A catastrophe may strike at any time. When your home is impacted, you may need to make use of your Homeowner’s Insurance in Austin TX to pay for repairs or a replacement home along with any personal belongings destroyed or damaged. These are referred to as covered losses and your insurance policy details what will and will not be covered. As the homeowner, you must carefully read the policy to know what exclusions apply. In addition, you need to understand your rights under Texas Law and the Consumer Bill of Rights pertaining to renters and homeowners insurance. Your company must send this bill of rights with new policies and policy renewals.
Most policies sold in the state including coverage for the dwelling. In the event your home is destroyed or damaged by a loss covered in your policy, the policy will pay for repairs or replacement. When items in the home are stolen, damaged or destroyed, the personal property portion of the policy covers you, and the other structures portion pays to rebuild or repair structures which aren’t attached to the home. This may include a storage shed, fence, or detached garage.
If you must move until the home is repaired or rebuilt, the loss of use pays living expenses during this time. This part of the policy either pays for a time period specified in the contract or as a percentage of the coverage on your dwelling, often 10 to 20 percent. In addition, your policy will likely cover the cost of your defense in the event you are held legally responsible for an injury or property damage to another party. This portion of the policy is referred to as personal liability. Finally, the medical payments portion of your insurance plan covers any doctor and hospital bills for people injured while on your property.
You may choose between an all-risk policy, one which offers broad protection and covers all losses except those specifically excluded in the contract, or a named perils policy which offers narrower protection. It only covers losses specifically outlined in your insurance plan. Speak to Patrick Court to determine what coverage you need and which type of Homeowner’s Insurance in Austin TX. He’ll be more than happy to sit down with you to ensure you are protected at all times.
