Home Insurance in Texas
Is anyone else having a hard time finding home insurance?
I’m closing on a house on April 10th, located in a rural area about an hour from Austin. It’s far enough to avoid hurricane concerns, and there’s no risk of tornadoes or flooding.
The home is from 1936, sits on 2.75 acres, has a new roof, and is overall in great condition.
We’ve been receiving quotes in the range of $5,000 to $8,000, and that feels outrageous. I thought most people were paying $3,000 or less.
By the way, we’re a 25-year-old married couple with a solid insurance credit history.
Finding home insurance in Texas, especially for older homes, can definitely be challenging. It sounds like you’ve been doing your research, and I can understand why those quotes seem high, especially given your situation.
A few things to consider that might help you find better rates:
Shop Around: Different insurance companies often have varying approaches to risk evaluation, so it’s worth getting quotes from a range of providers. Don’t hesitate to check out some local companies or those that specialize in rural properties.
Bundle Insurance: If you have other insurance (like auto), bundling them could lead to significant savings.
Higher Deductibles: Consider raising your deductible. While this means you’ll pay more out of pocket in case of a claim, it can significantly lower your premiums.
Home Improvements: Some insurers offer discounts for updated systems (like electrical or plumbing). Make sure all improvements are noted when requesting quotes.
Seek a Broker: An insurance broker can help navigate the market and find policies that might be a better fit for your unique situation.
State Programs: Check if there are any state programs or grants available for homeowners that might help in reducing the cost.
Insurance Credit Score: Make sure your credit report is accurate, as any discrepancies can affect your premiums. Sometimes you can negotiate based on your good credit history.
Hopefully, some of these strategies will help you find more affordable coverage! Good luck with your new home!