Homeowners insurance is not a legal requirement in Houston, Texas, although it may be required by mortgage lenders. However, homeowners insurance is a good investment in most scenarios, as Houston is often subject to many extreme weather events, including tropical storms, tornadoes, and wildfires. Since 2015, the Houston metro area has seen seven federally declared disasters, putting many homes and homeowners at risk.
On average, Houston homeowners pay $1,991 per year for a home insurance policy with $250,000 in homeowners coverage, which is more expensive than in the us. uu. national average. however, a handful of texas home insurance companies offer more affordable rates. The Bankrate team conducted a study of each company, leveraging third-party rate data and insurance product features, to help you find the best affordable home insurance in Houston.
the best cheap home insurance companies in houston
Our process for determining the best affordable homeowner companies included evaluating several key attributes, including affordability, available discounts, policy customization options, and third-party ratings for customer satisfaction and soundness. financial. We combine these metrics into a bank rate score on a scale of 0.0 to 5.0. The higher a company’s bank rate score, the higher that carrier’s score in the ranking categories. According to Bankrate’s research and analysis of Average Annual Premium data from Quadrant Information Services, the best affordable home insurance in Houston, Texas is offered by Nationwide, State, and Travelers.
state farm is one of the most reputable homeowners insurance companies, highly rated by j.d. power for the general satisfaction of claims. state farm also has the highest possible financial strength score of a++ (superior) from am best. Although State Farm has below-average rates and excellent third-party ratings, it is lacking in some areas compared to its competitors. For example, State Farm offers fewer discounts for Houston homeowners than other companies in this review.
more information: state agricultural insurance review
Nationwide has some of the cheapest home insurance in Houston, based on average rates among insurers included in this review. Nationwide also offers excellent coverage customizations, with multiple endorsements, such as Valuables Coverage, Home Replacement Cost Coverage, and Better Roof Replacement, to extend your financial protection. however, while nationally it received a higher-than-average claim satisfaction rating from j.d. power, has a lower than average overall customer satisfaction rating.
more information: national insurance review
Travellers can be a great option for Houston homeowners specifically looking to customize their policy with add-ons. Travelers offers a host of endorsements, including green home coverage, identity fraud coverage, valuables coverage, special personal property coverage, and others. Multiple discounts are also offered through travelers to help make fares more affordable. however, he has a j.d. lower. power rating than some of the other providers we reviewed.
more information: travel insurance review
asi progressive has the highest average rates of the houston homeowners insurance companies we reviewed, but rates are still cheaper than the citywide average. asi progressive offers a handful of endorsements and a good selection of discounts, which could help you get a lower rate. The company also encourages homeowners to bundle their auto and home insurance into a single deductible for losses that affect both their auto and home.
more information: progressive review of asi insurance
armed forces insurance
Armed Forces Insurance offers homeowners insurance in Houston to active duty military personnel, veterans and their families. The company offers multiple coverage add-ons and offers several ways to save on premiums, with discounts for insuring a new home, installing a security system, living in a gated community, and getting a new roof, among others. Armed Forces Insurance offers low rates to Houston homeowners, but is limited in third-party qualifications, likely due to its eligibility requirements.
houston home insurance coverage options
Although Texas law does not require homeowners insurance, lenders generally require homeowners to have a policy in order to obtain a mortgage. Most houston homeowners insurance includes coverage for your home, other structures (such as a detached garage), your personal property, and liability. however, you can also add optional endorsements to your policy for more protection. Here are some of the types of additional coverage that could be beneficial to Houston homeowners:
- Reservoir Water Insurance: Houston homeowners may want to consider purchasing reservoir water coverage. This type of damage comes from clogged drains and sewer systems, as well as sump pump failure, and can lead to water damage. This type of damage is typically not covered by your basic homeowners insurance policy and can occur after a hurricane or storm.
- Equipment Breakdown Insurance: Typically, your insurance policy does not cover equipment breakdown caused by electrical or mechanical failure. You may have this coverage through a home warranty, but if not, you may want to find a provider that offers backing to cover things like major appliances and home systems.
- Flood Insurance: Some major perils are not covered in standard home insurance policies, and one of them is flooding. however, many insurers work with the National Flood Insurance Program and can help you get a policy, and others write their own private flood policies. Flood insurance may also be required for Houston homeowners who have a mortgage and are in a flood zone.
- Loyalty discount: Many insurers offer a discount if you have been with the company for a certain number of years. others give you a loyalty discount just for switching to that company.
- Alarm systems: Insurers often encourage the use of smoke detectors, fire alarms, and burglary protection in your home.
- New Home: Some home insurance companies apply an automatic discount to insure a newly purchased or newly built home. however, the qualifying time period for a new home discount varies by specific carrier.
- Bundle discount: Most insurers will give you a discount if you have more than one policy with them. the most common packages are for auto and home, condo, or renters insurance policies. If you’re happy with your insurer, it may help to consolidate your insurance needs, especially if it means lower premiums.
what is the best home insurance company?
how much does home insurance cost in houston?
how much home insurance do i need in houston?
bankrate uses quadrant information services to analyze current 2022 rates for all zip codes and carriers in all 50 states and washington, d.c. rates are weighted based on the population density of each geographic region. Rates quoted are based on male and female homeowners age 40+ with clean claims history, good credit, and the following coverage limits:
- coverage a, home: $250,000
- cover b, other structures: $25,000
- coverage c, personal property: $125,000
- coverage d, loss of use: $50,000
- coverage and liability: $300,000
- coverage f, medical payments: $1,000
Homeowners also have a $1,000 deductible and a separate wind and hail deductible (if applicable).
These are sample rates and should be used for comparison purposes only. their quotes will be different.
bankrate scores are calculated on a five-point scale and primarily reflect a weighted range of industry-standard ratings for financial strength and customer experience, plus analysis of quoted annual premiums for information services quadrant, covering all 50 states and washington. DC. We know it’s important for homeowners to trust that their financial protection covers the most likely risks, is competitively priced, and is provided by a financially strong company with a track record of positive customer service.
To determine how well the best home insurance companies meet these priorities, j.d. power, am best, s&p, naic and moody’s had the biggest impact on corporate banking scores. Because price is a common consideration for homeowners, we looked at quoted premiums based on male and female 40-year-old homeowners with a homeowners policy with $250,000 in homeowners coverage. this profile, evaluated in nearly 35,000 zip codes in the us. In the US, it provided a basis on which owners can compare each vendor.
While coverage options, insurer availability, affordability, and customer experience are often top priorities, Bankrate also looked at each insurer’s online and mobile resources for policy management and handling claims. claims. insurance is rapidly evolving to keep pace with our digital world, so these aspects also influenced the determination of bank scores.
home insurance discounts in houston
While it offers essential financial protection, insurance comes at a cost that many people would like to reduce. Fortunately, most insurers offer at least some discounts that lower your premiums. Here are some of the more common ones that can provide policy savings:
When it comes to home insurance discounts, it can help to understand how much money you can expect to save. Discounts from each home insurance company come with different savings amounts. The best way to determine which insurer offers the cheapest Houston home insurance rates for your situation is to compare quotes and discount options from several companies.