Cost of homeowners insurance in Texas
Home insurance premiums in Texas cost an average of $3,686 per year, for a policy with a $1,000 deductible and $300,000 in dwelling coverage. Although this isn’t the most expensive average cost for homeowners insurance in the nation, it’s among the highest premium prices in the country.
The relatively high cost of homeowners insurance in Texas is partially due to its location. The second-largest state in America experiences a variety of perils, including flooding, hurricanes, tropical storms, wildfires, and tornadoes, and these can cause devastating property damage.
But different factors can affect your premium costs in Texas, including the age of your home and its replacement cost, your area’s labor costs, your claims history, and your deductible amount.2
Cost of homeowners insurance by dwelling coverage amount
Dwelling coverage is the part of a home insurance policy that pays to repair or rebuild your home if it’s damaged in a covered event.
A common mistake homeowners make is assuming they should get dwelling coverage equal to their home’s purchase price. But repairing or rebuilding your home may cost more or less than what you paid for it, depending on the price of building supplies and labor, among other costs.3
For example, the average cost to rebuild a home in Texas ranges from around $220,000 in Wichita Falls up to nearly $750,000 in Missouri City.
That’s why it’s important to understand the cost of rebuilding your home so that you can get the right amount of dwelling coverage. The higher the coverage limits you choose for your dwelling coverage, the more you’ll pay in premiums. Rates shown in the table below are for Texas home insurance policies with a $1,000 deductible.
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