The Best Cheap Homeowners Insurance in Laredo, Texas for 2022: Quotes and Reviews
In Laredo, Texas, homeowners insurance costs an average of $2,322 yearly or $194 per month. However, this cost can vary depending on the insurer you choose. The most expensive option, State Farm, costs $3,352 per year, while the cheapest option, Universal North America, costs $1,195 yearly, meaning homeowners can save up to $2,157 annually by shopping around. If you are looking for a combination of affordability and quality coverage, we have ranked the best homeowners insurance companies in Laredo.
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The Cheapest and Best Homeowners Insurance in Laredo
The Cheapest Home Insurance Companies in Laredo
Most home insurance companies offer similar coverage benefits in Laredo, so it is important to compare quotes when shopping for home insurance.
In Laredo, the cheapest companies for home insurance for the average home with $250,000 in dwelling coverage are:
- Universal North America: $1,195 per year
- Chubb: $1,310 per year
The cheapest insurance companies in Laredo for expensive homes with $2,000,000 in dwelling coverage are:
- Chubb: $4,096 per year
- Farmers: $6,475 per year
You can use the table below to look up the home insurance rates for different dwelling coverage limits.
The Cheapest Home Insurance in Laredo, Ranked
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Policies with the initial baseline dwelling coverage of $250,000 have personal property limits of $100,000 and those with a $2,000,000 dwelling coverage limit have personal property limits of $800,000. The liability coverage for all the policies is $100,000.
If you live in other parts of Texas outside Laredo, you can look up home insurance rates in Texas to check the rates for your city.
The Average Cost of Homeowners Insurance in Laredo for 2021
Homeowners in Laredo pay up to $1,068 less yearly for home insurance than the state average in Texas, which is $3,390 per year. However, the average cost of home insurance in Laredo, at $2,322 yearly, is higher than the national average of $2,103 per year.
Calculate the Cost of Home Insurance in Laredo
Home insurance costs in Laredo vary depending on various factors, including your location, the value of the personal property you want to cover, your credit score and the dwelling coverage limit you purchase.
To look up home insurance rates in your state, you can use MoneyGeek’s home insurance calculator to compare quotes.
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These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Laredo
When buying home insurance in Laredo, it is important to check the insurance company’s financial stability and customer satisfaction track record. While affordability is important, you also need to know that in the event you need to file a claim, it will be settled promptly and fairly.
Based on MoneyGeek’s analysis, the best homeowners insurance companies in Laredo are:
- Best Overall: USAA (only available for current and former members of the military)
- Runner-up: Chubb
MoneyGeek ranked home insurance companies in Laredo based on affordability, user satisfaction scores drawn from J.D Power and A.M Best financial stability ratings.
Apart from being the most affordable option for homeowners in Laredo, Chubb offers policyholders unique coverage benefits. Your home will be rebuilt to its original condition with this policy even if the replacement cost exceeds your policy limit. Chubb also does not account for depreciation when replacing personal property, so you will be reimbursed with items of the same quality as what was lost.
MoneyGeek ranked Chubb as the second-best home insurance provider in Laredo based on its high scores in affordability, customer satisfaction and affordability. Compared to other insurers in Laredo, Chubb offers the best combination of cost and coverage features.Read MoneyGeek's Chubb home Insurance Review
Apart from coverage that reimburses active military members if they lose their uniforms, this policy also has optional coverage for homeowners who rent out rooms in their homes. A USAA policy also offers policyholders discounts for having safety devices installed in their homes, making the policy even more affordable.
Our winner pick outscored most insurers in Laredo in terms of affordability and customer satisfaction. This policy is, however, only available to current and former members of the military.Read MoneyGeek's USAA home Insurance Review
Cheapest Home Insurance Companies in Laredo for Newly Constructed Homes
Home insurance rates in Laredo are cheaper for homeowners with newly constructed homes. This is because modern materials tend to be more damage-resistant and easier to replace. Home insurance will cost an average of $1,373 yearly for a newly built home, while the cost for an old house built in 2000 is $2,322 per year.
For newly constructed homes with $250,000 in dwelling coverage, the cheapest home insurance companies in Laredo are:
- Universal North America: $782 per year
- Chubb: $1,154 per year
The Cheapest Home Insurance in Laredo for New Homes, Ranked
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Cheapest Home Insurance Companies in Laredo if You Have a Lot of Personal Property
In Laredo, homeowners who want to cover more personal property will pay higher home insurance rates. It costs an average of $2,399 per year for a home insurance policy with $250,000 in personal property coverage, while a policy with personal property limits of $100,000 costs $2,322 yearly.
The cheapest insurance companies in Laredo for home insurance with personal property coverage limits of $250,000 are:
- Universal North America: $1,235 per year
- Chubb: $1,310 per year
Cheap Companies in Laredo for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Laredo for High Deductibles
In Laredo, the deductible on your home insurance policy can substantially affect the premiums you pay for home insurance. A lower deductible attracts higher annual premiums but will have lower out-of-pocket costs if you file a claim. Conversely, a policy with a higher deductible will have lower annual premiums but higher out-of-pocket costs. On average, you will pay $2,046 yearly for high deductibles of $2000, while a policy with $1000 deductibles will cost $2,322 per year.
The cheapest insurance companies in Laredo for those with policies with $2,000 deductibles are:
- Universal North America: $1,053 per year
- Chubb: $1,204 per year
The Cheapest Companies in Laredo for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Laredo if You Have Poor Credit
The homeowner’s credit score significantly impacts home insurance rates in Laredo. This is because insurers use credit scores as a rating factor when calculating home insurance premiums. If you have a poor credit score, you will pay an average of $4,891 per year for home insurance compared to a much lower cost of $2,322 yearly for homeowners with good credit scores.
For homeowners with poor credit scores, the cheapest home insurance companies in Laredo are:
- Universal North America: $1,866 per year
- Chubb: $2,259 per year
The Cheapest Companies in Laredo for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Laredo
If you are looking for online home insurance quotes in Laredo, the insurer requires information from you to calculate the appropriate coverage limits and premiums for your particular home. Some of the details that you will need to provide include:
- Personal information: Personal details like your address, who you live with and your insurance history will be required when requesting a home insurance quote online.
- Details of your house: The insurer needs specific information about your home, including the size, when it was built and whether it has any special features installed to enhance safety.
- The replacement cost of your home: Your dwelling coverage limit is determined by the actual cost it would take to rebuild your home as it is. This replacement cost is a significant factor in how much you pay for home insurance. You can get an estimate from a construction specialist to ensure you provide the insurer with an accurate figure.
- Value of personal property: the more personal property you have to cover, the higher the cost of home insurance. This means the insurer needs to know the value of the personal property that will be covered under your home insurance policy.
Homeowners Insurance in Laredo Analysis: Methodology
MoneyGeek analyzed home insurance rates from ten companies in Laredo for this study. Data was provided in partnership with Quadrant.
Quotes were collected for a home with varying coverage levels to calculate affordability scores. The customer satisfaction ratings used in this study were drawn from J.D. Power surveys. MoneyGeek also collected quotes for homeowners with newly constructed homes, increased dwelling or personal property coverage, higher deductibles and poor credit scores.
MoneyGeek used a base profile of the average homeowner with a 2,500 square-foot home built in 2000, with dwelling coverage of $250,000, personal property coverage of 100,000 and liability coverage of $100,000. All policies have deductibles worth $1,000.
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