How much does Texas homeowners insurance cost?
The Texas Tribune reports the average cost of Texas homeowners insurance in 2021 was $2,124 per year. In 2022, the Texas Department of Insurance (TDI) approved rate increases averaging 11%. Approved rate increases in 2023 averaged 22% – twice the national average.
Texas’ size is one of the reasons for its high home insurance premiums. The Lone Star State spreads out over several climate zones, so while coastal counties worry about hurricanes, others have to deal with thunderstorms, tornadoes, and hail. Texas can even see brutal winter temperatures that cause rolling power outages.
But remember – that’s just a statewide average. Your premium may be higher or lower depending on several factors, such as:
Save money on your home insurance with Kin
One of the ways we work to keep costs down for homeowners is by using technology to mine publicly available insurance data. By evaluating the details of your home, we can better identify your home’s actual risks, rather than the risk in your general area. That way, we can offer premiums that are accurate and fair.
We also offer discounts when you:
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Install home security, water detection, or fire prevention devices.
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Reduce your chances of wind damage.
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Go without claims for three years.
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Become a Kin member by purchasing your first policy.
Aside from discounts, you may be able to lower your home insurance costs by increasing your deductible. Essentially, you take on more of the expense of a claim, which results in a reduction of your annual premium. This option is only recommended if you can afford the deductible you choose even in the worst case scenario.
Our Texas homeowners insurance policies come with three deductibles:
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Standard deductible
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$500
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$1,000
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$1,500
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$2,500
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$5,000
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$10,000
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Hurricane deductible
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Flat-rate options: $500, $1,000, $2,500, $5,000, $7,500, and $10,000
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Percentages options: 1%, 2%, 3%, 4%, 5%, and 10%
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Wind/hail deductible
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Flat-rate options: $500, $1,000, $2,500, $5,000, $7,500, and $10,000
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Percentages options: 1%, 2%, 3%, 4%, 5%, and 10%
So let’s say your home is insured for $200,000, and you choose a 2% hurricane deductible. That makes you responsible for $4,000 in a claim stemming from hurricane wind damage.
Want to see if you can save money with Kin? Enter your address to get a quote.
When do hurricane deductibles apply in Texas?
Whether or not your hurricane deductible applies is determined during the claims process. That said, hurricane deductibles typically kick in during a:
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Named storm. The National Hurricane Center of the National Weather Service is the organization that determines a named storm. Any storm or weather-related event given a name by any other person or entity does not qualify as a named storm.
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Hurricane. Again, only the National Hurricane Center can declare a storm a hurricane. You will pay the hurricane deductible when the loss is deemed damage from a hurricane.
If your loss or damage is caused by one of these two types of storms, then your hurricane deductible most likely applies.
When do wind/hail deductibles apply in Texas?
Your wind/hail deductible, aka your Windstorm or Hail Other Than Hurricane or Named Storm Deductible, is triggered by damage caused by a wind or hail storm that wasn’t declared a hurricane or named storm.
However, your hurricane deductible may apply to wind and hail damage if it was caused by a storm that was declared a hurricane or named storm by the National Hurricane Center. Which deductible applies is determined during the claims process.
Is home insurance required in Texas?
Texas law does not require you to get homeowners insurance, but your mortgage company might. Lenders often mandate insurance in order to protect their financial investment.
Moreover, you may find yourself in situations where your mortgage company requires other types of coverage, namely:
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Flood insurance. Lenders who offer federally backed mortgages have to require flood insurance in certain flood zones. Unfortunately, we do not currently offer flood insurance in Texas.
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Windstorm insurance. Some insurers exclude windstorms from coverage in the counties that have the highest risk. When they do, mortgage lenders often require homeowners to buy this additional coverage.
When you work with us, you won’t need additional windstorm insurance. We cover wind damage in every county in Texas. Good thing, too, considering the top risks Texas homeowners face.
