Here in Texas, we take a no-nonsense approach to protecting the people and things most valuable to us. In a state where hail, high winds, tornadoes, and wildfires are somewhat familiar, having the right insurance is essential, especially when it comes to our homes and belongings. At Castereno Insurance & Tax Service and Tax Service, we know how quickly disaster can strike. Our locations in Abilene and Sweetwater help western Texas homeowners, renters, and condo-owners find insurance to protect themselves against loss caused by a wide range of covered events.
In Texas, there are different types of homeowners insurance policies, although the most common policies are those which include coverage for structural damages, personal property, displacement, and liability.
Texas homeowners insurance typically covers the structures on your property, but not the land underneath. This can include the main structure of your home and the fixtures and finishes inside, such as cabinets, light fixtures, paint, flooring, and trim. It can also include other permanent structures, such as a detached garage, storage shed, or fence. In most cases, homeowners insurance covers damages caused by things like fire, smoke, hail, theft, vandalism, high winds, and more. As the property owner, you may be responsible for paying a deductible toward the cost of your claim. Be sure to talk to your agent about deductible options, coverage amounts, and how you can insure your home for the full cost of rebuilding it after a total loss.
Personal Property (Belongings)
Take inventory of the things your family owns and itemize the cost to replace them. This includes apparel, home décor, furnishings, electronics, small appliances, books, toys, and anything else that is not a fixture of your home. Your home insurance should include coverage for these items – ideally for their full replacement cost, not just their depreciated actual cash value. With adequate personal property coverage, your items can be covered against many different types of loss, from fire and smoke damage to theft and vandalism.
Displacement from Your Home
If a tree falls through the center of your kitchen and bathroom, home insurance can do much more than cover clean up, structural repairs, and replacement of your dishes, cookware, and dining table. It can also help pay for the cost of finding somewhere else to live while your property is uninhabitable. This can include the cost of staying at a hotel, as well as the cost of meals and doing your laundry offsite. In the case of more extensive damages, your insurance policy may pay for rent and other excess expenses for several months while your property is repaired.
If an incident occurs on your property that causes a third-party injury, you could be held financially responsible. Likewise, you may have to pay damages if you, your pet, or a member of your household acts in a way that results in third-party property damages or injury when you are away from home. Although there are exclusions, such as for car accidents, liability insurance can follow you, providing hundreds of thousands of dollars of protection against covered incidents up to the limits of your policy. Depending on the type of damages, your liability insurance could cover things like victim medical bills, damage repair, and even your legal expenses and judgments if you are sued.
Much like homeowners, condo owners need coverage that extends to liability, personal belongings, and structural damages. However, there are differences in the coverage types necessary to protect people who live in condominiums. That is because condo associations typically have a master insurance policy designed to protect the community as a whole against shared liabilities and property damages.
Often, a master policy will cover the rebuilding of exterior walls, but the finishes on the inside of a condo are the responsibility of the owner. Likewise, a policy might cover liability damages due to incidents in common areas. Still, the association members may be responsible for sharing in any excess damages that exceed the limits of the master policy. At Castereno Insurance & Tax Service, we help condo owners better understand their risk exposures and find condo insurance to fill in gaps and minimize financial vulnerabilities.
Renting comes with more freedom and fewer risk exposures since you do not own the physical structure you call home. However, there are still some financial vulnerabilities associated with a lease, including the risk of losing your personal belongings in a fire, break-in, or some other event. In addition, you can be sued for third-party injuries and other incidents for which you are at fault or which occur as a result of your negligence. Although landlords typically have insurance, it generally covers only the landlord’s property and liability – not yours. For that reason, we recommend purchasing a renter’s insurance policy that covers things like:
- Compensation of loss or damage to personal belongings
- Displacement or relocation expenses when you are suddenly forced out of your home due to covered reasons
- Third-party injury and property damages and related litigation expenses
Texas Condo, Homeowner’s, and Renter’s Insurance Quotes
If you live in Abilene, Sweetwater, or the surrounding areas, let Castereno Insurance & Tax Service be your local source for personal insurance protection. Whether you have your own house, own a condo, or lease a duplex, apartment, or single-family dwelling, we have insurance solutions custom-tailored to meet your needs and budget. As an independent agency, our team can shop and compare rates, as well as assess your eligibility for discounts and additional insurance savings.
For more information about Texas renter’s, condo, and homeowners insurance or to request your quote, contact our office today.