When you take out a mortgage on a property, your lender will ask for proof of home insurance to make sure your property is protected in certain adverse situations. Homeowners insurance is a type of property insurance that offers certain safeguards for a private residence. This insurance policy combines various insurance protections for homeowners, generally as “package policies” that include coverage for damage to the property, but also personal liability coverage for any injuries you or members of your family cause to others as well as property damage caused by you or members of your family.


Homeowner’s insurance pays for any damages to your property that results from unexpected events, such as a house fire or burglary, and provides financial protection against disasters. A standard home insurance policy insures the home itself and the furnishings and belongings kept inside. More specifically, such a policy usually covers interior damage, exterior damage, loss or damage of personal belongings, and any injuries that occur while on the property. When a claim is made in any of these situations, the homeowner must pay a deductible out-of-pocket, to cover the costs before any other payouts will be made by your insurance company.


While homeowner’s insurance covers many types of disaster-related damage, there are some exceptions that are not covered. “Acts of war” or “acts of God” such as earthquakes or floods are typically excluded. There is special flood insurance and earthquake insurance that homeowners can seek out separately if desired. If your property is located in a flood-prone area, you’ll need a flood insurance policy; and if there is a likelihood of earthquakes in your area, an earthquake policy will be needed.


The cost of your homeowner’s insurance can vary; what you will pay depends on the policy itself and the specific insurance company from which you buy it. Homeowners often pay for their insurance through an escrow account, paid to the lender, and include it with their monthly mortgage payments. The payments to the lender are held until the bill for the insurance is due; then the lender pays it from the escrow account on behalf of the homeowner.

Consulting a knowledgeable real estate agent is your best bet when it comes to buying and selling property; a real estate professional will help you understand how to proceed as you navigate the real estate market. If you need advice or assistance in Corpus Christi, Texas, or anywhere in the Texas Gulf Coast area, WEICHERT, REALTORS® – The Place of Houses is the professional realty team to call. The Corpus Christi, Texas-based company employs experienced real estate specialists who offer exceptional guidance and support to their clients, whether the goal is to buy or sell property in the area. WEICHERT, REALTORS® – The Place of Houses takes great pride in offering quality service to every client. Contact WEICHERT, REALTORS® – The Place of Houses any time online, or by calling 361-882-5588 to speak directly to one of the real estate experts in the office.