Landlord insurance covers the structure and limited personal property. You will need a landlord policy if you are leasing your property. Your premium is calculated based on reconstruction cost – how much it would cost to rebuild your home. We use information like your zip code, square footage, number of bedrooms and bathrooms, flooring, and updates or renovations to find the value.
All Paine Insurance Group policies are based on replacement costs, not actual cash value policy. Replacement cost doesn’t include depreciation, which means we will replace your loss with the newer version.
Your policy will state one deductible per occurrence, or claim. There are 3 different deductible clauses for homeowners insurance:
1. Wind & Hail/Tornado: If your cars are bundled, then we can quote this deductible at 1%.
2. Hurricane: We don’t really have those in North Texas.
3. All Other Perils – (Everything Except Flood): You can choose a % or $ amount deductible.
ASK YOUR AGENT ABOUT THE FOLLOWING COVERAGES
Personal property coverage is for everything that you take into your home like furniture, clothes, and everything in between. If you were to flip your home upside down, everything that falls is considered your personal property.
Roof coverage replaces or repairs your roof after hail and wind damage, up to 100% replacement value for homes newer than 7 years old.
LOSS OF RENT
Loss of rent covers the rent you would usually be paid in the event your property can’t be lived in during repairs due to a loss.
Personal liability insures you against lawsuits for damages or injuries you or your family may cause on or off your property. From swimming pool accidents to playground fights, your legal fees are covered under your personal liability.
Medical payments cover any medical expenses incurred by other people on your property. If your water hose is laying on the sidewalk and your neighbor trips, falls, and breaks his leg, then your medical payments coverage will cover his medical expenses.
You don’t have to be purchasing a new home, refinancing, or buying a new car to get an insurance quote.