Buying a new home is one of the most exciting experiences ever. You now have the freedom of a homeowner and the pride that comes from such a valuable investment in real estate. However, investing in a home without protective cover is a risky adventure. To secure your investment, it’s imperative to get homeowners insurance to protect your property against damages and loss.
A homeowners insurance policy is even more necessary for a home in a city like Odessa, Texas. With a population estimate of 123,334 in 2019, Odessa is one of the fastest-growing small cities in the United States. The city has served as home to two American presidents, George H. Bush, and George W. Bush. One of the city’s most popular theaters, Ector Theater, has provided entertainment to Odessa’s residents for almost seven decades. The city also hosts several tourist attractions such as the White-Pool House, Stonehenge replica, and the Parker Ranch House Museum.
Average Homeowners Insurance in Odessa is $1,640, which is lower than the national average. Your homeowner insurance’s final cost usually depends on various factors such as the home value, area, deductibles, and others. This guide will explain everything you need to know about homeowners insurance in Odessa, Texas.
The average home insurance premium in Odessa, Texas, stands at $1,640, but you can get good coverage for less. However, several factors determine how much of a cost-savings you can expect on homeowners insurance in Odessa, Texas. Your insurance provider will consider the home value, neighborhood, and even the home type when giving you a quote.
Nevertheless, looking at the list of the most affordable insurance rates in Odessa is a great place to start. The cheapest homeowners insurance plan in Odessa, Texas, is offered by State Farm at $1,135 annually.
|Insurance Company||Annual Homeowners Insurance Cost|
|Blue Cross Blue Shield||$1,345|
Generally, expensive homes will cost more to repair if there’s damage than standard homes. This is because expensive homes were built with high-quality materials that cost a lot to replace. Hence, homeowners insurance companies tend to charge higher premiums for homes with a high home value. If you know your home’s value, you can estimate how much you’ll pay for insurance coverage with the table below.
|Home Value||Average Homeowners Insurance Rates|
|$90,00 – $99,900||$1025|
|$100,000 – $124,999||$1187|
|$125,000 – $149,999||$1482|
|$150,000 – $174,999||$1757|
|$175,000 – $199,999||$2032|
|$200,000 – $249,999||$2442|
|$250,000 – $249,999||$2897|
|$300,000 – $399,999||$3795|
You can estimate your homeowners insurance rates by looking at the average cost of insurance in the area where your home is. If your home is in Alleghany Avenue and Odessa’s surrounding area, you should expect to pay more in insurance than what you’ll pay in other parts of the city. On the other hand, folks who live in Lauderdale Avenue pay some of the lowest homeowner insurance rates. So, look up the zip code of your home’s location and check the table below to see how much you could potentially pay for coverage.
|Zip Codes||Average Homeowners Insurance Cost|
|79765 (Pica Ave)||$1,001|
|79764 (Tye Ave)||$1,003|
|79762 (Kirkwood Drive)||$1,006|
|79763 (S Kelly Ave)||$1,019|
|79766 (S Mildred Ave)||$1,091|
Several insurance companies in Odessa offer a mixed policy that lets you combine your homeowners and auto insurance, allowing you to pay only one premium for both coverages. As a result, you can enjoy bundling discounts, which vary from one insurance provider to another. Also, the number of insured cars in the bundle affects the amount of discount accruable to you. The more cars you insure, the more discounts you enjoy. Odessa has lower bundling discounts when compared to discounts in other parts of Ector County.
|Area||1 Car Bundle Savings On Insurance||2 Car Bundle Savings On Insurance|
When purchasing a homeowners insurance policy, you have to decide between a low and a high deductible. With a low deductible, you have to pay a high premium, and the opposite is true for a high deductible. We’ve painted scenarios below to show insurance costs with high and low deductibles:
|Low Deductible||High Deductible|
|Annual Homeowner Insurance Rate||$3,100||$2,600|
|Total Homeowner Insurance Rate for ten years + Out-of-Pocket Expense||$33,000||$30,000|
A homeowner who goes for a high deductible would end up saving $7,000 in insurance premium for ten years from the above-scenario.
The median home value in Odessa, Texas is $130,000, and the average insurance rate for such property is $1,640 annually. Homeowners who choose high deductible will pay a lower insurance premium compared to those who don’t. Insurance companies will also factor in the home’s age, the home’s construction type, and proximity to safety departments.
Insurance providers consider if public safety departments, particularly police departments and fire stations, are near your home. The reason isn’t far-fetched. The proximity of these outfits to your home means there’ll be a quick response in cases of fire, theft, vandalism, etc., reducing the extent of the damage. In Odessa, Texas, having a fire station close to your home can save you up to $50, and having a police department can save you around $15 in insurance costs.
Homeowners insurance cost goes up for every claim you file. In Odessa, Texas, you have to pay an additional $328 in homeowners insurance after filling the first Fire Claim, which goes up to $688 with the second claim. For the first Theft Claim, your insurance premium increases by $311 and $623 for the second claim. After filing a Liability Claim, your homeowner’s insurance rate also increases by $311 and by $623 for the second claim. There’s also a surge by $262 after filing a Weather Claim.
An excellent place to start is comparing quotes online. Many of these home insurance online platforms allow you to compare quotes from top insurance companies by entering the Zip Code of your home address. You get to compare the deductible, coverage value, and insurance premiums. That way, you can decide on the right insurance plan best for you.
Odessa is one of the many cities at risk of flood in Texas, so it’s important to get insurance coverage. Homeowner’s insurance policies in Odessa don’t cover events such as a flood. It would be best if you considered purchasing a separate flood insurance policy from a provider, or you can get one from the National Flood Insurance Program (NFIP). Over a thousand homes are currently insured against flood in Odessa, and these policies cover all forms of surface floods.