northside Insurance Agency are available to discuss your options.

Homeowners Insurance – What is Replacement Cost and Actual Cash Value? Read More »

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