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Dallas Home Insurance
Dallas Home Insurance
Dallas, home of the Cowboys and one of the most important business centers in the US, is a wonderful place to live. Like all other places in Texas, it is necessary to have the proper Dallas Home Insurance. The dry and hot weather in Dallas, often results in fires, which can be financially devastating for you and your family, if you don't have the proper Dallas Home Insurance. Dallas Home Insurance is available in several different coverages. Below you will find a guide to choosing the right Dallas Home Insurance.
A general Dallas home owners insurance policy will usually consist of 4 types of coverage:
Homeowner Dwelling And Personal Property, Liability, Medical Payments and Additional Home Living Expenses.
Home Dwelling and Personal Property Coverage
Home dwelling and personal property coverage is a catch all category for any structural damage that may happen to your house, property or any belongings on your property. Add on's to the man building such as sheds, garages or other storage facilities are also covered and calculated in value up to 10% of the the total insurance limit.
Personal property is the general category for all your personal items and belongings in your house or on your property. This would generally mean furniture, household appliances and clothes. The usual value assigned to this is up to 50% of the total insurance limit. If you would like to, it is possible to get a cheaper insurance policy by only having a limit of 10% of the total insurance sum.
Personal Liability Coverage
Personal Liability Coverage is the part of your policy that covers damage and injury done to others and their belongings while on your property, as long as it is not automobile damage. It covers the entire household, which means you and every member of your family, including your dog. Liability insurance cover legal fees and compensation, should the court order you to pay such. Personal liability insurance has no minimum deductible, which means that you will always get full coverage for damage you incur to others. Usually liability limits are set at around 100.000$, but you can get higher limits if you feel there is a need.
Medical Payments Coverage
This coverage has to do with liability coverage, and covers medical expenses for other people if they get injured at your property, regardless of who is to blame for the event. In case you were actually the cause of the injury, some policies will require you to pay part of the compensation yourself. Check the small print!
Additional Living Expenses
If you have a serious accident that prevents you from living in your house while it is being prepared, then you will utilities additional living expenses coverage. This policy covers up to 12 months of accommodation in motels or apartments. The usual limit is set at 20% of the total insurance limit.
Some people may live in an area, where they are susceptible to more perils than other people. This can usually be the case in parts of Texas, where the weather can be a major factor. Additional coverage includes:
If you are the victim of a storm or a flood and have a lot of debris on your property, then this coverage is for you.
Trees, Plants and Shrubs:
This sub-insurance costs damage done to your green plants, trees and shrubs with a value of up to 500$
Credit Card Coverage and Identity Theft:
Some home owners insurance policies covers unauthorized use of your credit card for smaller amounts up to 500$, and other losses incurred due to stolen or misused identity.
Mold damage is sometimes included with limited coverage.
General Types Of Dallas Home Insurance
In Dallas, Texas, there a three main insurance policies available: HO1, HO2 and HO3. HO2 and HO3 are the most common and are classified as extended coverage. HO1 is regarded as basic coverage.
HO1(Basic Coverage) insures you against the following perils:
Lightning and Fire
Damages to Cars and Aircrafts from Earthquakes
Mischief and Vandalism
Riots and Civil Unrest
Windstorm, Hail and Hurricanes
Accidental Water Damage
HO2 (Extensive Coverage) insures you against the same perils as HO1 as well as:
Building and Home collapses
Water and Steam Damages Incurred From Plumbing and Water Heating
HO3 (All Risk Coverage) covers just about all perils. It is easier summarized by the things it does NOT cover:
Property Damage from Earthquakes
Vermin Infection (mice, rats, insects)
Freezing Damages While Your House Was Unoccupied (Except if you turned of water or turned on heating)
Wind or Hail Damage To Shrubs and Trees
Vacated Home Expenses (Expenses incurred while you were away from your home for over 60 days in a row)
Maintenance (Wear and Tear)
Water Seepage Damage.
Choosing The Right Insurance Limit:
It is important to have the right insurance limit, when you purchase Dallas, Homeowners Insurance. Have to high a limit and you are paying to high a premium. Have to low a limit, and you will risk not having enough coverage in case of an accident.
To prepare yourself properly for choosing the right insurance limit, check of the list below, before you sign any contract.
- Prepare a list of the value of your home, property and personal belongings. When you have an estimate you are better prepared to make a decision.
- Make a decision about how much coverage you need. Are you comfortable bearing some risk yourself? This will affect your insurance premium.
- Get a professional value assessment of your property.
Cost of Home Owners Insurance
Your insurance company will decide the cost based on what type of coverage you need (HO1,HO2,HO3) and your total insurance limit.
In addition to this, they will also place value on the following:
Property Age and Construction Type
Some older houses are built with other standards in place, thus making them more susceptible to damages. This will be a factor in your premium cost.
Credit Card Risk
Some insurance companies will make a general credit evaluation of you before giving you a quote. This has to do with the general financial situation.
This is the part of your policy, where you can save the most, or risk the most. Deductible is the dollar amount you are required to cover yourself before the insurance company pays out. Choosing a higher deductible, means smaller damages will not be covered, but the premium will be lower. This is a balance act to consider.
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