Best home insurance in Texas in 2022

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Best home insurance in Texas in 2022, The phrase “everything is big in Texas” doesn’t just apply to land plots or a rib-eye steak. As it turns out, this is also true of homeowners insurance.

With an average annual rate of $ 3,007, Texas home insurance is the third-most-expensive in the United States, surpassing only Nebraska and Oklahoma.

Lone Star State’s high home insurance premiums are largely due to its severe weather, including hail, hurricanes, and hurricanes. Texas has recently seen damage from major winter storms across the state.

Based on our analyzed rates from 19 different insurers in the state to get an idea of ​​how much you should pay for home insurance in Texas.

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The best home insurance companies in Texas

Based on our research, Lone Star State, Allstate, Amica Mutual, Farmers, State Farm, and the USAA are among the best homeowners insurance companies in Texas. We analyzed each company’s average premiums, coverage offers, discounts, policy features, and third-party scores to determine which carriers would be featured.

Home insurance company Average annual premium for $250K dwelling coverage J.D. Power score
Allstate $1,846 829/1,000
Amica Mutual $3,547 853/1,000
Farmers $2,189 814/1,000
State Farm $1,722 829/1,000
USAA* $1,198 889/1,000

 

Amica Mutual

Based on reviews from JD Power, AM Best, and individual customers, Amica Mutual has regularly ranked as one of the best insurance providers in the country. Amica offers a wide range of insurance products, including home, auto, umbrella, and even flood insurance. One of the unique features of Amerika is its dividend policy. Policyholders who choose this option are eligible for a refund of up to 20% of their annual premium per year.

State Farm

State Farm is a national insurance provider that provides multiple insurance products, including homeowners insurance. For example, you can get auto insurance, motorcycle insurance, life insurance, and boat insurance among others. Policyholders who purchase multiple policy types with a state firm can save on their multi-policy discounts. If you are looking for a company that offers discounts and convenient ways to access your account online or via a mobile app, State Firm may be a good choice.

Allstate

Allstate offers numerous coverage options as well as a variety of ways to save on your premium. One of Allstate’s most unique features is its online presence. The carrier offers a variety of tools and free resources on its webpage for both members and non-members. Members can learn more about Allstate’s insurance products and learn how to make the most of their policies.

Farmer

Farmers offer home, auto, renters, business, condo, and life insurance. The home insurance company offers three customizable plans for its members to choose from Standard, Extended, and Premier. Farmers also offer unique features to help you customize your policy You can enroll in the Declining Deductible Program, which reduces your deductible by $ 50 per year for your policy to take effect. You may want to consider cosmetic damage options or apologize.

USAA

USAA only sells insurance to active or former military members and their families. If you are eligible, USAA may be a great option. Like many other providers, you can bundle and save, choose from a variety of coverage options and manage your policy in the USAA mobile app. USAA offers unique protections to service members. For example, active-duty or deployed service members can rest assured that their military uniforms are covered. Additionally, USAA is member-owned, so its customers may get dividends each year.

The cheapest home insurance in Texas 2022

Based on our research, These 10 companies offer, on average, the cheapest home insurance rates in Texas:

Company

Average annual premium

Houston General

$1,658

Chubb

$1,808

Texas Farm Bureau

$1,845

Armed Forces Insurance

$2,416

Homeowners of America

$2,468

State Farm

$2,551

Allstate

$2,610

USAA*

$2,700

Lighthouse Insurance

$3,041

Republic Group

$3,044

*USAA is available only to active military, veterans, and their families.

 

Average homeowners insurance cost in Texas

Texas’ size means your rates can vary greatly depending on where you live in the state. In fact, according to our analysis, your location can affect your average home insurance cost by over $3,700 per year. Here are the average home insurance rates in the 10 largest cities in Texas, according to the Texas Demographic Center:

City

Average annual premium

Houston

$3,493

San Antonio

$2,169

Dallas

$3,609

Austin

$2,045

Fort Worth

$3,664

El Paso

$1,686

Arlington

$3,716

Corpus Christi

$3,779

Plano

$3,454

Laredo

$2,005

 

How much is homeowners insurance in Texas?

