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A home insurance policy protects most people's largest investment against misfortunes like fires, storms, vandalism, and even theft. It is an invaluable risk management tool that too many people forego, unfortunately. If you've considered purchasing a homeowners policy but still have questions, below is a helpful guide.

4 FAQ About Home Insurance

What does home insurance cover?

A homeowners policy covers losses to the structure of your home due to several named perils. These include the roof, walls, floors, and carpeting. The policy also pays for losses to the contents of your home, including appliances, clothing, and electronics. Most policies also include personal liability protection, which pays for repairs, medical care, and legal fees if you should accidentally injure someone or damage their property while onsite.

Is home insurance required by law?

Home insurance in Lubbock, TXTexas does not mandate that homeowners insure their property. However, if you have a mortgage on your home, the lender can and will require that you protect their interests by purchasing coverage.

What factors affect the cost of home insurance?

The size and materials of your home are the primary factors. Your history of filing insurance claims and credit rating also have roles to play. For example, if you have filed many claims in the past or have a low credit score, your premiums will likely be higher. To lower your premiums, consider installing fire or theft alarms. These reduce your insurer's risk and your premiums as well. 

What is a deductible?

The deductible is the amount you must pay toward a claim before your insurer is required to contribute. This amount ensures that you have skin in the game and won't intentionally cause damage or allow it to occur without taking preventative measures.

 

For invaluable guidance designing a home insurance policy for your property, contact Beadle Insurance Agency in Lubbock, TX. They are a locally owned, independent agency and have served clients throughout Northwest Texas for more than 40 years. Along with home insurance, they also offer auto, motorcycle, boat, and life insurance. Message them through their website, or call (806) 385-3426 to request an insurance quote.

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