Cheapest Homeowners Insurance Companies In Texas

Like every insurer, Farmers, like all insurers, continues to raise its rates for homeowners insurance because claims are steadily increasing.Every year, Texas homes sustain substantial damage caused by tropical storms, hurricanes, tornados, hail, frozen/broken water pipes, and numerous other causes. This results in large claims being paid by insurers, which raises everyone’s rates.

One way Farmers helps consumers combat rate increases is to recommend that policyholders carry a higher deductible. Instead of choosing a $250 or $500 deductible, they often recommend a $1,000 deductible. What its customers save per year in premiums pays for itself in just a couple of years if they have a claim.

Farmers is one of the most well-known insurers in Texas and offers home insurance with high deductibles. Though Farmer’s recently pulled out of Florida (another Gulf Coast state), it has shown no signs of ceasing to write new home insurance business in Texas. Its average premium in Texas is $1,516 per year.

Many people choose a low deductible because they like the thought of paying less out-of-pocket if they have a claim. However, by choosing a higher deductible, you’ll lower your premium enough that you can put the savings aside to pay a higher deductible if you ever have a claim.

State Farm has been chosen best for seniors not based on cheap premiums but on superior customer service, which is invaluable to seniors. Many older homeowners who have experience with homeowner’s claims have war stories to tell about how difficult their insurer was to deal with and settle their claim promptly.

This isn’t the case with State Farm. Though the company doesn’t have perfect online customer ratings (no company does), it has an exceptional 829/1000 rating from J.D. Powers, which is the highest of all the companies reviewed in this article.

State Farm policyholders can easily access their accounts using the website or app. You can also use these tools to file claims and enroll in paperless billing.

Seniors living on Social Security and/or a small retirement fund need to find affordable home insurance. By shopping each year and comparing carriers, they can often find excellent coverage from a top-rated insurer. Seniors understand there will be rate increases, but they can push back by being smart insurance shoppers.

Chubb offers the cheapest home insurance in Texas. Its average policy cost is $1,362 per year, which is $1,170 less expensive than the statewide average.

Chubb offers the most affordable home insurance rates in Texas without compromising on coverage. Its policies are not only the cheapest in Texas, but the company is well-known and respected for its strong financial stability and exceptional customer service. With Chubb, you’re not just getting low premiums but also extended replacement cost coverage that will repair or replace your items even if they’re worth less than their original purchase price.

With the cost of construction and home prices continuing to climb in the Lone Star State, finding high-quality, cheap home insurance from a reputable insurance company is very important to Texas families. However, simply because an insurer has “cheap rates” doesn’t mean it’s not quality coverage.

Available only to Texas residents, Texas Farm Bureau provides basic home insurance coverage at competitive rates, including older homes. The company has a strong customer service reputation in The Lone Star State and offers a healthy number of discounts if you qualify, which makes its rates even more affordable.

If you have an older home, Texas Farm Bureau has the cheapest rates by far. But, be aware that with Texas Farm Bureau home insurance, its “named-peril” policies only provide coverage if the damage to your home is caused by a peril specifically named in the policy. This can prove costly if, for example, your roof is damaged beyond repair by hail and must be replaced, but your policy doesn’t include hail damage.

There are many older homes in Texas, particularly in rural east and west Texas. With many towns in these areas having residents with older homes and lower incomes, finding affordable rates is very important for homeowners.

Being one of the most populated states in America, Texas has many residents with poor credit scores. In Texas, insurers are legally allowed to include a consumer’s credit score when determining rates. Allstate is known to be very liberal when calculating rates for homeowners with below-average credit.

To further help keep rates lower for its insureds with poor credit, Allstate has 11 home insurance discounts, which is significantly higher than the home insurance industry average of seven discounts. Home insurance analysts, including me, consider some of Allstate’s discounts to be unique offerings.

There are many people in Texas who are paying higher insurance rates because they have poor credit. Finding a quality insurer with reasonable rates takes time and energy, but individuals with a poor credit history can find affordable rates in Texas.

Chubb offers the cheapest home insurance in Texas, and that includes its coverage for high-value homes. Its average policy cost is $1,362 per year, which is $1,170 less expensive than the statewide average.

Chubb has built its financial strength largely by catering to high-net-worth families. The company specializes in insuring high-value homes and autos and is highly-regarded for its personal “concierge service” it offers its high-net-worth clients when they have a claim. With this service, the claimant has a dedicated service representative to handle all aspects of their claim from start to finish.

Like the rest of the country, the value of homes continues to rise, which is making them more expensive to insure. Rebuilding a home in Texas is also costly because of the high cost of building materials, but you’ll find that some insurers offer coverage to rebuild your home no matter the current cost of labor and building materials.

Available only to Texas residents, Texas Farm Bureau provides basic home insurance coverage at competitive rates, including coverage for those who have previously filed a claim. The company has a strong customer service reputation in The Lone Star State and offers a healthy number of discounts if you qualify, which makes its rates even more affordable. Based on its rates, Texas Farm Bureau doesn’t penalize insureds who have previously filed a claim with them or another insurer.

However, be aware that with Texas Farm Bureau home insurance, its “named-peril” policies only provide coverage if the damage to your home is caused by a peril specifically named in the policy. Even though the rates are very attractive, named-peril-only coverage can turn out to be very expensive for you if your home is damaged by an event that isn’t covered by your policy.

Based on climate change and the increase in damaging weather events in Texas, you may need to file a claim sooner rather than later. Most home insurers aren’t pulling out of Texas yet, but they are raising rates for those who have had previous claims.

New home prices are still rising in Texas, and Progressive is well-known for having very competitive rates for newly constructed homes. At $952 per year for $500,000 of dwelling coverage, which is close to the median price of a new home in Texas, Progressive is aggressive with its pricing. You’ll save even more if you bundle your car insurance with them.

Drive around any city in Texas, and you’ll see plenty of new home construction. There are still some insurers who are competitively priced for these new homeowners who have just faced substantial out-of-pocket costs and are looking to save money wherever possible.