Residential Insurance
Insurance provides you peace of mind. In addition, it safeguards your house and its possessions in the event of a natural disaster or theft. For example, if your home is damaged by fire or water or if your possessions are stolen, residential insurance can cover the costs. Check with Herring Insurance Agency of Amarillo for a quote.
Standard home insurance plans, depending on where you reside, will pay for damages caused by particular hazards and incidents, such as
Theft
Smoke & Fire Damage
Hailstorm & Fire Damage
Frozen Plumbing(pipes)
HVAC systems (In the event of water damage to plumbing, water heaters, appliances, etc.)
Unlike drivers, homeowners and renters aren’t legally required to get insurance. However, if something goes wrong unexpectedly, you’ll be glad you have it.
Your lender will likely require you to purchase building insurance to secure a mortgage. However, if you’re a renter, your landlord will take care of that aspect.
Policy options are available for all residents, including
Homeowners
You're presently paying down if you own your house outright or have a mortgage. You'll be held liable for the home's physical structure and any personal possessions you have on the property.
Renters
Suppose you’re a private tenant in a rental property. You’ll only be responsible for your belongings – you won’t need to take out buildings insurance (landlord’s responsibility).
Landlords
Renters are liable for their stuff, and the landlord will be responsible for building insurance.
Students
If you live in student housing, you’ll most likely be sharing a dorm/condo with other students. A parent’s (or guardian’s) home insurance policy may protect you, but this isn’t always the case.
Home Sharers
Suppose you live with other adults in a house or flat. Because shared residences come with certain greater risks, details concerning door locks and access points can impact rates.
Whether you’re a first-time homeowner or planning to downsize, there's a lot to consider when purchasing a new house. After choosing your humble abode, the last thing you want to worry about is the expense of insuring it.
No problem! Herring Insurance offers unique cost-cutting suggestions assisting you in acquiring the proper coverage cost-effectively.
The Newer, The Better
If you have the option of buying an older house or a recently built one, bear in mind the newer, the better. It makes sense. Most new homes come with a warranty, and repairs are rarely an issue during the first few years of ownership. That means fewer claims.
In the event of a claim, choosing a greater deductible is a sure-fire strategy to lower your rates. Your insurance premiums will be cheaper if you choose to pay a bigger deductible. Just make sure you set a deductible that you'll be comfortable paying if you ever need to file a claim.
Keep Claims To a Minimum
Of course, you want your home insurance policy to protect you when you need it the most, but keep in mind that Insurers often offer discounts to clients who have not filed a claim in a specified period of time. It can be worth considering if a low-value claim is genuinely worth submitting or whether it’s preferable to pay for minor losses or damage yourself and retain your hard-won claims-free status.
