Insurance
Texas Homeowners Insurance Calculator: Estimate Your Policy Cost
Updated: November 10, 2024
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Nov 20, 2024
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MoneyGeek’s research shows that the cheapest homeowners insurance in Texas for a dwelling coverage of $250K comes from Universal North America.
Aside from reviewing the most affordable home insurance companies in the state, we also found the best homeowners insurance companies in Texas for balancing affordability and quality service. You can use the MoneyGeek home insurance calculator to estimate the cost in Texas.
How to Estimate the Cost of Your Homeowners Insurance Policy in Texas
Homeowners insurance estimates in Texas differ for everyone due to factors like personal property, credit score, location and deductible. Depending on your unique profile, you can obtain a personalized estimate that considers these factors using the MoneyGeek home insurance calculator for Texas below.
Texas
Homeowners insurance rates in Texas fluctuate based on the location.
Insurance providers charge a different premium across each city in the state. In most cases, cities prone to incidents such as theft and fires have higher premiums since residents are highly likely to file a claim.
Dwelling Coverage
Your policy’s dwelling coverage is the amount the insurer pays towards rebuilding your home, even if it gets completely damaged, or towards repairs. In Texas, the average baseline dwelling coverage is $250K, although you may choose a different limit depending on the value of your home.
Generally, policies with a higher dwelling coverage limit cost more than those with a lower limit.
Deductible
After filing a claim, the amount you pay out-of-pocket before the insurer pays its amount is what is known as the deductible. Insurers charge a lower rate for a policy with a high deductible since the policyholder pays more in a claim.
If your claim is for $30,000 of damage and your deductible is $4,000, your insurer will pay $26,000.
Liability
If a person gets injured while in your home or their property gets damaged due to your negligence, property liability insurance will cover the incurred costs. When getting a home insurance policy in Texas, ensure that you have sufficient personal liability coverage for your assets. Typically, the higher the liability limit, the more the cost of coverage.
Personal liability covers legal expenses, replacement costs for damaged items and medical expenses, plus suffering and death benefits.
Personal Property
Personal property refers to the items you possess. Your homeowners insurance policy contains personal property coverage, which pays for the cost of replacing your damaged belongings.
You can use the calculator below to determine how much personal property coverage you need. Note that policies with a higher personal property limit cost more.
Credit Score
Your homeowners insurance partly depends on your credit score. A poor score may make insurers consider you as high-risk and more likely to file claims, thus charging you a higher premium than homeowners with good credit.
Personal Property Coverage Calculator
When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.
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Average Cost of Home Insurance in Texas
MoneyGeek’s review of home insurance in Texas indicates that the state is one of the most expensive for a baseline dwelling coverage of $250,000 — it has the fifth highest average premium in the United States.
On average, insurers charge Texas homeowners $4,310 per year, more than the national average of $2,417 by around 78%. If you are interested in a different dwelling coverage from the baseline amount, you can use the table below to see the cost estimate for your desired coverage amount.
Average Annual Premium in Texas for Homeowners Insurance
| $100,000 | $2,825 |
| $250,000 | $4,310 |
| $500,000 | $9,302 |
| $750,000 | $12,811 |
| $1,000,000 | $16,329 |
| $2,000,000 | $30,948 |
| $3,000,000 | $45,674 |
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While MoneyGeek conducted its research in Texas using a standard dwelling coverage of $250K, your actual coverage level depends on your needs. Getting a policy with sufficient coverage can help cover the entire cost of rebuilding your home should any damage occur.
To determine your dwelling coverage, insurance companies consider several attributes of your home, including the building materials, height and size. Homeowners insurance does not include coverage for the land where your property is constructed. Instead, it covers the structure of your home and its contents. The best criteria to find a policy that fits your needs is by estimating your dwelling coverage level beforehand.
Average Cost of Home Insurance in Texas Cities
Homeowners insurance premiums differ across cities within Texas. That means you will pay a higher premium in some cities than in others. Depending on your location, you can use the table below to estimate how much you are likely to pay for home insurance in a Texas city, although rates will still vary based on your unique situation.
Average Annual Premium in Texas Cities for Homeowners Insurance
| Amarillo | $3,507 | $6,460 |
| Arlington | $3,398 | $5,027 |
| Austin | $1,953 | $2,926 |
| Brownsville | $3,024 | $5,816 |
| Corpus Christi | $3,936 | $6,340 |
| Dallas | $3,320 | $4,986 |
| El Paso | $1,710 | $2,353 |
| Fort Worth | $3,424 | $5,205 |
| Garland | $3,346 | $6,210 |
| Houston | $2,937 | $4,554 |
| Irving | $3,306 | $6,135 |
| Laredo | $2,004 | $2,745 |
| Lubbock | $3,134 | $5,638 |
| McKinney | $3,182 | $5,859 |
| Odessa | $2,902 | $5,374 |
| Plano | $3,189 | $4,452 |
| San Antonio | $1,920 | $2,984 |
| Waco | $2,356 | $4,337 |
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Should cost not be a great concern to you, MoneyGeek found that the best insurer for balancing cost and quality service nationwide is Allstate. We also analyzed the best companies for different homeowner needs, such as with an expensive home or wanting the best online tools to manage their policy.
Frequently Asked Questions About Home Insurance in Texas
How much you pay for homeowners insurance in Texas depends on many factors. To help you estimate your costs, MoneyGeek responded to the following commonly asked questions about home insurance in the state.
How much does homeowners insurance cost in Texas?
The average home insurance cost in Texas is $4,310 per year for a dwelling coverage of $250K. However, your rate will depend on factors like your credit score, liability and property coverage limits and deductible.
How do I know how much dwelling coverage to get?
Homeowners may determine their required dwelling coverage by estimating the value of replacing their home after damage. That can happen with the assistance of an appraiser. Although the baseline dwelling coverage used in this study is $250,000, you can use the MoneyGeek homeowners insurance calculator to determine your ideal limit.
Insurance
Methodology
To determine the average cost of homeowners insurance in Texas, MoneyGeek sourced pricing data from Quadrant Information Services.
MoneyGeek chose a standard home profile to provide the most reliable and relevant data for developing a thorough analysis of homeowners insurance. This standard home profile consists of the following attributes:
- Construction year: 2000
- Construction type: Frame
- Composition roof
- Three-mile radius from a fire department
- Assumed value of other structures on the property: 10% of the dwelling coverage
- Personal property coverage: 40% of the dwelling coverage
- Liability limit: $100,000
- Deductible: $1,000
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.