Home Insurance in Texas
If you're already a homeowner in the Lone Star State or thinking about calling the great state of Texas home, there are a few things you should know about owning a house and homeowner's insurance. And at Brooks Cannon Insurance Group, our goal is to help you make informed decisions about buying insurance.
Although Texas doesn't require you to buy coverage for your house or property, there are instances where you'll need to purchase a policy. Here are some examples of when you will need coverage
You Need a Mortgage
If you need a mortgage to buy a house, your bank or lender will require you to purchase homeowner's insurance. You won't qualify for financing in almost every case if you don't get coverage. Whether the property is a single-family home, condo, townhouse, or mobile home, you will need to buy a policy.
Banks and mortgage lenders will have specific policy requirements based on the type of house you want to buy or own (like a ranch-style home vs. a condo), how much financing you need, and, in some cases, your credit score. Feel free to use our online rating tool to find a quote that matches your home buying needs.
If your home is in a flood zone, your bank or lender will require you to buy additional coverage for floods. Most basic homeowner's insurance policies don't cover damage from floods. However, if your desired location is not designated as a flood zone, there is no requirement for you to purchase additional coverage.
In Texas, most standard homeowner's insurance policies cover damage to the home, loss of personal property, loss of use, and damage to other structures. However, reimbursement for damages only happens if the damage is a covered loss. Contact us today to learn more about covered losses.
Call or visit us today at Brooks Cannon Insurance Group to learn more about homeowner's insurance requirements and your coverage options.