When was the last time you thought about your insurance? Any kind? Most people don’t think about insurance, whether car, home, or business, except at different times including the purchase of a new car or adding a teen driver, buying a home, when a baby arrives, or when starting or growing a business. Some people may think about their insurance when it renews, and everyone thinks about it if when they have a claim.
Texas home insurance policies, like policies in most other states, are divided into sections. The first section outlines the core property coverage, which I introduced last week (see http://50.87.248.161/~wiseinsu/home-insurance-core-property-coverage/). The second section outlines the policy’s liability coverage which is designed to protect the homeowner financially if something happens in the home or on the property.
Most Texans give little thought as to what’s happening in any given legislative session in Austin. After all, how does it impact me or what can I do seem to get in the way of work, raising kids, and being with family and friends. I understand, but you might be surprised that when we do speak up, we may just be heard and cause the very change we seek.
Thirteen earthquakes struck north Texas in a 24 hour period last week hitting near the former site of Texas stadium in Irving. North Texans began asking, “Where were you when the quakes struck?” The top three quakes measured 3.1, 3.5, and 3.6 on the Richter scale, with the remaining tremors measuring between 1.6 and 2.9. Many north Texans were shaken up. Calls began to pour in to city offices, fire and police departments, as well as offices of homeowners’ insurance agents.
Did you watch the Sugar Bowl on January 1st? In between the game played by Alabama and Ohio State, was an entertaining series of commercials from Allstate. Mayhem, the trouble making character, discovers a couple, Matt and Shannon, has posted on their Facebook page they are out of town and attending the Sugar Bowl game in New Orleans. Mayhem takes the opportunity to break into the couple’s home and proceeds to sell all their earthly belongings.
One of the questions I’m asked by realtors, mortgage originators, and home buyers is what do I think the home insurance is going to cost
The Bob Dylan song, The Times They Are A-Changing, has never been more appropriate than now when it comes to Texas home insurance. This is especially true with insurance companies and how they are grappling with home insurance rates, hail claims, and how to cover roofs.
This sparked my thinking about what advice I’d give on the insurance side of personal finances to help you confirm you’re adequately covered and hopefully pay less than you did this year! So get out your policies, flip to the declaration pages, and let’s see what we can do in 30 minutes or less!
Texas home insurance rates continue to climb and remain the highest in the country. The two reasons most insurance companies give for Texas having the highest rates are weather and the cost of claims. The top four types of home insurance claims as reported in a Texas Department of Insurance study are hail, water damage, hurricane winds, and fire. The combined total insurance companies paid out in claims was over $25 billion. Individually, hail claims accounted for $7.6 billion, water damage was $7.3 billion, hurricane winds was $6.2 billion and the amount paid for fire claims was $4.3 billion.
Pre-Black Friday, Black Friday, and Small Business Saturday has come and gone and today is Cyber Monday. In case you missed it, there are 24 more shopping days till Christmas, so you have plenty of time to find the perfect gift for loved ones or yourself!
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