Lexington Homeowners Insurance

Your Complete Guide to Lexington, NE Homeowners Insurance

A street view in a prefabricated home development

The county seat of Nebraska’s Dawson County, Lexington is home to more than 10,000 people. This city is currently one of the state’s fastest-growing cities for businesses and families. With its affordable housing, ample parks, and recreation facilities, and convenient location close to I-80 and Johnson Lake, Lexington has a lot to offer its residents. If you are among the proud property owners who reside here, you will want to be sure to cover your investment with a reliable homeowners insurance policy. A local independent insurance agent can help you find the best and most affordable policy to meet your coverage needs. Find an insurance agent in or near Lexington to learn more.

How Much Does Homeowners Insurance Cost in Lexington, NE?

The average cost of homeowners insurance in Nebraska is higher than the national average. However, in Lexington, with its abundance of affordable housing, rates tend to be on the low side. This is good news for Lexington homeowners looking for affordable coverage.

  • National yearly premium average: $1,173
  • Nebraska yearly premium average: $1,369
  • Lexington yearly premium average: $845

While these average rates can give you a general idea of what your Lexington homeowners insurance coverage may cost, your actual rates may differ significantly. This is because home insurance prices are calculated on a case-by-case basis and are dependent on several factors such as:

  • The age, size, and value of your home
  • The crime rate and weather risks in your ZIP code
  • Your claims  history and credit score
  • The amount of your deductible
  • Whether you are bundling your home coverage with other policies like car insurance or life insurance

When you request quotes from a few different insurance companies, you can get an idea of what a reasonable price is for your home. Each insurance company has its own method for calculating rates, so comparing quotes lets you choose the policy that provides the best value for your money. Independent insurance agents make comparison shopping easy.

Lexington Homeowners Insurance Covers Property Damage

All home insurance policies include property coverage. This coverage is divided into two parts:

  • Structural coverage: Referred to as dwelling coverage, this is designed to cover the structure of your home, including built-in appliances and carpeting over unfinished floors.
  • Property coverage: Referred to as contents coverage, this is designed to cover the personal belongings you keep in your home.

Each of these coverage types is designed to provide coverage against many of the hazards you are likely to face as a homeowner in Lexington. A local independent insurance agent can help you review your coverage limits so you can be sure that they are sufficient to fully cover you in the event of a total loss.

Catastrophic Events in Nebraska

  • Number of federally declared disasters in Nebraska since 1953: 60
  • Most common reasons for disasters in the state:  Severe Storms
  • Average number of tornadoes per year in Nebraska: 54.6
  • Average amount paid in home insurance claims per year in NE:  $698.6 million
  • 1 in 15 insured homes has a claim each year.

Catastrophic events, such as tornadoes, can cause a great deal of damage to the structure of your Lexington home. In addition to tornadoes, residents of this city are at risk for damage caused by heavy snows, freezing temperatures, hail, accidental fires, and property crimes. Flood damage also poses a risk in Lexington. This is particularly true when winter snows begin to melt and when major storms, like the “bomb cyclone”, drop excessive amounts of precipitation on already-saturated ground. 

Unfortunately, homeowners insurance policies specifically exclude flood damage from their coverage. To cover your property against the risk of flash flooding, you can supplement your home insurance coverage with a flood insurance policy through the National Flood Insurance Program (NFIP). Talk to your local insurance agent to learn more.

Lexington Homeowners Insurance Covers against Many Liability Risks

Homeowners insurance also provides policyholders with a great deal of personal liability coverage. Homeowners liability insurance is designed to cover court costs, legal defense fees, and damages related to many of the liability lawsuits you may potentially face as a property owner in Lexington. Examples of times you may need your liability coverage include:

  • If your child or pet causes injuries or property damage to another
  • If a guest is severely injured while on your property
  • If you cause accidental injuries to another while away from home, such as at the Lexington Skate Park
  • If you are accused of libel or slander

Learn more about what your homeowners liability coverage can do for you by consulting a local independent insurance agent.

What Is the Burglary Rate in Lexington, NE?

The burglary rate in Nebraska is lower than the national average. In Lexington, the rate exceeds the state average but is still lower than the national rate. Residents of this small city report about 25 burglaries a year. Fortunately, homeowners insurance can compensate you for loss or damage if you are the victim of a burglary or other property crime.

  • Number of burglaries per 1,000 homes in the US: 4.69
  • Number of burglaries per 1,000 homes in Nebraska: 3.38
  • Number of burglaries per 1,000 homes in Lexington: 3.83

Insurance companies often offer discounts to policyholders who have and use deadbolt locks, home security systems, and other theft deterrents installed in their homes. Your local insurance agent can review these and other potential discounts when helping you find a suitable policy.

What about Insurance for Second Homes and Vacation Homes?

Perhaps you own a second house nearby that you rent out to young families in order to make some extra income.  Or maybe you own a small ski lodge in the Colorado mountains. Whatever your reasons, if you own a house that does not serve as your primary residence, there are additional insurance factors that need to be considered.

Houses that are occupied by tenants have high liability risks and most insurers will require you to cover them with landlord insurance. Vacation houses are often left unoccupied for long periods. These homes have a higher risk of structural damage and may need to be covered by vacant home insurance when not in use. Your insurance agent can explain the coverage needs associated with all of your extra residential properties so that you are able to find appropriate and affordable coverage for all of your homes.

Why Work with an Independent Insurance Agent in Lexington, NE?

A local independent agent can be a wonderful resource when you are shopping for insurance for your Lexington home. These agents do more than just help you find great coverage at a competitive price. They can also make sure you get any discounts you are entitled to, answer any questions you may have about insurance, and provide assistance if you need to file a claim.

Contact an independent insurance agent in or near Lexington to start comparing customized homeowners insurance quotes.

Sources © 2020, Consumer Agent Portal, LLC. All rights reserved.

http://www.naic.org/prod_serv/AUT-PB-14.pdf
https://www.census.gov
http://www.city-data.com

© 2020, Consumer Agent Portal, LLC. All rights reserved.

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