Texas residents have to deal with a wide variety of natural disasters. It is not uncommon for hurricanes, tornadoes, floods, hailstorms, and even droughts to occur. And what is even more interesting is the fact that many of the natural disasters that occur in Texas can happen throughout most of the year. It is no wonder why Texas ranks the third most expensive state in the United States for homeowners insurance. There are only two other states where homeowners insurance costs more. Those states are Florida and Louisiana. Those two states are also prone to natural disasters.
Many Texas residents wonder if there is anything they can do to lower their homeowners insurance rates. Fortunately, there are quite a few things they can do. First, Texas residents need to shop around. Instead of sticking with one homeowners insurance company for the entire time they own a home, it is much better for them to periodically check rates with other companies. This will help them save money. This fact has been proven by the Texas Department of Insurance. When it comes to comparison-shopping, homeowners do not only want to be concerned about the price. It is important for them to see what is included in the entire policy. Also, they may need to add some endorsements to their policy or they may need extra coverage in the form of a liability umbrella that will add to the cost of their homeowners insurance. All of these things should be totaled and then compared.
It is important for Texas homeowners to look at the different endorsements that can be added to their policy and other types of umbrella coverage that are available. For example, damage that is caused to a home as a result of fracking is usually not covered under basic homeowners insurance policies. Endorsements may need to be added that may come as a result of earthquakes from fracking or environmental factors that could lead to fires and explosions that are a result of fracking. Something else that may be added to a homeowners insurance policy is liability that would cover things like a pool or trampoline in the backyard. These are also not covered under most homeowners insurance policies. When a person speaks with their homeowners insurance agent, they should ask about some of the above mentioned things. Even though most people are looking to pay as little as possible for their homeowners insurance, what they really need to be concerned about is getting coverage in case there is a natural disaster or an accident.
A second thing that homeowners in Texas can do to reduce their homeowners insurance rates is to add things to their home that will make them more disaster resistant. For example, some insurance companies will lower rates on homes that have installed shatterproof glass or windows that are resistant to high winds. If a homeowner takes steps to modernize the heating system, the electrical system, and the plumbing system in their home, this will make their home more fire resistant and flood resistant, which may lower the amount they pay on their home insurance policy. Some companies will even lower the rate a person pays if their roof is reinforced. It is important for Texas homeowners to talk to their insurance agent to find out what steps they can take to make their home more disaster resistant.
Some other options that homeowners may consider to lower their homeowners insurance rates include installing a home security system, periodically assessing the value of items in their home to see if as many things need to be insured, and even lowering their deductible.