Types of Home Insurance

Maneuvering insurance can be tricky with the many policies available on the market. Unfortunately, most homeowners in Plano, TX, may not be aware of the different types of home insurance at their disposal, leading to making the wrong choice. Below, Paragon Independent Insurance Agency takes you through the different types of home insurance you need to know about.

Basic Form /HO-1

This policy provides coverage of your home’s structure, including the garage, appliances, and home features such as carpeting. It covers situations like fire, lightning, theft, explosions, and vandalism.

Broad Form/ HO-2

It helps cover your home and personal belongings. Some things covered here include burning or cracking of some household systems, accidental damage from an electrical current, and accidental overflow of water in the house.

Special Form/ HO-3

The HO-3 is a common type of homeowners insurance policy covering your home, personal property, and liability against things like vandalism, lightning strikes, fire and smoke, and theft.

Contents Broad Form/ HO-4

It is also commonly referred to as standard renters’ insurance. It helps protect one’s personal belongings against various perils like hail and windstorms, electrical current damage, and explosions. Some policies cover additional living expenses that can help you in case you have to move out of your home temporarily. The rental unit is not covered here, and the landlord is required to get a separate insurance policy to cover the unit’s structure.

Comprehensive Form/ HO-5

This type of home insurance covers your home, personal belongings, medical payments for other people, and additional living expenses. It is an open-peril policy covering all things not excluded in your policy. Typical exclusions are things like earth movement and intentional loss.

Unit-owners Form/ HO-6

Commonly referred to as condo insurance policy, it helps cover items inside your condo unit. Condo residents are responsible for everything within their walls, while the condo association has a separate insurance policy covering external parts of the building and common grounds.

Mobile Home Form/ HO-7

Covers manufactured or mobile homes like RVs, sectional homes, trailers, and modular homes. The policy provides cover against risks like theft, smoke, and vandalism.

Modified Coverage Form/ HO-8

This type of insurance protects older homes. However, compensation for covered damage is paid in cash. Significant houses like historical landmarks or homes built with methods and materials not common today are included in this type of insurance.

To enjoy the benefits of the different types of home insurance, residents of Plano, TX, can reach out to Paragon Independent Insurance Agency for assistance.

Homeowner Insurance F.A.Q

As a Plano, TX, homeowner, you must have a lot of questions about homeowners insurance. This is expected as your home probably your most valuable investment, and losing it can throw you into financial ruin. Having a good insurer like Paragon Independent Insurance Agency will help alleviate most of your worry as they will be thorough about their offers and your options. Here is an insight into the most common homeowners insurance F.A.Qs. 

Does Homeowners Insurance Protect from Damage Caused by an Insured Driver Ramming into Your Home? 

Though you are not the cause of the damage incurred on your home, most insurers will cover this kind of damage. The damage will be listed as a covered peril, and you can expect compensation not long after you file your claim. If the damage extends to your vehicle, you should also contact your auto insurer. They will guide you on what they need to compensate you for the damage to your vehicle. You can sue the driver of the vehicle to get more financial recourse for your loss. 

What Kind of Water Damage Does Homeowners Insurance Cover? 

Water damage to a home is a pretty common occurrence in Plano, TX. This is likely why you are very curious about what kind of water damage is covered under your homeowner’s insurance policy. You should know that a standard homeowners insurance policy does not cover water damage caused by flooding. In insurance circles, flooding is when water from a water body leaks into your home. Most of the other water damage caused by broken pipes and unclosed water faucets will likely be covered. 

Are You Protected from Lightning Damage? 

Your standard home insurance policy offers protection from damage done to your home by lightning. Some insurers like Paragon Independent Insurance Agency will also cover fires caused by lightning and damage to electronics. You want to get an insurer that offers the most comprehensive home protection under their homeowner’s insurance policy.

If you’ve more questions about home insurance in Plano, TX, reach out to us for answers.

Do I need home insurance in Plano?

The Plano, TX area continues to grow quickly due to the strong local economy and amount of local amenities. If you would like to move to this city, it would be a good idea to purchase a home. When you are going to buy a home in this area of Texas, getting insurance is very important. There are several reasons why you will need to have home insurance for your Plano property. 

Insurance is Required by Lenders

A reason that you will need to have a home insurance plan is that it will be required by a mortgage lender. If you would like to buy a home, you will likely need to finance the purchase with a mortgage. If this is the case for you, it is important that you comply with your mortgage provider’s insurance requirements. In many cases, your lender will require coverage and will have you escrow payments each month to ensure you do not fall behind. 

Insurance Gives Peace of Mind

You will also need to get a home insurance plan because it can provide you with some peace of mind. Owning a home does come with a lot of risks including the risk of fire damage or theft. With insurance, you can mitigate these risks and get comfort knowing you are supported. 

People that are going to move to the Plano, TX area and buy a home need to get a quality insurance plan. When you are looking for an insurance policy in this area of the state, you should call the team at Paragon Independent Insurance Agency. There are many ways that Paragon Independent Insurance Agency can help you. The team is able to help you assess your insurance needs and give you the guidance necessary to choose a policy that protects you and your home. 

