Texas Homeowners Insurance Quotes

“Texas, it’s like a whole other country,” is a big saying in the Lone Star State and it’s absolutely true. Texas is filled with beauty, culture, and fun family activities. Whether you are headed to one of our lovely beaches, zoos, museums or amusement parks, Texas is packed to the gills with fun and beautiful destinations.

Texas ranks as number two in the country for both population and area size. Texas covers 268,820 square miles and a mind boggling 25,145,561 people live in the Lone Star State.

Whether you are considering a move to Austin, the capitol city of Texas or another one of our major cities such as Dallas or love the small town Texas feel of a town like Granbury or Chappell Hill, Texas is a great place to call home.

Texas Facts

The Lone Star state has an average household income of $29,678, which is well below the national average, but luckily house prices are extremely reasonable with the median house price coming in at $58,732

Homeowners Insurance in Texas

There is no getting around the fact that Texas is very expensive when it comes to homeowners insurance. According to data from the National Association of Insurance Commissioners (NAIC) the average annual premium for a HO-3 policy in Texas is $1,837 while the national average is only $1,034.

This makes Texas number two in the country when it comes to the high cost of homeowners insurance. The cost of homeowners insurance in the Lone Star state is a whopping 67.61% more expensive than the national average.

Texas has hundreds of miles of coastline and this is one major reason that homeowners insurance is so expensive in Texas. Coastal residents can find it difficult to find coverage in certain areas, which is why The Texas Windstorm Insurance Association (TWIA) was established by the Texas Legislature in 1971.

The TWIA provides windstorm and hail insurance in the Texas seacoast area and is a residual insurer of last resort. The TWIA is not a direct competitor in the voluntary insurance market and only provides residential and commercial coverage in certain designated portions of the Texas seacoast territory.

The TWIA only provides hail and windstorm coverage and is an insurer of last resort so you may be able to find a better, more affordable policy in the private market. While the majority of Texas homeowners will pay more than the national average for homeowners coverage, there are ways to lower your premium. Here are a few tips on how to keep the cost of your homeowners insurance affordable:

• Shop Around: Always shop your coverage, this is the best way to get the best rate and save the most money. Insurers rate risk differently so home insurance quotes can vary dramatically. Gather quotes from at least five insurers and make sure you are comparing apples to apples when it comes to coverage levels and deductibles.
• Discounts: Discounts are a great way to lower your premium and all insurers offer discounts so make sure you are getting every discount you are qualified to receive. It doesn’t matter if you are shopping in Andrews County or Bell County, insurance companies will offer a discount for bundling, adding a security system or even going paperless on your policy.
• Update Your House: Regardless of whether you are shopping for a house in Dallas or Houston, if you upgrade the storm shutters, add a sprinkler system or a monitored security system, your insurer should offer a discount.

Rates by Homeowners Insurance Type

Most people are unaware of the fact that homeowners insurance comes in a variety of different types and each type is specifically designed for the home type that it covers. Here is a quick overview of the various homeowners insurance types and the average premium according to data from the NAIC:

Dwelling Fire: This is simply a slimmed down policy that offers very narrow homeowners coverage. These policies tend to have a lower premium and cover both smoke and fire damage. In some cases these policies will offer coverage against vandalism, wind and even explosions.

According to data from the NAIC, only 3.5 percent of the policies written in Texas are Dwelling Fire policies. The average premium for a Dwelling Fire Policy in Austin or any other Texas city for that matter is an extremely affordable $276.

HO-2: This is a very basic homeowners policy. It only covers the perils that are listed in the policy.

According to data from the NAIC, 14.2 percent of the policies written in Texas are HO-2’s. The average premium for a HO-2 policy is $1,364

HO-3: An HO-3 policy is a standard policy and is the most common homeowner policy type in Texas. This policy provides protection from all perils except those that are specifically excluded in the policy wording. Earthquake and flood damage are excluded in all HO-3 policies.
Data from the NAIC confirms the popularity of the HO-3 with a whopping 40.2 percent of policies written in Texas being HO-3 policies. The average policy price is $1,837.

HO-4: If you live in an apartment in Brown County or even Colorado County then a HO-4 policy is the correct homeowners policy for you. A HO-4 policy will cover your personal possessions as well as offering liability protection in case someone is injured in your apartment.

According to data from the NAIC, 18.2 percent of policies written in Texas are HO-4 policies.

HO-5: These policies are designed for newer, more upscale homes. They provide protection for your home as well as any additional structures on your property, loss of use and personal property. An HO-5 policy will cover your personal property against all perils unless they are specifically excluded in the policy. In most cases, older homes do not qualify for these policies.

According to data from the NAIC, only 9.3 percent of policies written in Texas are HO-5 policies and the average premium is $1,682.

H0-6: Condo and co-op owners in Port Arthur, Shenandoah or any other Texas city need an HO-6 policy. These policies will cover your personal property as well as the structural parts of the building that you actually own. Coverage is limited to 16 specific perils.

In Texas, roughly 1.4 percent of policies are HO-6 policies.

Factors to Consider in Texas

Severe weather is always going to be a factor when it comes to homeowners insurance in Texas. In 2015, Texas declared one disaster one and in 2013 it was forced to issue two disaster declarations. If you moving to Texas, especially on the coast, be sure to consider how severe weather can affect you and your homeowner insurance rates.

Hurricanes and hailstorms can do major damage to a home’s siding and roof. When shopping for a new home you should always get an insurance quote for any home you are seriously considering to make sure the home is truly affordable.

When it comes to homeowners insurance, experts recommend saving it for major claims. Pay for smaller damage out of pocket as numerous small claims on your policy will result in a major price hike. Always save your coverage for major claims.

If you are moving to Texas, we can help you find an insurance policy for your new Texarkana or Winnsboro house. We can easily help you shop and compare up to 12 different Texas home insurance premiums and apply all the available discounts and credits.

Get started today, contact us to get a quote on your homeowners insurance in Texas.