Today many agents are using substandard deductibles. For example in order to reduce the total premium a 2% or even 5% deductible will be placed on the policy. (Sometimes unknowingly to the consumer)
Example: If you receive a quote for a home insured for $175,000.00 with a 5% deductible; your responsibility would be $8,750 before the insurance company would pay a penny.
CONTENT REPLACEMENT COSTS:
In order to lower the quoted premium significantly some agents are not including Replacement costs as part of the home owner's policy.
If you suffer a loss do you want the insurance company to pay you the amount it takes to replace your loss at today's cost or at the lower depreciated amount? Replacement!
IMPORTANT COVERAGE LEFT OUT:
Windstorm and Hail Coverage
We have seen quotes from a major carrier actually leaving out wind and hail coverage in homeowner insurance policies.
Living in Texas would you want a policy without Texas windstorm and Hail coverage? NO!
Discharge of Water
Discharge of water is also a coverage that some agents are leaving out of home owner policies.
Do you want the damage covered, if your hot water heater or a pipe bursts in you home causing thousands of dollars in damage? YES!
Back Up of Sewers and Drains
Are you covered if water backs up through a sewer or drain, or overflows from a sump pump?
Water backup can be caused by: Blockages Due to Tree Roots Blockage of Sanitary Main Cracks in foundation leaks water into the basement Foundation CoverageDo you want the damage covered, if a waterline breaks under your foundation causing the foundation to sink The foundation coverage endorsement is the most commen coverage left off Texas home insurance policies. The internet is a great way to buy and sell products, but in this highly competitive market many agents will cut corners to quote the cheapest price. The problem is you may not realize that until it is too late.Ask these questions before you purchase a Texas homeowners insurance policy:How long has the agency been in business? How many companies does the agent represent? What kind of claim service does the company offer? What deductibles is the agent quoting you? Find more information about Texas home insurance Important coverages left off Texas home insurance policiesBy: Jackson Insurance Services