Home Insurance in Frisco, TX

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Welcome to Frisco

The northern suburbs of Dallas have grown tremendously over the past decade, and Frisco, Texas has been at the center of that growth. It has been noted as one of the fastest-growing towns both in the Lone Star State and the nation. Today, Frisco is home to over 200,000 residents and is a go-to for professionals in the Dallas-Fort Worth Metroplex, looking for the perfect place to call home. With several highly-ranked public schools in the area, Frisco is not only the place to hang your hat but raise a family as well. The Brinkmann Ranch was used as the setting for the Ewing mansion during the first season of the classic television series, “Dallas”, so Frisco’s legacy as an upscale, affluent era was foreshadowed over forty years ago. When you consider that the median home price is well over $600K, it’s clear to see the need for good homeowner’s insurance in Frisco, TX.

Homeowner’s Insurance 101

A homeowner’s or property insurance policy helps cover the costs associated with repair or restoration with certain types of damage to your property. If a tornado destroys your home, you likely don’t have the cash to replace it and other belongings. A policy for homeowner’s insurance in Frisco, TX, not only protects the structure from damage, but it also covers theft, burglary and vandalism. If a thief breaks in and steals items, this same policy can cover those losses. If a visitor experiences an injury while on the premises, your policy also covers medical bills.

Your homeowner’s insurance in Frisco, TX, covers quite a bit. This coverage should not be confused with the following:

  • Mortgage insurance: Lenders usually require borrowers to pay for mortgage insurance when the down payment is below 20%. 
  • Insurance for flooding and certain natural disasters: In places that are prone to certain types of natural disasters, separate coverage is often required.
  • Home warranty: This is a plan that covers repairs to major home appliances for reasons other than damages from a covered event or peril. 

A Closer Look

When looking for homeowner’s insurance in Frisco, TX, it’s important to understand the types of policies that are out there:

  • Actual cash value: This is a policy with a value based on the original price tag of your residence and the items therein with depreciation. Actual cash value policies tend to have the lowest premiums.
  • Replacement cost value: Such a plan tends to be more expensive, but it is worth the price of your home and its contents without depreciation.
  • Extended replacement cost coverage: Usually the most expensive policy, this plan value is worth the cost to rebuild, which may be significantly higher than the initial home value.

When you have a sense of what makes best for your Frisco home, you’ll need to think carefully about the liability limit, your premium and your deductible. The liability limit is the dollar value of coverage for your insurance policy and it needs to be commensurate with either the actual cash value, the replacement cost value or the extended replacement cost of your property. The premium is what you pay out of pocket to have homeowner’s insurance in Frisco, TX. If you have a mortgage with an escrow account, you typically pay your lender a monthly payment of which a portion goes toward the premium. In the event of a covered loss, the deductible is what’s deducted from the payout as determined by a claims adjuster. The higher your premium, the lower your deductible in most cases. 

This information is intended for general informational purposes only and is not intended to constitute legal advice.