El Paso, Texas is one of the largest cities in the Lonestar State, with a population of 683,000 and a homeownership rate of 58.3%, which is lower than the national average of 63.9%. The average cost of home insurance in El Paso is $1,128 per year for a policy with $250,000 in dwelling coverage. Average rates in El Paso are lower than the Texas average of $1,863.
If you are shopping for home insurance in El Paso, it is important to know that home insurance rates vary based on several factors, including the insurance company you choose. We did some research to find the best cheap home insurance in El Paso based on price, discounts and coverage options.
Best home insurance companies in El Paso
The best home insurance companies in El Paso, Texas, based on our criteria, are Nationwide, Chubb, Travelers, Progressive and USAA. These carriers stand out for offering below-average rates, excellent discounts, reliable coverage and good financial strength.
|Home Insurance Company||Average Annual Premium for $250K Liability||J.D. Power Score|
Based on our sample quotes, Nationwide offers the cheapest home insurance in El Paso, Texas, with an average annual premium of $745. Not only does Nationwide provide affordable rates, but the company has lots of discounts. There are savings for being claims-free, having a new roof, insuring a new home, renovating your home and living in a gated community.
Additionally, Nationwide might be a good fit for any homeowner who wants to customize their policy with endorsements. The carrier offers various optional coverages, including earthquake insurance, flood insurance, replacement cost plus coverage, better roof replacement coverage, credit card coverage and a few others.
Chubb specializes in insurance for high-value homes, so it is probably a good option for El Paso homeowners who need at least $1 million in coverage. Chubb customers can take advantage of unique member perks, excellent customer service and comprehensive coverages without paying a huge premium.
Every Chubb Masterpiece® Homeowners policy includes extended replacement cost coverage, risk consulting services and a cash settlement option. The company also offers free services to protect your home, like a wildfire defense assessment. Unfortunately, Chubb does not offer many discounts, but you can save money by bundling your home and auto policy.
Travelers is a solid home insurance company across the board, with affordable rates, good discounts and a wide range of endorsements for enhanced protection. In El Paso, the average Travelers home insurance premium is $806 per year, which is $322 cheaper than the citywide average rate.
In terms of coverage, you can design a fully customized policy with endorsements like water backup/sump pump coverage, contents replacement cost coverage, green home coverage, special personal property coverage, identity fraud coverage and more. Travelers also offers a handful of discounts for policy savings.
Progressive is one of the larger home insurance companies in the country. It is known for low rates and generous discounts. El Paso homeowners can get a lower premium by insuring a newly purchased home, getting a quote in advance, bundling their policies, insuring a newly constructed home, paying in full and more.
One of the downsides to Progressive is that the home insurance coverage is limited, with only two endorsements. However, we like that Progressive offers helpful online resources and tools, like the HomeQuote Explorer, which allows you to compare Progressive’s home insurance rates and coverage options to other insurance carriers.
USAA is highly rated by J.D. Power for overall customer satisfaction year after year, and it has a reputation for offering top-notch customer service. The caveat is that you must be an active duty or retired military service member to qualify for coverage through USAA.
El Paso homeowners eligible for USAA home insurance can get access to low rates, reliable coverage options and several discounts. If you are deployed or on active duty, USAA will also cover your military uniform in the event of a qualifying loss.
Home insurance coverage options in El Paso
Unlike auto insurance, homeowners insurance in El Paso is not legally required. However, many lenders will require you to have home insurance as part of your loan terms if you have a mortgage.
Regardless of your situation, having a home insurance policy is usually a good idea. Homeowners coverage offers financial and legal peace of mind in the event of potential losses, like theft, fire, and guest injuries. Here are some coverage options that can benefit homeowners in El Paso:
- Flood insurance: Although hurricanes are uncommon in El Paso, major flooding can occur, so having flood insurance could be critical. Standard home insurance policies usually exclude coverage for flood damage, but you can buy a standalone flood insurance policy from the National Flood Insurance Program (NFIP).
- Earthquake insurance: El Paso is located near the East Franklin Mountain Fault, a potential earthquake site. Home insurance rarely covers earthquake damage, so you may need to purchase a separate earthquake insurance policy or endorsement to protect your home and personal items from earthquake damage.
- Contents replacement cost coverage: Standard personal property coverage will pay to replace your personal items after a covered loss, but depreciation is factored into your payout. With contents replacement cost coverage, you can get reimbursed for the total value of your belongings at their original price.
Home insurance discounts in El Paso
If you are looking for cheap home insurance in El Paso, Texas, look for discounts offered by insurance companies. The more discounts you can take advantage of, the more money you can save on your policy. Here are some popular home insurance discounts that El Paso homeowners should consider:
- Claims-free discount: Homeowners who have no prior insurance claims on their record within the last several years can usually qualify for a lower rate.
- Automatic payment discount: If you enroll in automatic payments rather than making one-time monthly payments, some insurance companies will lower your rate.
- Security system discount: If your home has a security system, whether it is professionally managed or DIY, you might be able to save some money on insurance.
Frequently asked questions
What is the best home insurance company?
For every homeowner, the best home insurance company is different. Some homeowners are looking for the cheapest rates, some are looking for specific coverages, and others want great customer service. We recommend evaluating providers using your personal criteria and getting quotes from several different companies to see which one is the cheapest.
How much home insurance do I need in El Paso?
Homeowners insurance in Texas is not legally required. But if you buy coverage, you should consider getting enough dwelling insurance to cover the cost of rebuilding your home and enough personal property insurance to replace your family’s personal belongings in the event of a loss. In terms of liability insurance, it’s usually a good idea to set your policy limit based on the value of your assets that could be at risk in the event of a lawsuit.
Bankrate utilizes Quadrant Information Services to analyze 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 may be different.
Rates are determined based on 2021 Quadrant Information Services data.