The Best Cheap Homeowners Insurance in El Paso, Texas for 2022: Quotes and Reviews
Although different companies have different prices, the average cost of homeowners insurance in El Paso, Texas, is $1,190 per year or $159 per month. With the cheapest home insurance policy costing an average of $727 a year and the most expensive having an annual premium of roughly $3,649, you can save as much as $2,922 per year just by shopping around. MoneyGeek ranked the companies with the best home insurance in El Paso for homeowners that value both quality and affordability.
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The Cheapest and Best Homeowners Insurance in El Paso
The Cheapest Home Insurance Companies in El Paso
With several home insurance providers in El Paso offering policies with relatively similar core coverages, price becomes one of the factors to look at before deciding.
Comparing different quotes from various insurers, the companies that offer the cheapest homeowners insurance in El Paso on average for homes with dwelling coverage limits of $250,000 are:
- Universal North America: $727 per year
- Chubb: $795 per year
Dwelling coverage limits impact the price of your home insurance policy in El Paso. For homes that have a dwelling coverage limit of $2 million, companies with the most affordable home insurance, on average, are:
- Chubb: $2,382 per year
- Universal North America: $3,993 per year
Adjust the dwelling coverage limits in the table below to see how home insurance rates change.
The Cheapest Home Insurance in El Paso, Ranked
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Dwelling coverage is directly proportional to personal property limits. Policies in El Paso that have an initial dwelling coverage limit of $250,000 include a $100,000 personal property limit. When the dwelling coverage limits increase to $2 million, personal property coverage limits become $800,000.
Liability coverage is different. It’s not affected by dwelling coverage limits and remains $100,000 for all policies.
You can look up home insurance quotes in Texas, even if you live outside of El Paso.
The Average Cost of Homeowners Insurance in El Paso for 2021
Homeowners in the state of Texas, on average, pay $3,390 for home insurance each year. Compared to that, El Paso’s average rate is cheaper at $1,190 per year or approximately $159 per month. Even if you compare it to the national average of $2,103 per year, it’s still cheaper.
Calculate the Cost of Home Insurance in El Paso
When computing the price of your home insurance policy, factors like the location of your home, how much coverage you buy for dwelling and personal property coverage and whether you have a good credit score are considered along with other factors.
You can use MoneyGeek’s home insurance calculator to compare various quotes in Texas.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in El Paso
Price should not be the sole basis for your decision about which policy to purchase. Doing a bit of research into prospective insurers is a good idea. In El Paso, you’ll want your home insurance provider to be financially stable, as well as known for excellent user experience. Both aspects come in handy when you file a claim.
MoneyGeek’s study found that the best home insurance companies in El Paso are:
- Best Overall: Chubb
- Runner-up: Nationwide
Affordability, customer experience and financial stability were criteria used by MoneyGeek when ranking home insurance companies in El Paso.
Regardless of the amount stated in your policy limits, Chubb will rebuild your home to match its original condition when it is damaged. If your personal property is lost or damaged, they will reimburse at replacement cost. This means that you’ll get new items as good as your previous ones since depreciation isn’t factored in.
At the top of MoneyGeek’s list is Chubb, with an extremely high score in affordability and a perfect one in financial stability. They offer a cash settlement if the damage to your home renders it a total loss.Read MoneyGeek's Chubb home Insurance Review
Nationwide has several features that protect you from extreme weather conditions. One of these is their Better Roof Replacement option, which ensures that improved protective materials are used to rebuild your roof. You can also get more protection by getting Nationwide’s flood insurance, which you can easily add to a standard policy. To cover all water perils, you can also add their water backup coverage.
With nearly perfect scores for all three categories, Nationwide is a strong second among El Paso home insurers. Similar to Chubb, Nationwide policies use replacement costs for personal property.Read MoneyGeek's Nationwide home Insurance Review
Cheapest Home Insurance Companies in El Paso for Newly Constructed Homes
The age of your home is a consideration when home insurance rates in El Paso are calculated. Newly constructed homes use materials that are more resistant to damage and easier to replace. Homeowners of newly constructed homes are also less likely to file claims.
