Homeowners Insurance Sugar Land Texas - P&G Insurance
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Homeowners Insurance Sugar Land Texas

What is homeowners insurance?

Homeowners insurance is a form of property and casualty insurance. So, it primarily covers your home and the stuff inside of it in the event of theft or some disasters.  Homeowners insurance typically covers: fire, windstorm, hail, lightning, smoke, explosion, theft, vandalism, riot and vehicle collision. It commonly excludes earthquakes, flood, power failure, war, nuclear explosion, neglect or intentional damage. Our team can find the right homeowners policy for you in Sugar Land Texas.

Is homeowners insurance required by law?

No. Unlike car insurance, states don’t mandate you insure your home. But, if you’re financing a house, your mortgage lender will likely require you to get some. They don’t want to lose money on their investment. And, honestly, neither will you. Above all, your protection is number one. Finding the right coverage is important. Let Peterson & Grantham find your perfect policy.

Why do I need homeowners insurance?

Because your home is a valuable investment, you should always protect it. Disasters happen and you don’t know what the cost of the damage will be.  In 2020 we have seen many wildfires that have destroyed many homes. so, having homeowners insurance will keep you protected. Furthermore, it will give you peace of mind and that is very important.

Will homeowners insurance replace my house if it’s destroyed?

If your house is destroyed by a covered peril, a standard homeowners policy will go a long way toward repairing or rebuilding your home. A homeowners insurance payout is dictated by the fine print of your policy. For starters, you’ll have coverage limits. If your house itself (or “dwelling”) is insured for up to, say, $350,000, you won’t get more than that to replace it. And you could get less, depending on the type of homeowners insurance you have.

What types of homeowners insurance policies are there?

A replacement cost homeowners insurance policy pays claims based on the cost of rebuilding or repairing your home at the time it is damaged or destroyed. An actual cash value homeowners insurance policy pays claims after accounting for any depreciation in your home’s value. Replacement cost homeowners insurance will cover more damage to your property and possessions. Actual cash value homeowners insurance is cheaper, but it usually won’t pay out enough to fully repair or rebuild a damaged home. Therefore, Actual cash value is commonly chosen.

What else does homeowners insurance cover?

In addition to property and personal belongings damage, standard homeowners insurance covers liability in the event someone injures themselves at or around your house and loss of use, which is a fancy way of saying it’ll pay for for temporary housing while your house is in repair. Separate coverage limits apply to each category.

How much homeowners insurance do I need?

Ideally, you should base your property coverage limits on how much it would cost to rebuild your home. That’s sometimes the house’s current market price, but it could climb higher. You should consider insuring over market price if your house is older, you’ve got other structures on your property (like a shed or four-car garage), or construction costs in your area run high, for example.

What about my personal belonging limits?

Coverage for your stuff and temporary relocations are generally based on a percentage of your property’s coverage limits. Standard policies usually cover personal belongings at about 50% of your dwelling limit and loss-of-use at about 20%, according to the National Association of Insurance Commissioners. However, You might need more coverage if you have pricey possessions.

What about my liability limits?

Liability limits start at $100,000, but most homeowners should have between $300,000 and $500,000 worth of liability coverage to protects their assets in the event of a lawsuit. So, the liability portion of your homeowners insurance kicks in if someone is accidentally injured on or around your property. So long as there are no exclusions, liability insurance will pay for that person’s medical expenses and any court costs you incur if they sue. Liability insurance also covers property damage caused unintentionally by you or your family members

What’s an umbrella policy?

Umbrella policies offer extra liability coverage on top of what’s already covered by your standard homeowners insurance or car insurance policy. Umbrella coverage starts at $1 million. Our agents generally recommend an umbrella policy to people who have more than $500,000 in assets since that’s typically where your standard homeowners policy will cap coverage. But you should also consider umbrella coverage if you’re at risk of multiple lawsuits, like if you have a few teen drivers in the house or you own multiple properties, especially rentals. You can learn more about umbrella insurance here.  Get a quote HERE

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