Should I get home insurance in Plano?

People that are in the Plano, TX area are going to have many different personal insurance requirements. For those that are property owners, one important form of coverage to get is home insurance. This type of coverage is ideal for anyone that is going to buy a property and invest in their future. There are a few reasons why you should get this coverage. 

Insurance is Needed to Remain in Compliance

A reason that you should get home insurance coverage when you are in Plano is that it is needed to remain in compliance. If you are going to buy a home you likely will be required by your mortgage lender and by any home association that you are affiliated with to carry insurance. If you neglect this coverage, it could put you into violation of various agreements.

Insurance Offers Protection

There are some people that will not have specific home insurance requirements. However, it still continues to be a great investment to make. With home insurance, you are going to get the coverage that is needed to repair or rebuild your home if it is damaged. Further, you will get personal liability protection. This could prove to be helpful if your home is damaged or you are named in a liability claim due to an accident in your home.

Plano, TX will continue to be a great place to invest in your own property. If you would like to buy a home here and are interested in obtaining new insurance, you should call Paragon Independent Insurance Agency. The team with Paragon Independent Insurance Agency knows that this coverage can come with complexities. They can help you by answering any of your questions and building a policy for you that will offer the ideal protection for your situation. 

Getting your home ready for winter

Shorter days and cooler nights are a sure sign winter is on the way. Your home is the biggest investment you will likely ever make and making sure it is ready for winter can make it safer and also save you money when it comes to keeping your home warm. Having an independent insurance agent who you can trust makes homeownership less stressful. In Plano, TX,  Paragon Independent Insurance Agency have the philosophy that the customer’s needs always come first. 

Have chimney checked

Before you decide a fire in the fireplace would be a nice idea it is always good to have your chimney checked and cleaned. Chimney fires can be very damaging and are easily avoided with some basic maintenance. 

Furnace cleaning

In order to get the most efficiency out of your furnace, it is vital that you have it serviced every year. It needs to be cleaned and filters changed. You will be glad you took the time to do it when you get your fuel bills. 

Clean the gutter

In the fall most trees lose their leaves. Those leaves not only fall on the ground, but they also fall on your roof and into your gutters. The gutters can become clogged and the water will not go into the downspouts. It can cause serious damage to your roof and also to your ceilings. 

Seal the leaks

A little caulk and some weatherstripping can seal up any leaks you have around your windows and doors.

At Paragon Independent Insurance Agency in Plano, TX, we have been serving residents for over 17 years.  With more than 50 years of experience, we have the knowledge you are looking for in an insurance agency. If you are ready to discuss your home insurance needs, stop in to our office or give us a call for a no-obligation quote. 

When is home insurance a requirement?

The biggest asset that a lot of people will ever own is their home. Those that purchase a property can see significant equity growth over time as they pay down their mortgage and see their property slowly increase in value. If you are going to purchase a home in the Plano, TX area, you will want to ensure this investment is protected with home insurance. There are several reasons why having this insurance could also be a requirement for you.

Insurance is a Lender Requirement

Most people that buy a home in the Plano area will take out a mortgage so they can finance the purchase of it. If you do this, it will likely allow you to purchase a larger and more expensive home. However, you will have some obligations that need to be met. One task that you will need to do consistently will be to get proper insurance for it. The lender will likely review your insurance, approve it and then even escrow your monthly payments.

When in a Home Association

Another common situation when people in Texas will need to get home insurance will come when they live in a home association. Property associations are very common, particularly for those that live in newer communities that offer local amenities. If you do live in one of these communities, you will have insurance obligations. Most of the time, you will have to provide evidence of coverage at least once per year.

There are plenty of reasons why you should get insurance for your home. Even if it is not required, those that are in the Plano, TX area should speak with the Paragon Independent Insurance Agency about their needs. Paragon Independent Insurance Agency can help you build a policy that will provide necessary coverage. 

Is there anything that my homeowners insurance doesn’t cover?

Few would argue the benefits of homeowner’s insurance. This insurance has the ability to create peace of mind and make issues with your home more financially manageable. homeowner’s insurance can cover property damage, your personal belongings, and injuries to others, to name a few. Paragon Independent Insurance Agency of Plano TX is dedicated to helping you navigate homeowner’s insurance.

Homeowner’s Insurance Covers A lot But…
Although homeowners insurance covers many things…few of us understand that this insurance doesn’t cover everything. There are specific situations and circumstances that aren’t covered under homeowner’s insurance. As a homeowner, it pays to find out what’s not covered. Most of us understand that many things are covered under homeowner’s insurance and this creates peace of mind for many homeowners. If someone is injured on your property, homeowner’s insurance can cover medical bills. In addition, if your personal belongings are damaged, homeowner’s insurance can cover this too. 

