Home Insurance: Basic Terms to Know

Are you considering purchasing home insurance? This being your first time, the insurance jargon can be a bit confusing. But do not worry, Heydari Financial Group is here to help the people of Houston, TX. We’ll highlight key home insurance terms that you need to know.

These terms will help you understand different home insurance coverages and how they can help you when it matters most.

Actual Value

The actual value is the average value of your home plus personal belongings before the loss occurred. In short, it is the amount you need to replace your property after deducting the depreciation value. Depreciation refers to the value lost due to age and wear since purchasing the home.

H05 Policy

H05 is one of the main coverages under home insurance. It’s meant for homeowners who want high limit coverage to get the most protection of their property. You’re guaranteed compensation if you suffer personal property damage, except when the specific cause of loss is exempted from your policy. 

The term used to describe risks in home insurance is “peril.” Perils could include hurricanes, fires, water damage, among others.

H03 Policy

H03 policy is coverage for homeowners who need basic protection of their property. For your claim to be valid under an H03 policy, you must prove that the loss happened due to one of the “named perils.” Any cause of loss that is not included in the policy will not count for a valid claim.

In most cases, the H03 policy protects the home structure only. For personal belongings such as computers and furniture, they are only covered if they’re included in the named perils of an H03 policy.

Additional Living Expense

ALE is coverage under the homeowner’s insurance that protects the policyholder during the time they are temporarily displaced from their home. Most of the time, this coverage is a small fraction of the property insurance. 

Ready to Purchase Home Insurance?

Now that you understand these key terms, you’ve made your first step towards buying home insurance. But there are more home insurance terms you still need to learn. Luckily, you have us.

Heydari Financial Group offers home insurance advice to residents of Houston, TX. Call us today for immediate assistance. 

Why should I get home insurance in Texas?

In the Houston, TX area, people are continuing to notice a quick growth in the local economy. Due to this, owning a home in the Houston area can be a great option. If you do decide to purchase a home here, you will want to make sure that you get a proper home insurance policy. There are many reasons that you should get a home insurance policy when you own a property in this area of Texas.

Insurance Provides Valued Coverage

The main reason to get a home insurance policy is that it can provide you with very valuable protection. Someone that is a property owner will want to make sure that their dwelling is covered. With home insurance, you can receive coverage to repair or replace your property or even your personal belongings. Additionally, the home insurance policy will include a component of liability insurance that will be very helpful if you are ever sued following an accident.

Insurance is Required

Additionally, the majority of people that own a home in Texas will have some obligation to carry home insurance at all times. If you do get home insurance, it can ensure that you stay in compliance with regulations that are set forth by a mortgage lender or a home association. This could help you to stay in good standing and avoid penalization.

Anyone that wants to own a home in the Houston, TX area needs to spend time also considering their home insurance needs. If you are shopping for insurance here, you should call the team at Heydari Financial Group. There are a lot of factors that need to be considered when shopping for this insurance. The team at Heydari Financial Group can answer your questions and ensure you get into a quality policy. 

What Are The Types Of Homeowners Insurance Policies?

The agents of the Heydari Financial Group in Houston, TX specialize in homeowner insurance. You will be guided to purchase a policy that will meet your needs. Homeowners insurance is essential.  A  homeowners policy will save you money and enhance your awareness to protect your home.  Homeowners insurance is not required by law, but a mortgage company will need a mortgage to protect its financial interest in the home. 

Homeowners policies have been standardized by the Insurance Office, Inc. and the American Association of Insurance Services. These organizations developed eight homeowners policies referred to as HO-1 through HO-8.

A.  HO-1 is an owner-occupied standalone home that covers ten perils such as Fire or lightning, Hail or windstorms, Explosions, Riots or civil commotion, Damage from aircraft, Damage from vehicles, Smoke, Malicious mischief or vandalism, Theft, and Volcanic Eruptions.

B.  HO-2 Is a “basic form” homeowners insurance policy providing coverage on a “named peril” basis that is specifically listed in the policy. 

C. HO-3 – Is a “broad form” homeowners insurance policy covering the structure of a home against all losses except expressly excluded losses on an “open-peril” basis. “  while personal property is covered on a “named peril” basis. 

D.  HO-4 – Is a renters insurance policy which covers renters liability and personal property.

E,  HO-5 – Is a “comprehensive form” policy covering the home and personal property on an “open-peril” basis. This comprehensive coverage is not a typical homeowners policy like an HO-2 or HO-3 policy.

F.  HO-6 –  Is a condo insurance policy covering personal property and the structure of the condo from the wall studs in.

G.  HO-7 — Is insurance coverage is for a mobile or manufactured home form similar to an HO-3. 

H.  HO-8 — Is coverage for an older home similar to an HO-3.

The agents of the Heydari Financial Group in Houston, TX will advise you of the proper homeowner’s insurance form. Please call for an appointment!

Does Home Insurance Cover My Personal Belongings?

