John Montoya

5 Common Home Insurance Mistakes Wichita Falls Homeowners Should Avoid

Owning a home is one of life’s biggest milestones — and also one of the largest financial responsibilities you’ll ever take on. For many families in Wichita Falls, a house isn’t just where you live; it’s where memories are made and where your most valuable assets are kept.

But here’s the reality: too many homeowners discover gaps in their insurance coverage only after disaster strikes. Storm damage, theft, or accidents on your property can all turn into major financial setbacks if your homeowners insurance doesn’t protect you the way you thought it would.

That’s why choosing the right home insurance policy — and avoiding common mistakes — is critical. At Montoya Insurance Group, LLC, we’ve helped Wichita Falls homeowners navigate these challenges for years. Below, we’ll explore the five most common home insurance mistakes, why they happen, and how you can protect your home, belongings, and family with confidence.

Mistake #1: Underestimating Rebuild Costs

It’s easy to assume that the market value of your home is the same number you should insure it for. But in Wichita Falls, that’s often not the case.

Here’s why:

  • Market value is based on what your home would sell for.
  • Replacement cost is what it would take to rebuild your home from the ground up in today’s economy.

Construction costs, materials, and labor prices fluctuate — and in recent years, they’ve been rising significantly due to supply chain issues and inflation. For example, lumber and roofing materials can double in price after a major storm when demand spikes.

The risk: If your home is insured for less than the replacement cost, you could be left paying out-of-pocket to rebuild. Even a small gap can translate into tens of thousands of dollars.

The fix: Work with an independent agency like Montoya Insurance Group to ensure your policy is based on true replacement cost. We regularly review costs and adjust coverage to keep you protected, no matter what the market does.

Mistake #2: Forgetting About Personal Property

Homeowners insurance isn’t just about the physical structure of your house. It also covers the personal belongings inside — furniture, appliances, clothing, and more. But here’s the catch:

  • Standard policies often have limits on high-value items.
  • Jewelry, electronics, art, collectibles, and specialty items may not be fully covered.
  • Imagine losing your wedding ring in a fire, only to discover your policy only covers jewelry up to $1,500. Or consider a break-in where expensive electronics are stolen, leaving you with only partial reimbursement.

The fix: Ask about scheduled personal property coverage. This add-on allows you to specifically list high-value items for full protection. Montoya Insurance Group helps homeowners catalog valuables and add them to policies so nothing slips through the cracks.

Mistake #3: Ignoring Flood Insurance

Wichita Falls homeowners know how unpredictable Texas weather can be. Heavy rains, flash floods, and severe storms can hit with little warning. Unfortunately, standard homeowners insurance does not cover flooding.

Common misconceptions we hear:

  • “I don’t live in a flood zone, so I don’t need it.”
  • “Flooding is rare in my neighborhood.”

The truth? Even areas outside designated flood zones experience flooding. Storm drains back up, creeks overflow, and sudden storms can cause flash flooding in minutes.

The risk: Just a few inches of water can cause tens of thousands of dollars in damage. Without flood insurance, those costs fall entirely on you.

The fix: Consider a flood insurance policy through the National Flood Insurance Program (NFIP) or private carriers. At Montoya Insurance Group, we help homeowners assess flood risks and secure affordable protection.

Mistake #4: Skipping Liability Protection

Many homeowners think insurance is only about protecting their property. But liability coverage is just as important.

Here’s why: If someone is injured on your property — whether a delivery driver slips on your sidewalk or a guest trips by your pool — you could be held financially responsible. Liability coverage pays for:

  • Medical expenses
  • Legal fees
  • Settlements or judgments

Without enough liability coverage, one accident could drain your savings and put your home at risk.

The fix: Make sure your liability limits are high enough to cover real-world scenarios. Many homeowners also add umbrella insurance, which provides an extra layer of protection above your standard policy. Montoya Insurance Group frequently recommends umbrella coverage to clients who own pools, host gatherings, or have significant assets to protect.

Mistake #5: Not Updating Your Policy

Life changes — and so should your homeowners insurance. Yet one of the biggest mistakes we see is homeowners keeping the same policy year after year without making updates.

Examples of when you should update your policy:

  • Renovations or additions (kitchens, decks, pools).
  • Purchasing new valuables (furniture, electronics, jewelry).
  • Lifestyle changes (starting a home-based business, adding rental space).

The risk: If your policy doesn’t reflect your current situation, you could face uncovered losses. For instance, that new pool you installed might not be covered for liability if you never told your insurer.

The fix: Schedule a yearly policy review with your insurance agent. At Montoya Insurance Group, we make this process simple — ensuring your coverage always matches your current needs.

Bonus Mistake: Choosing Price Over Protection

While saving money is important, the cheapest policy isn’t always the best. Many “bare bones” policies exclude critical protections, leaving you vulnerable when disaster strikes.

The fix: Look beyond price tags. Independent agencies like Montoya Insurance Group compare multiple carriers to balance affordability with comprehensive coverage. The goal isn’t the lowest premium — it’s the best value for your peace of mind.

FAQs About Homeowners Insurance in Wichita Falls

Q: Is homeowners insurance required by law in Texas?
A: No. Texas does not require homeowners insurance, but most mortgage lenders do. Even if your home is paid off, insurance is highly recommended to protect your investment.

Q: Can I bundle my home and auto insurance?
A: Yes. Bundling is one of the easiest ways to save money. Many carriers offer discounts when you combine home and auto policies.

Q: What isn’t covered by standard homeowners insurance?
A: Standard policies exclude flooding, earthquakes, and some types of water damage. Optional policies or endorsements are available to cover these risks.

Q: How much homeowners insurance do I need?
A: Enough to rebuild your home at current construction costs and replace personal belongings. Your agent can calculate this with you.

Your home is more than just a building — it’s your safe place, your family’s foundation, and your most valuable asset. Protecting it requires more than just signing up for the cheapest policy. Avoiding these common homeowners insurance mistakes can mean the difference between financial security and overwhelming loss.

At Montoya Insurance Group, LLC, we make sure Wichita Falls homeowners get the coverage they truly need — not just what looks good on paper. From replacement cost to flood protection, our team helps you avoid gaps and gain peace of mind.