Home Insurance Explained

Your home is one of the most important things you will ever own, and, with that, one of the most expensive assets you have to protect. For that reason, you should regularly review your current home insurance to make sure you are still happy with the policies and coverage. 

If you want to review home insurance right away or you are a first-time homeowner, Paragon Independent Insurance Agency in Plano, TX is here to help. 

What home insurance can cover

Home insurance policies can vary, but we list some options below that you should want to consider in terms of home insurance:

A type of liability insurance

Liability insurance is important, even if you are a renter. Liability insurance covers you in the case that you or someone in your household harms someone who steps inside your home, even in the case of an accident or if your pet is the one who harms someone. This also counts if they damage a valuable item they bring into your home, depending on the situation. 

Disaster coverage

If you live in an area at risk of fires, storms, or flooding (or even worse, all three), make sure you check that your home insurance covers any damage done to your property. This damage can cause significant financial hardship and should be included in your policy where required. 

If you want to take a look at your home insurance options as soon as possible, give our agents at Paragon Independent Insurance Agency in Plano TX a call. You can also ask for a quote via our website and we can contact you after to discuss these quotes further. 

Is Home Insurance a Worthwhile Investment?

If your home is your most precious asset, then home insurance is a worthwhile investment. A home is where you’ve spent almost, if not all, your savings. You even get to spend most of the best and memorable moments in your home. Yes, you do many things to protect your home and possessions from any loss or damages. But unfortunately, mishaps do happen, and you can do little about some risks that can cause potential damage to your home. And that’s where home insurance from Paragon Independent Insurance Agency comes in handy.

Home insurance will help you protect your investment and yourself in a variety of ways. Whether it’s a new home you are buying, or you’ve paid off the mortgage, home insurance is a must-have. Here are the reasons why home insurance is a worthwhile investment. 

It protects your assets

Your home insurance will not only cover your home structure but your assets, such as clothes, furniture, electronics, and ornaments, which don’t come cheap. A peril like fire can wipe away all your investment within a blink of an eye. However, with home insurance, the insurer will replace the loss, lessening your financial burden.

It offers liability protection 

Home insurance policy offers protection against accidental damages caused within your property to a third party. Think of how much you would spend if you got sued for damages caused or the medical bills. That’s why you need home insurance to cover such expenses.

It compensates for temporary living expenses

Imagine your home is damaged to an extent it is deemed uninhabitable. How inconvenient. But with a home insurance policy that provides additional living expenses, your headache is solved. The insurance puts you in a temporary place until the home is rebuilt or repaired.

Home insurance in Plano, TX 

Nothing beats the peace of mind that comes with having a safety net in place in case of an unfortunate event. Let home insurance be your safety net. Ready to purchase your home insurance in Plano, TX, and its environs? Please contact Paragon Independent Insurance Agency for an affordable quote.

Does My Homeowners Insurance Cover a Sewer Backup?

Homeowner’s insurance policies are designed to cover you and your home for most damage, including water damage. Water damage is covered when it is sudden and accidental; however, some damage to the house can be caused by a sewer backup. Luckily, sewer backups are considered sudden and unexpected, meaning the damage caused by the blockage is covered by your homeowner’s insurance. 

If you live in Plano, TX and wonder if your policy covers sewer backups, call the Paragon Independent Insurance Agency experts. 

Does Homeowners Insurance Cover a Sewer Backup? 

Your homeowner’s insurance policy should cover a sewer backup if you had specific sewer backup coverage included as an endorsement within the policy. This insurance coverage pays for damages associated with sump pump failures, tree roots, pipelines, and other causes related to a sewer backup. 

Top Causes of Sewer Backups

Many things can cause your sewer to back up, and when it happens, it can create a mess and damage your personal property. Some top causes for sewer backups include: 

  • Sump Pump Failures: This is the leading cause of sewer backups because the sump pump is responsible for removing and disposing of water, preventing your basement from flooding. 
  • Outdated Sewer Systems: When sewer systems get old and obsolete (40 years or older) can cause the sewer system to fail, crumble, or fall apart, causing a backup in your home. 
  • City Pipelines: Sometimes, city pipelines get flooded and backed up during storms. Additionally, city sanitary blockages can cause a backup if not detected and fixed in time. 
  • Tree Root Blockage: Tree roots are powerful and determined to get to a water source. Sometimes the roots penetrate sewer systems, which can cause a backup. 

It is very affordable to add sewer backup coverage to your homeowner’s policy in Plano, TX. Call the Paragon Independent Insurance Agency experts for more information about this additional coverage for homeowners insurance policies. 

How Home Insurance Protects You

When you own a home, it’s important to cover that home well so that your investment in it is protected.  Home insurance comes with a few different types of coverage that all work together to keep you well protected. To find out more, call us today at Paragon Independent Insurance Agency in Plano, TX. 

Covering Your Home

Part of your home insurance is coverage for the home itself. This includes every part of the dwelling and covers you for a wide variety of disasters, accidents and calamities. When there is a major incident that causes damage to your home, your policy can pay for it to be repaired or rebuilt. This is valuable coverage that protects the massive investment you have made in your home. 

Covering Liability

There are many ways that someone could be injured in your home or on your land, and home insurance covers those possibilities. When someone is injured on your property, you may be liable for their medical bills. As most of us know, medical bills can be extremely high. That makes liability coverage one of your most important types of home coverage. 

Insurance for Your Possessions

Your home itself is not the only thing that you have invested a lot of money into. All of the belongings that are in your home are also an investment that should be protected. With home insurance, you will have some protection for all of your possessions that are inside it. If an accident, disaster or other incident damages or destroys some of your belongings, your policy can help you to repair or replace them. 

Get Your Home Insurance Policy

When you own a home, home insurance is an absolute must. To get a home insurance policy of your own, call us at Paragon Independent Insurance Agency in Plano, TX.

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.