Insurance premiums may be steep at times, but homeowners insurance policies can often be a windfall when things go wrong. And for homeowners with mortgages, you may even be required to maintain a certain level of home insurance by a lender. When it comes to homes in Garland, Texas, a significant percentage are owner-occupied, at roughly 62% in 2019. Among these homes, the median value was $160,800.
In Garland, Texas, homeowners insurance costs an average of $2,270 per year for $250,000 worth of dwelling coverage. To find the best affordable home insurance Garland has to offer, Bankrate gathered local rates of insurance companies with significant market share, using Quadrant Information Services. From there, we compared companies across premiums, J.D. Power scores, discounts and more.
Best cheap home insurance companies in Garland
The table below highlights some of the most affordable and best home insurance companies in Garland, Texas, as determined by our methods. By weighing each company’s average annual premiums for 2021, J.D. Power score and coverages, we arrived at five standout companies.
|Home insurance company||Average annual premium for $250K liability||J.D. Power score|
|Nationwide||$1,536||808 / 1,000|
|State Farm||$1,759||829 / 1,000|
|Travelers||$1,814||803 / 1,000|
|USAA||$1,900||889 / 1,000|
|Allstate||$1,921||829 / 1,000|
Nationwide is one of the most established names in insurance. It offers some of the lowest average rates in the Garland area, as well as numerous potential discounts to help drive premium costs down further. While it did not score the highest J.D. power score of our five providers, the company is relatively affordable, has extensive coverage options, and significant discounts more than make up for it. Additionally, ordinance insurance comes standard on Nationwide’s home insurance policies and helps pay to rebuild your home up to code after a covered loss.
State Farm’s rates are higher than the national average, but this can vary notably between individual ZIP codes. On the other hand, State Farm’s average rates in Garland are considerably lower than the average cost for the area, around a $500 difference. While State Farm has discounts, there are fewer available than with some of its competitors. However, the company scored within the top 10 providers in the J.D. Power report, marking its customer satisfaction as above industry-average. This, combined with their relatively low average rates in the area, make State Farm one of the best cheap homeowner insurance companies in Garland, Texas.
Travelers insurance is a well-established brand with a history of customer satisfaction. While the company ranked lower in the J.D. Power report, it balances its score out with other features and past performances. Travelers’ rates are still well below the city’s average — roughly by $400 — and there are a variety of discounts, such as for being a recent home buyer. If you make it a point to use “green” materials in your Garland home, you could even receive up to 5% off by having a certified green home.
USAA is somewhat unique as an insurance company. Its services and policies are exclusively offered to military members, active and retired, and eligible members of their families. Beyond this, USAA has consistently scored at or near the top of the J.D. Power report, though its limited membership makes it rank-ineligible. Still, it is worth noting that USAA’s eligible policyholders rank customer satisfaction so highly. This could in part be due to important offerings such as earthquake coverage or the inclusion of military uniforms.
Its discount options are fewer than some other providers. Nevertheless, USAA offers quality coverage for lower than the average cost of homeowners insurance in the Garland area.
Allstate is one of the largest insurance companies by market share, with a service history that goes back nearly a century. The J.D. Power report reflects Allstate’s devotion to customer satisfaction, as they scored sixth overall. Its average rates for the Garland area are lower than the local average, but one of the highest on our list. However, its high customer satisfaction score combined with its opportunities for homeowners to save helps secure Allstate’s position on this list. There are also impactful discounts up to 20% for being claims-free or up to 25% for bundling your home and auto.
Home insurance coverage options in Garland
Unlike auto insurance, home insurance is not mandated by the state. However, mortgage lenders do often require their borrowers to maintain home insurance. Even if you are not required to carry homeowners insurance, financially protecting your property against loss is generally a wise decision. In places that experience extreme weather, like the flooding that Garland has seen, it could even be prudent to purchase additional coverage types.
- Flood insurance: Flood coverage is generally not included in basic homeowners policies. It often has to be purchased separately or as an add-on. In places that experience frequent or extreme flooding, like Garland, this type of coverage can provide an important financial safety net.
- Water backup: While the basics of most homeowners policies will cover some types of water damage, it is often limited. Sewer backups and sump pump failures often need to be covered by add-ons or policy riders. This coverage can protect against the financial loss from water damage caused by a failed sump pump or a backed-up sewer. People who live in high flood risk areas may benefit from these policies more than others.
- Extended dwelling coverage: Dwelling coverage is standard on homeowners insurance policies, but there may be where you need higher limits to cover the cost of rebuilding. This could be an especially beneficial endorsement in events that cause mass damage and lead to multiple insurance claims being made by those affected in a short timeframe.
Home insurance discounts in Garland
Homeowners insurance can be costly, but there are often ways to reduce your expense. One of the best ways to do this is by taking advantage of discounts offered by your insurance company. Not all discounts are applicable for all customers, so finding the ones that will work for you can be useful in your purchasing decision. In some cases, you may see that you qualify for discounts that you are not yet using. In other situations, qualification may require a bit of work.
- Multi-policy: When purchasing more than one policy, it can often save money if you purchase them from the same company. Insurance companies generally provide sizable discounts on premiums to customers who bundle multiple policies from them. It functions somewhat like a customer loyalty reward, where both sides may benefit.
- New homeowner: Some insurance companies offer discounts to new homeowners. Depending on the company, this can be defined slightly differently. However, if you qualify with your insurer, this discount can often help with premiums.
- Home safety device: Protective and safety devices such as quality locks, smoke and carbon monoxide detectors, and burglar alarms can often lead to discounts with home insurance companies. In general, the less risky you and your property are to insure, the less the company is likely to charge.
- Higher deductible: One of the riskier methods for reducing premiums is choosing a higher deductible, thereby lowering your payments. The deductible is the amount that gets subtracted from your insurance claim before the policy comes into play. As such, insurance experts recommend only choosing a higher deductible if you can afford the difference left after a claim.
When it comes to saving money on home insurance in Garland, Texas, homeowners may have several options. Local insurance companies offer multiple discounts, from bundling policies to higher deductibles or home safety devices. For homeowners with a vehicle, multi-policy may be the most accessible discount that offers significant savings. As long as your company offers this discount — and many do — maintaining your home and auto insurance with the same company would be the base requirement.
Frequently asked questions
What is the best home insurance company?
The best home insurance company often varies between people and situations. In part, this is because the variables that go into calculating a policy are complex and abundant. To decide for yourself, you could consider your area-specific considerations, such as damaging weather events or average premiums, and compare them against your coverage wants and needs.
How much does home insurance in Garland cost?
Based on the profile we used, home insurance in Garland costs $2,270 per year for $250,000 of dwelling coverage, on average. While this provides a baseline, prices will vary between customers and circumstances.
How much home insurance do I need in Garland?
Determining how much homeowners insurance to purchase might be complicated with many factors to weigh. Generally, people decide how much coverage to buy based on the market value of their home, property and contained belongings.
Bankrate utilizes Quadrant Information Services to analyze 2021 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.