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Best cheap homeowners insurance in Irving

Skyline of the Las Colinas area of Irving, Texas
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Skyline of the Las Colinas area of Irving, Texas
Davel5957/Getty Images
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Homeowners insurance can be a financial lifesaver when things go wrong, but it doesn’t necessarily come cheap. In Irving, Texas, the average cost of homeowners insurance is $2,236 per year for $250,000 of dwelling coverage, which is higher than the national average of $1,383 per year for the same amount of dwelling coverage. The high cost of home insurance in Irving is even more surprising when you consider that the median property value was only $196,500 as of 2020.

The good news is, though, that Irving homeowners aren’t necessarily stuck paying a lot of money for good homeowners insurance coverage. There are options for homeowners who want to find the best cheap homeowners insurance in Irving. To help you get started, Bankrate took a comprehensive look at dozens of insurance options. We reviewed quoted premium data from Quadrant Information Services, along with third-party ratings, coverage options and discounts to determine which company offers affordable rates for the best coverage.

Best cheap home insurance companies Irving

With the average cost of homeowners insurance in Irving at $2,236 per year, homeowners may want to see the most affordable options but also ones that cover their insurance needs. Based on our analysis of the rate data, the top picks for the best affordable home insurance companies in Irving include Texas Farm Bureau, Farmers and USAA. The table below lists the average premiums and J.D. Power scores for each company for further comparison, as well each company’s Bankrate Score. The Bankrate Score is based on the third-party ratings, coverage options and rates, and assigned a numerical value based on a five-point scale.

Home insurance company Bankrate Score Average annual premium for $250K dwelling coverage J.D. Power score
Texas Farm Bureau Not rated $641 N/A
Farmers 3.8 $1093 884/1,000
USAA 4.8 $1,689 905/1,000
Chubb 4.4 $1,689 896/1,000
State Farm 4.7 $1,830 880/1,000

*USAA is ineligible for official ranking with J.D. Power due to eligibility restrictions

Texas Farm Bureau

Since 1952, Texas Farm Bureau has provided homeowners with a variety of insurance options, including homeowners policies. With an average annual rate of $641 for $250,000 in dwelling coverage, Texas Farm Bureau offers some of the cheapest homeowner insurance rates in Irving. While you must be a member of the Farm Bureau organization in order to purchase a homeowners policy from this company, a policy from this company could come with big perks for homeowners. In addition to affordable average rates, homeowners may find they are eligible for one or more of Texas Farm Bureau’s discount opportunities, which includes discounts for multi-policy, central alarm systems and roof replacement.

Learn more: Texas Farm Bureau Insurance review

Farmers

Farmers offers some of the cheapest average homeowners insurance rates in Irving, according to our analysis of average rate data. In addition to low average rates, this company offers a unique approach to purchasing a homeowners insurance policy that allows policyholders to choose from one of three coverage packages: the Standard, Enhanced, and Premier packages. The Standard Package is built around affordability and offers basic coverage, while the Enhanced Package offers higher coverage limits and more coverage options. The Premier Package offers the highest coverage limits and guaranteed replacement cost coverage. While not everyone may appreciate the package approach, Farmers also offers other policy additions, including an eco-rebuild option.

Learn more: Farmers Insurance review

USAA

USAA consistently receives 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 that is geared toward the unique needs of military members. For example, policyholders may be able to add home sharing coverage if they temporarily rent their home or take advantage of coverage for military uniforms. To top it off, USAA offers a few discounts to its policyholders.

Learn more: USAA Insurance review

Chubb

Chubb not only offers some of the least expensive average rates reviewed in Irving, but it also received the highest rating of the companies on this list on the 2021 J.D. Power survey (excluding USAA). Chubb also offers more types of coverage than average with its standard policy, including coverage types that typically cost extra with other companies. This includes additional living expenses and a cash settlement option. Discount opportunities may also be available, including a discount for installing fire alarms and security systems or living in a gated community. It’s worth noting, though, that while Chubb offers a smartphone app, it is currently tailored more toward auto policyholders. However, customers can still access their home policy information online, through the company’s customer service representatives, or via their agents.

Learn more: Chubb Insurance review

State Farm

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 does not offer the lowest average rates on our list, it has an above-industry-average customer satisfaction ranking from J.D. Power. State Farm also offers a robust line of insurance products and a moderate number of discounts that could help to lower the cost of your home insurance policy if you qualify.

Learn more: State Farm Insurance review

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

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2022 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.

Bankrate Score

Bankrate Scores primarily reflect a weighted rank of industry-standard ratings for financial strength and customer experience in addition to analysis of quoted annual premiums from Quadrant Information Services, spanning all 50 states and Washington, D.C. We know it is important for homeowners to be confident their financial protection covers the likeliest risks, is priced competitively and is provided by a financially-sound company with a history of positive customer support.

To determine how well the best home insurance companies satisfy these priorities, third-party agency ratings from J.D. Power, AM Best, S&P, NAIC, and Moody’s had the most impact on the companies’ Bankrate Scores. As price is a common consideration for homeowners, we analyzed quoted premiums based on 40-year-old male and female homeowners with a home policy with $250,000 in dwelling coverage. This profile, assessed across nearly 35,000 ZIP codes in the U.S., provided a basis on which homeowners may compare each provider.

While coverage options, insurer availability, affordability and customer experience are often the top priorities, Bankrate also analyzed each insurer’s online and mobile resources for policy management and claims handling. Insurance is rapidly evolving to keep pace with our digital world, so these aspects also carried weight in determining Bankrate Scores.

Written by
Joshua Cox-Steib
Insurance Contributor
Joshua Cox-Steib has two years of experience in writing for insurance domains such as Bankrate, Coverage.com, The Simple Dollar, Reviews.com, and more. His work has also been featured on such sites as MSN and BBB (Better Business Bureau). His insurance writing career has spanned across multiple product lines, with a primary focus on auto insurance, life insurance, and home insurance.
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