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Best cheap homeowners insurance in Laredo

Laredo Landscape and Sunset
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Laredo Landscape and Sunset
©️fitopardo/Getty Images
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Home insurance in Laredo, Texas averages $1,387 per year for $250,000 in dwelling coverage, which is in line with the national average of $1,383 per year. Laredo also has a higher home ownership rate of 61.8%, which means a large portion of homeowners could be on the hunt for the best cheap homeowners insurance in the area.

The cheapest homeowners insurance company in Laredo is Farmers, according to Bankrate’s analysis of 2022 rates from Quadrant Information Services. However, homeowners may want to purchase a policy based on more than the cheapest rates, which is why Bankrate analyzed a range of factors. By taking into consideration aspects such as third-party ratings for customer service and financial strength, plus coverage and discount options, we have provided a more comprehensive view of the best cheap insurance in Laredo.

Best cheap home insurance companies in Laredo

According to our study, the best home insurance companies selling policies in Laredo are Farmers, USAA, Nationwide, Chubb and Travelers. You can find lower average premiums and a range of coverages for your home which can be personalized to your needs from any of these companies. Additionally, each company has customer service ratings in the 2021 J.D. Power Home Insurance Study so you can see how they are viewed by actual customers.

Bankrate reviewed each company’s average annual premiums, coverage options and third-party ratings to determine a Bankrate score. The score, which is based on a five-point scale, assigns a value to the insurance provider based on these various factors.

Home insurance company Bankrate Score Average annual premium for $250K dwelling coverage J.D. Power score(Texas)
USAA* 4.8 $839 882/1,000
Chubb 4.4 $1,232 801/1,000
Nationwide 4.0 $1,156 812/1,000
Farmers 3.8 $803 813/1,000
Travelers 3.7 $1,336 800/1,000

*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 immediate families. If this describes you, you might want to consider putting 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 ranking 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 coverage tailored for military members, including perks such as coverage for uniforms.

Learn more: USAA Insurance Review

Chubb

Chubb homeowners insurance offers plenty of coverage options for its customers, including add-ons such as cash settlement option, ordinance of law coverage, water backup and tree removal. These are only a few of the ways you can truly customize your policy to fit your needs, including options for luxury homes.

Chubb does not perform as well as most other providers with the 2021 J.D. Power Home Insurance study, but its long list of potential discounts may help make up for it. Discount opportunities such as policy bundling, claims-free, security equipment and new construction are examples of ways to save further with Chubb.

Learn more: Chubb Insurance Review

Nationwide

Nationwide offers all the usual coverage types found in an HO-3 (the most common type) home insurance 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. Although Nationwide is not the least expensive option on our list, a handful of discounts may bring your premium down even lower than the company’s already low average premium.

Learn more: Nationwide Insurance Review

Farmers

Farmers Insurance offers the cheapest rates for home insurance in Laredo among the companies we studied. Farmers allows homeowners to choose from three types of policies under its Smart Home Plan. This is an ideal way to shop for some homeowners, especially if you prefer not to go through each coverage choice line by line and are looking for suggested coverages instead.

Although you can choose one of the three package options, you can also modify your policy as you see fit. This allows for full customization, such as adding full replacement cost coverage or increasing coverage limits. While Farmers offers cheap home insurance in Laredo on average, it does not score as high on the 2021 J.D. Power Home Insurance study as some of the other insurance providers we studied.

Learn more: Farmers Insurance Review

Travelers

Travelers offers home insurance coverage for your dwelling and property, along with liability, at competitive average 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’s policy with an auto policy or if you have purchased your home within the last 12 months. There is also a discount for being claims-free for a certain number of years, having protective devices and having a green home.

Learn more: Travelers Insurance Review

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.

A 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 or additional policy types available that allow you to personalize your home insurance 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 may want to consider purchasing flood insurance. Flood damage is not covered by basic homeowners insurance policies, but is available from many insurers for an extra cost.
  • Scheduled personal property: A typical homeowners insurance policy generally covers your personal belongings up to certain limits. 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 on both premiums. Bundling policies often offers the greatest savings opportunities.
  • Non-smoker: Some insurers will reward non-smokers with a discount on their homeowners policy.
  • Claims-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

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 Scores

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
Sara Coleman
Former Insurance Contributor
Sara Coleman is a former insurance contributor at Bankrate. She has a couple of years of experience in writing for insurance domains such as The Simple Dollar, Reviews.com, Coverage.com and numerous other personal finance sites. She writes about insurance products such as auto, homeowners, renters and disability.
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Insurance Editor