Homeowners Insurance - Texas
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Homeowners insurance is responsible for protecting your family and home, which means not having enough coverage can result in disaster for your financial state. BundleBee Insurance Agency is dedicated to helping families find their peace of mind when it comes to insurance protection.
How Much Home Insurance Do I Need?
The amount of homeowner’s insurance you should purchase entirely depends on your personal needs. Most lenders will require you to at least purchase liability insurance, but you may also want to invest in property and personal belongings coverage. For El Paso residents, your agent may recommend that you add flood coverage to your insurance policy. You can also get standalone fire insurance if it doesn’t come with your chosen homeowner’s policy.
How are My Insurance Premiums Calculated?
The more coverage you have, the higher your premiums, but there are other aspects that affect your premiums including your age, claims history, marital status, job, and location. The stability of the market, the insurance industry, and economy all factor into what is called a risk assessment to decide on the price of your insurance. To find out more about premiums and figure out how you can bundle your insurance for a cheaper rate, call one of BundleBee Insurance Agency’s dedicated agents today at 888-905-2039.
What is the Average Cost for Homeowners Insurance?
The average cost of basic homeowner’s insurance yearly in El Paso is around $1,345, placing it just higher than the average of the US.
What is the 80% Rule in Insurance?
Typically, an insurance company will fully reimburse you for a covered accident (such as a fire) only if you have purchased coverage that’s equal to 80% of the reimbursement value of your home. If you purchase less than this, your insurance company may only pay a percentage calculated by the minimum coverage you purchased and the amount of coverage you should have purchased. For example, your insurance may pay for around 99% instead of 100%. This seems like a lot until you consider that the 1% can still amount to thousands of dollars.
Can You Insure Your House for More than it’s Worth?
In short, yes. In some cases, it’s wise to insure your home for more than it’s worth to guarantee that you have enough coverage to rebuild your home in case of a disaster.
How are My Insurance Risks Assessed?
The insurance underwriters looking at your potential insurance policy considers the likelihood that you will file a claim. This means if you live in an area where theft is frequent or hurricanes are likely, your premium may be higher than other areas.
Finding the Right Insurance Company for You
A home is a safe, cozy place to raise your family, and you want to protect that happiness at all cost. When looking for an insurance agency, you should make sure that the agency has your best interest at heart. At BundleBee Insurance Agency, we don’t want to simply sign you up for the most expensive package and send you on your way. We’re devoted to bonding with our clients through a personal approach and providing the best coverage for your needs at the best rate for your wallet. Give us a call today at 888-905-2039 or drop by our office to connect with an agency that wants to help you through life’s hardships.