Homeowners’ policies are one of the most important coverages in insurance. This coverage pays for damages caused by fires, storms, wind, water damage, and any other disasters, natural or manmade. A homeowners’ policy also covers accidents and theft. But what exactly does homeowners’ insurance cover? There’s a lot of confusion about what’s covered or not covered by this policy.

Read the policy from cover to cover to ensure that you get the coverage that you’re looking for. If you are looking for homeowners’ insurance in Houston, TX, Heydari Financial Group has you covered. Our agents will explain, step by step, every detail of the policy to ensure that you get coverage that works best for you. That said, let’s look at the aspects of your home that are covered in a standard homeowners’ policy.

Personal Belongings

If the wind blows a section of your roof away, your homeowners’ policy will definitely cover the cost of repairing the part of the roof that has been damaged, but what if the some of your personal belongings — say furniture, electronics, jewelry, or clothes — are destroyed due to exposure to external elements? The answer is yes. While policies vary from one provider to the next, most of them cover personal items such as clothes, furniture, appliances, sports equipment, etc. if they are destroyed by an insured disaster.

Usually, there are conditions when it comes to the coverage of personal belongings. In most cases, coverage is extended to 50-70 percent of the coverage you have on the dwelling. Valuable items such as jewelry, art, collectibles, and fur are covered up to a certain limit. You can get additional coverage for your jewelry or expensive art. Conduct a home inventory to determine if you have adequate coverage for all personal items in your home. Get in touch with Heydari Financial Group in Houston, TX for more information about homeowners’ insurance.

 

 

Protecting Your Home’s Roof With Insurance

Houston, TX homes are often subject to a lot of wind and other types of damage that can affect a roof. Thankfully, we, at Heydari Financial Group, can provide you with policies that protect your house. For example, most homeowners insurance will protect your roof from unexpected and natural issues, such as hail or a tree suddenly falling on your home during a storm.

Leaks are More Complex

While homeowner’s insurance will cover leaks, in most cases, the coverage is complicated by what caused the leak. For example, unexpected damage such as fire, storm, or wind damage will cover your roof leaks. Make sure that your policy does not include exclusions here, as this could be a major disappointment if your home suffers from this type of damage.

However, common wear-and-tear damage is not covered by most types of policies. So if your leaks occur due to age or poor maintenance on your part, your policy won’t kick in and help you. Unfortunately, that is likely what causes most leaks, so you may be in a rough situation.

How Repairs Can Help

You can avoid this issue by getting your roof repaired. This process includes replacing worn shingles, fixing broken seams, and ensuring that your roof is a smooth and damage-free area. Take photos of the roof before and after the repairs. You can use these photos when you develop a leak to prove that you took steps to maintain its integrity and when other issues are at play.

Don’t Let a Leak Ruin Your Home

If you live in Houston, TX and are worried about your roof coverage, make sure you contact us at Heydari Financial Group to learn more. We can get you the best homeowners insurance coverage and make sure that your roof repairs are covered.

Home Improvements that Could Lower Your Home Insurance Costs

As a homeowner, you want your home to be well protected. At the same time, you want to save on home insurance costs. By making certain home improvements, you can benefit from both. Home upgrades that improve the security and function of your home could save you money on your premium. By talking to a Heydari Financial Group agent, you can see if the following upgrades qualify you for a discount on your home insurance. 

Advanced Security System

Various factors affect the cost of your home insurance. Location is one of them. If you live in a high crime area in Houston, TX, you could pay more on your premium. By installing a security system, you reduce the risk of theft and vandalism, which could help lower your insurance rates. Be sure to inform your insurance agent of any changes you make to improve your home’s security whether it be installing deadbolts, sensors, security cameras, alarm system, or other upgrades.

New Roof

The roof of your home will protect your home’s structure and interior from storm, wind, or hail damage. If you have an older home, upgrading your roof could increase your protection against the elements. Your new roof should be able to withstand adverse weather conditions in Houston to include high winds, rainstorms, hail, etc. Investing in a new roof could help reduce your insurance premium.

Smart Home Add-ons

Smart home gadgets that improve the efficiency and security of your home could also make you eligible for discounts on your home insurance. With smart technology, homeowners can activate an alarm system, lock doors, turn lights on and off, or get video surveillance of their property, even when they’re far from home. These extra security measures could qualify you for lower insurance costs.

To learn more about home insurance coverage and costs, contact Heydari Financial Group in Houston, TX.

Is Home Insurance Necessary in Texas?

If you own a home in Houston, TX, then you probably want to consider getting home insurance as a way to protect your investment. Even though a lot of people want to have home insurance, it is important to know whether or not you legally need to have home insurance for your home in Texas. This is what you need to know according to Heydari Financial Group.

Is it a Requirement in Texas?

