Texas homeowner policies are not the same from company to company.
Insurance companies used to have the same standard policy years ago, but that has now changed due to the significant losses Texas insurers have experienced. I believe that MOST of you have already noticed, that some companies have more than 2 deductibles (Clause 1, Clause 2, and Clause 3). They tend to use the wording such as "tropical cyclone" and what that means is that if a storm gets named (e.g., Hurricane Katrina, Rita, Tropical Storm Allison), it becomes a "tropical cyclone." And, usually the homeowners deductible is twice as high as the other deductibles. The rate may appear to be "cheaper" but in the event of a Hurricane (when a consumer really needs coverage) their out of pocket expense is higher. This way the insurer has less risk in a Catastrophe.
Liberty Mutual is one of few insurers still offering a 1% deductible on ALL perils, including wind and hail. Is a 2% deductible ever acceptable? Sure, as long as the consumer understands that their out of pocket expense at the time of a loss is indeed higher. Granted, the average homeowner, does take 7 to 8 years to file a claim, thus at Liberty Mutual we do not hesitate to quote a 2% windstorm deductible to those that have done the math. Personally, I prefer and highly recommend a 1% deductible because reality IS, that there really ARE big bad storms that could do really bad damage.
What are the "other" perils? In no particular order, they are:
Liberty Mutual, *also* covers sudden and accidental water damage (up to the dwelling limits), sewage back up within premises (up to dwelling limits), pipes that burst in foundation are covered at 5% of dwelling limits, $5,000 mold coverage, falling objects (trees, etc), freezing, collapse, glass breakage (we will fix your broken windows for free, without being subject to your deductible, if it costs $100 or less PER PANE to repair), weight of ice/sleet/snow, etc. Not every carrier covers this way.
If a person owns a computer, we can isolate the deductible to where if a covered peril occurs, there will only be a $100 deductible on a computer loss.
Liberty Mutual is the 5th largest insurer in the U.S. and we have the financial stability to pay our claims (even in catastrophic events). We are ranked A Excellent by AM Best. Our offices are linked up so you can go into any office to make changes, get proof of coverage, pay a bill, etc. Our policyholder retention is 92% (which is unheard of in our industry). We strive to make our customers happy and this shows in our retention.
David Vera, Agent, Liberty Mutual Insurance. Call me and I'll have you singing a new song. david.vera@LibertyMutual.com