McAllen, TX Homeowners Insurance

McAllen is located at Texas’s southern tip, just across the Rio Grande from Reynosa, Mexico. McAllen is one of the most populated cities in Texas. It is best known for its remarkably low cost of living, excellent school system, cuisine, and wonderful weather. It’s no wonder that people are flocking to this place. Since 2000, the population of the city has risen by almost 25%. According to Forbes, McAllen is the third-highest job-growing area, with an annual growth forecast at 3.9%. CBS News has published that the average household cost in McAllen, Texas is the third-lowest-priced neighborhood in the United States with an average home price of $178,000. McAllen’s homeownership rate is 60.3%, which is a little lower than the national average of 63.9%. If you live in this growing city of the Rio Grande Valley, be sure to find the right McAllen homeowner insurance.

Current property prices vary significantly across the state and the region’s metropolitan area, so it is essential to compare rates to get an idea of what homeowners insurance to purchase. Insurers consider various factors, such as your house’s valuation, previous lawsuits, and even construction methods, before giving you a quote.

How Much Does Homeowners Insurance Cost in McAllen?

Homeowners Insurance: McAllen Rates Vs. State + National Averages

McAllen Average (Annual) Texas Average United States Average
$1,179 $3,468 $1,548

McAllen Home Insurance by Company

McAllen homeowners insurance premiums range from one insurance provider to another. McAllen’s most affordable home insurance is from Texas Farmers, with an estimated premium rate of just $302 a year. This is significantly cheaper than the city’s overall homeowners insurance premium of $1,179.

Affordable Homeowners Insurance Companies in McAllen

Company Average Annual Rate
Texas Farmers $302
Safeco $2,680
Travelers $2,720
State Farm $3,030
ASI Lloyds $3,250

McAllen Home Insurance Costs by Coverage Limit

Your chosen amount of homeowners insurance coverage affects the premiums you pay. In McAllen, carrying $200K of housing coverage costs an average of $1,750, while $400K of coverage costs $3,350 per year.

Homeowners Insurance Rates in McAllen—Popular Coverage Limits

Coverage Level Average Annual Rate
$100,000 Dwelling $1,509
$200,000 Dwelling $1,750
$250,000 Dwelling $2,129
$400,000 Dwelling $3,350

McAllen Home Insurance Prices by ZIP Code

Not all places in McAllen have equal homeowners insurance costs. The neighborhood you live in may significantly impact how much you pay to insure your home. Policy decisions are often priced on local variables, such as the number of claims filed in the immediate area.

William Colonia (78501) has the cheapest average home insurance premium in McAllen at $1,003 a year. If you’re looking for areas with the most affordable homeowner insurance rates in McAllen, look at the table below.

Affordable Areas for Homeowners Insurance In McAllen

ZIP Code Average Annual Home Insurance Rate
78501 (William Colonia) $1,003
78503 (Sharyland) $1,016
78505 (La Paloma) $1,023

However, some parts of McAllen have homeowners insurance premiums that are double the city average. Crime rates, fire hazards, and even access to emergency care could cause insurance providers to see specific areas at higher risk, increasing area rates. With an average annual gross premium of $1,095, Hidalgo (78557) has the most expensive homeowners insurance cost in McAllen.

Expensive Areas for Homeowners Insurance in McAllen

ZIP Code Average Annual Home Insurance Rate
78557 (Hidalgo) $1,095
88540 (Los Longoria) $1,049
78572 (Palmview) $1,038

McAllen Home Insurance by Deductible Amount

A deductible is how much your policy requires you to pay when you file for a claim. The deductible amount you select will affect how much you spend on your insurance premium.

When agreeing on a deductible, note that the higher your deductible amount is, the lower your premium will be. Therefore, consider a higher deductible if you wish to pay lower prices. It’s worth noting that the deductible can only be as high as you can afford if you have a sudden emergency.

Take a look at the usual deductibles provided by the insurers and an estimation of what the premiums are likely to be in McAllen.

