Property Insurance protects the buildings that you own or rent as well as the contents inside and your liability in the event of a loss. There are many types of different property coverages:

  • Primary Home
  • High-Value Home
  • Secondary Home
  • Vacation Home
  • Vacant Home
  • Vacant Land
  • Long-Term Rental Home
  • Short-Term Rental Home
  • Mobile Home
  • Manufactured Home
  • Condominium/Town-Home/Row-Home
  • Tenant/Renters

The state of Texas has many types of property insurance. HO-3 and HO-5 policies are for owner-occupied homes. HO-3 policies cover only the perils included in the policy. HO-5 policies cover all perils that aren’t specifically excluded. DP-1 (Basic), DP-2 (Broad) and DP-3 (Special) policies are for properties you own, but don’t live in as your primary residence. These can be secondary properties or properties you rent out to others and are often referred to as “Dwelling Fire” policies. HO-4 policies are for tenants and HO-6 policies are for “walls-in” coverage only, often referred to as Condominium policies.

Parts of a Property Policy:

  • Liability – covers you in the event you are responsible for injury to another person or property
  • Dwelling – covers the outside of your structure
  • Additional Structures – covers detached structures on your property such as pools, fences, guesthouses, sheds, etc.
  • Medical Payments (MedPay) – coverage for you and others who are hurt on your property
  • Loss of Use (Additional Living Expenses) – coverage provided for you to live elsewhere in the event your property is uninhabitable due to a covered loss
  • Personal Property – covers the inside contents of your dwelling
  • Deductibles – the amount you pay or amount that is held from payout on a claim before the policy will pay
    • Wind/Hail – this deductible is specially designed for claims involving those perils
    • Named Storm – this deductible is specially designed for claims involving losses due to Named Storms (hurricanes, tropical storms, etc.)
    • All Other Perils – this deductible is for claims not otherwise specifically listed
  • Endorsements:
    • Replacement Cost Property
    • Replacement Cost Contents
    • Glass Coverage
    • Water Damage
    • Water Backup
    • Foundation Coverage
    • Extended Replacement Cost
    • Personal Injury
    • Mold/Microbes/Fungus
    • And More!

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