A homeowner with a home insurance policy in Texas is most likely paying higher rates than ever before while getting much less coverage. Insurers state that they have either dropped or decreased certain coverage in order to control costs and not have to charge the consumer more. However, consumer advocates claim that in the state of Texas, many insurance companies have limited coverage for damages due to mold, wind and named storms. In some coastal areas, insurers have dropped windstorm coverage completely from standard insurance. In addition, instead of using a flat dollar amount for deductibles, insurance companies are set to change the deductible to a percentage of a home’s insured value. This means homeowners will have to pay more of out their own finances before their insurance coverage kicks in.
How to Get an Affordable Home Insurance Policy in Texas
Despite the hikes in homeowners insurance rates and decreases in coverage, homeowners can still take measures to keep their insurance rates down. Instead of insuring their homes for the value of both the structure itself as well as the land, they should omit insuring the land along with the home, as land is unlikely to be damaged or stolen. Other measures homeowners can take are to install storm-proof windows, impact resistant roofs, and flood-proof basements, as well as installing a good home security system with direct response. In addition, purchasing home and car insurance from the same insurance company usually results in discounts of up to 20 percent on both policies.
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