Home Insurance in Richardson, TX

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Living it up in Richardson

While Richardson, Texas is an inner suburb of Dallas, you’ll find that it is no bedroom community. This city of over 120,000 residents is home to over 5,000 businesses. The Telecom Corridor is a strip alongside US Highway 75 that has over 25 million square feet of office space for major telecommunications heavyweights such as Verizon, Texas Instruments, Samsung, and AT&T, to name a few. Over 130,000 people work in the Telecom Corridor, making Richardson the place to be. Almost 30,000 students attend the University of Texas at Dallas which is also a part of this bustling corridor. 

Richardson, TX has experienced significant growth in residents thanks to US Highway 75 also known as the North Central Expressway, a major north-south highway that takes Richardson residents directly through North Dallas areas of interest and the Central Business District. The Dallas Area Rapid Transit Red Line has four light rail stations within Richardson’s city limits, making the area a great starting point for commuting to other parts of the Dallas-Fort Worth Metroplex. Richardson has been noted as one of the best places to live in both the Lone Star State and the US. With home prices averaging around $200,000, you’ll want adequate homeowner’s insurance in Richardson, TX, to protect your investment. 

Covering Your Shelter

If your house experiences major damage due to a tornado, you may not be able to afford to pay out of pocket for repairs or reconstruction. Your home is your castle and so it houses various items that would be difficult and expensive to replace. Having homeowner’s insurance in Richardson, TX, helps defend you from high costs that could harm your finances. A typical policy includes these coverages:

  • Property damages and losses to your house or residence, including the structure and belongings contained
  • Liability against injuries experienced by others while on the premises

You’re covered for theft, vandalism, certain weather events and even the medical bills for an injured party. If you’re financing your North Texas residence, your lender will require you to carry homeowner’s insurance in Richardson, TX.

A standard policy will indicate a certain dollar amount of coverage for a protected loss. This is known as a liability limit. When you’re buying homeowner’s insurance in Richardson, TX, you’ll need to make sure the liability limit is commensurate with the price of your home. In the event of a covered loss, you as the insured will be responsible for paying the deductible out of pocket. This amount of money is deducted from the total payment as determined by a claims adjuster from your insurer. There’s an inverse relationship between this deductible and your premium, the cost of your policy. If you want a lower premium payment, you’ll have a higher deductible to pay and vice versa. It’s important to analyze your budget to determine what makes sense for you and your home in Richardson.

Understanding Your Coverage

Your homeowner’s insurance in Richardson, TX, doesn’t cover the following items:

  • Repairs to major appliances such as a refrigerator, oven, garbage disposal or HVAC system
  • Flooding and certain types of weather events, requiring the purchase of additional insurance products
  • Coverage of non-payment of mortgage, typically required by a lender when a down payment is below 20%

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