April 19, 2021

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Best Cheap Homeowners Insurance in Waco

5 min read

The city of Waco has first-time homebuyer programs to encourage more residents to own. One of the important parts of getting a mortgage is finding the right home insurance coverage to protect your property from the unexpected. Average rates for Waco, Texas home insurance are $1,700 per year for $250,000 in dwelling coverage. Home insurance in Texas is more costly than the national average of $1,477 a year, largely due to the number of perils the state is vulnerable to.

Best home insurance companies in Waco

Bankrate gathered pricing from some of the best home insurance providers in Waco to bring you a shortlist of affordable carriers. Besides pricing, coverage and customer service were deemed important factors to choose the best insurers in the area. While some of the more affordable local carriers are not large enough to earn third-party ratings from J.D. Power, the advantages of a local carrier and competitive rates may make these providers worth considering.

Home Insurance Company Average Annual Premium for $250K Liability J.D. Power Score
Bankers Ins Grp $323 NR
Texas Farm Bureau Mut Grp $407 NR
Lighthouse Prop Ins Corp $558 NR
UNIVERSAL Ins CO Grp $1,044 NR
State Farm $1,187 829

Bankers Insurance Group

Bankers Insurance may be the best home insurance company for senior homeowners in Waco, Texas, with a dedicated hotline and access to a Senior Care manager who understands an older home owner’s unique needs. Older policyholders also receive unlimited access to an eldercare advocate who works on their behalf. Whether you are a senior homeowner or just looking for the care and attention of a local provider offering affordable coverage, Bankers Insurance may provide what you value most in a carrier.

Texas Farm Bureau

Texas Farm Bureau may not rate in the J.D. Power national customer satisfaction study but is one of the state’s most recommended carriers. Agents are widely available throughout Texas, ready to provide an HO-3 policy for just $407 per year for a $250,000 home, on average. Because rates vary widely based on each homeowner’s specific situation, it is important to get an exact quote; for Texas Farm Bureau, you will need to contact the carrier directly or visit a local agent to do so.

Lighthouse

Lighthouse Insurance is a full-service insurance company, providing home and flood insurance in addition to auto coverage. To maximize the savings, bundle all your insurance needs with the provider. Adding a breakdown endorsement to cover repair costs for expensive home systems such as an HVAC, water heater or appliances expands on a basic homeowners policy and may come in handy when an expensive replacement or repair is needed.

UNIVERSAL

Universal seeks to make shopping for and managing your home insurance simple. The online platform is designed with that goal in mind; getting a homeowners insurance quote is a fairly simple process and takes just a couple of minutes. In addition, once you are set up with an online account, you can file a claim through the web portal and upload documents and images at your convenience. Having a way to manage your policy and file or track claims online is a priority for many homeowners in this digital age.

State Farm

State Farm’s home insurance rates in Waco are competitive, particularly considering it is a national provider. Homeowners who thrive on options may appreciate what State Farm has to offer. The insurer has a comprehensive number of discounts and coverage options that make it possible to create a custom home insurance policy that fits your budget. Having the perks of a national provider is a nice addition to being able to work with a local agent or handle your home insurance needs through the mobile app or online platform.

Waco home insurance recommendations

Homeowners in Waco need to safeguard their properties from burglaries, fire and storms such as tornadoes, hail and heavy rain. When shopping for home insurance, the following coverages may be beneficial for homeowners in this state:

  • Personal property endorsement: If you own valuables such as antiques, collectible watches or expensive jewelry, adding an endorsement for the items guarantees they will be replaced if you ever experience a loss.
  • Water backup: A clogged sewer or a sump pump that dies out before or during a major rainstorm could cause bigger, expensive issues. Water backups are not commonly included in an HO-3 policy. The water backup endorsement adds coverage for leaks and clogs.
  • Flood insurance: Floods are not covered in an HO-3 policy either. Flood insurance is an essential part of protecting your home from the unexpected and can either be purchased through FEMA or some private providers.

Home insurance discounts in Waco

The recommended way to find cheap home insurance in Waco is to get quotes from several home insurance companies. Compare the quotes to determine if switching is worthwhile for your situation. In addition, the following popular home insurance discounts can potentially save you 5% to 20% on your premiums.

  • Security system: A smart home or professionally-monitored alarm system serves to deter thieves and may lower your home insurance costs.
  • Military: Active or retired military may be able to obtain a discount in appreciation for their service.
  • Payment: Setting up autopay ensures you do not miss a payment and accidentally suffer a lapse in coverage. You can also typically earn a discount for automatic payments.
  • Claim-free: Many home insurance companies will discount your premiums if you avoid filing claims for losses and accidents.

Frequently asked questions

What is the best home insurance company?

The best home insurance companies in Waco will vary based on your circumstances and unique insurance needs. Based on average quoted rates, the most affordable in Waco include Bankers Insurance, Texas Farm Bureau, State Farm, USAA and Lighthouse.

How much does home insurance in Waco cost?

Home insurance in Waco is cheaper than in other cities in Texas, but slightly higher than the national average. Coverage for a $250,000 home costs an average of $1,700 per year in Waco.

How do I find cheap home insurance Waco rates?

The best way to find cheap home insurance in Waco is by getting quotes from a few carriers. Compare them closely based on factors or priorities that are most important to you.

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 will differ.