Best cheap homeowners insurance in Laredo

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The majority of Laredo residents — 61.8%, to be exact — own their own homes. Real estate is reasonably priced in the city, with the average home costing just under $130,000. Homeowners insurance costs an average of $1,393 per year for a home with $250,000 in dwelling coverage.

Unlike some areas of Texas, Laredo does not as severely experience the types of extreme weather that can severely damage homes. However, it may see the tail end of hurricanes and there is some possibility of flooding along the Rio Grande and near other water sources. This may impact the cost of your homeowners insurance policy.

Finding the best cheap home insurance in Laredo may take a little research, but it is possible to find solid, reasonably priced policies in Laredo, possibly for less than the city average. To find the best homeowners insurance in Laredo, Texas, Bankrate looked at a number of variables, including customer service ratings, the breadth of coverage options, discounts and, of course, average quoted premiums.

Best cheap home insurance companies in Laredo

Five of the best home insurance companies selling policies in Laredo are USAA, Nationwide, Progressive, Travelers and Allstate. You can find a range of coverages for your home, which you could personalize to your needs, and lower premiums on average from any of these companies. Additionally, each company has customer service ratings from the 2020 J.D. Power Home Insurance Study that makes it competitive in the insurance market.

Home insurance company Average annual premium for $250K liability J.D. Power score
*USAA $850 *889 / 1000
Nationwide $1,063 808 / 1000
Progressive $1,219 797 / 1000
Travelers $1,301 803 / 1000
Allstate $1,310 829 / 1000

*Due to membership eligibility restrictions, USAA is considered rank-ineligible by J.D. Power.

USAA

USAA issues policies solely to members of the U.S. military, veterans and their families. If this describes you, you might put USAA on top of your list of insurers to look at. The company is well known for its supportive and efficient customer service. In fact, it earns the highest J.D. Power score, although it is not eligible for official rankings due to its restricted membership.

USAA also excels in terms of cost. It has the lowest average rate of any of our five selected companies for the Laredo area. In addition to a handful of discounts and good coverage options, USAA offers tailored coverage for military members, including perks such as coverage for uniforms.

Nationwide

Nationwide offers all the usual types of coverage that are found in an HO-3 (the most common type) policy. These include dwelling coverage, liability, other structures coverage and loss of use, which pays for your costs if you are unable to live in your home while it is being repaired.

Nationwide’s basic coverage also includes a few extras, such as credit card fraud coverage and ordinance or law insurance, which will help you rebuild your home to current building codes. A handful of discounts may bring your premium down even lower than the company’s already low average premium price.

Progressive

For home insurance, Laredo residents may opt for Progressive, as it offers a range of common coverages for a good price. Its J.D. Power score is on the lower side, indicating that the company could put a higher focus on customer service, but your own experience may be excellent depending on the agent you deal with. Optional coverages available from Progressive include water backup and identity theft coverage, which helps manage the security of your personal information.

Travelers

Travelers has coverage for your dwelling and property, along with liability, at competitive rates. On top of basic coverage, it offers optional coverages such as a personal articles floater if you own valuable items, green home coverage and identity fraud reimbursement up to $25,000.

Traveler’s discounts could save you more money. For instance, you could earn a discount if you bundle your homeowner policy with an auto policy, or one if you purchased your home within the last 12 months. There is also a discount if you are being claims-free, having protective devices, and having a green home.

Allstate

Although Allstate gave us the highest average rate among our chosen insurers, it is still below Laredo’s average of $1,393. Your own policy may be even cheaper, depending on the value of your home and other factors. In addition to basic coverages, Allstate allows you to add to your policy by making options for umbrella coverage, home-sharing coverage and flood insurance available, which are not standardly covered by HO-3 policies.

Allstate has some nice perks for policyholders, including Claim Rateguard, which means your premium will not go up after a claim, a claim-free bonus and deductible rewards, which give you money off on your deductible when you stay claim-free.

Home insurance coverage options in Laredo

Unlike car insurance, homeowners insurance is not required in Texas. Your mortgage lender, however, may require you to carry a homeowners insurance policy. However, even if you do not have a mortgage, it may still make sense to purchase a policy to protect your considerable investment in your home.

Your basic HO-3 home insurance policy covers several things: your home’s structure, your property, other buildings on the property and liability. It may also cover costs you would incur if you could not live at home following a covered disaster. There are generally a few add-ons available that allow you to personalize your policy in a variety of ways, including the following:

  • Flood insurance: If your home is in a flood zone or you are concerned about a local source of water overflowing — even if it is something as small as a drainage ditch — you could consider flood insurance. Flood damage is not typically covered by basic homeowners insurance policies, but is available from most insurers for an extra cost.
  • Scheduled personal property: Your basic policy generally covers your personal belongings. But if you own something with a particularly high value, such as jewelry, artwork, sports equipment or electronics, you may need extra coverage to ensure reimbursement if they are damaged or stolen.
  • Identity theft: Some insurers cover your personal information and identity as a part of their basic coverage, but many require you to pay an extra fee to be covered for the cost of legal fees, lost wages or restoration costs if your identity is stolen.

Home insurance discounts in Laredo

Discounts are one of the best ways to save money on your premium and could have a meaningful impact on what you pay each year for coverage. You may be able to find cheap house insurance in Laredo by taking advantage of some of the following discounts:

  • Bundling or multi-policy: If you purchase your auto insurance from the same company as your homeowners policy, you may save a small amount on both premiums.
  • Non-smoker: Some insurers will reward non-smokers with a discount on their homeowners policy.
  • Claim-free: Your insurer may give you a discount if you go for a certain period of time, such as three to five years, without making a claim.
  • Protective devices: Most insurers will give you a discount for things that make your home safer. This often includes smoke and fire alarms, sprinkler systems and anti-theft alarms and devices.

Frequently asked questions

What is the best home insurance company?

The best home insurance company for you is the one that provides you with the best rate, accompanied by excellent customer service and the opportunity to customize your policy to fit your own needs. Try getting several quotes when you are shopping around so that you can compare potential insurers before choosing.

How much does home insurance in Laredo cost?

The average cost of home insurance in Laredo is $1,393 for a home with $250,000 in dwelling coverage. This is well below the Texas average, which is $1,863 per year for the same amount of coverage. Your own costs will probably differ from this depending on multiple factors such as your credit rating and the value and location of your home.

How much home insurance do I need in Laredo?

Experts recommend that you purchase enough home insurance to rebuild your home and replace your belongings if they were destroyed in a disaster, such as a fire. Your insurance agent could work with you to find the right amount of insurance for your property.

Methodology

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.

Written by
Mary Van Keuren
Insurance Contributor
Mary Van Keuren has five years of experience writing for insurance domains such as Bankrate.com, Coverage.com and Thesimpledollar.com. She has also written extensively for consumer websites including reviews.com and myslumberyard.com. Prior to that she worked as a writer in academia for several decades.