Can You Buy Homeowners Insurance for Property in Different States?

Property insurance is available and recommended in any state where real estate is located, regardless of your residency status. Insurance providers will calculate your premiums based on the property's location, not on the address of your primary residence in the state. By selecting a single insurance company to insure all of your belongings, you can save money on your houses.

Property Located Outside of the State

The fact that you cannot live in two places simultaneously does not rule out the possibility of owning property in more than one state. Furthermore, while you cannot simply add a second property to your existing home insurance policy, you are still entitled to purchase a new policy frequently from the same firm that issued your first home insurance policy.

Insurance Regulations in the State

In contrast to other financial services, insurance is governed by state laws rather than federal regulations. This implies that not every insurance company is licensed to sell insurance in every state. An insurance company that offers home insurance in one state may sell insurance in another state but not home insurance in the first. In addition to a comprehensive list of insurance firms, the Free Insurance Advice Website also includes company ratings and information on what states each company is licensed to do business in.

One Insurer, Several Jurisdictions

One advantage of using the same insurance company for more than one insurance policy is that you will be eligible for discounts due to being a loyal customer or having numerous insurance policies with them. Choosing the same national firm to insure a vacation home in another state, for example, would result in lower premiums if your home and car are both insured by the same company in your home state, as described above.

Property Insurance for High-Risk Situations

Depending on the type of coverage and the location where the coverage is needed, some types of insurance coverage may be difficult to obtain. Because all insurance companies in Texas do not offer flood insurance, you may need to acquire a policy from a high-risk insurance company or even through the Texas FAIR Plan, which provides coverage for properties that would otherwise be considered too hazardous to insure otherwise.

Get in Touch with the Department of Insurance.

Contact the Department of Insurance in the state where you intend to obtain insurance before making the transaction. One of its agents can inform you whether or not the insurance company you are considering is licensed and whether or not there are any pending complaints filed against it. Aside from that, the department can tell you whether or not the area in which your property is located is in a high-risk zone.