Archives for dwelling insurance

Independent insurance agents that represent iMGA are professionals that really understand their clients’ needs.

At iMGA we’ve worked hard to provide all the personal property solutions for those needs:

Homeowners Insurance

Texas House With Metal Roof

  • Small farms and ranches (up to 300 acres)
  • Older homes – even with replacement cost coverage (provided needed updates have been made)
  • Home based businesses
  • All protection classes
  • With or without credit scoring
  • Properties with pools, slides, diving boards, trampolines and pets (subject to certain restrictions of course)
  • Multi-policy discount if they have another policy with your agency
  • Discounts for new roofs, dwelling updates, hail resistive roofs, and much more

Rental Dwelling Insurance

Texas Style House With Metal Roof

  • With or without replacement cost coverage
  • With or without liability coverage
  • Discounts for new roofs, dwelling updates, hail resistive roofs, and much more

Owner-Occupied Dwelling Insurance

  • With optional theft coverage
  • With or without replacement cost coverage
  • Discounts for new roofs, dwelling updates, hail resistive roofs, and much more

Mobile Home With Golf Cart

MobileHome Insurance

  • With or without replacement cost coverage
  • All protection classes
  • Owner or tenant occupied
  • With or without liability coverage
  • Discounts for metal roofs

Apartment Building With Green Tile Roof

Renters Insurance

  • Homes or Apartments
  • Contents up to $50,000
  • Optional theft and replacement cost coverage

House With For Sale Sign

Vacant Dwelling Insurance

  • All protection classes
  • With or without liability coverage
  • With or without renovation coverage

All iMGA policies include

  • convenient direct bill payment plans (with up to 9 installments, depending on the product and term),
  • check, automatic recurring check and credit card payment options, and
  • instant policy issuance.

To learn more, log in. If you’re not already an iMGA agent, contact us.

Mike Gibbs, our Director of Personal Lines, has prepared this comparison of the coverage differences between the Texas dwelling fire policy forms and the ISO policy forms. The comparison is available in two different formats:

  1. Dwelling Fire Comparison Presentation with Notes
  2. Dwelling Fire Comparison Table with Notes

As you’ll see the differences can be tricky, so it’s very important you work with markets that really understand property coverages. Fortunately, we happen to have some experts at iMGA standing by to help you! 🙂

You might be surprised to learn that there are cases where – even for a homeowner – an iMGA Texas Dwelling Policy (TDP3) with liability coverage added offers more coverage than a Texas Homeowners policy (either HOA or HOA+). As a professional independent insurance agent it is important that you know the differences so you can offer the coverages that best fit your clients’ needs.

Where an iMGA TDP3 Policy is Better

  • Covers all perils not excluded (commonly known as “All risk” or “open perils” coverage) vs. named perils on HOA/HOA+
  • Loss of Use Coverage – 20% vs. 10% for HOA/HOA+.
  • No deductible for Fire and Lightning, and only one deductible. HOA/HOA+ has a deductible on all perils including fire and lightning and a separate deductible for wind and hail losses.
  • Wind-driven rain IS covered. It is not on an HOA/HOA+ policy.
  • There is no coverage for Fire, Lightning and Vandalism and Malicious Mischief after the dwelling has been vacant for 60 days. On an HOA/HOA+ policy there is no coverage for any cause of loss after vacancy for 60 days.
  • There is no subrogation clause. HOA/HOA+ policies do have a subrogation clause.

Where an HOA+ (“HOA Plus”) Policy is Better

  • TDP3 doesn’t provide coverage for business personal property,  property of guests or residence employees away from the premises. HOA/HOA+ policy does except for business personal property.
  • Both provide a 10% extension of personal property off premises. On the TDP3 this is not additional insurance and does not increase the personal property (Coverage B) limit.
  • TDP3 covers only utility failure under Consequential Loss. HOA/HOA+ covers loss due to change in temperature as a direct result of damage to the dwelling, equipment in the dwelling including damage to any power, heating or cooling equipment (including connections and supply pipes not in or on the dwelling under Consequential Loss.
  • HOA/HOA+ provides some Automatic Removal coverage and In-Transit coverage. The TDP3 does not.
  • The TDP3 does not provide glass breakage as a named peril insured against.
  • The TDP3 does not provide any coverage for theft of personal property.

Of course every policy can have unique conditions and endorsements, so it is important that you carefully read and understand all the policy language.

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