August is here and it’s hot! The forecast for the next week, and probably the rest of the month, is 100 + degree days and no rain. It makes me miss the rain we had in May that erased the drought conditions we’d experienced the past three years. August, however, usually means little to no rain and with the clay content of our soil, it’s time to review foundation care.
No one wants to pay more for their Texas home insurance than they have to. What people want is to pay a fair price for their home insurance without being over or under insured. With that in mind, here are 13 ways you can save on your Texas home insurance.
There are a number of things most people don’t know about flooding of flood insurance, such as flooding is the top natural disaster in the US, and that flash floods are the top weather related killer, or that 20% of all flood claims are from low and moderate risk flood zone areas (see https://wiseinsurancegroup.com/texas-floods-and-flood-insurance/). There is one other thing most people don’t know about flood insurance, and that is there are limits on how much a policy will pay on a claim.
There are a number of items I cover with someone when quoting their home insurance including square footage, number of stories, room configuration, floor coverings, and grade of finish out in the kitchen and bathrooms. I also review what updates have been made to the home. The updates insurance companies focus on are plumbing, electrical, heating and cooling, and the roof.
I received an email from one of my insurance company’s underwriters. They wanted to clarify one thing that turned up in the inspection of a home I’d recently written a policy with them for one of my clients. The item the underwriter wanted to confirm was the type of cooling system the home used to see if it met their guidelines. If it did, the policy would remain in force, however, if it didn’t, the policy would have to be cancelled.
The 2015 hurricane season has started. It runs from June 1 through the end of November. Accuweather is forecasting another below normal year for hurricanes. They predict 8 tropical storms, 4 hurricanes, 1 major hurricane, and 2 to 3 that will make landfall. This year’s number is slightly lower than last year’s predictions. Like last year, the reason for the below normal storms predicted is attributed to El Nino wind patterns that tilt the spinning air which inhibits the formation of storms, as well as drier than normal air and cooler water temperatures in the Atlantic.
$207,000. As of April, that is now the median price for a home in north Texas. It represents an average 14% increase in home prices across the metroplex over 2013. The new median home price represents an increase of almost 60% over 2010’s valuation, at the depth of the recession. When compared to the previous high water mark set in 2007, the gain is over a third.
I’ve received several calls from clients over the past couple of months. In each case, they’d received a notice from their mortgage company notifying them their mortgage payment was changing due to a deficit in their escrow account. They had the option of paying the escrow shortage or it could be factored into their already increased monthly home mortgage payment. The same thing happened to Sheri and me.
Larry Taylor, a Texas State Senator from Friendswood, introduced a bill to restrict homeowners’ ability to sue insurance companies over unpaid claims. The Senate passed his bill last Wednesday in a 21 to 10 vote, and it’s headed to the House to be voted on. If approved it, the bill will go to Governor Abbott to sign or veto it.
There are 20 homes in Carrollton, Texas on Barclay Drive which back up to Dudley Branch Creek. The retaining wall behind the homes is failing causing the lots to sink as the soil begins to move downhill toward the creek. Some of the residents have filed a lawsuit against the city of Carrollton saying it’s responsible for repairing the retaining wall while the city contends it’s the homeowners’ responsibility to repair the wall. The estimated cost to repair the wall is $3 million. Home insurance won’t help the homeowners either.
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