A home is a valuable investment that needs to be protected. A homeowners insurance policy is designed to repair or replace a home and personal property if it is damaged or destroyed. This must be the result of an event covered by the insurance policy, one can be obtained from www.TexasQuotes.com. These are known as covered losses. In Houston, homeowners are covered by the Texas Consumer Bill of Rights. When a person with Homeowners Insurance in Houston renews a policy, they should receive a copy of the Texas Consumer Bill of Rights from the company issuing the the policy.
Texas Consumer Bill of Rights
The consumer bill of rights is not part of a homeowners insurance policy. The Texas Department of Insurance developed the Bill of Rights. They are not designed to address a policyholders responsibilities. People who have Homeowners Insurance in Houston will find the responsibilities listed in their insurance policy. Should a Houston homeowner fail to meet the obligations listed in the policy, it may affect their rights.
Texas Homeowners Policy Coverages in Houston
The majority of Homeowners Insurance in Houston provides certain coverages. This coverage determines what will be paid if a house is damaged or destroyed as a result of a covered loss. Personal property coverage will pay for items within a home that are destroyed, damaged or stolen. Loss of use coverage pays if a homeowner is forced to move temporarily because of damage to their dwelling. Personal liability pays to defend a homeowner if they are found responsible for another person’s injury or property damage. Medical payments cover the medical bill for any individual hurt on a homeowners property. The amount of insurance coverage needed is determined on an individual policy basis.
Hail And Windstorm Insurance in Houston
With Homeowners Insurance in Houston, this type of coverage is not standard. It is something that people who live in one of the 14 coastal counties or in specific areas of Harris County can purchase. Should there not be an insurance company in one of these areas offering this coverage, the Texas Windstorm Insurance Association (TWIA) can provide it through local agents. If a person with Homeowners Insurance in Houston plans to build or renovate their home or another structure, they must have a TWIA certificate of compliance to receive the coverage. The structures they want to be covered must be inspected by the TWIA during its construction.
Earthquake Insurance in Houston
It is possible with Homeowners Insurance Houston to get a policy covering damage caused by earthquakes. The cost is minimal because it is rare for earthquakes to occur in Texas. An insurance company can offer it as a separate policy.
Flood Insurance in Houston
Homeowners Insurance in Houston does not cover flood damage. To protect against this, a homeowner will have to purchase a separate flood insurance policy. Flood insurance can be purchased from the National Flood Insurance Program (NFIP) This is an insurance program run by the Federal Emergency Management Agency (FEMA). Should a homeowners structure be in a flood hazard area, their mortgage lender will require they carry flood insurance.
Types Of Homeowners Insurance Policies in Houston
An insurance company will have a variety of insurance policies they can offer customers. Much of it will depend on the types of coverage desired and the dollar amount of coverage. Homeowners Insurance in Houston is usually one of two types of common insurance policies. One is an all-risk policy, it is also known as comprehensive coverage. This type of homeowners insurance policy provides a broad level of protection. It is designed to cover all causes of loss except for items specific items identified in the policy. The other type of homeowners policy is a named perils policy. These policies provide very specific protection. It will only cover the losses specifically identified within the policy.
Filing Insurance Claim in Houston
When a person with Homeowners Insurance in Houston wants to file a claim, they should know Texas law has deadlines for insurance companies to respond. An insurance company must respond to a homeowner within 15 days after a written claim is received. The claim must be accepted or rejected after all requested documents have been provided. Should an insurance claim be rejected, the company has to provide its reasons in writing. If the insurance company agrees to pay the claim, they must issue a check within five business days.
Insurance Claim Disputes in Houston
If a person with Homeowners Insurance in Houston disagrees with the determination of an insurance company, they can file a dispute. Something may have been overlooked when determining a payout. If a claim is still disputed, the homeowner can participate in the appraisal process or pay for the services of a public insurance adjuster. The appraisal process can be used to change the amount of a claim but not what damage is covered by the insurance policy. If a homeowner is financing the home, their insurance company may require the lender to approve or endorse the claim check. The lender is required to act on the claim check within ten business days.