Homeowners Insurance Bryan TXAll over the world, anyone who owns a home knows about homeowners insurance. Whether the dwelling is a small house or an expansive mansion, everyone has one. Home properties cannot normally be financed unless there is homeowners insurance in Bryan TX coverage for the property and its contents. This concept of protecting property from the risk of damage or loss has been around for a while, although how it was handled in the past is a bit different than the policies of today.

Early Property Insurance

The idea of insuring property or paying a fee to cover certain risks that could happen first came to be somewhere around the mid 1600’s in England. Most buildings in cities were made of wood and the biggest risk faced was fire, which happened often enough that the concept of insuring homes and other structures so that property owners had a way to finance rebuilding after a loss had happened.

In 1666, the Great Fire of London occurred and 13,000+ homes and buildings were lost, including more than 70,000 homes, numerous medieval churches and chapels, businesses, and all other wooden structures in the path of the fire that burned for 4 days. It took nearly decades to completely rebuild the city; so from that time forward, there was an enormous push to insure all structures against loss due to fire.

Up until the mid 18th century, homeowners insurance was generally purchased individually, covering each risk separately. As this new concept of insurance caught on, insurers began popping up to share in the wealth, which also caused significant competition among the companies. Additional coverages were added to policies such as other types of property damage and theft, with each company sort of competing with the other to sell their own policy.

Homeowners Insurance – It Came To America

As this was happening in England and Europe, homeowners in the United States did not have the benefit of any type of property protection, largely because there seemed to be too many more risks in general that investors wanted to avoid. Seeing the need to do something about this, it was no other than Benjamin Franklin in 1752 who started the very first American insurance company – the Philadelphia Contributionship for the Insurance of Houses from Loss by Fire.

One of the many things that Benjamin Franklin did in starting an insurance company was to create a set of building standards to be used when constructing any new homes within the city of Philadelphia to help make them more fire resistant. Until that point, homes in early America were made of wood like those in England. Benjamin had some better ideas and created the first set of building specifications to greatly reduce the numbers of fires. These specifications updated over time are now known as construction codes and standards; all homes and structures are now built according to these specifications.

Moving Into the Future

Franklin’s ingenious program grew and soon policies were available that covered different types of property and other losses caused by certain events, including death. Homeowners insurance in College Station TX continued to grow with the populations, changing to accommodate new technology all the way up to today. In the 1940s and ‘50s, the unregulated insurance business went through a period of scams and scandals as premiums greatly increased no matter what property value was. Congress eventually stepped in and gave states the authority to control the insurance industry to protect policyholders.

Homeowners insurance is part of a huge industry that caters to all types of homes and dwellings to provide protection for both homeowners and mortgage holders. In the past decade, homeowners insurance in College Station Texas as well as across the country has faced numerous costly natural disasters resulting in large claims payments to policyholders. It is a risk that will always be there, as that is the nature of homeowners insurance in Bryan TX – property owners investing in protection against a covered loss that may or may not happen. The truth is that homeowners cannot be without such protection as all of the past history of insurance has clearly shown!

Let Jones & Associates Tailor Homeowners Insurance in Bryan to Fit Your Needs!
Looking for good coverage with homeowners insurance in Bryan TX? Call Jones & Associates at (979) 776-4740 and let their 45 + years of experience help tailor a policy to fit your specific needs!