Home Insurance in Lakeway, TX Just Got A Lot Easier!
How Much is Home Insurance in Lakeway, Texas?
The average home insurance policy written by TGS Insurance Agency in Lakeway costs homeowners $1,139. This average is based on an average home value of $360,624 and includes wind/hail coverage. We’ve been able to save our customers an average of $870 per year when switching their home insurance- to see how much you could be saving, start with an instant quote above by providing your address (yes, your address and 15 seconds is really all it takes!).
Home Insurance by Coverage Amount in Lakeway, Texas
It’s important as a homeowner to compare what you’re currently paying for home insurance against the averages so you can see where your policy premium stacks up. If you’re paying under the average, you’re either A) getting a great deal, or B) you’re underinsured which would leave you vulnerable to pay for repairs or replacements out of pocket since you’re not carrying enough coverage. If your home insurance premium is far above the average, you could be just overpaying for insurance or you’re overinsured. You don’t want to carry too much coverage because you’d just be wasting money paying for coverage that you’d never get the full payout for.
Let’s take a look at the average home insurance quote provides by TGS Insurance in Lakeway for some of our most common home value ranges:
|Home Value||Average Annual Premium (incl. Wind Coverage)|
What Does My Basic Home Insurance Policy Cover?
Your homeowners insurance policy is made up of six basic components meant to protect your home, everything inside your home, and any liability claims that may fall against you. You can add policy endorsements to further customize your coverage, but let’s review what the basics of an HO-3 home insurance policy are:
Dwelling coverage protects your home’s physical structure, including walls, ceilings, roof, etc. Your dwelling coverage should always be what the total cost is to rebuild your home (with current construction costs included) not based on what your home’s worth. Should you not have enough dwelling coverage and suffer a total loss, you won’t have enough financial assistance from insurance to rebuild your home, forcing you to make up the cost difference.
Other Structures Coverage
This coverage will insure any structures not directly attached to your home, such as a detached garage, fence, or shed.
Personal Property Coverage
Personal property coverage (PPC) will insure everything inside your home including appliances, clothing, electronics, furniture, etc. Keep in mind, PPC has certain limits so if you’ve got high-dollar valuables you may want to look into policy endorsements for extra protection.
Should your home become unlivable due to a catastrophic loss, loss-of-use coverage would provide you and your family with monetary compensation for hotels and/or dining expenses while repairs were being made on your home.
Personal Liability Coverage
If someone were to become injured on your property or you’re responsible for damage to someone else’s property, personal liability coverage would provide you with financial protection for any legal expenses should you be sued and found responsible.
Medical Payments Coverage
Medical payments coverage will help pay for hospital bills or small injuries for guests who get injured on your property. It’s important to keep in mind this does not apply to members of your household.
Popular Home Insurance Policy Endorsements For Customers Near Lakeway, Texas
Your home insurance policy covers the basic protections every homeowner needs, but there are policy endorsements you can add to cover any gaps in coverage that could leave you vulnerable. Let’s review the most common home insurance policy endorsements in Lakeway, Texas:
- Water Backup Coverage: This popular coverage protects your home and personal property from water damage caused by a backed-up drain or sewage system, or a broken sump pump. This add-on can cost you anywhere between $20-$50 per year with coverage options starting at $5,000. At TGS Insurance, our average customer pays just $25 per year for water backup coverage.
- Equipment Breakdown Coverage: Should one of your household appliances or systems become damaged due to a mechanical or electrical failure, equipment breakdown coverage could help cover some of the costs. Items include washers, dryers, ovens, microwaves, and water heaters- just to name a few. This policy add-on is about $20-$50 per year with about $50,000 in coverage. Most insurers do require a deductible of $250-$500.
- Scheduled Personal Property Coverage: Your basic home insurance policy will cover your personal items but only to a certain limit. If you’ve got valuables such as artwork, electronics, firearms, jewelry, or other high-dollar items, you’ll want to consider scheduled personal property coverage. This add-on will pick up where your home insurance policy leaves off, giving you extra financial padding in the event of a loss. The cost of scheduled personal property coverage will vary depending on what you’re trying to insure, but it averages to be about 1% to 2% of the item’s total value.
Zip Codes in Lakeway, Texas That We Insure:
Don’t see your zip code listed? Don’t worry, as long as it’s in Texas, we’ve got you covered!