Homeowners Insurance

A home is more than just bricks and mortar—it’s a haven where memories are made, and treasures are stored. Protecting this valuable asset is essential for your financial well-being and peace of mind. At Global Insurance Agency, we’re committed to helping you find the right home insurance coverage to safeguard your property and belongings against life’s unexpected events.

What Is Home Insurance?

Home insurance is a policy designed to help cover your property and possessions from damage or loss due to unforeseen circumstances. It may also offer liability coverage if someone is injured on your property. A typical home insurance policy may include:

• Structural protection may help cover the cost of repairing or rebuilding your home’s physical structure if it’s damaged by covered events like severe weather or fire.

• Contents insurance may help replace your personal belongings, from kitchen appliances to clothing, if they’re damaged, destroyed or stolen in a covered incident.

• Legal and medical coverage may assist with expenses if a guest is injured on your property and you’re held liable.

• Temporary housing assistance may help with the cost of alternative accommodations if your home becomes uninhabitable due to a covered loss.

The 80% Rule in Home Insurance

The 80% rule is an important concept in home insurance that homeowners should understand. This rule states that an insurer will only help pay for covered damage to a house if the owner has purchased insurance coverage equal to at least 80% of the house’s total replacement value.

Here’s how it works:

• Coverage Requirement—You should insure your home for at least 80% of its replacement cost to receive full coverage for partial losses.

• Penalty for Underinsuring—If your coverage falls below 80%, your insurer may only pay a portion of your claim, even for partial losses. For example, if your home’s replacement value is $300,000, you should have at least $240,000 in coverage to avoid penalties.

• Regular Reassessment—Home values and construction costs change over time, so it’s crucial to regularly review and update your coverage.

Secure Your Houston Home Today

Don’t leave your Houston home underinsured. Contact Global Insurance Agency today to learn more about our tailored home insurance solutions. Our experienced team will work with you to assess your home’s value, explain the 80% rule, and help you choose the right coverage for your needs.