Generally speaking, homebuyers take out a homeowners insurance policy for the same reasons they take out car and health insurance policies: if a home is damaged or someone else is injured on the property, insurance helps owners cope with the financial consequences. For most, homeowners insurance is actually a combination of both hazard insurance and liability insurance. If you’re wondering why getting home insurance is a good idea for your College Station Texas real estate, continue reading to learn more about the different types of coverage and what is and is not included.
Insurance For College Station Real Estate For Sale
First is the hazard portion of the insurance policy. Hazard insurance protects you against unintentional damage or destruction to your home or its contents – including fire, storm, theft, vandalism and similar threats. It can cover the cash value of the damages or the replacement value. The replacement value offers enough to replace what you lost, while the cash value only pays what the property is worth.
Liability insurance is the second portion of a homeowners insurance policy. This type of coverage is for personal liability for accidents that take place on your property. If your neighbor trips and falls on some steps in your yard or if your deck is slippery and a friend falls and breaks their ankle, this coverage will pay for their medical expenses, up to the policy limit.
There are several exclusions that you may want to consider when purchasing home insurance for your College Station Texas real estate. Below is a list of some of the items not typically covered in a normal homeowners policy:
- Special Property: While homeowners insurance covers most of the property in your home, there are limits to what they can cover, such as cash or jewelry. If you have a home office, standard policies also do not cover business equipment. You may consider paying more for a supplemental policy that will protect you if these items are damaged or stolen.
- Flood and Earthquake: These two items are not typically covered on the standard homeowners insurance policy and should be considered as a separate policy. Flood protection ensures you are protected from most water damage, not just from weather-related flooding.
For those of you that have Bryan TX rentals or College Station rentals, you may want to consider renters insurance. Renters insurance is just like homeowners insurance – only it is for renters. If your property is destroyed, you will receive money to replace it. While your old futon and 1990s television are not worth much, if you add up the value of everything you have, it is probably worth at least a few thousand dollars. It would be difficult to quickly replace these things in the event of a loss without having renters insurance. Moreover, renters insurance is important to protect your personal liability. A friend could trip on your rug and sue you for medical payments or your barbeque could start a fire extending to your neighbor’s apartment. If you have renters insurance at least some of these costs will be covered.
These are just a few of the items you should consider when thinking about property insurance. It is not just insurance to replace your possessions, but to protect you from personal liability could potentially bankrupt you if not protected.
Whether you’re thinking about homeowners insurance or are a College Station renter thinking about renters insurance and need some guidance, don’t hesitate to contact me at your convenience. With years of experience in the real estate market, I am familiar with the different types of homeowners and renters insurance policies and can put you in touch with numerous insurance companies throughout our region that can help you.
When you’re ready to learn more, please do not hesitate to contact me. I look forward to hearing from you and to sharing my knowledge and expertise with you. I am always available for consultation and can be reached via phone or website inquiry. Connect today!