An Introduction to Insuring Your Home

As a Realtor, I need to know a lot about what I’m professionally trained, educated and licensed to do, and a little about a lot of other things related to real estate property. One of those little things, which is actually not so little, is insurance.

Whether purchasing or leasing a home, you should have some kind of insurance. Depending on time, place and risk involved, your insurance needs will differ. You’ll need a good agent and to understand your premium and what is covered if you have to make a claim.

Renters will need coverage for their contents and belongings, but did you know you can also have flood insurance? Your landlord’s policy will not cover your belongings in the event of a flood.

Though the state does not require you to have homeowners insurance, if you have a mortgage, your lender probably will. Flood insurance may not be required for every property, but the premium is probably cheaper than repairing the damage done by even an inch of water that one time it decides to rain 11” in your neighborhood. Our friends in some coastal counties will be required to have windstorm insurance as well.

Insurance can be a significant expense depending on what you are insuring and the risk involved. Be sure to understand your policy and have a good insurance agent who can help you determine the best coverage. The cheapest policy is not necessarily the best. If you need the names of some trusted local insurance agents, call me.

Be sure to talk to that agent when buying or selling a home. They can pull a CLUE Report on a property to show claims history, can quote coverage for the home you are purchasing and explain how your coverage will need to change when you vacate your home that you plan to sell.

Here is a link to Texas Department of Insurance’s website that has some great information for homeowners.