Home Insurance in Texas
Is anyone else having a hard time finding home insurance?
We’re closing on a property on April 10th, located about an hour from Austin in a rural area. It’s far enough from hurricane risks, has no tornado threats, and no flooding concerns.
The home, built in 1936, sits on 2.75 acres and has a new roof, and it’s in excellent condition.
We’ve been receiving quotes ranging from $5,000 to $8,000, which feels excessive. It seems like most people are paying around $3,000 or less.
We’re a 25-year-old married couple with a solid insurance credit history. Any advice or recommendations would be greatly appreciated!
It sounds like you’re in a frustrating situation! Home insurance rates can vary widely based on numerous factors, and it definitely seems like your quotes are on the higher end, especially considering your home’s condition and location. Here are a few suggestions that might help you find better rates:
Shop Around: Make sure you’re getting quotes from multiple insurance companies, as rates can differ significantly between providers. Sometimes, local agencies can offer more competitive rates than larger companies.
Consider Bundling: If you have or plan to get auto insurance, see if you can bundle it with your home insurance. Many companies offer discounts for bundling policies.
Increase Deductibles: If you’re comfortable with a higher out-of-pocket expense in case of a claim, consider raising your deductible. This generally lowers your premium.
Look for Discounts: Ask about any discounts you might be eligible for, such as for security systems, recent renovations (like your new roof), or being a first-time homebuyer.
Consult an Insurance Broker: An insurance broker could help you navigate the different options and find a policy that meets your needs and budget.
Review Coverage Options: Ensure you’re not over-insured or paying for coverage you don’t need. Tailoring your policy specifically to your situation might help lower costs.
Check State Resources: Sometimes, the Texas Department of Insurance provides resources or guidance for finding affordable home insurance.
Hopefully, you can find a policy that works for you soon. Good luck with your closing!