Tag Archives: Texas homeowners insurance

First-Time Texas Homebuyers Not Looking for “Starter Homes”

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Purchasing a home is a significant achievement and milestone in one’s life. With that comes an enormous amount of risk and responsibility—from securing yourself comprehensive Texas home insurance to managing your mortgage payments—it certainly is a lot to think about.

Firt-Time Texas Homeowners

However, an article from Only Katy happens to prove that new homeowners are starting to think—rather than start of slow, many first-time homeowners are taking the plunge and jumping head first into the housing market.

According to Only Katy, “first-time homebuyers are steering clear of the traditional entry-level home. These homes are usually priced lower and may include new construction without the ‘bells and whistles’ or houses that need fixing up”.

Recently the National Association Realtors (NAR) released statistics that stated,  87% of first-time homebuyers said they want to purchase a home that is move-in ready—it’s believe that this is a result of the 2010 first-time homebuyers $8,000 tax credit—studies show that first-time homebuyers made up half of the market in 2010.

Location is also critical to first-time homebuyers who, in Katy, want to secure themselves – and their children – within the Katy Independent School District, “nationwide, first-time homebuyers cited schools as a determining location factor,” the NAR revealed.  

The NAR article goes on to say, “Many first-time homebuyers said the current real estate market offered them more opportunity than they had expected. For example, half of new buyers said they found a home in a more desirable neighborhood than they expected; 61% were able to get the home at a better price; and, 40% got more space than expected”.

Whether you are a first-time homebuyer or a move-up buyer, Katy sure does have a lot to offer! Have questions about the Texas homeowners insurance needed to protect your new property? Contact Dagley Insurance and Financial Services—we’d be happy to help!

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Texas Homeowners Association

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There are so many incredibly informative resources available to the public and ones that cover a variety of topics and issues too. One, which we found very helpful, is the Texas Homeowners Association News site.

Inside this fantastic interactive resource you can network and publish your own articles or blogs, while simultaneously cross-publishing submissions within all the American Homeowners Resource Center (AHRC) networked sites. But the site is not just for Texas homeowners—additionally the resource includes information of interest to local businesses, the judiciary, the legislature and the media.

The overall purpose of the Texas Homeowners Association News is to be the trusted source where members of a Homeowners Association or any other common interest group can be educated on current events as well as housing and insurance industry regulations.

Along the navigation menu, on the site’s left-hand side, you will find pages that can direct you to Discussion Forums, Frequently Asked Questions and Blogs as well as more direct, legal information such as HOA Lawsuits, Property Codes and a Business Directory.

Interested in learning more about the Texas Homeowners Association? Want to gain knowledge about the housing industry, share your insights on Texas homeowners insurance or just swap stories with other local homeowners? Then check out the Texas Homeowners Association New site and explore the endless resources!

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Insurance Council of Texas Announces Weather-Related Losses Reaching $100M

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According to a recent article from Insurance Journal, preliminary estimates of insured losses from recent winter storms, throughout the state of Texas, now range between $51 million and $100 million statewide.

Southwestern Insurance Information Service (SIIS) further explained the estimation, saying that, preliminary statewide losses from high winds and freezing temperatures during the first few days of February had already reached $51 million. The SIIS also cautioned brokers and residents that this initial figure is likely to rise.

The Insurance Council of Texas anticipates that insured losses from 15,000 claims, so far statewide, will easily exceed $100 million.

Thanks to the recent winter weather that pushed through Texas last Tuesday, February 1st, the storm brought with it damaging winds to areas of the state as well snow, ice and frigid temperatures statewide.

“Most of the damage will be the result of roof damage from strong winds and bursting pipes resulting in water entering a home or business. There will be some claims for vehicle damage but the majority of the claims will be to homes and businesses,” said Jerry Johns, president of SIIS.

According to Mark Hanna from the Insurance Council of Texas, there have already been roughly, 1,000 wind-related homeowners insurance claims reported in the Texas Hill Country and in the El Paso, which was unexpectedly hit the hardest thus far, residents experienced a record-breaking low of zero degrees Fahrenheit.

Johns also stressed that the current “loss estimates are only the beginning point in a long process of determining the final financial implications for insurers in Texas.”   

