Homeowners looking for affordable house insurance for an old house will have to look a little harder than homeowners purchasing new homes. The Texas FAIR Plan Association provides basic homeowners insurance to eligible consumers. To be eligible for coverage, you must have been denied insurance by at least two licensed insurance companies writing residential property insurance in Texas and may not have received a valid offer of comparable insurance from a company licensed in Texas. If you’re still unable to find insurance, your last resort might be to get insurance from a surplus lines carrier. Surplus lines carriers are out-of-state companies not licensed in Texas, but legally eligible to sell insurance to insure risks that companies in the standard market are unwilling to insure. Surplus lines carriers usually charge more than licensed companies and offer less coverage. Knowing your rights can help if you are rejected for homeowners insurance or lose your coverage. Many companies use the Comprehensive Loss Underwriting Exchange (CLUE) to review your claims history.
CLUE reports list the property insurance claims history of people and houses – regardless of who owned them – for the last seven years. Cancellation means either you or the insurance company stops coverage before your policy’s normal expiration date. Companies may offer discounts for newer homes and require updates to the wiring, plumbing, and heating systems before agreeing to insure an older home. In an insurance claim lawsuit, the insurance company has the burden of proving it wasn’t obligated to pay. The insurance company may deny your claim if you make permanent repairs before it inspects the damage. If you are not sure whether a repair is considered permanent, contact the insurance company before beginning repairs. Your contractor or builder may discuss estimates or technical specifications with the adjuster or your insurance company.
Leave a sign with your temporary address, phone number, and the name of your insurance company. In most cases, the company will ask you to estimate the replacement cost of any damaged or lost personal property and the cost of repairing your home. The adjuster will prepare a final estimate of the cost to repair your home and repair or replace any personal belongings. If you still disagree, you can use the appraisal process or hire a public insurance adjuster. Public insurance adjusters charge fees to help negotiate claim settlements with insurance companies. If you think an insurance company has treated you unfairly, first contact your company and try to resolve the problem. Most companies operating in Texas are required to have a toll-free telephone line to provide customer assistance. We gathered a list of 105 homeowners insurance companies and then selected 14 top companies to review using 88 homeowners insurance features.
Home Insurance Coverage references the common insurance forms and the types of dwellings covered by the insurance company. A standard HO3 or an enhanced HO5 policy are appropriate for most homes and will be offered by the top insurance companies. For non-homeowners, making sure the company offers renters insurance will be important. In addition to these common types of coverage, the best insurance providers will offer dedicated coverage for condominiums, mobile homes, and farms as well as coverage for rental property owners. Home Insurance Coverage is important because homeowners must be sure that the insurance company they choose covers their specific dwelling. Premier Policy (HO5) — The insurance provider offers HO5 coverage that includes open perils coverage on personal property. Perils Coverage refers to the types of perils that the insurance company covers.
Discounts addresses the types of discounts offered by the insurance company that help reduce the policyholders premium. Common homeowner discounts include having multiple insurance policies with the same insurance company and reductions for remaining claims-free for an extended period of time. The best insurance companies will also offer discounts for newly purchased or renovated homes, or if the home has protective devices like smoke detectors or burglar alarms. Homeowner Discounts is a reasonably important category because it outlines specific ways policyholders can lower insurance premiums. Multiple-Policy Discount — You can receive a discount for having multiple insurance policies with the same company.
Perils that are covered by a typical insurance policy include things like fire, smoke damage, water damage, lightning, wind, theft, and more. Although most of the top insurance companies will cover the same set of fundamental perils, a potential policyholder should still take the time to ensure that incidents most common to their geographical location are included in the policy. Policy Coverage addresses the types of property and personal protection offered by the insurance company and whether the coverage is offered in at least 48 states. The best homeowners insurance companies will provide coverage for each of these features and will have national availability. Making sure the appropriate types of insurance are offered is an important factor when purchasing insurance, making Policy Coverage an important category.
The best insurance companies also provide a comprehensive umbrella policy option, as well as coverage for things like landslides, sump overflow, computer coverage, and identity theft. However, depending on the insurance company and the state of residency, some coverage options may have to be added as an additional, independent policy. Computer Coverage — You can add computer coverage to your insurance as an additional policy or as an endorsement. Earthquake Insurance — You can add earthquake coverage to your insurance as an additional policy or as an endorsement. Flood Insurance — You can add flood coverage to your insurance as an additional policy or as an endorsement.