Home Insurance in Houston, TX & Texas Fair Plan coverage question
Hi,
I purchased my second investment property in Houston Texas last month and I'm looking to insur this property as soon as possible.
I've shopped with StateFarm to get the dwelling (home insurance) policy of my first property which rely on the Texas Fair Plan coverage.
My property manager has always recommended to go with Lonestar Integra Insurance services. However there are significant differences in term of coverage between each companies (see below). When asked the manager at Lonestar why there is such a difference in term of coverage he told me that StateFarm rely on the Texas Fair Plan coverage which according to his own word is "pure garbage". He did not went into more details and I through his answer pretty rude.
Property value is ~172K.
Questions:
- Is this true?
- Would you recommend that I go with their policy vs the one from Statefarm?
- Would you recommend another company to work with in order to get the best home policy coverage for investment properties in Houston?
Thanks,
Cédric
Here are the details for both policy
A) Statefarm policy:
Quote effective date: 04/11/2018
Term: 12 Months
COVERAGE DESCRIPTION LIMIT/DEDUCTIBLE PREMIUM
A - Dwelling - Fire: $ 171,900 $ 222.00
A - Dwelling - EC: $ 771.00
A - Dwelling - VMM: $ 24.00
Other structures: $ 17,190
B - Personal property - Fire: $ 0.00
Deductible: 2% Deductible
Fair Rental Value (TDP-017): $ 1,200 $ 65.00
Cap on losses from certain acts of terrorism (TDP-820): Yes
DISCOUNTS/SURCHARGES LIMIT/PERCENT PREMIUM
Claim history discount / surcharge: $-216.00
Volunteer firefighter assessment: $ 0.00
TOTAL TERM PREMIUM $ 866.00
(Note I can get 1% deductible for $1,064)
B) Lonestar policy [though United P & C (UPC)]