Make sure you and your family are efficiently prepared this winter, with the unpredictable winter weather our state has been seeing, you may want to re-evaluate your Texas home insurance policy. At Dagley Insurance we’d be happy to thoroughly review your current homeowner’s policy as well as provide you with a free TX home insurance quote! So don’t wait for the next batch of brutal winter weather to head our way, ensure that you have the protection you need and deserve right now!

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Texas Department of Insurance: Top 5 Resources

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The Texas Department of Insurance is a great resource both for the consumer and the agent. Below you will find a series of the TDI’s top 5 links that will bring you to some of their favorite, and most utilized, pages—including agency Information, general TX insurance resources, the State Fire Marshal’s office and updated TX workers compensation regulations. 

 

  1. Texas Depart of Insurance – Homepage: From interactive consumer help to a comprehensive look at the Department’s major news headlines, the TDI Homepage provides a well-rounded wealth of information for both the insurance agent and the consumer.
  2. Auto Insurance Comparison: Complete your “Driver Profile” to receive sample insurance rates. This free service provided by the TDI is a great way to help ensure that Texans are doing the research necessary before settling on a TX auto insurance policy.
  3. Homeowners Insurance Comparison: Complete your “Homeowner/Condo/Renter Profile” to receive sample insurance rates. Adjust your sample rates by entering information regarding the policy limits and requirements that you want.
  4. Workers Compensation Forms Page: The TDI has provided a “Form Developer Kit” which allows stakeholders and TDI customers to access or create all of their own, customized insurance forms—from Agreement Forms, Carrier Forms and Employee Forms; the TDI has it all in one central place.
  5. State Fire Marshal – Homepage: The State Fire Marshal Homepage contains a variety of helpful resources for the consumer. Anything from Arson Investigations, Firefighter News, and all of the Fire Marshal’s Announcements can be accessed here. Stay up-to-date on fire prevention while perusing the Fire Marshal’s advice and tips.

The Texas Department of Insurance has many more excellent insurance resources, so take a few minutes to access the information that it has to offer.

While you’re at it, why not check out Texas’ leading independent agency—Dagley Insurance—for great rates and superior TX insurance coverage!

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2 Years Later: Texas Residents Still Filing Claims

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It’s now two years later and windstorm claims, resulting from Hurricane Ike, continue to be reported by Texas homeowners.

The Texas Windstorm Insurance Association (TWIA) continues to receive, on average, at least one new claim everyday from victims of the costliest storm to ever hit the Texas coastline. Other large insurance companies in the state are in agreement with the TWIA, reporting that they too are also seeing new Ike claims.

Homeowners are given two years, from the date of the storm, to file claims where they can be fully reimbursed. Any additional or new claims filed after that two year mark can only be considered at an actual cash value agreement as opposed to a full replacement or reimbursement. In some specific cases, residents can request an extension, buying them some additional time to file Texas homeowners insurance claims.

Hurricane Ike struck Galveston on Sept. 13, 2008, with 110 mile per hour wind gusts and a 16 foot storm surge. According to an article from Insurance Journal, “more than 2,000 homes and businesses on Bolivar Peninsula in Galveston County were completely washed away and 75% of the structures in the city of Galveston received flood damage”.

Hurricane Dolly also struck south Texas on July 23, 2008, causing an estimated $500 million in total insured losses. The Insurance Council of Texas reported that, “with the exception of 80 pending lawsuits, TWIA has paid all of Dolly’s claims”.

Texans whose homes suffered damages from the 2008 storms have until April 1 to make repairs to their homes or they will no longer be able to obtain a windstorm policy from TWIA. “Homeowners with questions about repairs or having the proper inspections required for TWIA coverage should contact their agent or TWIA,” said Mark Hanna, a spokesman for the Insurance Council of Texas.

TWIA, which only provides windstorm coverage in counties that lie along the Gulf of Mexico, faces losses that may reach $2.3 billion. The number of TWIA claims from Hurricane Ike has risen to 92,800 resulting in 4,800 lawsuits having been filed—more than 2,500 of the lawsuits have since been settled.

In Texas, the total number of insurance claims from Hurricane Ike exceeded a whopping 700,000.

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