Current Agents Authorized by Providers to Sell Coverage
Capitol County Mutual Insurance Company has notified approximately 35,000 policyholders, representing about 30 percent of its business, that their industrial fire insurance coverage will end effective with the policy monthly anniversary date in May 2009. If you received notice that your policy will be non-renewed, you should begin shopping for new insurance immediately to ensure that your home and property are protected.
For answers to general insurance questions or for information on filing an insurance-related complaint, visit our website or call the Consumer Help Linebetween 8 a.m. and 5 p.m., Central time, Monday-Friday
Start shopping immediately. Make sure your agent and company are licensed. To verify whether an agent or company is licensed, call our Consumer Help Line or use the Agent Lookup or Company Lookup features on our website.
Use an insurance agent to help you shop. Some agents represent only a single company or company group. Independent agents may represent several companies. Including independent agents in your search can help you get quotes from multiple companies with a single call. To find an agent near you, use your local yellow pages or visit www.helpinsure.com, a free service of the state and TDI that helps people shop for homeowners insurance.
Make sure your insurance agent and company are licensed. To verify whether an agent or company is licensed, call our Consumer Help Line or use the Agent and Insurer Search features on our website.
Understand homeowners policy types and coverages. Insurance companies may sell several types of homeowners policies in Texas, each with a different level of coverage. When comparing policies, make sure you compare policies with similar coverages. Use the Company/Policy Comparison Worksheet | English Word | English PDF | Spanish Word | Spanish PDF | Chinese PDF | Korean PDF | Vietnamese PDF.
HO-A policies provide limited actual cash value coverage of your home and its contents. Only the types of damage specifically listed in the policy are covered. The HO-A is a standardized Texas policy. This means the coverages in the policy, unless endorsed otherwise, will be identical, regardless of the company selling it. Keep in mind that even though the coverages are identical in a standardized policy, the price can vary by company.
HO-A amended policies provide more extensive coverage than the base HO-A policy but less coverage than an HO-B. Coverage provided by these policies may differ by company.
HO-B policies provide replacement cost coverage for most types of damage, except those specifically excluded in the policy. The HO-B is a standardized Texas policy.
Approved alternative policies offer varying levels of coverage. Companies may only sell alternative policies approved by the Commissioner of Insurance. Coverage may differ considerably from one company to another. In general, HO-B policies provide the most coverage for the price, but not all companies sell them. Ask companies or agents to identify and explain the different policy forms.
You can compare the coverages included in different policies on the Office of Public Insurance Counsel website, www.opic.state.tx.us
Decide whether you need wind/hail or flood coverage. Homeowners policies sold in Texas' 14 coastal counties and in certain parts of Harris County might not cover wind and hail damage. You may need to buy these coverages separately from the Texas Windstorm Insurance Association (TWIA). Visit the TWIA website, www.twia.org, for more information. Homeowners policies do not cover damage caused by rising waters. You can buy a separate policy to cover most types of flooding from the National Flood Insurance Program. Call NFIP at 1-800-427-4661 or visit its website, www.floodsmart.gov.
Consider factors other than price. A company’s complaint history and financial rating can indicate the level of service you will receive. Call our Consumer Help Line or use the Insurer Search feature on our website.
Get quotes from several companies. Rates can vary significantly among companies, so shop around. Visit www.HelpInsure.com website to help you narrow your search. The website is a free service of TDI and the Office of Public Insurance Counsel. It includes sample rates from various companies licensed to sell insurance in Texas and other information to help you shop. Call the companies directly to get an exact rate quote.
Ask about payment options. Some insurance companies offer payment plans that allow you to pay your premium in installments. For example, you may be able to make monthly payments, rather than paying your entire annual premium at once. However, TWIA and some insurance companies require you to pay your full annual premium in a lump sum in advance. If you cannot afford to pay the entire premium at once, ask your agent about premium finance companies. Premium finance companies will pay your premium in a lump sum for you and allow you to then repay the money, plus interest and service fees, in installments. Make sure you understand the down payment, the number of installments, interest or service fees, and the amount of your total monthly payment. Sometimes the premium finance company might be owned by the agent selling your policy. The insurance agent must tell you if your installment plan is with a premium finance company and must give you the premium finance company's name.
Ask about discounts. Some companies offer discounts. The discounts offered and their amounts vary by company.
Answer questions truthfully. Giving incorrect information when you apply for insurance could lead to an incorrect rate quote or a denial or cancellation of coverage. An insurance company may cancel your policy within the first 60 days if it gives you 30 days’ notice.
Choose the highest deductible you can afford. Higher deductibles will lower your premium, but you’ll have to pay more out of pocket if you have a claim.
Know how your credit score affects you. Insurance companies may consider your credit score when deciding whether to sell you a policy and the price to charge you. They cannot deny you coverage or refuse to renew your policy solely because of your credit score, however.
Having Trouble Finding Insurance?
You may be able to get coverage through the Texas FAIR Plan. To be eligible, you must have been declined coverage by at least two insurance companies and may not have received an offer for a comparable policy from an insurance company licensed in Texas. Although the FAIR Plan policy does not provide wind and hail coverage for property located in one of the state’s 14 coastal counties or in parts of Harris County on Galveston Bay, it does provide wind and hail coverage in the remainder of the state.
To find a FAIR Plan-authorized agent in your area, visit the FAIR Plan website, www.texasfairplan.org, and use the Find an Authorized Agent link.
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