Waco, TX Homeowners Insurance

Waco, Texas is home to popular sites like the Hawaiin Falls and the Waco Suspension Bridge. The city of Waco maintains a charm that pulls thousands of tourists all year round. Tourism isn’t the only thing to love about Waco, as the city’s population continues to be on the rise. From just about 124,805 people in 2012 to 149,236 in 2021, the population boom is just incredible for its size.

With a rise in population comes a need for more homes. The median home value in Waco, Texas, is about $126,000. Although there’s no law in Waco, TX that makes home insurance compulsory, it is necessary to have one for mortgage purposes. Besides, good coverage will cover any costs associated with replacing or repairing broken parts of your home. Because residents in Waco have to regularly deal with flooding and wind damage, homeowners insurance in Waco, alongside flooding insurance, is a great way to protect your investment.

In Waco, the average homeowners insurance cost is $1,893 annually. Insurance costs across the city vary from location to location and from provider to provider. If you’re looking for the most comprehensive yet affordable home insurance in Waco, we’ve got you covered. We’re going to walk you through the best homeowners insurance by cost, zip codes, and any other details you need to know if you’re thinking of owning a house in Waco, Texas.

What Are the Cheapest Homeowners Insurance Companies in Waco, Texas?

For as little as $655, you can get homeowners insurance for one year in Waco. This incredibly affordable rate is offered by Mercury, which stands proudly as the cheapest home insurance provider in Waco. This rate is about 50% less than the average rate in the city. However, the rates differ depending on the age of the home you’re purchasing coverage for.

Cheapest Homeowners Insurance Companies in Waco

 Insurance ProviderAnnual Insurance Rate
1Mercury$655
2Farmers$662
3Lighthouse$665
4Travelers$778
5ASI$819
6National General Insurance$920
7Kemper Insurance$950
8Allstate$1050

What Does Homeowners Insurance in Waco, Texas Cover?

Sometimes, choosing a homeowner insurance policy isn’t the easiest job. You have to look at the different coverage under a policy before you put pen to paper. Most homeowner insurance offers the following coverage:

  1. Dwelling Coverage: Covers any damage to your building.
  2. Personal Property Coverage: Covers any damage to or theft of your personal belongings in the house.
  3. Loss of use Coverage: Covers extra expenses resulting from you leaving the house due to an insured event.
  4. Structures Coverage: Covers any damage to other structures in the property.
  5. Liability Coverage: Covers any injury and damage you cause to anybody and property, respectively.
  6. Medical Payments Coverage: Covers the treatment costs of someone injured in your home.

Homeowners Insurance Rates in Waco by Zip Codes

Where you live in Waco will, to a degree, determine your insurance rates. Some areas offer low insurance rates, while others offer higher rates. Insurance companies factor in the likelihood of insurance claims in your area when determining your premiums. For a $200,000 property, for example, the insurance rate in Robinson (76706) is $1,337, but in McGregor (76657) it is $1,500.

The following list shows you the average annual cost of homeowners insurance in various areas of Waco.

Homeowners Insurance Cost in Waco by Zip Codes

Zip CodeAverage Annual Cost
76710 (Castle Heights)$1,330
76706 (Robinson)$1,337
76643 (Hewitt)$1,438
76712 (Woodway)$1,440
76555 (Lorena)$1,480
76657 (McGregor)$1,500

Waco Homeowners Insurance Rates by Home Value

The average homeowners insurance rates in Waco vary according to the value of homes. Understandably, insurance companies charge higher premiums for more expensive homes because it’ll cost more to repair damages on the building or provide replacements. So, if you know your home’s value, the table below will give you an idea of your homeowners insurance rate.

Home ValueAverage Annual Homeowners Insurance Rates
$50,000$248
$90,00 – $99,900$940
$100,000 – $124,999$1,095
$125,000 – $149,999$1,369
$150,000 – $174,999$1,616
$175,000 – $199,999$1,858
$200,000 – $249,999$2,233
$250,000 – $249,999$2,734
$300,000 – $399,999$3,482
  

Best Home Insurance Companies in Waco, Texas

Several financial powerhouses regularly rank insurance companies based on their credibility, financial stability, and reliability. Let’s take a look at the best home insurance companies in Waco, Texas as rated by J.D Power, NAIC, and AM:

Top-rated Home Insurance Companies in Waco, Texas

 J.D Power RatingNAIC ValueNAIC Value
Allstate4/50.21A++
USAA5/50.15A++
Amica4/50.20A++
State Farm4/50.20A++

Natural Disasters and Homeowners Insurance in Waco, Texas

Residents of Waco are at risk of natural disasters such as flooding and windstorm. With a history of such disasters, it’s only right for homeowners to insure their homes against such disasters if they eventually happen. This is even truer for people who have their homes in the Lake River and Brazos River areas, which are more prone to flooding.

When compared to other coastal areas of Texas, Waco, the Athens of Texas, is relatively at low risk of flooding. However, an insurance policy is still necessary. It’s imperative to note that typical homeowners insurance doesn’t cover flood damages in Waco. However, many insurance companies offer a flood insurance policy to ensure your property against floods.

Homeowners Insurance Resources for Waco, Texas

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Waco, TX Homeowners Insurance FAQs

Most homeowners insurance policies in Waco cover loss from fire, theft, vandalism, hail, hurricane, windstorm, explosions, and crashes. However, you have to decide between actual cash value coverage or replacement cost coverage when buying an insurance policy. The former gives you 100% coverage for any loss or damage to your home, while the latter only covers the current cost of repairs/replacement.

Homeowners insurance policy cost in Waco depends on various factors, including the age of the house, the type of building materials, the neighborhood, claims history, credit score, deductibles, and cost of home replacement. The average homeowners insurance is $1,893.

Finding the cheapest yet best homeowners insurance in Waco is possible. It would help if you did your homework well enough. The cost of protecting your home will eventually depend on various factors. Yet, the insurance rates aren’t cut-throat. You can compare rates and policies by various insurance providers online and check these companies’ ratings before making a decision.

If an unexpected event were to happen, how much are you willing to pay as a deductible? Is it easier for you to pay large sums as a premium or pay a larger sum at once as a deductible? These are important questions you need to answer before settling for deductible and coverage costs. If you live in an area prone to crime or natural disasters like hurricanes, you should consider paying a higher rate so you can pay a lower deductible when filing a claim.

Once there’s damage to your home or loss of personal belonging, alert your insurance provider before anything else. Then ensure the home suffers no further damages and repair to the extent you can. Ensure you keep appropriate records of your expenses and make an inventory with an apt description of the damages.

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