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How to Shop for Home Insurance in Prosper, Texas

Home Insurance Prosper Texas

Whether you’re new to Prosper, TX, considering a move here or a long-time resident interested in learning more about purchasing home insurance, this article can help. To get a quote, go to Texas Insurance Associates and consult a knowledgeable home insurance broker after reading through the important information on home insurance below.

Living in Prosper Texas

About 25,000 people live in Prosper, TX, and there are plenty of things to do here. From enjoying Family time at Old Celina Park to finding fresh produce at the Frisco Rotary Farmers Market, families and friends enjoy their time in this beautiful town that spreads across Collin and Denton Counties. 

With low crime rates and great schools, this upscale suburb is a great place to buy a home and raise a family. However, housing costs are a bit higher here, so you’ll want to protect your investment with the right home insurance policy. 

Let’s look at what you can expect in a typical home policy and how to choose the right one for your property.

Home Insurance

When you buy home insurance, it comes in a package. That means that it covers liability and damage to your house. Liability means legal responsibility for injuries or property damage that you or other household members may cause by accident. It includes any damage that your pet causes, which may include dog bites. 

When you buy home insurance, your policy will probably cover damage due to disasters that are included in the policy coverage guidelines. There are exceptions to this rule that your home insurance broker can help you understand fully. For example, most home policies exclude flooding and earthquakes since these events have their own insurance policies. If you do not maintain your home properly, your insurance provider may not cover certain events.

The federal government started the National Flood Insurance Program to ensure that homeowners in certain areas could get flood protection. If you need earthquake insurance, you can buy it as a separate policy or as an endorsement or add-on to your main home policy. By keeping your home properly maintained, you can avoid any hassles if you ever need to file a claim. 

So, what does your home insurance policy cover? Remember that each policy is different, so it’s important to go over your coverage carefully to fully understand what you are buying.

According to the Insurance Information Institute, a typical policy includes four elements, as follows:

1. The Structure of Your Home

Your home insurance policy covers the cost to repair or replace your home for events included in your coverage. This includes hurricanes, hail, fire, lightning and other natural or manmade disasters. Keep in mind that your home insurance policy doesn’t include structural damage caused by earthquakes, floods or everyday usage. Unattached structures such as sheds, garages, fences and gazebos are usually covered up to a percentage of your total coverage limit.

2. Personal Belongings

Just like it sounds, this coverage pays to replace damaged or destroyed personal belongings. This includes clothes, jewelry, furniture, sporting equipment and other items that are destroyed by a hurricane or stolen during a home invasion.

Check your policy for the percentage covered. Many insurers cover between 50 to 70% of the total insurance coverage on the structure of the house. Choosing a higher percentage may increase your premiums. 

Off-premises coverage falls under this category as well. Off-premises coverage applies to your belongings anywhere you go. If you travel and someone steals your luggage, your home insurance policy should pay to replace your belongings. Some companies let you opt-out of this coverage for lower rates.

Keep in mind that expensive items such as silverware, furs and jewelry are covered within specified coverage caps. Ask your home insurance broker about available floater or endorsement options to extend the coverage on your most valuable possessions. It’s important to insure these belongings for their appraised value.

Shrubs, plants and trees damaged by covered events are covered too. A typical policy pays to replace damaged landscaping items up to around $500 each. If you have a lot of expensive landscaping, consider a separate policy or addendum to adequately cover them against losses.  Events or perils covered include fire, explosion, riot, vandalism, theft and falling aircraft. However, your plants aren’t covered for natural diseases.

3. Liability Protection

This coverage protects you from financial losses due to liability claims involving events that happen in your home. Policyholders and their family members may inadvertently cause property damage or bodily injury to guests or other people who come onto the property. Liability coverage pays for legal costs incurred for lawsuits against you. It also pays for medical bills and property damage caused by your pets. 

If someone slips and falls on your wet kitchen floor, they may decide to take you to court. The cost of your defense and any money awarded to the defendant are paid by liability protection, up to the associated limits.

Liability limits often start at $100,000 but you can also investigate buying an umbrella policy. Also called excess liability policy, umbrella policies expand your coverage in all areas covered under your home insurance. This includes damages for libel and slander.

4. Additional Living Expenses

If you have to seek shelter at a hotel or pay for a place to live while your home is inhabitable, you could receive reimbursements for additional living expenses. It covers a storm, fire or another insured event that makes it impossible to live in the home. Restaurant meals and other expenses may also be covered until you can move back to your home. Check your policy for actual expenses included in your additional living expenses.

Types of Home Insurance Policies

The types of policies are somewhat standard throughout the United States. However, it’s a good idea to familiarize yourself on what applies in your state. Individual companies have variations based on where you live, the condition of your home and other factors. 

You can refer to the Texas Insurance Department to find out more about the coverage requirement in Collins and Denton Counties and throughout the state. More importantly, ask your home insurance broker to help you understand the type of policy that you purchase and whether you may need additional coverage due to perils in your specific area.

You have several choices when it comes to building your bundle of insurance protection for your property. The most popular policies cover the structure of your house and unattached structures. These policies also give you peace of mind that your personal belongings are included in the unfortunate event of theft and other covered perils. 

Find out if your policy includes these common perils:

  • Fire or lightning
  • Explosion
  • Windstorm or hail
  • Damage caused by aircraft or vehicles
  • Riot or civil commotion
  • Vandalism
  • Volcanic eruption
  • Falling object
  • Smoke
  • Theft
  • Ice, snow or sleet

Other types of coverage include accidental overflow. This might include a discharge or overflow of steam or water in your heating, air conditioning or automatic fire protection systems. Sometimes, faulty home appliances can cause damage to your home. 

In cold weather, your AC, heating and plumbing systems may freeze causing damage or high repair costs. Does your policy include this?

How to Choose the Right Home Insurance for Prosper, TX Home

The first step to choosing the right policy for your home and family includes finding a responsive, experienced home insurance broker in Prosper, TX. You can speak to an agent online or in person.

 Know Your Home

Whether you just moved in or have been in your home many years, it’s important to understand the claims history of the property before looking for home insurance. This can help you ensure that you cover your property for potential future claims. Certain defects can make it hard to get insurances. Does your home need a new roof? You may want to conduct necessary maintenance prior to getting a new insurance policy to help you get the best rates.

The age of the plumbing, electrical system and other factors may cause your costs to go up or down. Gather as much information as possible and discuss your concerns with your insurance broker, who can help you find the best rates and policies for new or older property.

Honesty Always

As you learned in kindergarten, honesty is the best policy. When you ask for quotes and look at different types of home insurance, answer the questions as honestly as you can. Otherwise, you may not end up with the protection you need if disaster strikes. 

Incorrect information doesn’t result in the most accurate quote. Also, you might end up losing your policy altogether. 

Know Your Coverage

Homeowners often purchase home insurance for their Prosper, TX, home without fully understanding their coverage. If you have recently moved or work full-time, it’s understandable. Who has the time? 

However, we recommend that, in addition to reviewing your policy with your home insurance broker, you carefully read through it on your own as well.

Home Insurance in Prosper, TX

When you need a home insurance broker you can trust, turn to Texas Insurance Associates. Get a quote online and take advantage of our blog to learn more about insuring your property.

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