Homeowners Insurance Rates by Deductible Level in McAllen

Deductible Level Average Annual Home Insurance Rate
$500 $2,005
$1,000 $1,816
$1,500 $1,728
$2,000 $1,502
$5,000 $1,185

Top Home Insurance Agents Near McAllen, TX

Home Insurance Company Near McAllen, TX Address
Shepard Insurance Agency 5801 N 10th St #600, McAllen, TX 78504
Crawford Higgins II – State Farm Insurance Agent 5285 N 23rd St, McAllen, TX 78504
Domingo Ramos – State Farm Insurance Agent 320 W Nolana Ave, McAllen, TX 78504
Jose M Davila Insurance TWFG 3000 N McColl Rd, McAllen, TX 78501
Tommy Wilson – State Farm Insurance Agent 2901 N 10th St Ste T, McAllen, TX 78502

Money-Saving Tip: Bundle Home Insurance and Auto insurance in McAllen

Bundling homeowners insurance and car insurance from the same insurer will save you a significant amount per month on your premium. Through pooling the policies, McAllen homeowners could see an average annual savings of 7%.

Cheapest Auto Insurance Premium With Home Insurance Bundled in McAllen

Company Avg. Annual Auto Insurance Rate (With Bundle)
State Farm $1,110
USAA $1,150
Progressive $1,580
Allstate $1,860
GEICO $2,310

Number of Catastrophes in Texas and the US

  • National number of catastrophes: 19,030
  • Number of catastrophes in Texas: 1,930
  • National number of tornadoes: 1,230
  • Number of tornadoes in Texas: 220
  • National property damage from weather: $5,511,276,000
  • Property damage from weather in Texas: $1,026,150,050

Texas sees more collateral damage than almost every other state. For example, when it comes to tornadoes, it takes a lot of hits.

The area where McAllen is located has a semi-arid climate with long, hot summers. Winters are colder, but most Americans may still feel very warm. Gulf Coast hurricanes may also bring down an unprecedented amount of rain in the area, leading to wind damage and flash flooding. Flood insurance takes thirty days to get active, so make sure you have that coverage before the bad weather starts.

McAllen Home Insurance Coverage Options

Buying homeowners insurance doesn’t have to be complicated and frustrating. Here are some details on the type of insurance coverages available and what they are for:

  • Dwelling Coverage: This is your standard insurance policy covering losses and damages to your property’s physical structure.
  • Personal Property Coverage: You may want personal property coverage for your possessions, whether inside or outside your home.
  • Liability Protection: Liability protection covers you if you hurt someone or damage another person’s property.
  • Guest Medical Protection: This coverage is specifically to cover people who are injured on your property.

Best Home Insurance Companies in McAllen

Price is always a factor to consider when you’re shopping for homeowners insurance. The insurer’s financial stability is also a critical consideration because it demonstrates its potential to handle claims. Always review the J.D. power ranking, AM Best financial rating, and Better Business Bureau’s rating for home insurance.

Company J.D. Power Ranking A.M. Best Rating BBB rating
Allstate 5 out of 5 stars A+ (Superior) A+
Amica 5 out of 5 stars* A++ (Superior) B-
Liberty Mutual 3 out of 5 stars Not rated A
State Farm 3 out of 5 stars A++ (Superior) A++
Texas Farm Bureau Insurance 3 out of 5 stars A+ (Superior) A

Home Insurance Resources for McAllen Residents

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McAllen, TX Homeowners Insurance FAQs

Personal liability insurance keeps you and your families safe when your property is harmed. This type of compensation ensures that you are not on the hook for medical costs or civil payments.

The liability insurance coverage is included in the home insurance package and is not purchased individually. Usually, $100,000 in liability insurance is included in the default homeowners insurance package, although this may be increased if you believe you need additional coverage.

There are some ways to save on homeowners insurance. One technique is to minimize risk. For example, if you live in an unsafe place, the home insurance provider would love it if you add a security device or a deadbolt. This reduces your odds of filing a burglary charge, just as adding smoke alarms or sprinkler devices reduces your chances of filing a fire damage claim.

You can also save on home insurance by making the best of the current discounts. For example, if you buy your home insurance and car insurance from the same provider, you will receive a multi-policy discount.

That’s a million-dollar query (well, hopefully, you’re not paying a million dollars for homeowners insurance). As you’re browsing providers, you might find that you want the stability and reach of a major nationwide provider like Allstate or State Farm. Or you might decide that you want the personal touch of a local insurance agent.

If you live in a “high-risk” area, like in McKinney, a local insurance provider is usually the best decision to make. A local business will know the neighborhood and be able to give you the tailored attention you need.

In the event of a massive insurance claim, you can think of umbrella insurance as an extra layer of protection.

Say you were sued over someone’s physical harm on your land and that the court costs surpass the compensation provisions under the homeowners’ agreement. Under such situations, umbrella insurance is certainly going to be helpful.

Assess your financial condition and see if it is worth adding an umbrella package to your homeowners insurance.

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