The Best Cheap Homeowners Insurance in Lubbock, Texas for 2022: Quotes and Reviews
On average, homeowners in Lubbock, Texas, pay $3,587 per year or $299 per month for home insurance. Rates will vary depending on the insurance company. The cheapest option is Universal North America at roughly $1,474. The most expensive company, Farmers, has an average rate of $4,739. That means you can save as much as $3,265 annually shopping around. MoneyGeek ranked the best homeowners insurance in Lubbock for those who value both affordability and quality service.
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The Cheapest and Best Homeowners Insurance in Lubbock
The Cheapest Home Insurance Companies in Lubbock
Home insurance providers typically offer the same core coverages in Lubbock. That is why cost can be an important factor when looking for the best homeowners insurance in Lubbock.
If you are looking for cheap home insurance with $250,000 dwelling coverage limits, the top companies are, on average:
- Universal North America: $1,474 per year
- Chubb: $2,069 per year
Meanwhile, the most affordable options for a Lubbock homeowner looking for a home insurance policy with dwelling coverage limits of $2,000,000 are, on average:
- Chubb: $6,504 per year
- Universal North America: $8,385 per year
The table below shows how prices change as you adjust the dwelling coverage limits.
The Cheapest Home Insurance in Lubbock, Ranked
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In this analysis, the policies with initial baseline dwelling coverage have personal property limits of $100,000. Those with dwelling coverage of $2,000,000 have personal property limits of $800,000. All policies have liability coverage limits of $100,000.
If you live in a different city in the state, you can look up home insurance in Texas as a whole.
The Average Cost of Homeowners Insurance in Lubbock for 2021
The cost to insure a Lubbock home costs an average of $3,587 per year, which is more expensive than the average cost of home insurance on the state and national levels. Lubbock homeowners typically pay $197 more than the $3,390 state average and $1,484 more than the $2,103 national average.
Calculate the Cost of Home Insurance in Lubbock
Where you live affects your premiums for home insurance. However, insurers use many determining factors to calculate homeowners insurance quotes in Lubbock. Other considerations are coverage limits, personal property coverage limits, credit scores and more. You can compare quotes in your state using MoneyGeek’s home insurance calculator.
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These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Lubbock
Aside from the cost, you should also consider customer service experience and financial stability when looking for the best homeowners insurance in Lubbock. Policyholders usually make claims during a stressful time, so you have to make sure your insurer processes claims quickly and fairly.
Based on MoneyGeek’s analysis, the best homeowners insurance companies for Lubbock residents are:
- Best Overall: Chubb
- Runner-up: USAA (Only available to current and former military members)
MoneyGeek calculated final scores based on affordability, customer satisfaction and financial stability.
One of the standout features of Chubb policies is that they do not account for depreciation when calculating the replacement cost of your home. The company also includes complimentary risk consulting where they will assess your home to ensure that you are fully protected against potential risks.
Chubb is MoneyGeek’s top pick in Lubbock due to its high ratings across all categories, especially in terms of affordability. Chubb policies pay to have your home rebuilt to its original condition even if the cost is greater than your policy limit.Read MoneyGeek's Chubb home Insurance Review
USAA rewards safety as it offers discounts to homeowners who have protective security systems in place. If you remain claims-free, you may also enjoy significant discounts. The company even offers home-sharing coverage for homeowners who rent out a room or home. This covers costs associated with being a landlord.
USAA comes in second place. It got high ratings across categories, including a perfect score in user satisfaction. However, USAA policies are only available to current and former members of the military or their families.Read MoneyGeek's USAA home Insurance Review
Cheapest Home Insurance Companies in Lubbock for Newly Constructed Homes
If your home is newly constructed, you are likely to get cheaper home insurance quotes in Lubbock compared to those with older homes. Insurers charge less because of modern materials, which are more resistant to damage and easier to replace.
The average cost to insure newly constructed homes in Lubbock is $2,558 per year. Home insurance for a house built in 2000 typically costs $3,587 per year.
On average, the cheapest companies for homeowners with newly constructed homes in Lubbock are:
- Universal North America: $1,051 per year
- Chubb: $1,475 per year
The Cheapest Home Insurance in Lubbock for New Homes, Ranked
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Cheapest Home Insurance Companies in Lubbock if You Have a Lot of Personal Property
Homeowners insurance in Lubbock also covers damages to personal property kept in the insured home. If you want more personal property coverage, you will have to pay higher annual premiums.
For a standard policy with $250,000 personal property coverage limits, the average rate in Lubbock is $3,886 per year. A similar policy with $100,000 in personal property coverage limits costs $3,587 on average.
On average, the most affordable companies for Lubbock homeowners with high personal property limits are:
- Universal North America: $1,597 per year
- Chubb: $2,242 per year
Cheap Companies in Lubbock for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Lubbock for High Deductibles
Deductibles can have a sizable effect on your home insurance rates in Lubbock. If you choose to have a higher deductible, you will pay more out-of-pocket if you make a claim. However, your annual premium will be cheaper.
A standard policy with a $1,000 deductible costs an average of $3,587 per year in Lubbock. With a $2,000 deductible, a similar policy costs $3,171 on average.
The cheapest insurance companies for Lubbock homeowners with policies with $2,000 deductibles are, on average:
- Universal North America: $1,303 per year
- Chubb: $1,829 per year
The Cheapest Companies in Lubbock for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Lubbock if You Have Poor Credit
Insurance carriers also use credit scores when determining home insurance quotes in Lubbock. Generally, homeowners with bad credit scores pay higher premiums than those with good credit.
The average cost of insurance for Lubbock homeowners with poor credit is $7,689 per year. Those with good credit pay an average of $3,587 per year.
For Lubbock homeowners with poor credit, the cheapest home insurance carriers are, on average:
- Universal North America: $2,314 per year
- Chubb: $3,571 per year
The Cheapest Companies in Lubbock for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Lubbock
When getting online home insurance quotes in Lubbock, you will need to provide a lot of information. This can include but is not limited to:
- Home Replacement Cost – You will have to provide the cost to rebuild your home. It will be used in determining your dwelling coverage limits. Hire a building contractor or construction professional for an accurate replacement cost.
- Personal Property Value – The personal belongings covered by the policy will determine your personal property coverage limits, which impacts your home insurance rates.
- Personal Information – Insurers will ask for personal information like your address, how many and who lives in your home, your insurance history, your credit score and other relevant details.
- Information about the House – This refers to the year your house was built, how big it is and any safety device or security system in place.
Homeowners Insurance in Lubbock Analysis: Methodology
MoneyGeek analyzed homeowners insurance rates from 10 companies in Lubbock. Data used was provided in partnership with Quadrant. Quotes for a policy with varying coverage levels were used to calculate affordability scores. Customer satisfaction ratings are derived from J.D. Power surveys.
MoneyGeek also collected average rates for newly constructed homes, higher dwelling coverage, increased personal property coverage limits, higher deductibles and poor credit scores.
The base profile used in this analysis is a 2,500-square-foot home built in 2000 with a policy that has dwelling coverage limits of $250,000, personal property coverage limits of $100,000 and liability coverage limits of $100,000. The deductible is $1,000.
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