Homeowners insurance protects you from financial losses if your home or personal property is damaged or destroyed by a storm, fire, theft, or other event stated in your policy. The policy will pay to repair or replace your property up to your policy’s limits.
It is important to know your policy limits and what’s in your policy. Make sure you read your policy carefully and understand your coverages.
It’s also important to know your rights. Texas has a Consumer Bill of Rights for homeowners and renters insurance. Your company must send you the Bill of Rights with your policy or renewal. Don’t wait until you have a claim to review your policy and to know your rights.
You can buy a dwelling policy that covers only the structure of your house, but most homeowners buy a policy that combines five different coverages in a single policy:
- Dwelling pays for damage or destruction to your house and any unattached structures and buildings, such as fences, detached garages, and storage sheds.
- Personal property pays for theft, damage, or destruction of the contents of your house, including furniture, clothing, and appliances.
- Liability protects you against financial loss if you are sued and found legally responsible for someone else’s injury or property damage. A homeowners policy automatically provides $25,000 in coverage. You can buy up to $1 million in coverage for an extra premium.
- Medical payments pays medical bills for people hurt on your property. It also pays for some injuries that happen away from your home, such as your dog biting someone. A basic homeowners policy pays $500 in medical bills. You can pay extra and get up to $5,000 in medical payments coverage.
- Loss of use pays your additional living expenses (temporary housing, food, and other essential expenses) if you must temporarily move while repairs are made. Most policies pay 10 to 20 percent of the amount of your dwelling coverage.
Rates vary widely among companies, so it pays to shop around.
Learn more about a company, including its licenses status, complaint history, and financial rating from an independent rating organization by calling Texas Department of Insurance’s Consumer Help Line at 1-800-252-3439 or by visiting the TDI website
In summary, if your home or personal property is damaged or destroyed by a storm, fire, theft, your home insurance policy will pay to repair or replace your property.
For a home insurance expert that services Houston's Memorial, Tanglewood, Bunker Hill, Hedwig Village, Spring Valley, Piney Point areas be sure to check our Memorial Telephone Directory.
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