Best Homeowners Insurance Agencies in Temple

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.
  

• Can food spoilage caused by a power outage be covered under homeowner's insurance in Temple?

  It is determined by the cause of the power outage. If the cause is a covered risk, such as a lightning strike, tornado, or falling tree, the insurer will cover the damage. Power outages caused by utility company failure may also be covered. A standard homeowner's insurance policy in Temple will typically cover up to $500 in spoiled food. Some outages, however, may not be covered, such as when flooding is the cause or the utility company cuts off the power due to non-payment.

• What are the reasons for a homeowner's insurance cancellation in Temple?

  Non-payment of premiums and the filing of fraudulent claims are two of the reasons an insurance company will cancel a policy. Insurers may also cancel a policy if a home in Temple faces an increased risk but the owner does not take steps to mitigate it. Additionally, a policy can be canceled within 60 days of purchase if the insurer learns of a risk not disclosed by the policyholder or does not receive an inspection report prior to the start of the policy.

• Is insurance for mobile homes in Temple required?

  No, but the owner of a mortgaged mobile home may be required to obtain insurance by the lender. In addition, the mobile home park may require owners to have their property insured. This is because such homes are more vulnerable to wind and fire damage. Communities in mobile parks such as Bluebonnet Estates, Santa Fe Trail, and Birdcreek Community can benefit from mobile home insurance.

• Should you repair your Temple home right away after an insurance-covered disaster?

  Take immediate action to protect your Temple home from further damage. This can include filling holes or covering broken windows. It is important to note that insurance companies will not pay for additional damage caused by a failure to secure the property. Never make permanent repairs until the insurance company has inspected the damage.

• Can mortgage insurance pay for home repairs or replacement in Temple?

  No, it is not the same as homeowner's insurance, which is designed to cover the cost of repairing or rebuilding a home in Temple. Mortgage insurance protects the lender if the borrower is unable to make payments. Lenders typically require it if the homebuyer cannot provide a 20% down payment. It is also known as private mortgage insurance.

• 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.