Lago Vista Home Insurance You Can Rely On
What is Home Insurance and How Does it Work?
Home insurance acts as a financial security net there to help you pay for repairs or replacements to your home or possessions should they become damaged from perils named in your policy. Home insurance can also protect you with liability coverage that is there in the event someone gets injured on your property or if you were to accidentally cause damage to someone else’s property.
Home insurance is usually made up of six basic coverages:
Coverage A- Dwelling Coverage: Protects your home’s physical structure and things that are attached to it. (For example, your walls, an attached garage, your foundation, plumbing, etc.)
Coverage B- Other Structures Coverage: Protection for any detached structures on your property, such as fences, sheds, or a detached garage.
Coverage C- Personal Property Coverage: Protects your personal belongings including clothing, furniture, electronics, jewelry, etc. against named perils. Your coverage extends beyond your home, however, homeowners should be aware that this coverage comes with policy limits.
Coverage D- Loss of Use Coverage: Offers financial compensation to cover living expenses, should your home become uninhabitable due to a named peril. Expenses may include food and lodging while you wait for your home to be restored.
Coverage E- Personal Liability Coverage: Payment for any claims for property damage or bodily injury to others caused by a member of your household.
Coverage F- Medical Payments: Covers the costs should someone become injured while visiting your property, regardless of who is at fault. Your coverage is typically around $5,000 and it is important to note that members of your home are not eligible for this protection.
How Much is Home Insurance in Lago Vista, Texas?
The average home insurance policy in Lago Vista, Texas is $1,776 per year but may vary depending on your coverage needs and other factors surrounding your home. The average TGS Insurance customer in Lago Vista, Texas only pays $638 per year, meaning an annual average savings of $1,138!
How Do Insurance Carriers Calculate Home Insurance Rates in Lago Vista, Texas?
Your home insurance premium is calculated by insurance carriers determining the amount of risk they will take on to insure you and your home as a customer. If your home has a higher risk, you can expect higher premiums and vice versa. Every insurance carrier will assess a variety of factors such as your home’s age, build type, location, and size, as well as other factors based on you personally including your credit score, claims history, and how much coverage you need.
Other factors that can affect your home insurance premium include:
- The type of roof on your home
- Pets (Ex. certain dog breeds may raise your home insurance premium)
- Security systems
- Proximity to the coast
- Your area’s crime rate
- Common weather events (Ex. hurricanes or tornadoes)
- Attractive nuisances (Ex. pool, trampoline, playground, etc.)
Each insurance carrier weighs these factors differently according to their own weights and measures, which is why homeowners need to shop among at least 5-10 different carriers when looking for home insurance to find the right coverage and rate for their needs. But, this can be a time-consuming and tedious endeavor, which is why we do it for you. Here at TGS Insurance, our trusted agents will shop your home insurance policy across our bank of 35+ A-rated (or better) carriers to find the best coverage at the lowest rate on the market! Your time is important, so don’t waste it shopping for insurance and let the experts do the heavy lifting for you. Get your hassle-free home insurance quote in just 15 seconds or less using only your address today!
Average Cost For Home Insurance in Lago Vista, Texas Based on Coverage Amount
Comparing your current policy premium helps you see how your home stacks up to how much your neighbors in Lago Vista, Texas are paying. Homeowners should avoid overpaying because homes that are harshly above average are likely overinsured, and wasting money on coverages they never need or being overcharged for their policy. Homeowners that fall well below the average could be exposed due to being underinsured, and forced to pay for claims out-of-pocket should a loss occur.
Let’s take a look at what homeowners in Lago Vista, Texas are paying based on coverage amount:
| Coverage Amount | Average Annual Premium (incl. Wind Coverage) |
|---|---|
| $75,000 | $1,002 |
| $150,000 | $1,326 |
| $200,000 | $1,544 |
| $350,000 | $2,178 |
*We used the 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.
