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Homeowner’s Insurance: Read the Fine Print

One of the biggest mistakes people make when buying Houston homeowner’s insurance policy is to not read over the fine print. FYI, the reason they make it so small or put it somewhere hard to find is because they are trying to hide something. There is little worse than dealing with a catastrophe at your home than to find out you are not covered for something that was damaged or destroyed. So, before you sign on the dotted line, make sure that you ask the question, “What does homeowner’s insurance cover?” Below are a few tips on what to look for when buying insurance for your home.

Homeowner's Insurance Fine Print
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Flood Insurance

Many people who file homeowner’s insurance claims after a major weather event find out that they are not covered for damage caused by flooding. Other people think they don’t need it because they don’t live close enough to a body of water for it to matter, but the truth is that nearly all homes have the ability to flood. Sure, most flooding happens near bodies of water that overflow, but there is also the possibility that a storm drain near your home could get clogged up during a major rain storm and cause flooding on your street which overflows into your house. The cost of flood insurance will depend on the level of risk for your particular home, but it is usually well worth the money.

Mold Insurance

Another type of residential insurance coverage that most people think they have just by getting signing on the dotted line of their insurance policy. However, nearly all homeowner’s insurance companies do not include mold damage in basic policies. The reason this is, is because most people don’t really need mold insurance, but there are plenty of people who do need to obtain it. People with older homes who live in humid climates should make sure they are covered. People with newer homes probably have a lower chance of getting mold in their homes, because most new homes are built with mold and mildew resistant materials.  

Do I Have Enough Insurance

One of the biggest mistakes that homeowners make is not getting enough insurance to cover a total loss of their home. Some people think that all you need to purchase is enough to cover what you owe on the home or enough insurance to cover the value of the home. The homeowner’s department of insurance in Texas will tell you that you need to have enough insurance to cover a complete rebuild with current costs. That means that you need to have someone evaluate how much it will cost to rebuild your home to its current condition while taking into consideration how much material and labor costs at the present time. This is especially true for people who bought undervalued homes during the housing crisis.

People looking for Houston homeowner’s insurance will need to consult a local insurance broker to make sure they get the coverage they need. Professional insurance brokers can help you weed through the tiny print meant to confuse you.
Homeowner’s Insurance:  Read the Fine Print
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