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What type of insurance do you need?
On average, American homeowners pay $1,211 per year for their home insurance coverage. However, in Texas, the average annual premium is much higher at $1,893 a year, making this one of the most expensive states for home insurance in the country. Shopping around for the best price has the potential to save you hundreds of dollars a year.
Even though the cost of home insurance may seem like a lot of money, having this coverage is important because hazards like severe weather, wildfires, and property crimes can result in expensive losses for Texas homeowners who are not insured.
Your home insurance policy is designed to cover you against many of the hazards you are likely to face as a property owner in Texas. Whether you have been impacted by a hurricane, a house fire, or a rash of burglaries, you can gain peace of mind from knowing that a suitable Texas homeowners insurance policy can absorb your financial losses.
Let’s look at the coverage your Texas policy can provide:
If you are lucky, you will never need to use your homeowners insurance. However, it's a good idea to have this coverage backing you up, especially in Texas where severe weather events are common.
Consider this: Last year alone, Texas property owners collected more than $7 billion in home insurance claims. That's a lot of unfortunate events happening in The Lone Star State.
Insurance companies calculate home insurance costs according to how valuable your property is and how likely it is that something bad will happen to it.
The higher the probability that a damaging event will affect your property, the more expensive your home insurance policy will be. These potential damaging events are called "risks” or “exposures.” Let’s take a look at how risky Texas is compared to the rest of the US.
The good news is that the overall burglary rate in Texas is a bit higher than the national average. This can have a negative influence on insurance rates if you live in a high-crime area of this state.
Of course, even with insurance backing you up, you will want to reduce your risk of being targeted for a burglary. Many insurance companies offer policy discounts if you have a burglar alarm, deadbolt locks, and other security features installed in your home.
Severe weather events, such as hurricanes and tropical storms, can wreak havoc on residential properties in this state. Be sure that your home insurance provides all the coverage you need before disaster strikes.
The size of your home can affect your home insurance rates, since larger homes tend to have more personal property inside them. The estimated cost to rebuild your home will also play a large role in how much your home insurance costs.
In Texas, the average home value is lower than the national average. However, in many of this state’s larger cities and their suburbs, properties values are significantly higher.
Yes! There are currently 1,791 independent insurance agents in Texas who are ready to help. Did you know that independent insurance agents can work with several different insurance providers to find you the best rate for coverage? Working with these agents enables you to buy a policy that meets all your coverage needs at a price you can afford.
No single insurance company is “best” for everyone. That is why independent agents compare policies and rates from multiple companies to find you the coverage that is best able to meet your particular needs and budget.
National average burglary rate 4.69 per 1,000 homes
National average home value $188,900
National average home insurance cost $1,173 year
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