Most Common Perils in Lago Vista, Texas
Your homeowners insurance policy is there to protect your home and belongings from common perils, or events, listed within your policy. These include events such as fires, break-ins, or damage from wind or hail. The perils covered in your policy are always listed, usually titled “perils insured against.” The most common form of homeowners insurance, an HO-3 policy, will protect you against the following perils unless they are specifically excluded:
- Accidental overflow or discharge of water
- Aircraft
- Explosion
- Falling objects
- Fire or lightning
- Freezing
- Power surges
- Riot or civil disturbance
- Smoke
- Sudden or accidental damage to water heater or HVAC
- Theft
- Vandalism or malicious mischief
- Vehicles
- Volcanic eruption
- Weight of ice, sleet, or snow
- Windstorm/hail damage
Staying protected from these events is important, however, no two homes are the same, and homeowners should pay attention to the specific threats to their homes in their area. Homes in Lago Vista, Texas, face more than their fair share of windstorm/hail damage, water damage, and theft, making these protections critical for any home in the area. Home insurance policies without these coverages leave you underinsured and vulnerable when it is time to file a claim.
- Windstorm and Hail Coverage: Many home insurance policies cover windy perils including tornadoes, hurricanes, and tropical storms, but depending on where your home is located, windstorm coverage is excluded forcing homeowners to purchase a separate windstorm insurance policy to stay protected. At TGS Insurance, we want our clients to be ready for anything, which is why we automatically write a 2% wind/hail deductible into every homeowners insurance policy we issue, giving you peace of mind.
- Water Damage: Your home insurance policies cover water damage caused by “accidental discharge,” meaning a sudden or accidental water event that could not have been prevented. This, however, can leave many water events excluded from your home insurance coverage. What is NOT covered includes flood damage, accidental sewer backup or overflow, water damage that occurs over time such as a leaky pipe, or damage to your home due to lack of maintenance. Understanding what water damage your homeowners insurance policy will and will not cover is important for any homeowner. Be sure to purchase the proper policy endorsements and/or any additional policies to protect your home and avoid paying out-of-pocket in the aftermath of a peril not covered by your home insurance policy.
- Theft: Lago Vista, Texas has a theft rate of 2.098 per 1,000. Your home insurance policy covers thefts under your personal property coverage, but there are limits within each policy. Valuables such as art, jewelry, musical instruments, or other collectibles whose value exceeds your policy’s limits will require additional coverage such as purchasing scheduled personal property coverage, or another form of extended coverage to better protect valuable items.
Your TGS Insurance agent can assist you in finding the coverage you need from the most common perils in your area, so you’re always prepared and protected should you need to ever file a claim.
Common Questions About Home Insurance in Lago Vista, Texas
How much will a security system lower my homeowners insurance?
While discounts may vary, a security system can lower your homeowners insurance premiums by as much as 20%. Seeing as theft is a concern for homes in Lago Vista, Texas, this investment can help you avoid and prevent such a peril saving you much more on home insurance.
Can you get homeowners insurance with bad credit?
Yes, you can! Though you may experience a higher premium than homeowners with good credit, TGS Insurance helps their clients regardless of their credit and finds the best coverage at the lowest rate for their needs.
Do you need home insurance if your house is paid off?
Yes, even if your home is paid off, it is always advised to maintain your home insurance policy. Let’s say your home suffers a peril such as a fire requiring extensive repairs or a complete rebuild, can you afford to pay out of your own pocket to restore this loss? Especially as the cost of building a home continues to rise, it is always advised that homeowners maintain their homeowners insurance policy as long as they own the property.
Trust The Experts at TGS Insurance For Your Home Insurance Needs
TGS Insurance has been helping Texans find the right insurance since 2017 and has rapidly grown into the fastest-growing insurance agency in the state serving more than 15,000 customers with more than $4.27B in insured assets.
What’s our secret?
We believe great home insurance coverage doesn’t have to break the bank, which is why we individually shop every policy through our bank of 35+ A-rated (or better) carriers to always deliver our clients the best policy the market has to offer. But that’s just the beginning! TGS Insurance handles everything from beginning to end including from the time you enroll to setting up your payment to provide a seamless, stress-free shopping experience. We’ll also monitor your policies in the future to ensure that you receive the best coverage at the lowest price year after year!
Our agency’s goal is to provide the best possible experience for buying insurance to our customers, and we think we’ve found the secret sauce to getting and staying insured easier than ever. But don’t take our word for it, we’ll let our reviews from real, authentic customers speak for themselves. We’re rated 4.8 out of 5 stars with over 1,600+ reviews on TrustPilot and 4.5 out of 5 stars with over 215+ reviews on Google.
