Homeowners insurance
When a homeowners renewal arrives, it helps to know what actually drives the premium. Insurers look at many factors when they price a policy, and several of them are worth checking with your agent. Here are nine things to review, starting with your policy and carriers and ending with changes to the home itself.
The same coverage can be priced very differently from one carrier to the next, because each company weighs your home, roof, credit, and claims history in its own way. Price isn't the only factor, though. Also check each company's financial strength and its complaint record with the Texas Department of Insurance (TDI).
A bundle discount may be available, but it varies by carrier. Compare the bundled package against separate policies on matching limits and deductibles, because a bundle is not automatically the better fit.
A higher deductible often changes the premium, but the effect varies by carrier and policy. Some Texas policies have a separate deductible for certain types of claims that is set as a percentage of your dwelling coverage, so read the declarations page closely. Only choose a deductible you could comfortably pay out of pocket.
Texas insurers can use credit-based insurance scores, within legal limits. Paying bills on time, keeping balances low, and fixing errors on your credit report can matter over time.
Claims history is one of the factors insurers consider. When a repair costs barely more than your deductible, it may make sense to handle it yourself. Report any damage your policy requires you to report, and talk to your agent before deciding.
Discounts for things like staying with one company, your age or retirement status, or paying in full may be available, but they vary by carrier. Also make sure the home is insured for what it would cost to rebuild, not its market price, because land doesn't need coverage.
A discount for smoke detectors, deadbolts, sprinklers, or monitored fire and burglar alarms may be available, but it varies by carrier. Ask which devices your insurer recognizes before you buy.
Insurers look at roof age, material, and rating. A credit for impact-resistant roofing rated Class 4 under UL Standard 2218 may be available, but it varies by carrier. If your roof is due for replacement, ask your roofer about the options, request TDI form PC068 after installation, and send a copy to your insurer. See TDI's impact-resistant roofing page for background.
If you have updated the electrical, heating, or plumbing systems, tell your insurer. A credit for newer systems may be available, but it varies by carrier.
No single item matters most for everyone. Reviewing several of them together, and confirming your insurer has applied every credit you qualify for, gives you a clearer picture. That's where an independent agent helps: I compare options from the carriers I am appointed with and check which discounts may apply.
Want a second look at your policy? Call (817) 552-4717 or visit fortify360insurance.com.
It often does, but how much depends on the carrier and the policy. Some Texas policies also have a separate deductible for certain types of claims that is set as a percentage of your dwelling coverage. Only choose a deductible you could comfortably pay out of pocket.
Discounts for bundling home and auto, protective devices such as smoke detectors and monitored alarms, newer home systems, staying with one company, or paying in full may be available, but they vary by carrier. Ask each company which ones apply to your home.
It can. Insurers look at roof age, material, and rating. A credit for impact-resistant roofing may be available, but it varies by carrier. If you install one, ask your roofer for TDI form PC068 and send a copy to your insurer.
Discount availability varies by carrier and is subject to eligibility, underwriting, and policy terms.
Eric Blazej, licensed Texas insurance agent, doing business as Fortify360 Insurance Group · TDI #3517967 · NPN #22274526
