Homeowners
INSURANCE POLICIES – COVENANT OF GOOD FAITH AND FAIR DEALING
In Texas, insurance companies are afforded protection to treat consumers fairly. This is called an Implied Covenant of Good Faith and Fair Dealing. It has been established by both judge-made and statutory law. The basis of this doctrine is that you pay a premium for coverage, and the carrier must deliver on promised benefits. Insurance…
Read MoreWHAT’S IN YOUR HOME WARRANTY INSURANCE POLICY?
Home Warranty Insurance Contracts (HWI) are all the rage. Generally, they state if a covered appliance or system breaks down, they will pay for the repair. Do not be lulled into a false sense of security. The contract will list what is covered, but more importantly, what is not covered. Typically, ¾ of the text…
Read MoreBUYING OR SELLING A HOME: HOME INSPECTIONS
In buying or selling a home, a home inspection is essential. For the seller, an inspection is important, to prevent any unexpected surprises from the buyer’s inspection that may require a renegotiation of the sale price. For the buyer, an inspection will reveal hidden defects. Even though seller may have lived in the house for…
Read MoreHOMEOWNERS ASSOCIATION ASSESSMENTS AND SPECIAL ASSESSMENTS
When considering a purchase of a home, townhome, or condominium that is part of a homeowners association (HOA), always consider the costs of the homeowners association annual and special assessments BEFORE you make an offer to buy. These can run into hundreds or even thousands of dollars a month, sometimes as high as the rent…
Read MoreWHAT IS A HOMEOWNERS ASSOCIATION?
Many single-family home communities and most townhome communities are regulated and controlled by Homeowners Associations (HOA), also known as Property Owners Associations. Whether you rent or own, if you live in a neighborhood that is subject to an HOA, you are bound by its terms and conditions. Most HOA’s were established by the real estate…
Read MoreHow to Make Sure Your Homeowners Insurance isn’t Like Swiss Cheese
60% OF HOMES IN THE U.S. ARE UNDERINSURED. When you file a claim, will your homeowners policy cover the loss? The most common Texas homeowners insurance policy, is known as “Form A”. There are three major area of coverage: Coverage A: For your residence and out-buildings (garage, sheds, barns). Coverage B: Your personal property, located…
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