The average cost for a Texas homeowners insurance policy is $1,863 for $250,000 in dwelling coverage. Homeowner’s insurance premiums in Texas are higher than in other states possibly due to the increased number of natural disasters. Insurance premiums are largely based on risk, and if an area has a greater likelihood of homes being damaged, the premiums are generally higher so that insurance companies can prepare for a potential claims payout. To help reduce your premium, you may want to shop around and take advantage of available discounts to find the best price.

Texas homeowners pay quite a bit more than the national annual average of $1,312 for homeowners insurance due to the environmental hazards and geographic location.

Texas homeowners insurance rates by city

Texas city Average annual premium for $250K dwelling coverage
Arlington, Texas $2,405
Austin, Texas $1,824
Corpus Christi, Texas $1,888
Dallas, Texas $3,107
El Paso, Texas $1,128
Fort Wayne, Texas $1,023
Garland, Texas $2,270
Houston, Texas $3,183
Irving, Texas $2,247
Laredo, Texas $1,393
Lubbock, Texas $2,061
Plano, Texas $2,026
San Antonio, Texas $2,589
Waco, Texas $1,700

 

Texans are not alone in paying more than the national average premium for homeowners insurance. In fact, none of the states that border Texas feature lower-than-average premiums. Oklahoma has the highest average annual premium in the nation at $3,519, likely due to the high risk of tornadoes and wind damage. The average premium in Louisiana is $1,813 per year, policyholders in Arkansas pay an average of $2,142 per year, and New Mexico homeowners insurance costs an average of $2,024 per year.

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Why is home insurance in Texas so expensive?

Texas homeowners should be aware of the different types of severe weather that can put their homes at risk, including:

  • Hurricanes. Texas’ large coastline means it’s vulnerable to hurricanes, with the second-highest number of landfalls in the United States, behind only Florida. Homeowner’s insurance typically covers damage caused by wind, but in Texas, you may pay a separate insurance deductible for any wind or hail damage. Depending on where you live, your insurer may decline to provide windstorm coverage as part of your homeowner’s insurance policy. Should that happen, you can purchase separate windstorm insurance, or if you’re rejected by a private insurer, you can usually get coverage from the Texas Windstorm Insurance Association as long as you live in a designated coastal county.
  • Flooding. Texas has experienced significant flooding over the years, but since flood damage isn’t covered by homeowners insurance, you’ll likely need a separate flood insurance policy.
  • Hail. Hailstorms can wreak havoc on roofs, but fortunately for homeowners, hail damage is covered by a typical home insurance policy. It’s a good thing, too: Texas easily leads the U.S. in hail events and hail-related insurance claims.
  • Tornadoes. Texas’ unique geography makes it especially prone to tornadoes. A standard homeowners insurance policy covers damage caused by a tornado, along with any additional living expenses you might have if you’re temporarily displaced from home because of tornado damage.
  • Wildfires. Texas experiences a large number of wildfires, with over 6,000 occurring in 2020 alone. A standard home insurance policy will cover wildfire damage.

Home insurance in Texas

Texas homeowners have unique considerations when buying homeowners insurance. Understanding the common causes of losses in Texas can help you choose the types of coverage that are best suited for your financial security.

How do I get homeowners insurance in Texas?

If you need homeowners insurance, you may want to obtain quotes from multiple insurance companies to compare rates, coverage options, and discounts. Understanding your home’s characteristics, like square footage, roof type, and safety features, will help insurers determine how much your home would cost to rebuild. Knowing these details will be important when obtaining quotes. You will also want to have an idea of how much your personal belongings would cost to replace and what deductible you would feel comfortable paying in the event of a claim.

How do I choose a home insurance company?

Knowing what factors matter most to you in a home insurance company could help you to narrow down your options. Are you most concerned with price? Does financial stability matter to you? What about customer reviews? If you are unsure where to start, a licensed agent may be able to help you find the right policy for you.

What do I need to get homeowners insurance in Texas?

Whether you are buying your home or just looking to switch to a new insurance provider, you will likely need to provide some personal information, like your date of birth, as well as your home’s address and ZIP code. Insurance providers may request additional information to accurately price your policy.

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