By law, you are not required to have home insurance on your home in the state of Texas. Just because it is not a requirement does not mean that it should not be something that you have. You may also still be required to have home insurance if you have a mortgage. Your mortgage lender may require that you need to have a certain amount of coverage so they know that if something were to happen to the home, they would still be able to secure the money they provided for the loan. You will need to check with your mortgage lender to see what may be required of you before you write off getting a home insurance policy altogether. Additionally, think about if you did not have a home insurance policy and something happened to your home. You would be left with nothing which is why it is good to have this home insurance in place. 

Even though it may not be a requirement for you, it is still a good idea to consider getting home insurance to protect your investment. If you are considering getting home insurance for your home or you want to make sure that you have the right amount of coverage, be sure to contact us here at Heydari Financial Group, serving Houston, TX, today.

Why Liability Insurance Is Important for Your Home Insurance Plan

Houston, TX area residents who already have homeowners insurance plans may wonder whether or not they need liability insurance. For many people, liability insurance seems like a needless coverage option. However, it may be quite necessary for you and your family to prevent financial disaster. Let’s look at what liability insurance is and how it can help you.

What Is Liability Insurance?

Liability insurance refers to insurance coverage that protects your finances if you are sued by someone who is seriously injured on your property or someone who has their property damaged by you or something you inadvertently caused.

For example, if someone visiting your home was to slip and fall on your sidewalk because there was ice there, they may be able to sue you for negligence if they were seriously injured as a result. This lawsuit would claim that you should have cleaned up the ice on your sidewalk so that a slip and subsequent injury did not occur. If the plaintiff in this case (the person who slipped) wins the case, you could lose thousands of dollars that you would have to pay them in compensation for their injuries, pain, and suffering.

Contact Heydari Financial Group Today

If you are a Houston, TX area resident, Heydari Financial Group can help you get liability coverage for your homeowner’s insurance plan. As you can see, liability insurance can prevent you from having to pay thousands of dollars in compensation to people who sue you for things that are not your fault. To learn more about your options concerning liability coverage for your homeowner’s insurance policy, visit our nearest location or give us a call today. One of our agents would be happy to sit down and speak with you.

New Home Insurance Policy: What Does an Insurance Adjuster Inspect?

Congratulations! You are either shopping for a new home in the Houston, TX area or are looking for information on home insurance. Before your mortgage will finalize, you’ll need a new home insurance policy from Heydari Financial Group. The agent will likely have an adjuster visit the house before they agree to sell you the policy. What will they be looking for?

Is the Home Secure?

The adjuster will verify that all the locks on the entry doors and windows are in good working order. They might check that fences have a good latch and that the garage door is able to fully close. They may require that you or the seller fix any missing locks. You want your possessions protected against theft.

Is the Exterior in Good Shape?

They will take pictures of the home and document the age of the roofing material, check the chimney for wear, and test the siding. If the home has missing clapboards or has peeling paint, it is possible that the insurer will want those maintenance issues addressed as soon as possible. It may turn out that the peeling paint contains lead and will require abatement.

Are there any Health Hazards?

Inside the home, the technician will check the basement and attic for signs of mold, water damage, or pests. A lingering damp spot may indicate a problem with the roof structure. Mouse droppings could tell you that there is an infestation. 

These steps are taken to ensure that you are buying a property in good repair that does not pose an immediate hazard to your family or the neighborhood. Once the inspection is complete by Heydari Financial Group, you should be able to move forward with the purchase of your Houston, TX home.

Contact our agents at Heydari Financial Group for quotes on your insurance needs. We can also help you make the decisions that will guide you to the perfect plan.

Maintaining Your Roof: Damage Signs You Shouldn’t Ignore

Roof repair and maintenance is one of the many responsibilities of home ownership. Even new roofs can become damaged due to weather conditions and branches, so just because your roof has been replaced recently, it is still important to regularly check for damage. Heydari Financial Group in Houston, TX understands the damage that an unmaintained roof can cost a homeowner. To make sure your roof is leak and damage free look for the major signs of roof damage below that should never be ignored.

Loose, Missing, or Damaged Shingles

It is a good practice to check the shingles on your roof regularly. Shingles can become broken and warped from storms or variations in temperatures. Any damaged shingles should be replaced immediately by a proper roofing specialist to prevent water from coming into the home.

Higher Than Normal Utility Bills

If the weather is relatively normal for the season, but you notice your heat or air conditioning bill is abnormally high, it may be a sign that there is a problem with your roof. Your roof is meant to insulate your home from the weather changes, if your utility bills are high, it could indicate that the insulation in your roof is poor.

Sagging in the Roof

Any bowing or bulging areas on the ceiling of your home should be investigated immediately. This usually means that there is a considerable amount of water built up in your ceiling that has snuck through cracks or loose shingles in your roof.  

Leaking in the Home

Even a small leak from the ceiling in your home can be a signal that there is water leaking into your roof. Ignoring these problems for too long can lead to a significant amount of water damage as well as encourage the growth of mold and mildew in the home.

If you want more information on how to protect your roof or need a quote on a home insurance policy, contact one of the experienced agents at Heydari Financial Group in Houston, TX today.