Best Homeowners Insurance Agencies in Lubbock

Frequently Asked Questions

• 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.
  

• What are the three different levels of homeowners’ insurance in Lubbock?

  The three levels of homeowners' insurance that offer varying degrees of protection to Lubbock residents include actual cash value coverage. It takes into account depreciation when covering the house and its contents. The second level is replacement cost coverage, which allows homeowners to restore or reconstruct their residential properties up to their initial value. The third level is guaranteed replacement cost, which ensures the replacement of the home even if it surpasses the policy limits.

• What is the difference between homeowners’ insurance and home insurance that Lubbock residents should be aware of?

  Homeowners' insurance typically includes coverage for both the structure of Lubbock residents’ homes and their personal belongings within. On the other hand, home insurance allows homeowners to personalize their policies using endorsements or add-ons that cater to a range of requirements. This also grants homeowners the flexibility to create a policy that covers protections that are not commonly part of typical home insurance coverage.

• How long does homeowners’ insurance pay for the additional living expenses of Lubbock residents whose homes become uninhabitable due to a covered peril?

  Some homeowners’ insurance policies in Lubbock may have a specific time limit, such as 12 to 24 months, during which they will cover these expenses. Others might have a monetary limit, which means they will cover expenses up to a certain dollar amount. The duration of coverage for additional expenses can vary and is usually subject to limits set by the insurance policy.

• Does homeowners’ insurance cover tree damage in Lubbock?

  Whether homeowners' insurance covers tree damage in Lubbock depends on the specific terms and conditions of a resident’s policy. Windstorm coverage and personal liability can help pay for tree damage should a tree fall on a property or damage another person’s property. Homeowners' insurance typically covers tree damage caused by specific perils, such as storms, lightning, and wind.

• How can Lubbock residents get the best price on home insurance?

  Lubbock residents can secure the best price on homeowners’ insurance by bundling insurance products like life or auto insurance with home insurance. Another trick is to take advantage of loyalty, claims-free, and paid-in-full discounts. Most insurers are likely to give residents a discount on insurance for their loyalty. Setting a deductible a tad higher for a lower premium is also a way to obtain a favorable homeowners’ insurance price.

• 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.