What’s Not Covered…
Unfortunately…there are certain things that aren’t covered under most homeowner’s policies. Some of the things that aren’t covered are associated with the natural aging process of a home in addition to other common issues many homeowners experiences. Damage to your home caused by termites, birds, rodents, and insects aren’t covered under homeowners insurance. Also, mold, rust, rot, and other forms of wear and tear brought on by the age of a home aren’t covered either. Defective or poorly made aspects of your home aren’t usually covered under homeowner’s insurance. If you experience issues like these with your home there is a chance that your homeowners’ insurance policy won’t cover these kinds of issues. Our agents at Paragon Independent Insurance Agency of Plano, TX are dedicated to helping you understand homeowner’s insurance and understand what’s covered and what isn’t.

What are the benefits of getting home insurance in Texas?

The Plano, TX area is a very popular area for people to move to. This area is located near the city of Dallas and offers a lot of opportunities, which also makes it a great housing market. If you are going to purchase a home here, you do need to make sure that you are covering and protecting it as well as possible. One great way that you can do this is by getting a home insurance policy as it offers a range of benefits to policyholders. 

Gives Valuable Insurance Protection

One reason that you should get this insurance is that it can give you great protection. Home insurance has a variety of benefits including protection for your dwelling, coverage for your personal assets, and even liability protection. All of these could help to protect you and your investment in your home.

Ensures Compliance

You should also get a home insurance policy because it can help to ensure you remain in compliance with a variety of agreements. Anyone that lives in a home association or has taken out a mortgage will have home insurance obligations. Getting into a policy will help to ensure you meet these requirements. 

There are many reasons that someone in the Plano, TX area will want to get a home insurance policy. While there are a lot of benefits that come with this form of insurance, picking the right policy can seem confusing and challenging. When you are looking to get a home insurance policy here, it could be a great option to call the team at Paragon Independent Insurance Agency. The insurance team at Paragon Independent Insurance Agency can help you assess your home insurance needs and get you into the right policy for your situation.

Is It Time to Update Your Home Insurance?

Many homeowners purchase home insurance and automatically renew it annually without reviewing their policy. Over time, however, changes to your home or lifestyle may alter your coverage, making it less effective in protecting your Plano, TX property. At Paragon Independent Insurance Agency, we recommend reviewing your home insurance annually to see if you need to update your coverage. Here are a few reasons why it may be time to update or upgrade your policy.

Home Renovations

Major home renovations like kitchen or bathroom remodeling can increase the value of your Plano TX home. If you insured your home for a certain amount years ago, your coverage may now be insufficient to rebuild your home at its current value. You can, however, increase the dwelling coverage by upgrading your policy. This ensures you’re protecting your home for its full value after remodeling. You’ll also need to add these renovations to your policy so they’ll be protected within your dwelling coverage.

Home improvements that enhance the safety or security of your home, such as new plumbing, electrical, or security system, may qualify you for a discount on your home insurance. To receive this discount, you’ll need to update your policy.

Lifestyle Changes

If you retired after purchasing your original home insurance and installed a new pool or home gym to stay fit, you may need to raise the limits of your property coverage to protect these items. If you plan to have friends or family over for a swim, you may need extra liability insurance to protect you against pool accidents. If you adopt a dog, you’ll need protection against the risk of your pet biting a visitor on your property.  

For optimal home insurance protection, contact Paragon Independent Insurance Agency to update your policy.

How Home Insurance Safeguards Your Biggest Investment

There is no shortage of reasons to have a home insurance policy. However, it’s important for all homeowners to choose the right coverage that protects their property. Your home is your castle and you need to safeguard your biggest investment. The office of Paragon Independent Insurance Agency in Plano, TX can help to prepare for the unexpected with the right home insurance policy. To achieve this, several factors will come into play.

How Much Home Insurance is Needed?

The biggest concern for homeowners is how much insurance is needed to protect their biggest investment. Unfortunately, a large number of homes in the United States are under-insured. Ideally, you want enough coverage to protect your home and your possessions inside. The policy itself should cover against potential financial losses or damage from fire, severe weather, or theft. Home insurance should repair or rebuild the structure and replace all of the items damaged or stolen.

Dwelling Coverage in Home Insurance

In most home insurance policies, dwelling coverage is a very important part of the entire package. This specific coverage pays for all repairs or the rebuild of the home and the attached (garage, deck or porch) structures that were damaged by fire, vandalism, or natural disaster. The final cost would be dependent upon the condition of the home and other factors.

Liability Coverage in Home Insurance

It’s strongly recommended to have some form of liability coverage on your home insurance policy. It will come in very handy when a person is injured on your property or inside the home. Liability coverage is designed to protect your financial interest in case of a lawsuit filed by the injured party. It pays for legal fees, medical fees, and lost wages for the injured person if they have missed any time from their work. Liability coverage could also be extended to cover accidents that place away from your home.

If you’re in the market to safeguard your biggest investment, then contact the insurance professionals at Paragon Independent Insurance Agency in Plano, TX. They can design a wide range of customized home insurance coverage options, so you can tailor a policy that fits your immediate and long-term needs.