Home Insurance in Plano and all of North Texas
Do You Have The Right Coverage For Your Home?
Your lovely home is protected by a Home Insurance policy. In fact, you can't take out a mortgage without having insurance on the property. Your insurance policy is supposed to protect you and your entire family from all the risk factors that homeowners in Texas face today. But is your insurance sufficient and does it cover all the risks? Right at this moment, your policy could have coverage gaps which are making you vulnerable to major financial losses, and you might not even know it. Here is an example.
Sam and Jennifer F planned for several years to buy a home in a nice neighborhood. It took quite a few years, but they finally were able to put money down on a house they really loved. The home was in good condition and the price was in the "affordable" range, so the couple made an offer on the house and it was accepted.
When closing time came, Jennifer and Sam were so excited they could barely contain themselves. This was a lifelong dream and it was finally coming true. They knew they needed Homeowners Insurance and to save money they got the least expensive policy. Not knowing a great deal about insurance, they assumed there was little difference between policies and insurance companies.
Everything was fine for several years and one day Fred talked to an independent insurance agent he met through his job. The man was very informative and told Fred he might be able to save him money on insurance so Fred set up an appointment.
The agent looked over Fred's policy and told him there was no flood insurance and he did not have replacement cost coverage. He then told Fred how important these options were and was able to find him very affordable coverage with a significant discount for insuring his car and home with the same company. This was a great deal so Fred agreed.
Six months later, Jennifer and Fred's beautiful home was destroyed by a tornado that swept through the area suddenly. Fortunately no one was injured but the home was a total loss. However, because they had replacement cost coverage, they were able to rebuild and today their home is as beautiful and comfortable as ever. Had they kept their original insurance, they would have only received the market value of their home (which was more than $15,000 less) and this would not have been sufficient to rebuild.
What Is Home Insurance?
Owning a home comes with a lot of different risks. Homeowner insurance is designed to protect you by reimbursing you for the financial losses incurred from these risks.
Do I Need Home Owner Insurance?
Everyone who owns a home should have insurance. This includes these properties:
- Single family houses
- Vacation homes and cabins
- Multifamily homes (if you own the property and also live there)
The Dangers Of Getting By With "Just The Essentials"
You may be able to get by with the minimal requirements if you like to take chances. These options are considered to be essential:
- Hazard insurance (acts of nature, fire, theft, etc.)
- Home contents
- Outdoor structures
What Homeowners Insurance Options Are Available?
When you insure your home, you may wish to consider these options:
- Replacement cost coverage - pays to replace your home, not the fair market value. Some policies also offer depreciation value coverage for roofs and home contents when you take out replacement cost insurance. This covers more of your losses.
- Flood insurance
- Sewer backup protection
- All peril insurance - covers all perils except ones listed in the policy
- Earthquake insurance
- Wind/hail deductibles - you may pay a set deductible amount or it can be a percentage of your total property insurance. For instance, a one percent deductible on a $200,000 home would be $2,000.
Is My Home Insurance Sufficient?
In order to know what kind of coverage you have, you should take out your policy and read it over carefully. However, insurance language can sometimes be confusing and it's best to let an insurance professional check out your policy for you. At Advantial Insurance Agency, we have your best interests at heart because we are an independent insurance agency working for you and not an insurance company.
Why Choose An Independent Agency In Plano?
When it comes to insurance agents, there are two basic types. Some work for insurance companies while others are independent and have access to many fine insurance companies. An agent working for an insurance company can only give you what is available from that one company so your options are limited.
Your independent agent from Advantial Insurance Agency does the insurance shopping for you and gives you the most affordable coverage and the best coverage options for your needs. This can not only save you money on insurance, but it can also give you the best possible coverage. Your home could be under-insured and disaster always strikes when you least expect it. Contact us today for a free quote on your Homeowners Insurance. We will make sure you have the right coverage and the most affordable rates.