El Paso is the largest city in Texas. It has a population of 683,000. The homeownership rate is 58.3%. This is lower than the national average which is 63.9%. For a policy covering $250,000 of dwelling coverage, the average cost for home insurance is $11,128 per annum. The average rate in El Paso is lower than the Texas average at $1,863.
It is important to understand that home insurance rates can vary depending on many factors. This includes the insurance company you select. We researched the best El Paso home insurance rates based on price, coverage options, and discounts.
The best home insurance companies El Paso
Based on our criteria, Nationwide, Chubb Travelers, Progressive, USAA are the best home insurance providers in El Paso. These insurance companies are distinguished by their low rates, great discounts, reliable coverage, and financial strength.
All over the country
Nationwide is the most affordable home insurance in El Paso (Texas) based on our sample quotes. The average annual premium for Nationwide is $745. Nationwide offers affordable rates and many discount. You can save money by not having to make claims, getting a new roof or insuring your new home.
Nationwide may also be a good choice for homeowners who want to add endorsements to their policy. Nationwide offers a variety of optional coverages including flood insurance, earthquake insurance, and replacement cost plus coverage.
Chubb is a specialist in high-value home insurance, making it a great choice for El Paso homeowners with at least $1,000,000 in coverage. Customers of Chubb can enjoy exclusive member perks, great customer service, and comprehensive coverages without having to pay a large premium.
Each Chubb Masterpiece(r), Homeowners policy provides extended replacement cost coverage, risk consulting and a cash settlement option. You can also get a wildfire defense assessment free of charge from the company to help protect your home. Although Chubb doesn’t offer any discounts, you can save money if you bundle your auto and home policies.
Travelers is a solid company for home insurance. They offer affordable rates, great discounts, and a wide variety of endorsements to enhance your protection. The average Travelers home insurance premium in El Paso is $806 per annum, which is $322 less than the citywide average rate.
You can create a completely customized policy that includes endorsements such as water backup/sump pump coverage or contents replacement cost coverage. This also covers special personal property, identity fraud, and other coverages. You can also save on your policy with a few discounts from Travelers.
Progressive is one the largest home insurance companies in the United States. It is well-known for its low rates and generous discount. El Paso homeowners can save money by purchasing a new home, getting a quote ahead of time, bundling policies, insuring the home and paying full price.
Progressive’s home insurance coverage is very limited. There are only two endorsements. We like that Progressive has helpful online resources, such as the HomeQuote Explorer which allows you compare Progressive’s home insurance rates to other insurers.
J.D. rated USAA highly. J.D. Power is a top-rated company for customer satisfaction every year. It also has a reputation of providing excellent customer service. USAA coverage is only available to active duty and retired military personnel.
El Paso residents who are eligible for USAA home Insurance can enjoy low rates, reliable coverage options, and many discounts. USAA will cover your uniform if you are on active duty or deployed.
El Paso home insurance options
El Paso homeowners insurance is not required, unlike auto insurance. If you have a mortgage, however, most lenders will require that you have homeowners insurance.
No matter what your financial situation is, a home insurance policy can be a great idea. Homeowners insurance provides financial and legal protection in the event that you are liable for potential losses like fire, theft, or guest injuries. These coverage options can be beneficial to homeowners in El Paso.
- Flood insurance: While hurricanes are rare in El Paso but they can happen, flood insurance is a must. Flood coverage is not usually covered by standard home insurance policies. However, you can purchase a standalone Flood Insurance Policy through the National Flood Insurance Program (NFIP).
- Earthquake insurance El Paso is near the East Franklin Mountain Fault. This potential earthquake site can be found. Your home insurance does not cover earthquake damage. To protect your personal property and home, you might need to buy an endorsement or separate policy for earthquake insurance.
- Contents replacement cost coverage: This standard personal property coverage will cover you to replace personal items that have been damaged or destroyed due to a covered loss. However, depreciation will be included in your payout. You can be reimbursed for the full value of your belongings, up to their original price, with contents replacement cost coverage
El Paso home insurance discounts
Insurance companies offer discounts if you’re looking for affordable home insurance El Paso. You can save more money if you take advantage of as many discounts as possible. These are some of the most popular El Paso home insurance discounts.
- Discounts without claims: Homeowners with no insurance claims in the past few years are usually eligible for a lower rate.
- Discount on automatic payments: Some insurance companies will reduce your rate if you sign up for automatic payments instead of making monthly payments.
- Discount on security system insurance: You might be able save money on your insurance if you have a security system in place, whether it’s professionally managed or DIY.
Questions frequently asked
Which is the best company for home insurance?
Every homeowner is unique and the best home insurer is different. Some homeowners want the lowest rates while others are looking for more specific coverages. Others are looking to get great customer service. To find the best deal, we recommend that you evaluate providers by using your own criteria. We also recommend getting quotes from multiple companies to determine which one is most affordable.
What amount of home insurance do you need in El Paso
Texas homeowners insurance is not required by law. If you do decide to purchase coverage, make sure you have enough dwelling insurance to cover the cost to rebuild your home as well as enough personal property insurance to replace any personal belongings that are lost. It’s a good idea to determine your policy limit for liability insurance based on the amount of your assets that are at risk in the case of a lawsuit.