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Get A Policy

Get A Policy is a business-to-consumer Texas insurance agency that delivers Web-based, insurance information to individuals, families and businesses who are in need of insurance information. Our integrated suite of online services facilitates a comprehensive search and review of leading insurance companies.

Get A Policy is not owned by an insurance company, therefore we provide objective information to consumers and business owners, helping them make informed decisions about their insurance needs. Our insurance policies and service are available to all Texas residents.

Get A Policy competes against many direct writers such as USAA, Farm Bureau, Geico, AAA Insurance, State Farm, Allstate, and Farmers. The advantage of using an independent insurance agent is that we have dozens of A rated companies competing for your business such as Metlife, Safeco, State Auto, Progressive, Hartford, Kemper, Allied, Travelers, GMAC, and Encompass etc. When you are with a captive agent you have one option and that is it.

 

Home Insurance

 

In the United States

In the United States, most home buyers borrow money in the form of a mortgage loan, and the mortgage lender often requires that the buyer purchases homeowner's insurance as a condition of the loan, in order to protect the bank if the home is destroyed. Anyone with an insurable interest in the property should be listed on the policy. In some cases the mortgagee will waive the need for the mortgagor to carry homeowner's insurance if the value of the land exceeds the amount of the mortgage balance. In a case like this, even the total destruction of any buildings would not affect the ability of the lender to be able to foreclose and recover the full amount of the loan.

Home insurance in the United States may differ from other countries; for example, in Britain, subsidence and subsequent foundation failure is usually covered under an insurance policy. United States insurance companies used to offer foundation insurance, which was reduced to coverage for damage due to leaks, and finally eliminated altogether. The insurance is often misunderstood by its purchasers; for example, many believe that mold is covered when it is not a standard coverage.


History

The first homeowner's policy per se in the United States was introduced in September 1950, but similar policies had existed in Great Britain and certain areas of the United States. In the late 1940s, US insurance law was reformed and during this process multiple line statutes were written, allowing homeowner's policies to become legal.

Prior to the 1950s, there were separate policies for the various perils that could affect a home. A homeowner would have had to purchase separate policies covering fire losses, theft, personal property, and the like. During the 1950s, policy forms were developed allowing the homeowner to purchase all the insurance they needed on one complete policy. However, these policies varied by insurance company, and were difficult to comprehend.

The need for standardization grew so great that a private company based in Jersey City, New Jersey, Insurance Services Office, also known as the ISO, was formed in 1971 to provide risk information and it issued simplified homeowner's policy forms for reselling to insurance companies. These policies have been amended over the years.

Modern developments have changed the insurance coverage terms, availability, and pricing. Homeowner's insurance has been relatively unprofitable, due in part to catastrophes such as hurricanes as well as regulators' reluctance to authorize price increases.  Coverages have been reduced instead and companies have diverged from the former standardized model ISO forms. Water damage due to burst pipes in particular has been restricted or in some cases entirely eliminated. Other restrictions included time limits, complex replacement cost calculations (which may not reflect the true cost to replace), and reductions in wind damage coverage.

For more information about Grand Prairie home insurance, give Get A Policy a call at 972-762-7660.

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NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
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