Farmers Home Insurance
Your home is probably your biggest financial investment. We offer several coverage options designed to fit most any need.
Homeowners
Landlord
Townhouse
Renters
It’s a good idea to purchase “replacement cost coverage” vs. “actual cash value coverage.” Replacement cost coverage pays for all necessary expenses involved with repairing or rebuilding damaged property, minus any deductible. Actual cash value coverage, on the other hand, pays less than replacement cost coverage because it factors in depreciation. Your home may be worth $200,000 today, but if it’s damaged or destroyed 10 years from now, repair and replacement costs could be considerably higher due to inflation. To understand your replacement costs, take a comprehensive inventory of your home so that you have a record of your personal belongings. Store a copy of this list in a safe place. Experts recommend also making a photographic or video record. Check the coverage limits on personal items, such as jewelry, silverware, furs and computer equipment. If the limits are too low, consider buying a special personal property “endorsement” or “floater.” An endorsement is an addition to your policy, and a floater insures valuable items separately. Make sure you know what events your policy covers. With some types of policies, coverage for the sudden and accidental release of water must be added with an endorsement to the policy. The Office of Public Insurance Counsel, which represents consumers before the Texas Insurance Department, has a coverage comparison guide at www.opic.state.tx.us/hoic.php.
