Since Texas homeowners are exposed to many different types of natural disasters such as fires, floods, tornadoes, windstorms, heat/drought, earthquakes, and more, Texans need to be more aware of their insurance policies. In fact, Texas is at risk for exposure to nine types of natural disasters – more than any other state in the U.S.
When weather-related disasters that cause property damage occur, homeowners want the insurance companies to cover the costs. However, recognizing the risks and possible hazards are critical to making sure you have enough insurance to protect yourself and your family so that you can get an adequate financial recovery following such an event.
Many policyholders believe that their entire home and all their belongings are fully covered by their homeowners’ insurance policy. However, this may not be the case. In order to make sure you have enough insurance so that your residential insurance claim won’t get denied when you suffer property damage, consider the following points:
- Review your coverage limits. Does your policy cover a loss up to a certain limit? Does your policy state a specific dollar value your coverage is good for? Read your policy to determine your type of coverage and if the amount is adequate. If not, you need to increase your limits or make changes to your policy prior to any damage.
- Review your personal property coverage. Most policies have sufficient personal property damage, which is typically equal to half of the insured value of your home. However, if you have collectibles and a lot of valuables such as gold coins and artwork, you may have insufficient personal property coverage and need to increase your coverage.
- Review your natural disaster coverage. When living in an area that is prone to natural disasters, you need to make sure you have extra policies to cover losses that could occur from hurricanes, floods, or earthquakes. These policies provide separate coverage that your homeowners’ policy would not cover.
For help understanding your insurance policy or for help making a first party insurance claim in Texas, call the Voss Law Firm at (866) 276-6179 today for a free case consultation and a free copy of Houston insurance claim attorney Bill Voss’s book: Informed Consumers Have Greater Chances of Getting Just Compensation in Residential Insurance Claims.