Richardson, TX Homeowners Insurance

Over 115,000 people currently reside in Richardson, making it the 32nd most populated city in Texas. Despite being densely populated, Richardson was rated 7.1 out of 10 on the BestPlaces Comfort Index in 2019. Richardson experiences an average high temperature of 95° F in August, its hottest month of the year. Overall, Richardson’s is one he conditions considering its population and climate are average for the region.

Texas law doesn’t require you to have homeowners insurance. If you still owe money on your home, however, homeowners insurance will be required by your lender. While not required by law, homeowners insurance is a good idea because it helps protect your home and other assets in the case of damage from weather, theft, and catastrophic events. Many insurance companies in Richardson offer comprehensive coverage, as well as various other coverage options and bundles so that you can choose an optimal plan for your home and individual situation. Insurance rates depend on your home’s specific characteristics including its materials, structure, and size. Property location also plays a significant role in determining your homeowners insurance rate. For example, if your area is prone to natural disasters such as fire and tornadoes, you will likely be subject to higher rates.

Richardson Homeowners Insurance Rate VS Statewide and Nationwide Average

Richardson’s average homeowner’s insurance rate is $1,220 per year or $101 per month. 

Some companies in Richardson cater to homeowners who reside in high-risk areas. They offer coverage specifically to insure houses prone to tornadoes and other disasters. For example, UPC is known for offering the best tornado coverage. The annual average rate for tornado coverage in Richardson is $2,301 per year, $120 to $130 less than the statewide average. 

Homeowners Insurance: Richardson Rates Vs. State + National Averages

Richardson Average (annual) Texas Average United States Average
$1,220 $3,424 $1,210

Which companies offer the cheapest homeowners insurance option in Richardson?

Several companies provide affordable homeowners insurance in Richardson. USAA and Chubb have the cheapest average homeowners insurance rate in the city. Chubb offers the cheapest average homeowners insurance rate of $1,429 per year, followed by USAA at $2,010 per year. 

Company Average Annual Rate
Chubb $1,429
USAA $2,010
Progressive $2,149

Homeowners Insurance Rate By ZIP Code

Your location also affects your homeowner’s insurance rate. Homes on streets near public safety departments and/or in areas with low natural disaster risk are subject to lower rates. Homes on streets far from public safety departments and/or in areas vulnerable to natural disasters, by contrast, have higher average insurance rates. 

Streets Around Richardson Average Annual Home Insurance Rate
75081 $1,022
75082 $1,111

Richardson Homeowners Insurance Cost by Deductible

Your deductibles also affect your homeowner’s insurance rate. The average annual insurance rate for a property with a low deductible is $1,500, while the average rate for a property with a high deductible is just $1,000 per year. 

Deductible Level Average Annual Homeowners Insurance Rate
$500 $1,399
$1,000 $1,257
$1,500 $1,188
$2,000 $1,077
$5,000 $1,011

Best Home Insurance Companies in Richardson

As was mentioned, Richardson has various competitive homeowners insurance companies. Some of these companies earned excellent ratings from J.D. Power and BBB. The rating of each company in Richardson was evaluated according to the company’s financial stability, comprehensive disaster coverage, and other factors that project the reliability of the company. If the homeowner’s insurance company offers holistic coverage, it is likely for them to gain one of the best ratings in the city. 

Company J.D. Power Ranking A.M. Best Rating BBB rating
Amica 5 out of 5 stars A+ (Superior) A++
Chubb 4 out of 5 stars* A+ (Superior) A+
USAA 4 out of 5 stars A++ (Superior) A

Top Home Insurance Agents Near Richardson

An experienced agent can help you determine which homeowners insurance company is ideal for you to guarantee savings. Homeowners insurance agents in Richardson gained a lot of experience by meticulously studying the nature of the business. Hence, if you want to earn savings on your homeowner’s insurance rate in Richardson, hire an agent. 

Home Insurance Company Near Richardson Top Homeowners Insurance Agents in Richardson Address
Allstate Bill Farmakidis 7965 Custer Rd Ste 122
75025-3155, TX
Allstate Michael Maxson 2435 N. Central Expressway Suite 150 75080, TX
Allstate Haughton Bowen 613 W Main St., 75050, TX

What Are the Most Common Coverage Options in Richardson?

There are different coverage options that you can choose and bundle based on the condition and location of your home and your preferences. These options include home protection, medical coverage, additional living expenses, and more. Common coverage options offered in Richardson are described in more detail below. 

Property or Dwelling Coverage: Covers the cost of home repairs for damage caused by events such as windstorms or kitchen fires. 

Personal Liability Coverage: Covers injuries to you and your family from an accident in your residence for which you are responsible. 

Medical Coverage: Covers injuries to guests who are injured on your property. (Does not cover injuries to you or others living in your residence.) 

Additional Living Expense: If your home acquires severe damage and is not livable, your insurance provider will cover the cost of house rentals for up to 24 months or until your home is completely safe and rebuilt. 

Asset Protection: Covers valuable assets on your property, such as art, antiques, and/or collectibles. In any case that these assets are stolen or lost, the insurance company will replace them. 

Scheduled Personal Property Coverage: Provides full coverage (beyond the partial coverage offered by asset protection) for specific valuables of your choice. 

Property Rental Coverage: Covers the risks taken by renting out your home for extended periods of time including liability costs, property damage, and loss of rental income.

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Richardson, TX Homeowners Insurance FAQs

If you reside in areas prone to wildfires, your insurance company will cover the repair/rebuild cost as long as you have a substantial amount of coverage in your premiums.

Yes. Each material and part of your house is accounted for by insurance companies in Richardson.

The average monthly rate of a house with a value of $166,000 is $935. 

The standard Richardson homeowners insurance rate is $1,000 to $1,200 per year. 

Yes. If your home’s value is less than the cost of repairs to rebuild your home, your homeowners insurance rate will also be affected. 

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