Buying a new home is a major investment that will end up being most people’s largest asset. Since it is such a major purchase, it is essential that it is adequately protected. To ensure that your home is protected, it would be a good idea to purchase a home insurance policy. For those that are in the Texas, there are several levels of home insurance coverage that are often required by mortgage lenders and insurance providers.
Those that buy a home in Texas will first be required to carry some form of property damage coverage if you have a loan out on the house. A property damage coverage policy will protect your home against slight damages to the property, all the way up to full replacement. In most cases, you will be required to carry a property damage insurance policy that is equal to the greater of your outstanding mortgage balance or the determined full replacement cost of your home.
While it is important to have property damage coverage, those that own a home will also need to have a liability insurance policy. Liability insurance will provide you with financial protection if someone is injured on your property and you are sued. The level of coverage for this insurance type is nominal, but there are very broad policies available if you would like additional coverage.
Depending on your situation, you may also want to have additional riders added to your coverage. An insurance policy rider is commonly used to provide insurance coverage for a specific piece of personal property. This often includes expensive jewelry, art, or collectibles.
If you are looking to buy a home or are reconsidering your insurance needs, it would be a good idea to work with Harvest Insurance Group. You can speak with a Harvest Insurance Group agent by visiting our local office in Texas. You can also get a better idea of your insurance needs and costs by using the company’s online rating took to get a detailed quote.