Homeowners Insurance in Houston

Types of policies sold in Texas

Types of Policies

Insurance companies in Texas may sell several types of policies. If a company offers you a policy with less coverage than you'd like, ask if other policies are available. 

You may also be able to buy additional coverage by adding endorsements to your policy.

Two types of policies sold in Texas are:

All-risk policies (also known as a comprehensive coverage or open perils coverage). These policies offer you broad protection and cover all causes of loss unless the policy specifically excludes them.

Named perils policies (also known as specified perils coverage). These policies offer narrower protection than an all-risk policy and cover only the causes of loss specifically named in the policy.
Policies typically provide replacement cost or actual cash value coverage:

Replacement cost is what you would pay to rebuild or repair your home, based on current construction costs. Replacement cost is different from market value and doesn't include the value of your land. Ask your insurance company if you aren't sure how much it would cost to rebuild your house.

Actual cash value is what you would pay to rebuild or replace your property minus depreciation. Depreciation is a decrease in value due to wear and tear or age. If your home is destroyed and you only have actual cash value coverage, the insurance company will not pay enough to completely rebuild your home.

Source:tdi.texas.gov

Homeowners Insurance in Houston

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