Home insurance in Tyler, TX is required by mortgage lenders, but that’s not the only reason to have a policy. This type of coverage will also protect you from having to make a massive cash outlay in case of a disaster, break-in, or accident on the property. Here are some of the things that are covered by this type of insurance:
Fire Damage
No one wants to think of their house burning down, but this type of disaster happens all too frequently. Homeowners’ insurance will cover both the cost of repairs and the cost of the items inside the home. One tip for this type of insurance is to make sure that the interior items are covered for their replacement value instead of their actual value. If you have a 10-year-old stove, for example, it’s actual value may be all of $50. You certainly won’t be able to buy a brand-new replacement for that! Invest in replacement-value coverage, and you’ll be covered for a new one.
Water Damage
The main thing to keep in mind when you see this coverage listed as part of your home insurance in Tyler, TX is that it does not cover floods! What kind of water damage is covered? It covers what is known as the “accidental discharge of water.” In other words, the insurance will pay for damages from things like burst pipes, broken waterbeds, and similar things. If a storm takes your roof off and then it rains a few hundred gallons into the house, you’re on your own. Ask an agency like the Kit Parkhill Insurance Agency about flood insurance if you want coverage against water that comes from a natural source.
Theft
This part of the coverage is fairly straightforward. If someone breaks in and steals your things, it’ll pay for those things and peripheral costs like broken windows. Remember to get replacement-cost coverage!
Liability
This aspect of house insurance covers liability costs that arise if someone hurts him or herself on your property. Such accidents are more common than may be expected. Slips and falls are everyday occurrences, and visitors are often too busy being cheery and dashing for the door to look where they’re going. Be warned, though, that this coverage does nothing for you if you hurt yourself on your property! For that, you’ll need your health insurance policy.
