Understanding The True Value Of Texas Homeowners Insurance

A large percentage of Texans have homeowners insurance in Texas, but there are others who don’t believe they need it. During 2015, Texans witnessed one of the worst floods the lone star state has ever experienced. Thousands of homes between San Antonio and Austin were completely destroyed while others sustained severe damage.

Texas hadn’t seen flooding like this since the massive flood that occurred in 1981. The severe flooding took the lives of 13 Texans and caused nearly 13 million dollars in damage. Find out how weather affects the cost of Texas Homeowners insurance.

Many parts of Texas have experienced relatively stable weather, so the residents in these areas haven’t been thinking too much about getting homeowners insurance in Texas. A number of residents have decided that they don’t need insurance and don’t believe they’ll get hit by a natural disaster.

Before the great flood in 2015, many Texans underestimated the importance of getting homeowners insurance in Texas, and when the flood waters hit, they lost everything. Since this devastating event, many residents have decided to get homeowners insurance in Texas, but others are still on the fence and don’t see why insurance is important.

Homeowners insurance in Texas Saves Possessions and Property

A home is almost always the most valuable possession a person owns. A typical home can cost anywhere from $150,000 to $250,000, so it makes perfect sense to protect it. The decision to get homeowners insurance in Texas is one of the easiest ways to protect it.

A typical American will spend 33 percent of their life earning enough money to buy a home. Imagine what would happen if your home was leveled by a wildfire or tornado. Think about what would happen if flood waters swept it away.

According to statistics, most Americans don’t have enough savings to cover the cost of major home repairs, and Texans aren’t exempt from these statistics. The purpose of homeowners insurance in Texas is to protect you from the hard-to-imagine scenarios.

A great example would be a severe hailstorm, which has become quite common in Texas. During the spring of 2012, one of the worst hailstorms on record launched a devastating assault on Hidalgo County.

After such an event, the average home could require thousands of dollars in roofing repairs. If severe weather destroys your roof, and you don’t have enough money to get it repaired, it’s basically like losing your entire home because you can’t live in a roofless home.

Why Some Texans Avoid Homeowners Insurance

Thousands of individuals pay for homeowners insurance in Texas while others will never purchase a policy. There are a few arguments against getting homeowners insurance in Texas, but in the end, it’s almost always a great decision.

Some Texans prefer to set money aside for repairs, so if their home suffers damage, they have money to repair it. Since they’ve set money aside for repairs, they choose not to get homeowners insurance in Texas. The problem is that this way of thinking doesn’t always work out for the best.

Although purchasing homeowners insurance doesn’t net you a tangible item, it can give you great peace of mind because you know that your home is protected. It can feel good knowing that when something bad happens the insurance company will pay for the repairs.

According to data, it could take up to 14 years to save up enough money to replace a significant portion of a home. Put simply, it makes more sense to pay an insurance company a monthly premium and let them pay for the repairs. After considering this scenario, it should be easier to see the true value of homeowners insurance in Texas.