Buying a home calls for a huge investment. As such, you need to protect your home with homeowners insurance. At Thompson Insurance Services located in Highland Village, TX, we often receive several questions about whether home insurance is mandatory in Texas. If your home is financed by a mortgage, your lender is legally allowed to ensure you have home insurance as long as the loan payment is pending.

Types of home insurance coverages available for Texas residents

Whereas the law doesn’t require you to have homeowners insurance, this coverage provides the below protection.

Dwelling coverage: Provides coverage to the structure of your home, including ceiling, roof, walls, floors, and other attachments to your house. As a perils’ policy, it protects your home against the below: 

• Riots
• Fire and lightning
• Falling objects like aircraft
• Volcanic eruptions
• Theft
• Vandalism

Given its limited coverage, you may have to look out for other home insurance options for optimal coverage.

Contents coverage: Covers for personal belongings such as electronics and furniture against fire, vandalism, and theft.

Liability insurance: Provides bodily injury and property damage coverage for incidences that you are legally liable. It covers medical expenses, lawsuits, and property damages that you might have caused.

Outbuildings: Protects structures like sheds, garages, and gazebos, which aren’t permanently attached to your house.

Medical payments: If a person gets injured while within your property, this policy can cover the medical costs.

Flood insurance: Most homeowners have a misconception that home insurance protects them from flood damage. This notion isn’t true. For flood damage protection, you have to purchase separate flood insurance. 

Home insurance for Highland Village, TX residents

While Texas homeowners aren’t required to carry home insurance by the law, it’s super critical to purchase home insurance to protect your invaluable asset. If you are a Highland Village, TX resident and its environs, contact Thompson Insurance Services for your home insurance needs. We offer custom-tailored home insurance policies to meet your needs.