With TGS Insurance, Finding The Right Elgin Home Insurance Policy is as Easy as 1-2-3
How Much is Home Insurance in Elgin, Texas?
Homeowners living in Elgin, Texas pay on average $1,715 per year for their home insurance coverage. The average homeowner enrolled with TGS Insurance spends only $605 in Elgin, Texas on average. That means an average savings of $1,110 on their homeowners insurance each year!
What Does Home Insurance in Elgin, Texas Cover?
Your home insurance keeps you protected from the many perils your home may face. Overall, the most popular home insurance policy is a basic HO-3 home insurance policy that is made up of six main parts. Your policy will protect your home’s structure, other structures on your property, personal property, and it can even protect you against liability claims such as if someone were to visit your property and become injured. Learn more about the six main parts that collectively make up your HO-3 homeowners insurance:
Dwelling Coverage
Things such as your walls, roof, ceiling, and almost anything else that is attached to the structure of your home are covered by dwelling coverage. Homeowners must enroll in enough dwelling coverage to equal the cost of replacing your entire home based on the current rate of building costs and not based on the value of your home.
Other Structures Coverage
Your homeowners insurance policy will protect more than just your primary structure. Damage to detached garages, sheds, and fences is covered so long as it is caused by a named peril under the other structures coverage portion of your policy.
Personal Property Coverage
Homeowners can protect their personal belongings such as clothing, electronics, and even appliances to some degree with personal property coverage. It is important to remember that your homeowners insurance policy will have policy limits for these items, so if you have more valuable items such as a collectible, jewelry, etc., you’ll need to purchase additional coverage to keep these items protected.
Loss-Of-Use Coverage
If your home becomes unlivable due to a peril that is covered by your HO-3 homeowners insurance policy, loss-of-use coverage helps you pay for additional expenses such as food and lodging while you are displaced.
Personal Liability Coverage
An HO-3 home insurance policy provides homeowners with protection from liability in the event you are responsible for damaging someone else’s property or if someone were to injure themselves while on yours. Personal liability coverage can even help you pay for legal fees should you be sued over damage or an injury.
Medical Payments Coverage
As medical costs continue to rise, homeowners must protect themselves from being responsible for the injuries and medical expenses of another party visiting their property. Medical payments coverage helps you pay for these costs and provides the protection you need as part of your home insurance policy. It is, however, important to note that this does not cover the members of your home. A separate health insurance policy or personal payment is required for paying for the members of your household’s medical expenses.
Home Insurance by Coverage in Elgin, Texas
Comparing what you are paying for your home insurance policy versus the averages can help you figure out if you are over or underinsured (neither works in your favor). If you are paying below the average, you could be missing important coverages; however, you shouldn’t overpay either as you may have coverages you don’t need. Each home is different and each homeowner’s need is different. Take a closer look at the different average amount homeowners in Elgin, Texas are paying for their home insurance policy premiums by coverage amount:
| Coverage Amount | Average Annual Premium (incl. Wind Coverage) |
|---|---|
| $75,000 | $1,104 |
| $150,000 | $1,497 |
| $200,000 | $1,754 |
| $350,000 | $2,506 |
Source: Texas Department of Insurance to calculate premiums. Methodology based on a homeowner with average credit, owns their home, no claims within the past 5 years, age of house is 10 to 34 years made of brick and includes windstorm coverage.
Popular Home Insurance Policy Endorsements in Elgin, Texas
While your home insurance policy is a great step for covering your home from the basics, there are many additional protections in the form of policy endorsements that can help eliminate gaps in coverage by providing a more complete sense of protection. Learn more and take a closer look at some of the most common home insurance policy endorsements homeowners in Elgin, Texas use to protect their property:
- Water Backup Coverage: Your home’s sewers and sump pumps can be “out of sight, out of mind”, but if you are suffering from costly water damage, you’ll be looking to restore your loss immediately. Unfortunately, home insurance policies don’t typically cover these events which can set homeowners back thousands of dollars. Water backup coverage is only around $20-$50 a year on average and provides coverage beginning at $5,000. With the average homeowner enrolled with TGS Insurance spending only $25 a year for this coverage, it’s a great addition to have that is very affordable.
- Equipment Breakdown Coverage: Appliances and systems such as your HVAC can break down and suffer damage from things like electrical or mechanical failure. Homeowners can protect themselves for only $20 to $50 a year on average and gain $50,000 worth of coverage to help restore things such as your air conditioner, oven, water heater, a washer and dryer set, and more. This coverage does come with a deductible which is around $250 to $500 normally.
- Scheduled Personal Property Coverage: Personal property is protected by your homeowners insurance, however, there are policy limits that dictate how much you can cover overall. Items of greater value such as art, collectibles, firearms, expensive clothing, jewelry, precious metals, etc., will require a scheduled personal property coverage as an endorsement on your homeowners insurance. Costs vary by item, however, they are usually 1% to 2% of the item’s total value.
Zip Codes in Elgin, TX That We Insure:
Is your zip code missing? Don’t worry! If your home is in Texas, we’ve still got you covered!
- 78621
