Frisco TX Dwelling Policies

Did you know that if you have moved out of your Frisco Texas home, you will need to contact your insurance agent to change the type of policy?

That’s right, a homeowner’s policy is for a home that you own and occupy yourself, also known as owner occupied.  But the minute you move out, assuming you do not sell it, many of your homeowner’s policy coverage items may no longer cover the house in the event of a claim.  In order to cover the house properly, you need to obtain what is called a Texas Dwelling Policy, also known as a landlord policy.

There are two main types of TX dwelling policies:

  1. A basic policy that covers the house against fire, tornado and hail damage. These are often called a TDP1 or a DP1. This type of policy is used for older houses, for which the property owner may not be concerned with having broad coverage, but instead may be interested in the lowest cost.
  2. A more comprehensive policy that also adds additional perils, such as water damage and resulting slab damage. These policies are called a DP3 or a TDP3. This type of policy is preferred for newer homes, for which the owner is concerned more about broad coverage versus just the cheapest rate.

So if you decide to move out of your current Texas home, and you keep the house to rent out, be sure to notify your insurance agent.  The worst time to find out if a vandalism claim is denied is when you file the claim.  The best time to find out a claim is not coverage, is before you have to use your property insurance by filing a claim

At the Roger Welch Agency, we are able to assist customers with their Texas home insurance policies, landlord policies, auto policies as well as many other types of insurance.  Since we are agents for multiple companies, this gives us a unique offering to find the best value for our clients.  For a free insurance quote give us a call or visit our website by clicking here.