Best Homeowners Insurance Agencies in Frisco

FAQs

• Introduction

  Homeowners' insurance is a type of property insurance used by private property owners to protect their home and property from a range of risks and liabilities. It is also called home insurance.
  

  
  

  All homeowners' insurance policies cover the primary home on a property, meaning that most damage from weather, accidents, vandalism, and other events will be at least partially paid for by the insurance company. Many policies also include coverage for other structures, personal property, and some premises liability.

  
  

  It is not required by law that a homeowner purchases insurance for their property. However, if you have a mortgage, the lender will usually make purchasing a homeowners' policy a mandatory part of the loan process. Since the mortgage lender is essentially selling you the home, they require you to protect the investment.
  

• Will your house in Frisco still be covered by your homeowners’ insurance if you move out for a few weeks?

  You will have to check the vacancy clause on your policy. Homeowners' insurance is meant for properties occupied by the owner. If you file a claim and the house has been vacant for several weeks prior, the insurer may deny your claim. A property is generally considered vacant when unoccupied for 30-60 days. If you travel or leave your home unoccupied for long periods, talk to your Frisco insurance agent to see if you need a vacant home policy.

• Will your premiums be refunded if you prematurely cancel your homeowners’ insurance policy in Frisco?

  If you paid for premiums in advance, yes, you should get a refund of your unused premiums. For example, if you paid 12 months’ worth of premiums and canceled after two months, you should get 10 months worth of premiums refunded. The same applies if it’s the insurance company that cancels the policy.

• What is the deductible amount on your homeowner’s insurance policy in Frisco?

  The deductible amount is the amount you’ll be responsible for paying out-of-pocket before the insurer pays your coverage. The deductible is calculated as a percentage of your home’s value. For example, if you have a $300,000 house in Frisco and opt for a 1% deductible on your homeowners' insurance, your deductible will be $3,000. So, if you need a roof repair that costs $10,000, you will have to pay $3,000, and your policy will pay $7,000.

• How does an HO-2 differ from an HO-3 homeowners’ insurance policy in Frisco?

  Also called a "named perils" homeowners’ insurance policy, an HO-2 will only cover losses caused by specific perils. An HO-2 will come with a list of perils that usually includes fire, theft, lightning, smoke and water damage, and vandalism. Meanwhile, an HO-3, or "open perils," policy will cover losses caused by all perils except those in its list of exclusions. HO-3 policies are the most popular and commonly required by mortgage lenders in Frisco.

• Can having a home alarm system help reduce your homeowners’ insurance premium in Frisco?

  Yes. Because your property has an alarm system, the insurance company will see it as having a lower risk for break-ins or fire incidents, minimizing the likelihood of claims. Insurers in Frisco would be more willing to offer discounts on your homeowners’ insurance premiums. Discounts offered could be 5%–20% depending on your alarm system’s quality and if it comes with monitoring service.

• What determines the price of homeowners insurance premium?

  The premium, or monthly cost, of your homeowners' insurance policy depends on several factors, including the value of your home and amount of coverage you choose. Your credit history and whether the property is in a higher risk area also play a role.
  

• What is the difference between home warranty and homeowners insurance?

  Homeowners' insurance protects your home and property from damage from events that include storms, theft, and fires. A home warranty covers repair costs for parts of your home that eventually breaks down. For example, if a fallen tree damages your roof, it's typically covered by insurance, not the warranty.
  

• Does Geico offer homeowners insurance?

  Because auto insurance is Geico's focus and where they invest the most in advertising, many people know the company only as a car insurance provider. On the contrary, Geico does offer a range homeowners' insurance policies that cover dwellings, personal property, and personal liability, among other provisions.
  

• How long does homeowners warranty insurance last?

  Home warranties vary based on the provider of the coverage, but most home warranties last for one year. Once they run out, homeowners have the option of renewing the warranty or letting it lapse. If a covered item breaks down after the warranty period is over, repair costs won't be reimbursed.
  

• Does homeowners insurance cover water heaters?

  Homeowners' insurance doesn't cover water heaters when they break down from normal wear and tear. An insurance policy may cover water damage to your home and property if it malfunctions, and if the water heater is damaged by a fire or an accident, home insurance may provide the costs to replace it.
  

• Are RVs covered under homeowners insurance?

  Usually, an RV is covered under your homeowners' insurance, but that coverage will probably be subject to several exceptions and contingencies. For example, if you want to drive your RV, you'll either need car insurance or specialized RV insurance since the risks you'll face on the road do not fall under a homeowner's policy.

• Do new buyers need owner\'s title insurance on a new home?

  There are unique risks that a buyer of a new home may face. For example, property claims from previous owners or liens from suppliers whom the homebuilders never paid during construction. Title insurance protects the home from these perils, and your mortgage lender may require it.
  

• Do owner builders need home warranty insurance?

  In the United States, owner builders are not required to have home warranty insurance. If you're the one who built your home, you're expected to incur the costs of repairs yourself if a structure or appliance breaks down.
  

• Are dogs deaths covered in homeowners insurance?

  Usually, the loss of a dog or other pet is not covered by your home insurance. However, many insurance providers offer riders — packages of added coverage — for pets called pet insurance. This ensures that medical costs and property damage caused by your pets are fully covered.
  

• Are earthquakes covered in standard homeowners insurance policies?

  Standard homeowners' insurance policies do not cover damage directly caused by earthquakes. Insurance will sometimes cover indirect damage, however. For example, if an earthquake causes a fire in your home, damage from the fire will be covered under a standard home insurance policy.
  

• Are homeowners insurance and car insurance deductible?

  Homeowners' insurance and car insurance premiums are not deductible as personal expenses on your taxes. However, some percentage of your premiums may be deductible as business expenses if you own a business and use your car and home for business purposes. This may vary between states.
  

• Are homeowners insurance payouts taxable income?

  If you file a claim after a burglary at your home, for example, the insurance company will assess the value of the property lost or damaged and reimburse that amount. This payout is not taxable because it's not income — it's a replacement of lost value.

• How frequent should one change auto or homeowners insurance to another provider?  

  If you find home and auto insurance policies that you're happy with, you may never want to switch. However, various providers offer different combinations of coverage and price, so you may want to assess all your options every few years.
  

• What should a homeowners insurance include/cover?

  A homeowners' insurance policy should cover the dwelling, personal property inside and some outside, other structures on the property, and liability. For example, it should cover medical bills if a guest sustains an injury. Not all of these coverages are included in every policy.
  

• How much homeowners insurance should someone carry?

  How much insurance you need depends on the size of your home, its age, and other unique factors. Standard insurance policies cover around 70% of the total value of your home and additional covered property. Most policies that offer premises liability include $100,000 in liability coverage.