High Risk Homeowners Insurance Texas

Some say living in Texas is as close as you get to Paradise. With the risks that homeowners in Texas face, covering your home with the best insurance possible is a good idea. Choosing an insurance company and policy that is right for your home is very important. There are many types of policies to choose from and at times it can seem like a daunting or confusing task. One must consider a couple of things in order to make the process easier. First, the actual location of the home is important. Is it located in a flood plan, high crime area or known earthquake fault? Second, the area’s weather activity should be considered. Is the home on or near an area that frequently has hurricanes, tornadoes or other severe weather? For example, in Texas, there is a high potential for tornado damage, so adequate insurance should be a priority. If the answer to either of these questions is yes, the home will probably be considered high risk.

Just because your home has been labeled high risk, it doesn’t mean you cannot obtain insurance. High risk insurance is available in most areas. Unfortunately, there are a couple of drawbacks to this type of insurance. High risk homeowner’s insurance can cost significantly more than standard insurance. Thankfully, there are ways to decrease your rate. If you are in a high crime area, you can install a monitored security system and receive a discount on your insurance. If you live in a high risk weather area, you can have metal shutters placed on your windows to save on your premium.

If for some reason, your insurance company drops your policy and you don’t qualify with another company, you can apply for FAIR Plan (Fair Access Insurance Requirements) insurance. This insurance is usually not as much coverage as standard insurance and may cost a lot more.

It’s important to have your home covered and it’s up to the homeowner to find the right insurance for their home.