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Texas Homeowners Insurance

Texas Homeowners Insurance is governed by a Consumer Bill of Rights that aims at safeguarding the interest of home owners when they set to buy a policy for financial security. The Bill also deals with the issues underlying the typical requirements of renters for whom a separate provision by the name of renters insurance exists. It is mandatory for insurance companies in Texas to send a copy of the Bill of rights to the policy holders and help them know their rights in this regard. If an insurer is found to be in violation of a law, you can make complaints before the concerned authority in Texas. The consumers should read their policy and understand well the subtlety of their coverages.

Texas Homeowners Insurance Coverage

A typical Texas Homeowner Insurance policy covers five aspects of financial losses in the event of a calamity. These are dwelling, personal property, liability, medical payments and additional living expenses. It is up to the discretion of of a home owner to buy all of these coverages combined in a single policy or go for a policy that deals only with the structure of your house. The policy limit for a liability is $25,000, while it is $500 against the medical expenses for the person who gets injured on your property and anywhere by your pet. You can choose a higher limit for these categories of TX Homeowners Insurance, by raising the cost of your premium. Additional living expenses can cover an amount not exceeding 20 percent of your dwelling coverage.

Texas Homeowners Insurance Forms

Although there are several types of policies available at Texas homeowners insurance companies, only three of them are standardized. These policies, which are also known as forms, are HO-A, HO-B, and HO-C. There will be a similarity in the level of coverages provided by each company for a particular form, but the insurance rates may not be the same. This is what makes a comparison among the similar products being offered by different companies, a necessity.

Among the three standardized forms, HO-C provides the most extensive coverage, however it is also the most expensive to have. An HO-A policy is a basic one which is useful for availing an extremely limited actual cash value coverage to your home and personal property. It does not cover the damage that is not listed specifically in the policy.

You can buy an amended version of HO-A policy, but the coverages included here will still be less than those provided by an HO-B form. If you want a replacement cost coverage, you can go for an HO-B form, which provides you financial security against most types of damages, obviously with the exception of those that are specifically excluded from the policy.

The Office of Public Insurance Counsel (OPIC) provides a platform for comparison among various Texas Homeowner Insurance companies and the products they offer. You will find here an interactive comparison chart that will help you choose the right homeowners policy ideally suitable for your requirements.
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