Quotes Texas

            Aside from first deciding which type of residential property insurance you need, it is important to understand the terms of your policy.  Residential property insurance policies do not cover flood damage.  In most policies a flood includes waves, tsunami, surface water, tidal water, storm surge, or an overflow of a body of water.  Therefore, if your home is susceptible to flooding, you will have to obtain flood insurance through FEMA and the National Flood Insurance Program. 

            Residential property policies provide two basic coverage types, all risk and named perils.  All risk, which is also referred to as comprehensive coverage or open perils, gives extensive coverage and covers all perils unless specifically noted otherwise.  And because certain kinds of loss will not be covered in this all risk policy, you should be sure to know what is excluded in coverage.  Named perils, or specified perils coverage, provides a narrower protection than does all risk coverage.  It only covers the perils specifically noted in the policy.  Furthermore, there can still be exclusions to those covered perils.  Therefore, it is crucial to know what perils are covered and if there are any exclusions to those perils.

            Additionally, there are various methods to repair or replace your property under residential property insurance.  The replacement cost method pays for all of the needed expenses to repair or rebuild the damaged property up to the policy limit.  Actual cash value, on the other hand, takes into account depreciation.  Therefore, this method pays for the needed expenses less depreciation.   

     Residential property insurance includes many various forms of insurance depending upon the type of property being insured.  These different types of insurance include homeowners, dwelling, condominium, and tenants and renters.

            Homeowners insurance covers your home should it be destroyed or damaged as a result of an unexpected or catastrophic occurrence.  This insurance protects your possessions inside the home and will cover medical expenses and liability claims which may occur if others are injured inside your home.  Furthermore, if you are required to move into a temporary residence as a result of losing your home, your homeowners policy may cover these additional living expenses. 

            Dwelling insurance differs from homeowners insurance in the fact that it does not require the owner to occupy the insured property.  Another difference is that dwelling insurance does not cover personal property found inside the property and does not offer coverage for additional living expenses. 

            Condominium insurance policies can cover appliances, fixtures, alterations, and improvements which are part of the inside of a condominium.  However, it does not cover any loss to the exterior of the condominium.  Like homeowners insurance, condominium insurance can cover an owner’s personal property as well as medical expenses and liability claims due to property damage or personal injury to other people.

            And finally, tenants and renters insurance covers personal belongings inside a rented property but does not cover any damage occurred upon the interior or exterior of the structure.  Tenant insurance will pay for additional living expenses as well as reimburse you for medical expenses and liability claims as found in condominium and homeowners insurance.