McKinney, TX Homeowners Insurance

With a population of over 182,000, McKinney, the county seat of Collin Nation, is a small commercial center and farming city. Today, many deem this as one of the fastest-growing cities in the United States. The city is also a suburb of the Dallas-Fort Worth Metropolitan Area, one of the safest places to move to the US. The homeownership rate is reportedly 66.5%.

If you live in this growing suburb of Dallas, you can cover your home with inexpensive McKinney, TX homeowner insurance. With the relative prevalence of various risks, including burning, wind damage, vandalism, and robbery—and the high expense of restoring or fixing a home—having homeowners insurance is a worthy investment. Lenders also require home insurance if you plan on borrowing money for your property.

The price of a homeowners insurance policy depends on various factors, including the selling value of your house, the cost of your possessions, and the materials used to build your home. The location of your house will also play a significant role in your homeowners insurance premium. Many areas are vulnerable to risks, such as hails, fires, blowing of pipes, eruptions, and other dangers. These risks would result in higher insurance rates for homeowners.

How Much Does Homeowners Insurance Cost in McKinney?

Homeowners Insurance: McKinney Rates Vs. State + National Averages

McKinney Average (Annual)Texas AverageUnited States Average
$980$3,468$1,548

Home Insurance in McKinney by Insurance Company

What you pay for McKinney homeowners insurance depends on the insurance provider you’re trying to get your coverage from. The cheapest home insurance in McKinney is offered by Texas Farmers, which has an average premium rate of $255 a year. This is more favorable than the city’s overall homeowner premium of $980.

Below you’ll find a list of the cheapest home insurance providers in McKinney, Texas to help you with your search.

Cheapest Homeowners Insurance in McKinney

CompanyAverage Annual Rate
Texas Farmers$255
Safeco$1,580
United$1,720
ASI Lloyds$1,720
Travelers$1,990

McKinney Median Home Insurance Valuations  by Coverage Limit

How much you pay for homeowners insurance is affected by the amount of coverage you choose. In McKinney, $400K housing coverage costs an average of $1,900, while up to $800K extra coverage costs $3,800 per year.

Homeowners Insurance Rates in McKinney—Popular Coverage Limits

Coverage LevelAverage Annual Rate
$100,000 Dwelling$590
$200,000 Dwelling$800
$250,000 Dwelling$1,202
$400,000 Dwelling$1,900
$800,000 Dwelling$3,800

McKinney Homeowners Rates by ZIP Code

Homeowners insurance premiums can vary based on which district of McKinney you live in. One of the considerations that insurers use when pricing your policies is the number of lawsuits made in your area. As such, the location of your house can affect your home insurance premium.

The lowest home insurance prices in McKinney are in 75070 Custer Creek Farms) at $1,020 per year on average. If you’re searching for places with the cheapest homeowners insurance in McKinney, refer to the table below.

Affordable Neighborhoods for Homeowners Insurance in McKinney

ZIP CodeAverage Annual Home Insurance Rate
75070 (Custer Creek Farms)$1,020
75069 (Historic Downtown)$1,040
75071 (McKinney)$1,050

Other areas in McKinney have homeowners insurance prices that are above the city average. Crime rates, fire hazards, and even access to emergency care could cause insurance providers to see specific areas as higher risk, increasing premiums in those ZIP codes. One of the most expensive ZIP codes for homeowners insurance in McKinney is 75072, with an estimated annual cost of $1,180.

Expensive Areas For Homeowners Insurance in McKinney

ZIP CodeAverage Annual Home Insurance Rate
75071 (McKinney)$1,050
75034 (Frisco)$1,130
75072 (Stonebridge)$1,180

McKinney Home Insurance Prices by Deductible Amount

The deductible is how much your insurance company requires you to pay out of your pocket if you are to file a claim. Your homeowners insurance deductible amount is directly related to how much you spend on your insurance premiums. When you choose your deductible, a simple rule of thumb is that the smaller the deductible, the higher the premium. As such, if you want a cheaper insurance premium, go for a higher deductible. Bear in mind that the deductible should be an amount you can afford when you claim for insurance.

