Our editorial team analyzed regional and national home insurance companies that sell policies in Lubbock to assess which offer the best rates, coverage options, customer service, and savings to homeowners. We prioritized competitive rates, 24/7 customer service, homeownership discounts or bundling options, and specialty or supplemental coverages.
The average annual cost of home insurance in Lubbock, Texas, is $2,690 for a $300,000 policy with a $1,000 deductible. While the cost of living is relatively low in Lubbock, it’s especially important to ensure you have adequate protection from wind and hailstorms.1 After all, a 1970 Lubbock tornado was the original inspiration for creating the Fujita tornado scale.2
If you’re looking for home insurance in Lubbock, here’s what you need to know to make an informed decision.
Best home insurance companies in Lubbock
Since almost 160 insurance companies sell home insurance in Texas, you’ll have plenty of coverage options to choose from. It can be tough to find the best insurance company for you — especially since each offers different pricing, options, and customer satisfaction ratings.
As you begin your search, here are three companies that work well for many Lubbock homeowners.
Best company for financial stability: State Farm
Best company for exceptional customer service: Chubb
Best company for cheap home insurance: Farmers
Cheapest home insurance companies in Lubbock
The right insurance policy should provide peace of mind that your home and family stay protected without draining your wallet. You can compare rates below for the cheapest companies in Lubbock.
How much is home insurance in Lubbock?
The average annual rate for a homeowners policy in Lubbock is $2,690. But your exact insurance rates will depend on the insurance company and coverage options you choose. Each insurer has a different way of calculating your insurance rate based on things like your ZIP code, your home’s age, building materials, and even your credit history.3
Cost of home insurance by dwelling coverage in Texas
Most lenders require you to buy a homeowner policy with enough dwelling coverage to pay off the cost of your mortgage. Experts recommend buying coverage that provides enough to pay for the replacement cost of your home, which is typically higher.
You’ll pay more for a higher coverage limit, but it may be worth it depending on your situation.
Cost of homeowners insurance by deductible amount
Your deductible is another factor that affects your total cost. A deductible is the amount you’re responsible for paying before your homeowner policy kicks in to cover the rest. Higher deductibles mean you pay more when you file a claim, but you’ll pay lower premiums overall.
When comparing rates, keep in mind that many insurers charge separate deductibles for wind and hail damage in storm-prone areas like Lubbock because the risk is so much greater.
Average cost of home insurance in other cities in Texas
The cost of home insurance varies a lot depending on where you live, as you can see when comparing rates in different Texas cities below.
This is because different areas have different risks, even if you’re insuring an identical home. Lubbock is particularly vulnerable to damage caused by things like wildfires, floods, and tornadoes, which tends to raise costs overall.
Here, you can see how rates fluctuate in different Texas cities for policies with $300,000 in dwelling coverage.
What to know about owning a home in Lubbock
Homes in Lubbock typically cost less than those in the rest of the U.S., meaning most people won’t need to buy as much personal property or liability coverage if they need home insurance.
But Lubbock homeowners face unique challenges that other homeowners don’t have to deal with, especially related to the weather. You may need to buy additional coverage options for flood damage, for example, which isn’t covered in a standard home insurance policy. You’ll also need to factor separate wind and hail deductibles into your budget when comparing rates.
A good independent insurance professional can help you evaluate your specific needs and coverage options and then provide customer service for the company they’ve matched you up with. They can also sell supplemental policies, such as flood insurance.
Lubbock home insurance FAQs
You can save money by taking some time to research your options for homeowner policies. Here’s some additional information that can help as you research your coverage options.
The average annual premium for a policy covering a $300,000 home in Lubbock is $2,690, according to Insurify data. Parts of Lubbock sit within a flood plain, so you may need to buy a separate flood insurance policy, too. The city government participates in flood planning efforts that help pay Lubbock residents back with a discount of 5% to 10% on their flood insurance policy.
Farmers offers the lowest-cost insurance policies, with an average annual premium of $554 on a $300,000 home, according to Insurify’s data specialists. State Farm also offers affordable insurance rates, with an average annual premium of $1,024 — and it has a higher customer satisfaction rating, too.
The average annual cost to insure a $300,000 home in Texas is $4,789, according to Insurify data. In Lubbock, the average annual rate is only $2,690.
Many insurers offer a discount if you invest in impact-resistant roofing or other weather protection. This can help prevent damage caused by Lubbock’s epic storms. Other ways to save money include comparing rates among insurers, raising your deductible, and building good credit.
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