Homeowners insurance can be a financial lifesaver when things go wrong. In Irving, Texas, the average cost of homeowners insurance is $2,247 per year for $250,000 of dwelling coverage. This is higher than the average cost for home insurance in Texas as a whole, which is $1,863 per year, and significantly higher than the national average annual premium of $1,312. The high cost of home insurance in Irving is even more surprising when you consider that the median property value is only $177,500.
To determine the best cheap home insurance companies in Irving, Bankrate’s editorial team compared popular insurance companies using a variety of factors. We utilized Quadrant Information Services to obtain current quoted premium information, then compared the companies by customer service scores, coverages and discounts.
Best cheap home insurance companies Irving
|Home insurance company||Average annual premium for $250K dwelling coverage||J.D. Power score|
|Nationwide||$1,581||808 / 1,000|
|USAA*||$1,673||889 / 1,000|
|State Farm||$1,781||829 / 1,000|
|Allstate||$1,870||829 / 1,000|
|Travelers||$1,931||803 / 1,000|
*USAA is ineligible for official ranking with J.D. Power due to eligibility restrictions
Nationwide is one of the largest and oldest insurance companies in America. With an average rate over $600 cheaper than the local average, Nationwide is well-positioned as one of Irving, Texas’s best cheap home insurance companies.
In addition to its low average premiums, Nationwide offers numerous discounts that may help you save even more. You may qualify for a discount if you purchased your home in the last 12 months, if you have a home security system or if you live in a gated community.
USAA is consistently given high scores from J.D. Power, although the company is not eligible for official ranking. This is because USAA’s insurance coverage is only available to current or past military members and certain members of their families.
If you qualify, USAA offers home insurance geared to the needs of military members. You may have coverage for your military uniforms, for example. You might also be able to add home sharing coverage if you temporarily rent your home. To top it off, USAA offers a few discounts to its policyholders.
State Farm is the largest home insurance company in the U.S. and has agents across the country. The company has over 19,000 employees spread across the United States, making it an understandable choice for those who prefer in-person interactions. While State Farm is not the lowest company on our list, it has an above-industry-average customer satisfaction ranking from J.D. Power.
State Farm offers high customer satisfaction standards, a robust line of insurance products and a moderate number of discounts. When combined with the company’s J.D. Power score and average costs, these factors place State Farm solidly on the list of best cheap home insurance companies in Irving.
While it is one of the more expensive companies on our list, Allstate still offers average rates for the Irving area that are lower than the overall local average. Allstate also tied with State Farm in the J.D. Power study with above-average customer satisfaction scores.
The company has over 12,000 agents throughout the U.S. and offers an extensive list of insurance products. With numerous discounts available, from new buyer to multi-policy, Allstate provides opportunities to help you lower your premium.
Although its premium is the highest on our list, Travelers’ average premium is still well under the local average. The company also offers several discounts that might help you to lower your premium, including discounts for having protective devices like smoke alarms in your home, being loss-free and insuring multiple policies.
Travelers also offers a range of optional coverages to tailor your policy to your needs, including water backup coverage, jewelry and valuable items coverage and identity fraud coverage.
Home insurance coverage options in Irving
In general, homeowners insurance is not mandated in the way that auto insurance can be. However, if you have a mortgage, it is likely that your mortgage lender will require that you maintain homeowners insurance.
When shopping for homeowners insurance in Irving, the weather can be a significant factor in which coverage options make the most sense for you. For instance, severe storms and flooding are some of the risks that homeowners in Irving face. You may want to consider the following coverages for your home insurance:
- Flooding coverage: Home insurance policies generally do not cover damage caused by floods. Flood coverage is typically purchased as a separate policy. In places where flooding occurs frequently, this option may be worth considering.
- Water backup coverage: Water damage caused by failing sump pumps or backed-up sewer lines is often not automatically covered by a homeowners insurance policy but might be offered as an endorsement.
- Roof replacement cost coverage: Because storms are relatively common across Texas, your roof could take a beating from rain, wind and hail. Choosing a policy that gives you replacement cost coverage on your roof might help you to have less to pay out of pocket if you file a claim. However, not all companies offer this coverage and not all roofs are likely to qualify.
Talking to a licensed agent may help you to determine what coverages are right for your specific situation.
Home insurance discounts in Irving
The average home insurance premium in Irving is significantly higher than the national average. Thankfully most companies offer discounts which might reduce the cost of your policy. Some common discounts in Irving include:
- Multiple policy discount: With many insurance companies, you can save significantly by bundling multiple policies within that company. One of the most common ways to do this is by purchasing both home and auto insurance from the same company. However, other policy types may qualify for this discount, depending on your insurer.
- Home safety discount: It is common for home insurance companies to offer discounts for home protective devices, like burglar alarms or smoke detectors.
- Paperless discount: If you sign up for paperless statements, you may save money on your home insurance.
Another way to lower your premium is to increase your deductible. Your deductible is the amount of money you will pay out of pocket if you file a claim. Typically, the higher your deductible, the lower your premium. However, you may want to consider your larger financial situation when choosing a deductible. You should choose an amount you can realistically afford to pay if you file a claim.
Frequently asked questions
What is the best home insurance company?
Because of how nuanced every policy and customer is, the best home insurance company may be different for everyone. You may want to identify what is important to you, like high customer service scores or a low average premium, and then get quotes from multiple providers.
How much does home insurance in Irving cost?
On average, home insurance in Irving costs $2,247 per year for $250,000 of dwelling coverage. The cost of home insurance is based on numerous factors, including your age, credit score, claims history and the value of your property. Your premium will likely be different than the average.
How much home insurance do I need in Irving?
Determining how much home insurance to purchase involves considering a few aspects of your financial picture. If you have a mortgage or another kind of loan on your home, your lender may require at least a minimum amount of dwelling coverage. You may also want to cover your home for its full rebuilding cost, so that your finances are better protected if your home is destroyed. Your personal property limit and liability limit are also important considerations, as is your overall tolerance for risk. Talking to an insurance professional might help you decide how much coverage to purchase.
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.