The table below shows the average insurance rates and the corresponding deductibles provided by most home insurers.

Homeowners Insurance Rates by Deductible Amount in McKinney

Deductible AmountAverage Annual Home Insurance Rate
$500$1,900
$1,000$1,780
$1,500$1,720
$2,000$1,590
$5,000$1,380

Money-Saving Tip: Bundle Home and Auto Insurance in McKinney

You might consider bundling your home and car insurance plans with the same provider to save some money. McKinney’s bundling policies could lead to an average annual savings of 7%.

Cheapest Auto Insurance and Homeowners Insurance Bundle in McKinney

CompanyAvg. Annual Auto Insurance Rate (With Bundle)
State Farm$1,157
USAA$1,242
Progressive$1,767
Allstate$1,892
GEICO$2,590

The Best Insurance Companies in McKinney, Texas

Insurance CompanyFinancial StabilityExperienceOnline Reviews
TravelersAM Best A+Experienced5 stars
USAAAM Best A++Experienced5 stars
ProgressiveAM Best A+Experienced4 stars
HippoAM Best A-New5 stars
Encompass (Allstate)AM Best A+Experienced5 stars
State AutoAM Best A-Experienced4 stars
SafeCo (Liberty Mutual)AM Best AExperienced4 stars
MercuryAM Best AExperienced4 stars
TowerhillAM Best A-Experienced5 stars
State FarmAM Best A++Experienced4 stars
StillwaterAM Best A-Experienced5 stars
VelocityAM Best ANew4 stars
LighthouseAM Best A-New3 stars
Foremost (Farmers)AM Best AExperienced3 stars

Common Home Insurance Claims in McKinney, TX

Texas is notorious for its hail, tornadoes, and extreme humidity. There were 18 incidents of hail within 10 miles of McKinney in 2019. The biggest hailstorm brought 4.5 inches of hail. In October 2019, a tornado devastated Dallas and nearby counties, leaving more than 150,000 residents without electricity and destroying homes and schools.

Top Home Insurance Agents Near McKinney, TX

Home Insurance Company Near McKinney, TXAddress
Nationwide Insurance: John Clark Agency, Home Insurance, Auto Insurance6951 Virginia Pkwy #100, McKinney, TX 75070
Christie Schoonover – State Farm Insurance Agent6625 Mediterranean Dr, McKinney, TX 75072
Nationwide Insurance – The Saxon Insurance Agency Inc4900 W Eldorado Pkwy #106, McKinney, TX 75070
Insurance Choices2491 Country View Ln #1129, McKinney, TX 75069
Global Green Insurance Agency307 S McDonald St Suite 102, McKinney, TX 75069

McKinney Home Insurance Special Resources

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McKinney, TX Homeowners Insurance FAQs

Texas does not require homeowners insurance, but your mortgage lender will ask for coverage to approve a home loan. Also, although not state-required, when you have homeowners insurance, you have a home safety net.

If your home is destroyed or damaged, it can cost a lot of money–even hundreds of thousands of dollars–to fix or reconstruct. Without home insurance, you have to get the money out of your pocket. If you have homeowners insurance, you can file a claim for damages and help rebuild your home. It will also cover theft of your personal belongings, including when you take them with you in your car or when you travel.

You should get it as soon as possible. You’ll never know when an unexpected event, such as fire, storms, and robbery, will happen. Also, as mentioned earlier, if you mortgage your home, your lender will require homeowners insurance. It’s essential to shop around for the right policy to meet your needs. Check Insurance Online’s comparison tool to get information on various insurance providers’ rates.

Homeowners insurance is not included with your mortgage premium unless it is escrow. Establishing an escrow account to fund your mortgage payment, home insurance, and even your property taxes is a common practice.

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