Homeowners insurance is the best thing you can have to protect your home or property if they get damaged or destroyed by something your policy covers, like a fire or storm.
Although is not required by Texas law to have one, if you still owe money on your home, your lender will require you to have it, but in general, is a good idea because it helps protect your home and other assets.
Types of Homeowners Insurance
Pays if your house is damaged or destroyed by something your policy covers.
Personal Property Coverage
Pays if your furniture, clothing, and other things you own are stolen, damaged, or destroyed.
Other Structures Coverage
Pays to repair structures on your property that aren’t attached to your house. This includes detached garages, storage sheds, and fences.
Loss of use Coverage
Pays your additional living expenses if you have to move while your house is being repaired.
Additional living expenses include rent, food, and other costs you wouldn’t have if you were still in your home.
Personal Liability Coverage
Pays medical bills, lost wages, and other costs for people that you’re legally responsible for injuring. It also pays if you’re responsible for damaging someone else’s property. It also pays your court costs if you’re sued because of an accident.
Medical Payments Coverage
Pays the medical bills of people hurt on your property. It also pays for some injuries that happen away from your home – if your dog bites someone at the park, for instance.
Risks covered by Homeowners insurance
Most policies don’t cover damages from:
A continuous water leak; policies also won’t cover mold removal, except to repair damage caused by a covered risk
Termites, insects, rats, or mice
Losses that occur if your house is vacant for the number of days specified by your policy
Wear and tear
Earthquakes or earth movement
Wind or hail to trees and shrubs