Home Insurance in Texas

The point of homeowner’s insurance is to financially protect you if your property is damaged by disasters listed in your policy, like a storm or fire. In Texas, there is a Consumer Bill of Rights for homeowners which you receive when you sign up for or renew an insurance policy.

Homeowners Insurance Requirements

There is no law in the state of Texas that requires you to have homeowner’s insurance. However, if you are financing your property through a lender, they likely require you to have a policy. Even if it is not legally mandated, homeowner’s insurance is critical to protecting your house and other assets.

Types of Coverages

Homeowner’s policies in Arlington, TX comprise several types of coverages. The most common policies include:

Dwelling Coverage – covers your home if it is damaged or destroyed by a disaster that is covered within your policy.

Loss of Use Coverage – pays for any additional living expenses that may be incurred while your house is being repaired from damages. These expenses include food, rent, and other costs that you would not have if living in your home.

Medical Payments Coverage – covers the cost of medical bills for those injured on your property. Also pays for injuries that occur when you are away from home.

Other Structures Coverage – Pays to repair any structures on your property that are no attached to the house including, storage sheds, garages, and fences.

Personal Liability Coverage – covers the cost of lost wages, medical bills and other costs for those you are legally-responsible for injuring as well as the payments if you damage another property. Furthermore, this coverage pays court costs if you are sued due to an accident.

Personal Property Coverage – pays the cost of clothing, furniture and other belonging if stolen, destroyed or damaged.

If you are interested in reviewing homeowner’s insurance policies in Arlington, TX, call the Rickey McGill Insurance Agency today for more information. At the Rickey McGill Insurance Agency, we are here to answer all your insurance-related questions!