The average cost of a homeowners insurance policy in Lubbock, TX is $2,061 per year for a $250,000 house. This is more than both the state average and the national average. Currently, Texas residents as a whole pay an average of $1,863 per year, while the U.S. average is only $1,312 annually.
To choose the best homeowners insurance companies in Lubbock, Bankrate’s editorial team reviewed a variety of factors, including average annual premiums obtained from Quadrant Information Services, J.D. Power customer satisfaction scores, and available coverages and discounts. If you are shopping for home insurance in Lubbock, understanding these factors could help you to make a more educated decision about your insurance coverage.
Best cheap home insurance companies in Lubbock
When it comes to homeowners insurance, Lubbock residents have several options. Listed below are the most popular carriers that currently have the best and affordable homeowners insurance in Lubbock. These companies are our top five choices because of their strong customer service scores, low premiums, coverage offerings and available discounts.
|Home insurance company||Average annual premium for $250K dwelling coverage||J.D. Power score|
|Nationwide||$1,271||808 / 1,000|
|USAA*||$1,406||889 / 1,000|
|Progressive||$1,778||797 / 1,000|
|Travelers||$1,808||803 / 1,000|
|Allstate||$1,863||829 / 1,000|
*USAA is not eligible for official ranking with J.D. Power due to eligibility restrictions
Although it received one of the lowest J.D. Power scores for customer satisfaction of the companies on our list, Nationwide has a low complaint index score with the National Association of Insurance Commissioners (NAIC). Nationwide’s homeowners insurance has a score of 0.53. A score of 1.00 means that the NAIC received an industry-standard level of complaints; Nationwide’s low score means that the NAIC received only about half of the complaints expected in the home insurance market.
In terms of coverage, Nationwide offers standard coverages like dwelling coverage, contents coverage and liability coverage. The company also offers credit card coverage, identity theft coverage and water backup coverage as endorsements. Although its premiums are the lowest on our list, Nationwide also offers numerous discounts that might help you save even more. When looking for cheap home insurance, Lubbock residents might want to get a quote from Nationwide.
USAA consistently receives high scores with J.D. Power for its customer service for both home and auto insurance. However, USAA is not eligible for official ranking since it only sells insurance to active and former military members and their immediate families.
USAA offers homeowners coverage with options geared toward military members, like coverage for uniforms. The company does not offer many discounts, but both the bundling discount and the claims-free discount could save you up to 10% on your premium.
If you are looking for a company that offers several discounts, Progressive could be a good option. Some savings opportunities include having a home security system, buying a new home, enrolling in paperless documents, paying in full and bundling with your auto policy. Even though Progressive’s premiums are already lower than Lubbock’s average premium, the discounts might help you save even more.
However, Progressive did receive a below-average score from J.D. Power for customer satisfaction. Despite that, American Strategic Insurance, which underwrites Progressive’s homeowners insurance, received an NAIC complaint index score of 0.95 for its homeowners insurance, indicating a lower-than-average number of complaints.
If you are looking for a company with strong digital assets, Travelers could be a good option. The company offers integration with an Echo or Alexa device, allowing you to manage your policies in a unique way.
Travelers also offers numerous discounts, including a green home discount, which might save you up to 5% on your premium if your home is LEED (Leadership Energy and Environmental Design) certified.
Of the companies on our list, Allstate received the highest official customer satisfaction rating from J.D. Power. However, Allstate’s NAIC complaint index score is 2.03 for its homeowners insurance product, meaning that the NAIC received over twice as many complaints as standard.
Allstate offers numerous coverage options, including green improvement reimbursement, yard and garden coverage and electronic data recovery. There are 10 Allstate agents in the Lubbock area. If you prefer handling your insurance face-to-face, Allstate might be a good choice.
Home insurance coverage options in Lubbock
Home insurance is not legally required in Lubbock, but if you have a mortgage, your lender most likely requires you to have it. However, even if you do not have a mortgage on your home, you may still want to consider homeowners insurance.
In addition to the standard homeowners insurance coverages, Lubbock residents might want to consider the following optional coverages:
- Flood insurance: Flood coverage is not generally included on homeowners insurance policies. To protect yourself from the costly damage that floods can cause, you may want to consider purchasing a flood insurance policy.
- Earthquake coverage: Although Texas is not often associated with a risk of earthquakes, there have been over 100 earthquakes large enough to be felt in the last 100 years. You may be able to add earthquake coverage to your policy as an endorsement, or you may have to purchase a separate policy.
- Other structures coverage: If you have additional structures on your property, such as a barn, shed, fence or greenhouse, you may want to confirm that your policy includes other structures coverage.
Every company has a different set of home insurance coverages, so talking to your agent about your specific situation may be the best way to choose the coverages that are right for you.
Home insurance discounts in Lubbock
Home insurance discounts have the potential to significantly reduce your premium. Most homeowners insurance companies offer discounts. Some common discounts in Lubbock are:
- Bundling discounts: If you purchase your auto and home insurance from the same company, you might earn a sizable discount.
- Security system discounts: A security system can deter would-be thieves from breaking into your home or alert you of a fire or other dangerous situation. Because of this, many companies offer discounts for having one.
- New home discounts: If your home is newly built, you may qualify for a discount.
- New homeowner discounts: Some companies offer discounts to first-time homebuyers.
- Pay-in-full: If you can afford to pay your entire premium at once, many insurance companies will give you a discount.
Discount options vary from company to company, but most companies offer at least a few discounts. Talking to a representative from your company or doing research on the company’s website might help you to find savings opportunities.
Frequently asked questions
What is the best home insurance company?
The best home insurance company depends on your needs and wants. If you are shopping for home insurance coverage, you may want to first identify what is important to you, like access to certain coverages, strong customer service scores or digital tools. Then you could get quotes from several companies to compare the premiums and features.
How much home insurance do I need in Lubbock?
You will probably want to insure your home for its full rebuilding cost to avoid financial devastation if your home is destroyed. You may also want to consider how much personal property you have, as well as ensuring that you feel comfortable with your liability coverage limit. Talking to a licensed agent might help you identify how much coverage you need.
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.