61% of Laredo residents own their homes. The average home costs just $130,000. Real estate in Laredo is affordable. Homeowners Insurance costs on average $1,393 annually for a $250,000 home.
Unlike some areas of Texas, Laredo does not experience severe extreme weather events that can cause serious damage to homes. It may experience the tail end hurricanes, and flooding is possible along the Rio Grande or near other water sources. This could impact your homeowners insurance premium.
It may be difficult to find the most affordable Laredo home insurance. However, it is possible to find quality policies at a reasonable price in Laredo. Bankrate evaluated a variety of factors to determine the best homeowners insurance in Laredo. These included customer service ratings and the range of coverage options. Discounts were also considered.
The best home insurance in Laredo
The five best-selling home insurance companies in Laredo include Allstate, Nationwide and Progressive. There are many options for home insurance, including a variety of coverages that you can customize to suit your needs. You also have lower average premiums from these companies. Each company also has customer service ratings from 2020 J.D. The Power Home Insurance Study makes it more competitive in the insurance industry.
USAA
USAA only issues policies to U.S. veterans, military personnel and their families. USAA might be the right choice for you if this is you. USAA is known for providing efficient and supportive customer service. It actually holds the highest J.D. Despite having the highest Power score, it is not eligible to be ranked in official rankings because of its restricted membership.
USAA is also a leader in cost. The average rate for Laredo is the lowest of all five companies. USAA offers military members tailored coverage, including discounts and high coverage.
Nationwide
Nationwide provides all the coverages that you would find in an HO-3 policy (the most popular type). These include dwelling coverage, liability and other structures coverage. Loss of use covers your expenses if your home is damaged or destroyed.
Nationwide’s basic coverage also includes some extras such as credit card fraud coverage or ordinance or law insurance that will help you rebuild your house to current building codes. A few discounts could bring your premium down to a fraction of the average premium price.
Progressive
Laredo residents can choose Progressive for home insurance. It offers a variety of coverages at a reasonable price. Its J.D. Its J.D. Progressive offers optional coverages such as water backup and identity theft, which help to protect your personal information.
Travelers
Travelers offers coverage for your home and property at affordable rates. It offers additional coverages beyond basic coverage such as personal articles coverage if you have valuable items, green home coverage, and identity fraud reimbursement upto $25,000.
You could save more money by using the traveler’s discount. You could get a discount if your homeowner’s policy is combined with an auto insurance, or if your home was purchased within the past 12 months. You may also receive a discount if your home is green, protected devices are in place, or you have no claims.
Allstate
Allstate was the best-rated insurer, but it still falls below Laredo’s average rate of $1,393. Your policy could be cheaper depending on how much your home is worth and other factors. Allstate offers additional coverages. You can also add flood insurance, umbrella coverage, and home-sharing coverage to your policy. These options are not available in standard HO-3 policies.
Allstate offers policyholders some great perks, such as Claim Rateguard which ensures that your premium won’t go up following a claim. There are also claim-free bonuses and deductible rewards which allow you to save money on your deductible if you don’t have a claim.
Options for home insurance coverage in Laredo
Texas does not require homeowners insurance. However, your mortgage lender may require that you have homeowners insurance. Even if you don’t have a mortgage, it might still be worthwhile to buy a policy to protect the substantial investment you made in your home.
The basic HO-3 home policy covers your home, property, and liability. You may also be covered for costs incurred if your home is destroyed by a covered event. You can customize your policy with a few add-ons.
- Flood insurance: You may need flood insurance if your home is located in a flood area. Flood damage is usually not covered by homeowners insurance, but it is possible to get flood insurance from most insurers at an additional cost.
- Scheduled personal property: This is typically covered by your basic policy. You may need additional coverage if your personal property is of high value such as jewelry, artwork or electronic devices.
- Identity theft: While some insurers provide coverage for your personal information and your identity as part of their basic coverage package, others require that you pay an additional fee in order to cover the costs of lost wages, legal fees, or restoration costs if your identification is stolen.
Laredo home insurance discounts
Discounts can be a great way to save money on your premium, and they could make a significant difference in how much you pay annually for coverage. These discounts may help you to get affordable house insurance for Laredo.
- Bundling and multi-policy: You may be able to save some money if you buy your auto insurance through the same company that your homeowners policy.
- Non-smoker insurance: Some insurers offer discounts on homeowners policies for non-smokers.
- You may be eligible for a discount if your insurer offers you one-time discounts, such as a three to five year period without filing a claim.
- Protective devices: Many insurers will offer a discount for items that make your home more secure. This includes sprinkler systems, smoke alarms, and anti-theft devices.
Questions frequently asked
Which is the best company for home insurance?
The best home insurance company is one that offers you the lowest rate. They also offer excellent customer service. You can even customize your policy to meet your needs. You can get multiple quotes from different insurers when shopping around.
What is the cost of Laredo home insurance?
For a $250,000 home, the average cost of home insurance is $1,393. This is significantly lower than the Texas average for the same coverage, which is $1863 per annum. Your individual costs will vary depending on many factors, including your credit score and the location and value of your home.
What amount of home insurance do you need in Laredo
Experts recommend that homeowners have enough insurance to cover the cost of rebuilding your home and replacing your belongings in case they are damaged by fire or other natural disasters. You can work with your agent to determine the best amount of insurance for you property.