Home insurance for a house in El Paso constructed in 2000 with a dwelling coverage limit of $250,000 costs roughly $1,910 per year. In comparison, a more recently built home with the same dwelling coverage limit only costs about $1,269.
On average, the companies that offer the cheapest insurance for newly constructed homes with a $250,000 dwelling coverage in El Paso are:
- Universal North America: $483 per year
- Chubb: $701 per year
The Cheapest Home Insurance in El Paso for New Homes, Ranked
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Cheapest Home Insurance Companies in El Paso if You Have a Lot of Personal Property
Having home insurance protects you against damages to personal property you keep at your home. In El Paso, homeowners insurance with personal property limits of $100,000 costs an average of $1,910 per year. If you feel your possessions exceed this, you can always increase your personal property limits. It will, however, also increase your premium. Policies in El Paso that cover $250,000 of personal property cost roughly $1,970 per year.
For homes that have personal property coverage limits of $250,000, the companies that offer the best home insurance in El Paso, on average, are:
- Universal North America: $750 per year
- Chubb: $795 per year
Cheap Companies in El Paso for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in El Paso for High Deductibles
Adjusting your deductibles may have a large effect on how much your home insurance costs in El Paso. A policy with a $1,000 deductible costs $1,910 per year on average. A higher deductible means you’ll pay a higher amount out-of-pocket before your insurance kicks in, but it also means you’ll pay a smaller premium per year. Increasing your deductibles to $2,000 makes your policy cheaper at roughly $1,642.
On average, the companies offering the cheapest home insurance in El Paso for policies with a $2,000 deductible are:
- Universal North America: $625 per year
- Chubb: $731 per year
The Cheapest Companies in El Paso for High Deductibles, Ranked
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Cheapest Home Insurance Companies in El Paso if You Have Poor Credit
Insurers in El Paso use your credit score to compute home insurance rates. You can get home insurance if you have poor credit scores, but you pay a higher amount each year.
A homeowner with good credit standing will have to pay, on average, $1,910 for home insurance annually. In comparison, a policy for someone with a poor credit score costs more than double at roughly $4,037 per year.
If you have poor credit, the companies in El Paso that can offer you the cheapest home insurance, on average, are:
- Universal North America: $1,124 per year
- Chubb: $1,367 per year
The Cheapest Companies in El Paso for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in El Paso
Homeowners are always encouraged to compare home insurance quotes in El Paso, which you can get online. Having the following information ready to make it easier:
- Your home’s replacement cost – This is the amount needed to rebuild your home. Hire a professional contractor to assess your home to ensure you get an accurate number since this determines the dwelling coverage limits in your policy.
- Your personal property’s value – Homeowners, at times, underestimate the value of their personal property. Keep an inventory of your belongings to make sure your personal property limit provides sufficient coverage.
- Your personal information – Since location is factored in when computing home insurance rates in El Paso, insurers will ask for your address. They will also ask for the number of people who live in your home and your insurance history.
- Your home’s details – Beyond your personal details, insurers will also ask about your home. Questions can range from the size of your house to when it was built and what materials were used.
Homeowners Insurance in El Paso Analysis: Methodology
The information on this page is a result of MoneyGeek’s analysis of home insurance quotes from ten companies in El Paso, using data provided in partnership with Quadrant.
The baseline profile used was for a homeowner with a 2,500 square foot house built in 2000 with a $1,000 deductible and coverage limits including dwelling at $250,000, personal property at $100,000 and liability at $100,000. To create a comparison, quotes for homeowners with higher dwelling and personal property coverages, increased deductibles and poor credit scores were gathered.
For MoneyGeek’s internal rating system, affordability was computed using quotes for a home with varying coverage, while customer satisfaction ratings used surveys from J.D. Power.
About the Author
- Coverage. "How Does My Location Affect My Home Insurance?." Accessed April 24, 2021.
- USA.com. "El Paso, TX Natural Disasters and Weather Extremes." Accessed April 24, 2021.
- Insurance Information Institute. "Facts + Statistics: Hail." Accessed April 24, 2021.