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.
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.
|Insurance Provider||Annual Insurance Rate|
|6||National General Insurance||$920|
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:
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.
|Zip Code||Average Annual Cost|
|76710 (Castle Heights)||$1,330|
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 Value||Average Annual Homeowners Insurance Rates|
|$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|
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:
|J.D Power Rating||NAIC Value||NAIC Value|
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.
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.