subject: Things To Know About Home Insurance In Austin [print this page] Things To Know About Home Insurance In Austin
The home is the most valuable asset to a person, so it needs to be protected from any man-made or natural hazards. In Austin, there are several companies offering attractive packages for insuring the homes. Recently, a survey based on home insurance was conducted in Texas among candidates running for state legislative office, the Attorney General and the Governor. Most Texas voters supported comprehensive homeowners' insurance reforms, which will guarantee them decent coverage, fair rates, and such other things. Buying a home insurance in Austin also helps a person against- expenses incurred due to damage or injury caused by the pets or his family members to other people's properties. The main types of coverage offered by an insurance company are: 1. HO-1: This is the basic type of coverage that protects the house and the property inside it, from damages caused due to fire, lightning, hail, riot, vandalism, theft, etc.
2. HO-2: In addition to the coverage given by HO1 type, it gives some additional protection from damages caused due to falling objects, electrical surges, snow, freezing of water, etc. 3. HO-3: This is a special type of coverage, which protects the home, owners' personal possession and any detached structure from any natural calamity like, flood, tornado, earthquake, war, nuclear accident, etc. 4. HO-4: This coverage is for tenants and gives protection to the tenant's household and personal belongings against the disasters and damaged mentioned in HO2. 5. HO-6: This coverage is for condominium owners. It gives protection to the condo against all damages described in HO2. 6. HO-8: This policy is for those owners, whose home falls under the older home category and has some historic value. This policy provides cost for the repair of the home and the items insured. One needs to pay premiums toward home insurance. In Austin, to determine the amount of premium, 2 main factors that the companies take into account are- 1. Location of the home: The amount of the premium depends on the location of the house. If it is located in such a place where the number of theft is very high, one needs to pay a higher premium. Also for a place where there is more chance of earthquake, the premium amount will rise. 2. Security features installed: If the house has security features like- smoke detectors, burglar alarm, and so on, the premium amount will be lower.
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