Home Insurance
As your largest investment, it's important to make sure your home has the proper insurance coverage. We'll protect your home and everything in it for the lowest possible price.
What is Home Insurance?
Home insurance, also commonly called hazard insurance or homeowner's insurance (and often abbreviated in the US real estate industry as HO3), is a type of property insurance that covers a private residence.
It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents, loss of use (additional living expenses), or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory.
Contact us to learn more about the right homeowners insurance for you.
Typical Home Insurance Coverages
Section I — Property Coverages
- Coverage A – Dwelling
Covers the value of the dwelling itself (not including the land). Typically, a coinsurance clause states that as long as the dwelling is insured to 80% of actual value, losses will be adjusted at replacement cost, up to the policy limits. This is in place to give a buffer against inflation. HO-4 (renter's insurance) typically has no Coverage A, although it has additional coverages for improvements. - Coverage B – Other Structures
Covers other structure around the property that are not used for business, except as a private garage. Typically limited at 10% to 20% of the Coverage A, with additional amounts available by endorsement. - Coverage C – Personal Property
Covers personal property, with limits for the theft and loss of particular classes of items (e.g., $200 for money, banknotes, bullion, coins, medals, etc.). Typically 50 to 70% of coverage A is required for contents, which means that consumers may pay for much more insurance than necessary. This has led to some calls for more choice. - Coverage D – Loss of Use/Additional Living Expenses
Covers expenses associated with additional living expenses (i.e. rental expenses) and fair rental value, if part of the residence was rented, however only the rental income for the actual rent of the space not services provided such as utilities. - Additional Coverages
Covers a variety of expenses such as debris removal, reasonable repairs, damage to trees and shrubs for certain named perils (excluding the most common causes of damage, wind and ice), fire department changes, removal of property, credit card / identity theft charges, loss assessment, collapse, landlord's furnishing, and some building additions. These vary depending upon the form. - Exclusions
In an open perils policy, specific exclusions will be stated in this section. These generally include earth movement, water damage, power failure, neglect, war, nuclear hazard, septic tank back-up expenses, intentional loss, and concurrent causation (for HO3). The concurrent causation exclusion excludes losses where both a covered and an excluded loss occur. In addition, the exclusion for building ordinance can mean that increased expenses due to local ordinances may not be covered. A 2013 survey of Americans found that 41% believed mold was covered, although it is typically not covered if the water damage occurs over a period of time, such as through a leaky pipe. - Floods
Flood damage is typically excluded under standard homeowners and renters insurance policies. Flood coverage, however, is available in the form of a separate policy both from the National Flood Insurance Program (NFIP) and from a few private insurers.
Section II — Liability Coverages
Coverage E – Personal Liability
- Covers damages which the insured is legally liable for and provides a legal defense at the insurer's own expense. About a third of the losses for this coverage are from dog bites.
Why Choose TAP Insurance for Home Insurance in Wise County?
As an independent insurance agency in Rhome, TX, TAP Insurance shops multiple carriers to find the best home insurance rates for Wise County homeowners. Unlike captive agents who only represent one company, we compare policies from top-rated carriers to get you the right coverage at a competitive price. Whether you live in Rhome, Decatur, Boyd, Bridgeport, Alvord, or Paradise, our team understands the unique risks facing North Texas homeowners.
Wise County homes face real threats from severe weather, including hail storms, tornadoes, and flash flooding along the US 287 corridor and surrounding rural areas. We help you choose the right combination of dwelling, personal property, and liability coverage, and we can bundle your home and auto insurance for additional savings. Our office is conveniently located in Rhome to serve families throughout Wise County and the DFW Metroplex.
Frequently Asked Questions About Home Insurance in Texas
What does home insurance cover in Texas?
A standard Texas homeowners policy (HO-3) covers your dwelling, other structures, personal property, loss of use, and personal liability. It protects against perils like fire, windstorms, hail, theft, and vandalism. However, flood damage requires a separate policy. Talk to TAP Insurance about the right coverage for your Wise County home.
How much does home insurance cost in Texas?
Texas home insurance rates vary based on your location, home value, construction type, claims history, and chosen deductible. North Texas homeowners in Wise County may pay more due to hail and tornado risk. As an independent agency, TAP Insurance compares rates from multiple carriers to help you find the most affordable option without sacrificing coverage.
Do I need flood insurance in Wise County?
Standard home insurance does not cover flood damage. If your property is near a creek, low-lying area, or in a FEMA flood zone, flood insurance is strongly recommended. Even properties outside designated flood zones can experience flash flooding, which is common in North Texas. TAP Insurance can help you get a flood policy through the NFIP or private carriers.
What is the difference between replacement cost and actual cash value?
Replacement cost pays to rebuild or replace damaged property at current prices, while actual cash value deducts depreciation. Replacement cost coverage costs more but provides better protection. We recommend replacement cost for your dwelling and can help you decide the best option for personal property coverage.
How can I lower my home insurance premiums?
You can reduce your home insurance costs by bundling home and auto policies, increasing your deductible, installing security systems and smoke detectors, upgrading your roof, and maintaining a claims-free history. As an independent agent, TAP Insurance shops multiple carriers to find you the best available rate in Rhome, Decatur, Boyd, Bridgeport, and throughout Wise County.
Get a home insurance quote today