Five Things to Know About Homeowners Insurance

When purchasing a new home, potential homeowners might find themselves overlooking the importance of homeowner’s insurance. Things like prequalifying for a mortgage loan, savings for a down payment, estimating closing costs and other important factors often take precedent in the minds of home buyers. But once you move into your home, homeowners insurance is there to protect what is likely your most valuable financial investment.

Whether you are shopping for homeowners insurance, or you think it’s time to re-examine your current coverage, take a look at these five things to know about homeowners insurance.Whether you are shopping for homeowners insurance, or you think it’s time to re-examine your current coverage, take a look at these five things to know about homeowners insurance.

Know What’s Covered

Understanding what is covered under your homeowner’s insurance policy is of vital importance. A typical policy covers your property if it is damaged or destroyed by a fire, storm, theft or vandalism. If your home is damaged and is left in a condition that is unlivable for a period of time, homeowners insurance usually covers shelter costs. That means if you have to stay in a hotel for a period of time while repairs are being made, your insurance would pay for your hotel stay. Under most policies, you are also covered if someone is injured on your property, protecting you from having to pay out-of-pocket medical expenses.

Know Where You’re Not Covered

Knowing where you are not covered it just as important as knowing where you are covered. Specific acts of nature, such as earthquakes or floods, often require a separate policy to protect your home. Power outages, mold, rust, termites and other maintenance issues are not usually covered by your homeowners insurance. Do your homework and make sure you know where you are covered and where you are lacking coverage.

How to Reduce Premiums

Who doesn’t like to save a bit of money here and there? There are a number of ways to save on your insurance premium. One of the most common ways to save is known as bundling. Many companies offer discounts if you combine your homeowners and auto insurance policies. Installing a home security system may also lead to a discount, so be sure to speak with your agent about ways to save.

Keep Good Records

Your homeowners insurance covers not only your home, but the contents therein as well. You should take the time to make an inventory list of expensive items, such as jewelry and other valuables. You also want to keep your important documents in a safe place. Whether you decided to purchase a secure home safe or a safe deposit box, keeping your documents out of harm’s way is important.

Review Annually 

You should review your policy each year with your agent to make sure your current coverage best fits your needs. Also, as you make upgrades to your home or property, you may also want to review your insurance coverage in case you need to increase your coverage. At the very least it gives you an opportunity to shop for a more competitive rate.

Contact Colonial for a Quote Today

Your home is likely your largest financial investment, so it makes sense for it to be well-protected. Colonial’s insurance affiliates offer competitive homeowners insurance coverages. Get an online quote today, or give us a call at 817-390-2300.


DuBose & Associates only offers homeowners insurance in Texas


Did You Know:

Colonial’s insurance affiliate, Colonial Life Insurance Company of Texas, offers Mortgage Protection Insurance (MPI) from a reliable and trusted source so you can rest easy that you are getting the best insurance coverage available. Learn More Here


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