If you are a new homeowner in Corpus Christi, TX, home insurance can appear as complicated. But this shouldn’t be the case when you have an insurance partner like Revolutionary Insurance Group Corpus. We offer advice on home insurance coverages, when to update your policy, and so on.
But before going far, here are the basics that each homeowner should know about home insurance.
It may be mandatory
Yes, no Texas law requires homeowners to purchase home insurance, but if you have bought your home through a mortgage, your lender may insist you purchase home insurance. So, before signing off the loan agreement, be sure you understand the home insurance coverage required by your lender.
Understand what your home insurance covers
You must understand what your policy covers. Otherwise, how will you know how to boost your home insurance policy? Generally, home insurance covers your dwelling and personal contents. However, you may add other coverages to cover liabilities and loss of use.
But instead of assuming what your home insurance covers, double-cross with your policy document.
Understand home insurance exclusions
Your home insurance doesn’t protect you against all risks. Typical home insurance excludes damage from perils like floods, earthquakes, pest infestation, intentional damage, and normal wear and tear.
Understanding your home insurance exclusions helps you decide the add-ons to purchase and smoothens the claim process.
Know the difference between market value and the replacement cost value
Which value do you use to insure your home? Is it the replacement value or market value? The market value is the amount your house would fetch if it were sold today. The replacement value is the estimated amount your house would cost if it were to be reconstructed today.
In case of a financial loss, the replacement cost is the value that gives you the best chance to return your home to what it used to be with minimal financial intervention.
Home insurance in Corpus Christi, TX
Would you like to learn more about home insurance? Contact Revolutionary Insurance Group Corpus for more information. We will also get you home insurance coverage that protects your home, you, and your family.