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Texas Insurance Blog

Terms to Know When Choosing Your Home Insurance Policy’s Personal Property Coverage

Personal property coverage is an important protection included in most home insurance policies. You might have several options when setting up this part of your home insurance policy. Here are some terms to know so you can make informed decisions about how your belongings are protected.

Actual Cash Value (ACV)

Actual cash value is a way of valuing insured property. The ACV value of your belongings is essentially what they’d sell for at the time of a covered event. The method takes into account depreciation, which can be quite substantial.

If a claim is made, an ACV usually pays out the value of the items at the time of loss, not what it would cost to buy them new. This type of coverage may result in lower premiums, but it also means you might not receive enough compensation to replace lost or damaged items fully.

Replacement Cost Value (RCV)

In contrast to ACV, replacement cost value coverage typically pays the amount necessary to replace lost or damaged items. It’ll usually pay enough to purchase new items of similar kind and quality without deducting depreciation. 

RCV coverage ensures you can replace your personal property without additional out-of-pocket expenses. While RCV policies typically come with higher premiums, the added protection is worth getting for many homeowners. We at InsPeak often recommend this option.

Worldwide Coverage

Worldwide coverage generally extends the protection of your personal property beyond the confines of your Arlington, TX home. This means that your belongings are covered against loss or damage no matter where they are in the world, except for a few exceptions like war zones. 

Get the Right Personal Property Coverage

Choosing the right personal property coverage for your home insurance policy requires understanding your needs and coverage options. For help going through the various options, contact us at InsPeak if you’re in Arlington, TX.

Common Homeowners Insurance Myths You Need to Be Aware Of

At InsPeak, we are pleased to provide home insurance to individuals in the greater Arlington, TX region. One of the things that we have seen though is that many people make mistakes when purchasing home insurance due to common myths that they may have heard and believe.

Here are a few common homeowners insurance myths you need to be aware of as you go about purchasing home insurance:

Thinking a Home Insurance Policy Covers Everything

One of the biggest misconceptions about homeowners insurance is that it covers every type of damage or loss. In reality, there are many exclusions and limitations within most policies, and it’s important to understand what is and isn’t covered. For example, flood and earthquake damage is typically excluded from standard homeowners insurance policies, and coverage for high-value items like jewelry or artwork may require additional riders or policies.

Incorrectly Believing You Don’t Need Home Insurance If You Don’t Have a Home Loan

Even if you own your home outright, homeowners insurance is still important to protect your investment and belongings. Without insurance, you could be left financially responsible for repairs or replacement costs in the event of damage or loss.

Thinking Home Insurance Covers Your Home Business

While some policies may provide limited coverage for a home-based business, it’s important to understand that most policies have strict limitations and exclusions for business-related losses. If you run a business from your home, it’s important to discuss your insurance needs with a professional and to consider a separate business insurance policy.

Reach Out To Us

If you are looking to purchase homeowners insurance in the greater Arlington, TX region, InsPeak would love to help you. Our team can answer any questions you have or help you find a policy that best meets your needs. Contact us today to start the process. 

Will my homeowner’s insurance policy pay ro resolve my termite problem?

Homeowners’ insurance covers many issues that affect homeowners. However, it doesn’t cover everything. There are some issues that don’t fall under a typical homeowners insurance policy.  It can be difficult to determine what’s covered and what’s not. Our InsPeak insurance team understands that homeowners insurance can be difficult to navigate. This is why we are here to help our Arlington, TX residents understand how homeowners insurance works as well as what’s covered.

What is Homeowners Insurance?

Many homeowners would be unable to pay for unexpected damage to their homes. This is why homeowners insurance is extremely beneficial. Your homeowner’s policy will pay for the repairs if a tree falls on your home. If your house is damaged by fire or vandalism, homeowners insurance will cover the repair or replacement of your home. This insurance covers many areas of concern for a homeowner. Damage from vandalism, lightning, wind, hail, and smoke are all covered under a homeowners’ policy.  Damaged furniture, clothing, and other personal belongings are also covered, and much more. 

Will Homeowners Insurance Cover Termite Damage?

Unfortunately, homeowners insurance will not cover damage caused by termites. Termite damage is considered a preventable situation and would fall under negligence. In fact, any damage caused by pests is usually not covered under a standard insurance policy. All of these situations are considered preventable if they’re treated early. Damage from pests and termites is caused by negligence according to most homeowners’ insurance policies. A homeowners policy won’t cover issues with rodents, termites, and other pests. Insurance companies consider damage from pests and rodents to be the result of poor maintenance and upkeep.

Contact Us at InsPeak in Arlington, TX

If you have questions regarding what a homeowners’ insurance policy covers, call us. We’d be happy to answer all of your questions.

How does a home security system affect my home insurance policy?

Does a home security system increase or decrease my home insurance premiums? This is a common question for many homeowners in Arlington, TX. Here is the point. If you live in a not-so-safe area, you may find it necessary to install a security system to protect your home, which will ultimately reduce your chances of filing for a theft claim. What does that tell you? That your premiums are likely to go down. 

How much Can I save?

Research has found that installing a home security system or a burglar alarm saves you anywhere between 2 and 10 percent on your homeowner’s insurance. The value varies from one insurance company to another and also depends on the crime rates in the area, particularly burglaries. However, it’s imperative to understand that the cost of installing the system in your home is all on you. Your insurance company does not compensate you for the installation. At InsPeak, we recommend seeking advice from our insurance experts before installing your security system.

Does the type of system matter?

The more effective and efficient your security system is, the lower your premiums get. Your insurance company will visit your home to check your system to help establish how effective it will be and note down on your home insurance policy. Some of the best security systems are expensive; you need to do your calculations right to determine whether your insurance will help you save or you will only incur losses. Additionally, installing a home security system does not mean burglars can’t break into your home. Your insurance provider may require you also to consider other means of securing your home apart from a system like investing in quality locks, security lights, or smart lights and motion sensors.

Protect your Arlington, TX  home with quality home insurance from  InsPeak. Feel free to talk to us, and we will be happy to help!

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