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Burtnett Insurance Agency Blog

Texas Homeowners Insurance Policy Types

7/29/2020

8 Comments

 
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Texas insurance companies may sell several types of policies. If a company offers you a policy with less coverage than you want, ask if other policies are available. You may also be able to add endorsements to your policy for additional coverage.  Purchasing a home insurance policy doesn’t have to be confusing. Contact our expert home insurance agents to find out about the different Texas Homeowners Insurance Policy Types and which one offers the best protection for your valuable investment.

The two home policy types that are sold in Texas are:

  • All-risk policies (also known as open perils or comprehensive coverage). These policies offer you broad form protection and cover all causes of loss unless the policy specifically excludes them. Typically HOB, HO3, HO5 policies.
  • Named perils policies (also known as specified perils coverage). These policies offer more limited protection than an all-risk policy and cover only the causes of loss specifically named in the policy. Typically HOA, HO2 policies.

Note about replacement cost and actual cash value:

  • Replacement cost is what you would pay to repair or rebuild, based on current construction costs. Replacement cost is not market value and does not include your land value. Ask your insurance company if you are not sure how much it would cost to rebuild your house.  Most will require a replacement cost estimate on your policy before providing coverage.
  • Actual cash value is what you would pay to replace or  rebuild your property less depreciation. Depreciation decreases your value due to age or wear and tear. If your home is destroyed and you only have actual cash value coverage, you may not be able to completely rebuild your home.
To compare policies approved for sale in Texas, visit the Office of Public Insurance Counsel (OPIC) website at www.opic.state.tx.us
8 Comments
Preed Sakda link
6/27/2022 09:47:46 am

Great Article.Thanks to admin for sharing.

Reply
San Bernardino link
6/29/2022 07:52:27 am

Most will require a replacement cost estimate on your policy before providing coverage. I truly appreciate your great post!

Reply
what are administrative and support services link
7/5/2022 11:44:25 am

These policies offer more limited protection than an all-risk policy and cover only the causes of loss specifically named in the policy. I’m so thankful for your helpful post!

Reply
California link
7/8/2022 09:44:27 am

Most will require a replacement cost estimate on your policy before providing coverage. Thank you for making this such an awesome post!

Reply
best contact management software link
8/11/2022 10:42:08 am

Depreciation decreases your value due to age or wear and tear. If your home is destroyed and you only have actual cash value coverage, you may not be able to completely rebuild your home. Informative post, thank you so much!

Reply
Juan Schwartz link
9/6/2022 02:05:48 pm

You may also be able to add endorsements to your policy for additional coverage. Purchasing a home insurance policy doesn’t have to be confusing. Thank you for taking the time to write a great post!

Reply
PCS link
9/15/2022 01:39:42 pm

Contact our expert home insurance agents to find out about the different Texas Homeowners Insurance Policy Types and which one offers the best protection for your valuable investment. I truly appreciate your great post!

Reply
customer support services link
9/21/2022 12:56:38 am

If your home is destroyed and you only have actual cash value coverage, you may not be able to completely rebuild your home. Thank you for sharing your great post!

Reply



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905 E Hwy 199
Springtown, TX 76082
(817) 220-7682
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  • Home
  • Quotes
  • Service
    • Make a Payment
    • Update Contact Info
    • Policy Changes
    • Proof of Insurance
    • Online Documents
  • Insurance
    • Vehicles >
      • Auto Insurance
      • ATV Insurance
      • Classic Car Insurance
      • Motorcycle Insurance
      • Roadside Assistance
      • RV Insurance
    • Property >
      • Home Insurance
      • Builders Risk Policies
      • Flood Insurance
      • Landlords Insurance
      • Renters Insurance
    • Farm & Ranch >
      • Ranchette Insurance
      • Farm Liability Insurance
      • Farm Equipment Insurance
      • Rural Property Insurance
      • Barndominium Insurance
    • Life/Financial >
      • Life Insurance
    • Business >
      • Business Insurance
      • Business Owners Package (BOP) Insurance
    • Germania Insurance
    • Other >
      • Boat Insurance
      • Umbrella Insurance
  • About
    • Staff Directory
    • Client Testimonials
    • Refer a Friend
    • Insurance Carriers
    • Agency Photo Gallery
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