Austin has been a very popular city in recent years. The homeownership rate grew by more than 20% between January 2020 and January 2021. It is essential to have home insurance for Austin because of the risk of flooding and hurricanes. For $250K of dwelling coverage, the average Austin home insurance premium is $1824 annually
It can be difficult to find affordable home insurance in Austin, particularly if you’re looking for specific coverage or low rates. We compared the rates of popular Austin providers, as well as their coverages and discounts.
Austin’s best home insurance companies
Austin homeowners searching for the best Texas home insurance have many options. However, not all providers are equal. Based on third-party ratings and coverage options, average rates, customer service, discounts, and coverage options, was ranked as the best affordable homeowners insurance company in Austin. These are the five companies we recommend:
Bankers Insurance Group
Bankers Insurance is Austin’s cheapest home insurance company. The average annual premium for $250K of dwelling coverage is $458. The company offers affordable home insurance coverage. Austin homeowners have the option to customize their policy by adding endorsements.
Bankers Insurance offers additional coverages including animal liability coverage and lock replacement coverage. You can get discounts, but it is best to speak to an agent about the savings available in your area.
Texas Farm Bureau
Texas Farm Bureau is an insurance company that has been serving Austin homeowners for over 50 years. They offer affordable rates for basic protection. Unfortunately, Texas Farm Bureau does not provide many endorsements. This company is best for Austin homeowners who only require minimal coverage and don’t need many extras.
Texas Farm Bureau offers discounts for installing an alarm system in your house and bundling multiple policies. There are also other discounts that may not be disclosed. To find out the specific discounts available, contact a Texas Farm Bureau agent.
Chubb
Chubb insurance is an excellent choice for Austin residents with a high-value property. The signature Chubb Masterpiece (r) coverage covers contents replacement cost coverage, dwelling extra replacement cost coverage and risk consulting. There is also an option for cash settlement after total loss.
Chubb also offers homeowners great rates. You can save money by living in a gated community and renovating your home.
State Farm
State Farm is a top-rated insurance company and has the highest market share. State Farm is a popular option for Austin homeowners looking to get home insurance. It offers affordable rates, generous discounts, and useful online tools and resources.
State Farm offers discounts if you have a home security system or an impact-resistant roof. You can also bundle your auto and home insurance policies with State Farm. Bundling two policies with State Farm can help Austin homeowners save as much as $965 annually on their home and auto insurance.
Austin Home Insurance Advice
Most homeowners in Austin do not require insurance. Keep in mind, however, that not all mortgage lenders will require you to purchase home insurance before your loan approval can be granted. Although you don’t have to buy home insurance, it is a good idea. These are the coverage options Austin homeowners should be aware of:
- Flood insurance: While standard home insurance policies don’t cover flood damage you can buy a separate flood insurance policy through most insurance companies. Flood insurance should be sufficient to cover the costs of rebuilding your home or replacing your personal property. The average annual cost of flood insurance is $860.72.
- Dwelling Replacement Cost Coverage: This coverage will cover the cost of rebuilding your home back to its original condition following a total loss. It is important to have sufficient dwelling replacement cost coverage in order to protect your home’s replacement value.
- Scheduled personal property coverage. Most standard home insurance policies do not cover valuable items. Scheduled personal property coverage can be purchased to provide additional protection for jewelry, art collections, electronics, and other valuable items. You can “schedule” extra coverage for each item. Therefore, the coverage amount you require should equal the item’s actual value.
Austin home insurance discounts
Look for multiple discounts if you’re looking for affordable Austin home insurance. You may be able to save a lot on your home insurance by taking advantage of some discounts. These are some discounts that you can use to get the best home insurance in Austin.
- Discounts for claims-free: You can likely get a discount on your policy if you have not had any insurance claims in the past three to five years.
- Discount for home security systems: You may be eligible to receive a lower rate if your home is equipped with either a professionally monitored or self-monitored security system.
- Bundling Discount: Homeowners who combine two or more policies (usually a home and an auto insurance policy) will often be eligible for discounts on their insurance.
- Discount for gated communities: Texas is home many gated communities. You may be eligible for a lower premium if your home is located in a gated community.
Questions frequently asked
Which is the best company for home insurance?
There are many top home insurance companies. Some homeowners want the lowest rates while others need specific coverages. Others are more concerned about the customer service. You can only find the best home insurer for you if you shop around, compare providers, and obtain multiple home insurance quotations.
What is the cost of Austin home insurance?
For $250K of dwelling coverage, the average cost for home insurance in Austin was $1,824 per annum. The average Texas homeowner pays $25,89 annually for the same coverage. You may pay less or more than the average city rate depending on your credit score, age, and claims history.
What amount of home insurance do you need in Austin
Although Austin does not require home insurance, it is a smart idea to have one. It is a good idea to have sufficient dwelling insurance to cover the costs of rebuilding your house, as well as enough personal property coverage for any personal belongings that need to be replaced. To determine the right level of liability coverage, consider your assets like income and savings. Before deciding on how much insurance you need or which provider is best for your needs, it’s a good idea consult a licensed agent.