Homeowner’s Insurance Commonly Asked Questions:
Insurance for a newly purchased home
If you are in the process of buying a home you will need homeowners insurance to secure your loan. Your loan will likely require the coverage on the structure to be “replacement cost” and the deductible not to exceed 1% of the structure’s replacement cost.
** Remember insurance companies insure the structure. The land or the loan amount are not insurable under a Texas homeowners policy. Often times, the structure’s value will not match the loan amount. This happens when buying a home on a very expensive lot with a not too expensive structure. We use a replacement cost estimator on every quote to make sure we have the correct replacement cost coverage on your home.
New Home Construction
When the home is still under construction, a builders risk policy is needed. Your builder likely acquired this coverage before construction started. Homeowners insurance should be secured the day construction is finished and the home is refinanced from a construction loan to a conventional mortgage.
Insurance on a home I am refinancing
Refinancing is a time many homeowners review their home insurance. This is the perfect opportunity to make sure you have the coverage you need at a competitive rate. We will quote your home with multiple companies and make sure we find the best policy to fit your home insurance needs. Proof of insurance will be sent directly to your mortgage professional to make sure the refinance process goes as smooth as possible. Hassle free to you!
Our home insurance programs will allow most pets like dogs, cats, and other domestic animals. We have a program that allows some farm animals like horses (contact us for eligibility). Unfortunately, we will not be able to place you in our preferred program if you own certain breeds of dog such as Rottweiler, Doberman, Pitbull, and other breeds considered aggressive. German Shepherds are OK!
Insuring my older home
As homes get older, claims like water damage, roof leaks and water damage from appliances become more common. Coverage for older homes may be limited under our preferred program, but we may be able to offer coverage with some limitation which we will explain thoroughly to you. Our programs start considering home “older” when they were built in the 1970’s or older. Coverage offer is on a case by case basis subject to underwriting.
What level of coverage am I getting
All of our preferred program’s policies are written under a HOB (state regulated) or HO3 (following ISO standards). You are getting good products with coverage you can count on through Bound Insurance.
Companies we represent
Our preferred home insurance programs are offered through Progressive / ASI, Safeco, Travelers, Homeowners of America and Mercury Insurance.