We are hearing from property owners who are facing many insurance changes from nonrenewal to denials to substantial rate increases. As a real estate broker, I am not an insurance expert, but I do want to share some information from a consumers' perspective.
No one has to tell you that insurance rates in Texas have gone up—60% during the last five years. Insurance is creating concern for property owners.
Always contact your insurance agent first. They can guide you and offer expert advice. What I can tell you is:
Don't panic
Do ask a lot of questions, there may be a lot of things that you can do to lessen your costs, such as smoke and fire alarms, roof repairs (get a free roof inspection especially after a storm) and security systems. Your insurance agent can go step by step with you.
Shop your policy. There are several insurance companies who will shop it for you. Check your deductible. Ask other consumers how their insurance companies respond. Check reviews.
Do find a vendor who will help you fight denials by your insurance company.
Question any vendor who says they will help you with your deductible, #it is illegal and #the chances are high that you will not get the same quality of materials.
It may seem overwhelming at first but take the steps to protect your property and your finances.
We are always here to help. Never be hesitant to ask any question.
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