Best cheap homeowners insurance in Fort Worth
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Although home insurance isn’t mandatory in Fort Worth (except as required by your mortgage company), there are plenty of perils, such as tornadoes, flooding, wildfires and sinkholes that make your home and property vulnerable to loss or damage, which can have devastating financial impacts. The average premium for Fort Worth, Texas, home insurance is $2,090 per year for $250,000 of dwelling coverage. To help you find the best cheap homeowners insurance companies in Fort Worth, Bankrate’s insurance editorial team considered policy pricing, customer service reviews and other factors and determined that Farmers, USAA and Chubb are some of the best cheap home insurers in the area.
Best cheap home insurance companies in Fort Worth
To find the best homeowners insurance companies in Fort Worth, we compared average annual premium data from Quadrant Information Services for over a dozen carriers. We also calculated a Bankrate Score for each carrier out of five possible points, reflecting 2022 homeowners insurance rates, coverage options, available discounts, digital presence and customer satisfaction and financial strength ratings. In addition, we considered scores in the 2022 J.D. Power home insurance study, which rates overall customer satisfaction across homeowners insurance providers.
The five best cheap home insurance companies in Fort Worth are compared in the chart below. We selected Farmers, Travelers and Chubb as our top three picks for the best cheap home insurance companies in Fort Worth. USAA and State Farm are also worth checking out.
| Home insurance company | Bankrate Score | Average annual premium for $250K dwelling coverage | J.D. Power score |
|---|---|---|---|
| Farmers | 2.9 | $1,202 | 792/1,000 |
| Chubb | 3.5 | $1,459 | 809/1,000 |
| Travelers | 3.3 | $1,537 | 794/1,000 |
| USAA* | 3.7 | $1,725 | 884/1,000 |
| State Farm | 3.2 | $1,806 | 829/1,000 |
*Not officially ranked due to eligibility requirements.
Farmers
Farmers offers the lowest average annual premium on our list by a significant margin, although the carrier has the lowest Bankrate Score – partly due to having a below-average J.D. Power score for overall home insurance customer satisfaction. Nevertheless, Farmers may be worth a look, as it fares close to average with its J.D. Power property claims satisfaction score and offers a specialized quoting process that could be an advantage to you. With the quoting process, you are able to choose between three tiers of coverage — standard, enhanced and premier — and from there, personalize your coverage with add-ons designed to meet specific needs.
Learn more: Farmers Insurance review
Chubb
Chubb primarily tailors homeowners coverage to the luxury market and high-value homes. While this may translate to higher rates for a standard policy, Chubb’s standard offerings are typically more robust than the competition. Additionally, Chubb offers a wide range of discounts that may help offset premiums for those looking for affordable homeowners coverage. These premium savings include a bundling discount for combining home and auto coverage with Chubb and several discounts for installing safety and security features in your home.
Learn more: Chubb Insurance review
Travelers
Travelers home insurance is one of the cheapest home insurance providers in Fort Worth. It has several discounts available, including discounts for new homeowners, security discounts and a unique green home discount. It has a superior A++ AM Best financial strength rating and has fewer complaints than average in the NAIC Complaint Index. However, Travelers home insurance is not available nationwide, and the company has a below-average J.D. Power customer satisfaction score.
Learn more: Travelers Insurance review
USAA
USAA is headquartered nearby in San Antonio, Texas, but is only available to current and former military personnel and qualifying family members. Although the company consistently receives among the highest customer satisfaction scores with J.D. Power, because it is not available to everyone, it cannot be officially ranked. USAA home insurance policies include replacement cost coverage instead of actual cash value, which ensures that you can replace items damaged in covered perils with new versions without the payout subtracting any depreciated value of the original item.
Learn more: USAA Insurance review
State Farm
State Farm is a well-known and highly regarded home insurance provider. Although it has a higher average annual premium, State Farm’s broad portfolio of coverage options and discounts makes the carrier well worthy of consideration for many Fort Worth homeowners. State Farm offers an online quoting system for ease of reviewing options, although there are some restrictions, such as limiting your ability to obtain quotes for manufactured and mobile homes. Additionally, State Farm is well-known for its breadth of exclusive local agents, so if having someone to talk to who understands your area is important, State Farm might be a great option.
Learn more: State Insurance Farm review
Home insurance coverage options in Fort Worth
Texas homeowners are no strangers to extreme weather. High heat in the summer, hail storms, high winds, hurricanes, flooding and wildfires are common enough to make it prudent to buy home insurance, whether your mortgage company requires it or you own your house outright. Residents may want to consider some of these endorsements or additional policies to bolster their financial protection:
- Flood insurance: Floods aren’t covered in a standard HO-3 policy. Purchasing a separate flood insurance policy — underwritten by the National Flood Insurance Program (NFIP) or offered through your home insurance provider — can help protect you from paying out of pocket for the costly peril in Fort Worth.
- Sewer backup: Drain and sewer clogs are expensive to repair and can cause major water damage if a backup occurs. They’re also typically not covered by a standard home insurance policy. Having coverage in the event of a backup or a sump pump failure may save you thousands of dollars out-of-pocket if water damage occurs.
- Guaranteed replacement cost: This type of coverage isn’t cheap, but it means that no matter how much it costs to rebuild your home if it’s destroyed, your home insurance will cover it. Say you have $250,000 in dwelling coverage, but your home is destroyed by a covered peril and it will cost $300,000 to rebuild it. With guaranteed replacement cost, your insurance will cover that additional $50,000.
Home insurance discounts in Fort Worth
Comparing insurance quotes to find the best Fort Worth, Texas, home insurance company is just the first step in saving on your insurance costs. You may be able to save further by taking advantage of home insurance discounts such as:
- Policy bundling: Bundle all your insurance needs with one carrier and you may be able to save money on both your home insurance and car insurance policies.
- Military: If you or a close family member are current or former military service members, your insurance carrier may give you an additional discount.
- Payment: Many insurance companies allow you to automate your payments or prepay your insurance premium annually or semi-annually to earn a small discount.
- Safety: Several safety-related discounts may be easy for you to qualify for, such as discounts for having smoke and carbon monoxide alarms installed, living in a non-smoking home or installing a home security system.
Although each carrier offers different types of discounts with various impacts on premiums, in most cases, bundling discounts and discounts for safety enhancements offer the most insurance savings.
Frequently asked questions
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The best homeowners insurance company varies depending on your needs. It’s best to shop around and compare providers by looking at things like their customer service ratings, coverage options, available discounts and other attributes that are a priority to you.
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A basic HO-3 policy for a $250,000 dwelling costs an average of $1,967 per year in Fort Worth, Texas. This is considerably higher than the 2022 national average homeowner insurance premium of $1,428 per year.
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The most common homeowners insurance policy type in Fort Worth is referred to as an HO-3 policy. An HO-3 policy only offers coverage for your home and personal property impacted by named perils.
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Bankrate utilizes Quadrant Information Services to analyze 2023 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $250,000
- Coverage B, Other Structures: $25,000
- Coverage C, Personal Property: $125,000
- Coverage D, Loss of Use: $50,000
- Coverage E, Liability: $300,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).
These are sample rates and should be used for comparative purposes only. Your quotes will differ.
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Our 2023 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.
Like our previous Bankrate Scores, each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. This year, our 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.
- Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, 2023 quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best and the NAIC, were analyzed.
- Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
- Tier 3 (Support): To encompass the many ways a home insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.
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