Homeowners Insurance Texas 131
Itâs a great feeling to know youâre safe and secure because you have homeowners insurance in Texas. Youâve signed the paperwork, you have a policy, and everything is in good shape right? Thousands of Americans believe they have the insurance coverage they need, but many of them fail to take into consideration the power of Mother Nature.
Youâre not alone if youâve been thinking youâve got the coverage in your homeowners insurance in Texas to rebuild your home if it should be destroyed by a natural disaster. According to statistics, two-thirds of insured homeowners are under-insured! This is a huge number thatâs even hard to believe. However, year after year weâre still seeing that the majority of homeowners just arenât carrying enough insurance.
Amazingly, there are several reasons why your homeowners insurance in Texas may not provide the coverage needed if your home should be destroyed by one or more types of natural disasters. Letâs look at some of the most common reasons for insufficient insurance coverage.
â¢ I thought all natural disasters like flooding, hurricanes and earthquakes were covered in standard policies.
â¢ I assumed my policy would automatically adjust for inflation and rebuilding costs.
â¢ The homeowners insurance policy in Texas is filled with fine print, so I must have coverage for everything.
â¢ The odds on my house being destroyed by a hurricane are astronomical. It just couldnât happen.
â¢ Other people lose their homes to natural disasters, but Iâll risk it and not pay extra to protect my home.
â¢ Iâve never read my homeowners insurance in Texas policy, but I am pretty sure Iâve got insurance for most stuff!
As you can see, there are all kinds of reasons for not having adequate homeowners insurance in Texas coverage. You may have noticed that many of the reasons are due to ignorance, not reading the policy or simply making assumptions.
Sadly, the folks that find they are under-insured after a natural disaster strikes are not just a little bit under-insured. Most homeowners in this position are under-insured by as much as $100,000.
Natural catastrophes happen everywhere throughout the US. However, after noting the losses reported in the millions for various types of natural disasters in 2016, youâll see why itâs so important to check your homeowners insurance in Texas policy.
â¢ Severe Thunderstorms. Estimated losses 13,400, Insured losses 9,600.
â¢ Tropical Cyclones. Estimated losses 100, Insured losses 60.
â¢ Floods. Estimated losses 3,800, Insured losses 1,100.
â¢ Wildfire and Drought. Estimated losses 4,400, Insured losses 1,900.
Checking Your Homeowners Insurance in Texas Policy
By now, you may be wondering just what kind of coverage you have in your homeowners insurance in Texas policy. Now, while youâre thinking about, it would be a good time to check over your coverage for natural disasters.
Basic standard homeownersâ insurance does include fire damage. However, the important thing is to make your property insurance coverage is set high enough to cover the costs of rebuilding if your home is destroyed by a fire. Also, donât forget to make sure all your personal possessions are covered in your property insurance.
Floods are not covered in standard insurance policies for homeowners insurance in Texas. If you have the slightest concerns about flooding issues, talk to your agent about purchasing a separate policy from the National Flood Insurance Program.
Hail, Hurricanes and Windstorms
Some damage from windstorms may be covered, but in all likelihood, if you live on the coast in Texas, youâre either not covered or may not have enough coverage on your homeowners insurance in Texas.
You have homeowners insurance in Texas to provide financial protection for huge losses that you couldnât afford to cover on your own. If youâre in doubt or donât understand your coverage, play it safe, and call your agent.