Whether you own or rent a house, property insurance is extremely important to protect your personal belongings and investment against damage. These may include losses incurred due to theft and vandalism or natural calamities such as fire, earthquake and extreme weather conditions. However, it is important to consider various factors before deciding on a coverage option.
Here are the different types of policies that you may come across while buying property insurance in McAllen, TX:
- Homeowner’s Insurance: This form of property insurance helps to safeguard the outer structure of the home as well as the personal possessions within it. Homeowner’s insurance also protects an individual against any financial liabilities arisen out of accidents occurred on the property.
- Condo Insurance: It provides insurance for all the structures and parts of the unit that are not covered by your condo association's policy. Condo insurance safeguards you against any financial losses you may incur due to an accidental harm to the building, damage to personal belongings or any liability claims.
- Renters Insurance: When you are living in a rented house, your property owner may provide coverage for the damage caused to the outer structure. Renters insurance is essential to protect your personal stuff in case of theft, faulty pipes or a natural disaster.
- Mobile Home Insurance: Mobile or manufactured homes have different insurance needs that cannot be covered by a basic homeowner’s insurance policy. It provides coverage for the mobile home itself, adjacent structures like garage or shed, personal possessions and liability claims. Mobile home insurance generally includes protection against fire, lightning, windstorm, bursting water pipes, smoke etc.
- Dwelling Insurance: This policy provides coverage to the owner of a property that is either vacant or occupied by tenants. Homes that are eligible for vacant dwelling insurance are those that are put up for sale, under renovation or vacant for 2 years.
- Flood Insurance: It covers the structure of your home and other personal belongings from any damage caused due to flood. Most states even require a homeowner to purchase insurance if he resides in a flood prone area.
- Personal Umbrella: This policy safeguards all your personal assets and properties that are not covered under homeowner’s insurance. It provides financial stability to an individual in the event of damages that exceed the coverage limits.
We, at Smith-Reagan Insurance Agency, provide comprehensive property insurance to the clients in McAllen, TX. For more information, you can call us at (956) 399 – 1353.