Best cheap homeowners insurance in Plano

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Home insurance Plano rates are $2,026 per year for a $250K dwelling. Rates are nearly twice as expensive as the annual national average of $1,312. Texas rates are higher due to the variety of natural disasters the state is vulnerable to, such as tornadoes, wildfires, hurricanes, flooding and hailstorms. Because of these and other reasons, many homeowners prioritize having home insurance that helps protect their financial investment.

Bankrate evaluated the best home insurance Plano has by comparing rates, coverage options, discounts and online tools.

Best cheap home insurance companies Plano

One of the best ways to find cheap home insurance Plano premiums is by collecting quotes to find the lowest rate. Bankrate conducted research on the best home insurance companies operating in the area to find the cheapest homeowners insurance Plano has available.

Providers were chosen based on 2021 average rate data, customer satisfaction ratings from third-party organizations like J.D. Power & Associates, financial stability, claims satisfaction, coverage options, potential discounts and accessibility.

Home insurance company Average annual premium for $250K dwelling J.D. Power score
Travelers $1,431 803/1,000
Nationwide $1,585 808/1,000
State Farm $1,729 829/1,000
USAA $1,765 889/1,000
Allstate $1,880 829/1,000

Travelers

Travelers Insurance has the lowest average rates for homeowners in Plano at $1,431. Besides low rates, Travelers provides some unique coverages such as water backup for if a sewer line or sump pump fails and green coverage for rebuilding using earth-friendlier materials. In addition, Travelers has a list of discounts that may help you beat the average rate, including multi-policy, new homeowner, green home and protective devices.

Learn more: Travelers Insurance review

Nationwide

Nationwide has a few discounts available to help lower home insurance premiums. Plano homeowners who live in newer communities may stand to save the most. Nationwide offers discounts if you are a new homeowner (within the last 12 months), live in a gated community or complete home upgrades and renovations.

Learn more: Nationwide Insurance review

State Farm

Many homeowners like to work with a local agent to get help with the right balance of coverage and low premiums. If you need to file a claim, your agent could help advocate on your behalf to make sure your payout is fair and timely. There are 31 State Farm agents/offices in Plano, and these agents are available for policyholders for free. State Farm offers prospective and current policyholders discounts for having protective devices such as a security system or carbon monoxide/smoke detectors or bundling several coverages such as car, home and life insurance.

Learn more: State Farm Insurance review

USAA

USAA provides value-driven home insurance that is a good combination of low rates and affordable options. You can add home-sharing insurance if you rent out a room in your home or replacement coverage for military uniforms. However, USAA is only available to military personnel, retired Armed Forces, veterans and their families.

Learn more: USAA Insurance review

Allstate

Allstate home insurance has adapted to the times by providing home insurance options modern homeowners prefer. If you rent your home (or a room) through home sharing apps such as Airbnb, HostAdvantage insures your personal property. Remote workers who work from home have access to business property insurance that covers work-related computers, equipment and even inventory.

Learn more: Allstate Insurance review

Plano home insurance recommendations

The State of Texas does not require homeowners to have insurance, but if you have a mortgage, one of the conditions of your loan is probably having home insurance. Even if your home is paid in full, skipping out on home insurance could leave you financially exposed. The state’s weather is unpredictable. If your home burns down in a wildfire or is flooded during a tropical storm, the cost to restore or rebuild the property could be in the hundreds of thousands of dollars. Some optional coverages some people choose include:

  • Flood insurance: Floods are not covered in a standard HO-3 policy. However, Plano is a member of the National Flood Insurance Program (NFIP) which sells affordable coverage to homeowners.
  • Business coverage: If you are still working from home due to the pandemic and plan on continuing, you may be able to add insurance for your work-related equipment.
  • Scheduled personal property: A homeowners insurance policy typically comes with limits. Vintage jewelry, an antique gun collection or special art may not be covered for the full value. Adding scheduled personal property for a small additional fee covers special or higher-value items.

Home insurance discounts in Plano

Once you find a home insurance company you would like to work with, you may be able to save more by taking advantage of additional discounts from the carrier.

  • Bundling: Getting car and home coverage from the same insurance provider will earn you a multiline discount.
  • Fire resistance: Roofing, landscaping and trees or exterior siding designed to resist high heat and fires may qualify for discounts on your homeowners insurance Plano coverage.
  • Protective devices: Installing a security system or smoke and carbon monoxide detectors are helpful in detecting problems before they get too serious. Be sure to let your insurance agent know about home protective devices.

Frequently asked questions

What is the best home insurance company?

The best home insurance companies offer comparable insurance rates, accessibility and the coverage options you need. To find the best one for you, compare what a provider offers to your top priorities.

How much does home insurance in Plano cost?

Home insurance Plano rates are higher than average at $2,026 per year for a $250K dwelling.

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 may be different.

Written by
Cynthia Paez Bowman
Personal Finance Contributor
Cynthia Paez Bowman is a finance and business journalist who has been featured in Bankrate, Business Jet Traveler, MSN, CheatSheet.com, Freshome.com and TheSimpleDollar.com. She regularly travels to Africa and the Middle East to consult with women’s NGOs about small business development and works with select startups and women-owned businesses to provide growth and visibility.
Edited by
Insurance Editor