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By G. M. White
Texas is a great place to live, if for no other reason than there are just so many ways to live in this vast, beautiful State. Choose a home in Amarillo, Texas, and you can live near the expansive prairies of the pan handle, where cowboys past and present roam. Or, choose a home in Houston, Texas, and you can choose between five star restaurants, museums, symphonies or exciting sports events any day of the week. Choose a home in Austin, Texas and you can spend your days kiyaking down the Colorado River during the day, and listening to live blues or rock and roll the same evening. Or choose a home in San Antonio and you can enjoy the rich rolling curves of the Hill Country on the weekends, and margaritas by the river walk in your after work hours.
Wherever you have chosen to live in Texas, it is just one of many wise decisions you will make for you and your family. Another important decision you will need to make is the one regarding your homeowners insurance policy. The Texas Department of Insurance has developed standards for homeowners insurance, which all providers operating in the state are required to follow. It is a good idea to familiarize yourself with the types of coverage providers will generally offer, and the differences between them.
The standard policies are HO-A, HO-B, and HO-C policies. As standardized policies, they will offer the exact same type of coverage regardless of what provider is offering them, or the rate they charge. For this reason, if you are looking to purchase a standard Texas home owners insurance policy, you should shop around for the best rate you can find.
Many Texas homeowners insurance providers will also offer “endorsements” or upgrades to a standard policy for additional fees. The difficulty can come in determining the actual extent of the additional coverage relative to the standard policy. The better you understand the definitions of the standard policies, the more clearly you will be able to evaluate the benefit of these endorsements.
The three most common types of Texas home owners insurance policies can be outlined as follows:
HO-A policies are the cheapest, and therefore offer the most limited coverage. Only the types of damage specifically listed in the policy are covered, and this can vary from one provider to the next. HO-A policies only offer ‘Actual Cash Value’ on its settlements. In other words, many other costs associated with restoring lost property including labor and time considerations will not be included.
HO-B policies provide replacement cost coverage (meaning, all costs associated with replacement of property including labor and rental fees) for most risks associated with damage to the dwelling, and actual cash value for personal property for the types of damage specifically outlined in the policy.
HO-C policies provide the most extensive coverage, and are consequently more expensive than HO-A or HO-B policies. HO-C policies offer replacement cost coverage for most types of risks which threaten the dwelling or personal property.
When comparing these different types of standardized policies, or any type of Texas home owners insurance policy, it is important to take note of the types of damage that none of these policies may cover. For example, neither the HO-A, HO-B or the HO-C policies cover flood damage, even though other types of water damage may be covered. Generally speaking, flood insurance is a completely separate type of policy. Those at risk of flooding should consider this type of insurance, which can be purchased through most agencies.
Texas Auto & Home Insurance has many years of combined experience dealing with all types of home owners insurance in the state of Texas. We believe it is important for home owners to do their own research regarding the types of policies and coverages available to them and seek out many quotes. We are happy to help you in this important search. If we cannot offer the best policy for your needs, we will refer you to someone to can. Feel free to give us a call with any questions about Texas home owners insurance!
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