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.
|McKinney Average (Annual)||Texas Average||United States Average|
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.
|Company||Average Annual Rate|
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.
|Coverage Level||Average Annual Rate|
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.
|ZIP Code||Average Annual Home Insurance Rate|
|75070 (Custer Creek Farms)||$1,020|
|75069 (Historic Downtown)||$1,040|
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.
|ZIP Code||Average Annual Home Insurance Rate|
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.
|Deductible Amount||Average Annual Home Insurance Rate|
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%.
|Company||Avg. Annual Auto Insurance Rate (With Bundle)|
|Insurance Company||Financial Stability||Experience||Online Reviews|
|Travelers||AM Best A+||Experienced||5 stars|
|USAA||AM Best A++||Experienced||5 stars|
|Progressive||AM Best A+||Experienced||4 stars|
|Hippo||AM Best A-||New||5 stars|
|Encompass (Allstate)||AM Best A+||Experienced||5 stars|
|State Auto||AM Best A-||Experienced||4 stars|
|SafeCo (Liberty Mutual)||AM Best A||Experienced||4 stars|
|Mercury||AM Best A||Experienced||4 stars|
|Towerhill||AM Best A-||Experienced||5 stars|
|State Farm||AM Best A++||Experienced||4 stars|
|Stillwater||AM Best A-||Experienced||5 stars|
|Velocity||AM Best A||New||4 stars|
|Lighthouse||AM Best A-||New||3 stars|
|Foremost (Farmers)||AM Best A||Experienced||3 stars|
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.
|Home Insurance Company Near McKinney, TX||Address|
|Nationwide Insurance: John Clark Agency, Home Insurance, Auto Insurance||6951 Virginia Pkwy #100, McKinney, TX 75070|
|Christie Schoonover – State Farm Insurance Agent||6625 Mediterranean Dr, McKinney, TX 75072|
|Nationwide Insurance – The Saxon Insurance Agency Inc||4900 W Eldorado Pkwy #106, McKinney, TX 75070|
|Insurance Choices||2491 Country View Ln #1129, McKinney, TX 75069|
|Global Green Insurance Agency||307 S McDonald St Suite 102, McKinney, TX 75069|
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.