How do Homeowners Associations Impact Home Insurance?

Residents in Plano, TX often live in a neighborhood with a homeowners association. These associations often provide important functions, such as managing maintenance costs of pools and golf courses in addition to keeping the neighborhood streets and greenery areas in pristine condition. On the other hand, these associations can also be headaches when it comes to maintaining a house or keeping up with dues. How does the presence of a homeowners association impact potential home insurance rates? These details are important to understand. Paragon Insurance has some of these details below.

The first step to deciding how home insurance is impacted by a homeowners association is to consider the type of insurance the homeowners association provides. When people pay their dues, they frequently also gain some coverage under the homeowners association. Ask the association for the by-laws that give key details as to what is covered by the insurance policy. Therefore, a homeowners association insurance impacts home insurance by covering some portions of the home up front. Find the gaps that need to be covered by the additional home insurance policy and don’t have redundant coverage.

Once the gaps have been protected, it is time to start shopping. Common gaps in homeowners association insurance include personal belongings. These include furniture and electronics that are expensive and should be covered. Identify the gaps in dwelling coverage that need to be covered under that additional home insurance policy. Homeowners associations heavily impact the way that people shop for home insurance.

Overall, homeowners associations should cover some home insurance in their by-laws and dues up front. This means that residents should ultimately end up paying less for a private home insurance policy. This cost between this additional policy and the homeowners association policy usually end up being comparable to the cost of covering a home entirely without a homeowners association.

For people in Plano, TX thinking of purchasing a home, consider how the presence of a homeowners association will change the home insurance rates. Contact Paragon Insurance with any questions today.

Why you need auto insurance in Plano, TX

Located in the metroplex of the twin Texas cities of Dallas and Fort Worth, Plano, Texas residents almost all have vehicles so they can easily get around the large area. Because of this, almost all drivers have auto insurance of some kind. Below are the reasons why you need auto insurance in a place like Plano, TX.

IT’S THE LAW

First and foremost, by driving without auto insurance you are breaking the law in the state of Texas. All drivers need some form of auto insurance to legally drive and if you are caught driving without proof of it, you will be ticketed and told you must also get auto insurance with a ticket on your record, which will make everything even more expensive. So just to get on the road legally, you need some form of auto insurance policy.

IT PROTECTS YOUR PROPERTY

Auto insurance protects your vehicle from damage caused by other drivers, people or objects that may come in contact with your vehicle and damage it. This all depends on what amount of auto insurance you set up,  of course, but it keeps you from having to pay for this damage out of your own pocket. By knowing you have this, you will have a certain peace of mind while on the road.

IT PROTECTS YOU FINANCIALLY AFTER AN ACCIDENT

Auto insurance policies also protect you financially after an accident, on a number of fronts. You don’t have to pay for the damage to someone else’s vehicle if you have been found to be at fault and it also protects against medical bills you will have to pay for yourself or your passengers or other drivers involved in the accident. Also, auto insurance policies protect against any lawsuits that may arise in the future from the accident, allowing you to move on and not have to deal with this financial burden after the fact.