THE VOSS LAW FIRM
A PROFESSIONAL CORPORATION
ATTORNEYS AT LAW
THE VOSS LAW CENTER
26619 INTERSTATE 45
THE WOODLANDS, TEXAS 77380
TELEPHONE (713) 861-0015
FACSIMILE (713) 861-0021
TOLL FREE (866) 203-5411
When signing up for a Texas Homeowner’s insurance policy, it is very important to have a thorough understanding of the outlined terms and conditions. While doing this, you may find it helpful to ask yourself these questions:
1. What DOESN’T your policy cover?
2. What is the policy dollar limit (i.e., cash value) for household items (think clothing, jewelry, furniture,
electronics and firearms, to name a few)
3. Does your policy include actual replacement cost for your home?
4. How much liability coverage is included?
What do each of these mean?!
All homeowner's policies delineate what IS covered, but it's equally important what ISN'T covered! Flood and earthquake damage are typical basic policy exclusions, and if you feel these are significant risks, you'll need to purchase separate coverage for these hazards.
A basic homeowner's policy will place a cap on the replacement cost for items in the home, often $10,000 or less. Take careful stock of the value of your personal items; most likely $10,000 won't come close to covering it. Clothing and furniture often are damaged by fire, flooding or wind damage, while jewelry, electronics and firearms have the additional risk of theft. Consider supplemental coverage (often called household contents and/or personal articles floater) if your valuables significantly exceed your basic policy limits.
Does your policy include replacement value for repairing or rebuilding your home? This becomes increasingly important as the costs of building materials continue to rise. In the event you choose not to rebuild your home following a catastrophe, how is your cash reimbursement determined: market value or set amount as defined in the policy? Home values are increasing and you'd hate to receive a fraction of your home's worth if it's destroyed by disaster versus what you would have netted had you sold it.
Lastly, what liability coverage does your policy provide? Think: the UPS driver who slips on your porch and injures herself; injury to children playing in your yard; a dinner guest who chokes on a bite of food; and many other scenarios. As a homeowner, the courts almost always consider you liable for any injury on your property, regardless of who's at fault. An umbrella policy will protect you up to the dollar limit of the policy.
In summary, the more valuable your home and your belongings, the more insurance you'll need, and liability exposure is a problem regardless of those values.
Know your homeowner's policy inside and out, bolster it with supplemental policies where needed, and realize that an insurance policy is a legal contract between you and your insurer.
Don't let yourself be bullied or shortchanged!
The Voss Law Firm, P.C. has been protecting policyholder’s rights for the past sixteen years, recovering billions of dollars in settlements for our clients.
Feel free to call, or email today for a free consultation on your file.
We are 100% contingency fee based. No recovery, no fee.