If you are a living in Coppell, or anywhere else in Texas and are looking for ways to lower the cost of your homeowners insurance policy, there are some simple, but very important things to consider before actually purchasing a plan. You want to be sure you get all the coverage you need without paying for things you don’t need .
Understanding the Types of Coverage There are two types of insurance that homeowners in Texas can purchase for their homes. Named Perils will only provide coverage for the specific perils named in the plan. This type of plan typically covers things such as fire, lightening, windstorm damage, hail, hurricane damage, smoke, or damage from vehicles. It probably won’t cover damage incurred from a leaky roof, broken pipe, flooding or that sort of thing. Named Perils plans usually only cover the actual amount of the damages, minus a certain percentage for depreciation. You can choose to bolster your plan by adding total replacement coverage, and although the premium is considerably higher, that type of coverage will pay to rebuild your home, as well as debris removal and incidental costs. All Perils is a more comprehensive type of plan that will cover everything except things that are specifically excluded. This type of insurance covers complete replacement for damaged and/or destroyed property. This type of policy is typically more expensive, but you also get much more protection for your premiums. Bundle Your Policies One simple way to lower the premiums of your homeowners plan (and your other insurance plans as well,) is by purchasing all of your policies from the same provider. Most insurance companies will give consumers a discounted price for purchasing a "bundle" as opposed to going with separate providers for different types of policies. Other Discount Incentives Some insurance companies will give homeowners a discount for taking measures to ensure the safety of their homes. That would include installing a security system, smoke detectors, carbon monoxide detectors, and installing a roof that is made of impact-resistant materials. Other Factors Other factors that may impact the cost of a policy include the amount of the deductible, how the house and roof are constructed, the age of the home, and where it is located. The higher the deductible, the lower the cost of your premiums will be. The age and overall construction of the house are things to consider when purchasing the home. Shop around to see what different companies offer. Know, too, that cheap isn’t always better. You want to get a good price for your policy, but you also want to be assured of getting the coverage you need. The National Association of Insurance Commissioners has useful information for each state. A Coppell independent agent can also help you find the homeowners insurance policy that best suits your needs.
