The Cheapest and Best Homeowners Insurance in McKinney
The Cheapest Home Insurance Companies in McKinney
When looking for home insurance in McKinney, it's crucial to compare prices since most insurance providers offer comparable basic coverages.
On average, the cheapest home insurance providers in the city for homeowners purchasing a policy with $250,000 in dwelling coverage are:
- Chubb: $1,695 per year.
- Universal North America: $2,084 per year
On average, the providers of cheap homeowners insurance in McKinney for luxury housing with $2 million in dwelling coverage are:
- Chubb: $5,286 per year.
- Universal North America: $11,749 per year
The table below shows the rates of home insurance for various dwelling coverage limits.
The Cheapest Home Insurance in McKinney, Ranked
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Personal property limits are $100,000 for policies with a $250,000 initial baseline dwelling coverage limit and $800,000 for policies with a $2 million dwelling coverage limit. The liability coverage on all of the policies in this guide is $100,000.
You can review statewide home insurance rates in Texas to compare costs for other cities in the state.
The Average Cost of Homeowners Insurance in McKinney for 2022
Home insurance costs an average of $3,777 per year in McKinney, which is $1,674 higher than the national average of $2,103. However, when compared to the Texas average of $3,390 per year, the city’s home insurance costs are only $387 higher.
Calculate the Cost of Home Insurance in McKinney
Factors like your location, credit score, dwelling coverage limit and the value of the personal property you want to cover determine how much home insurance costs in McKinney. To compare home insurance quotes in Texas, you can utilize MoneyGeek's home insurance calculator.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in McKinney
While the price is important when comparing home insurance quotes, it's also necessary to consider the insurer's financial stability and customer service record. An insurer with a good track record of customer service is more likely to resolve your claim fairly and quickly than one with a terrible track record.
The best homeowners insurance companies in McKinney, according to our rating system, are:
- Best Overall: Chubb
- Runner-up: USAA
The best home insurance providers in McKinney were evaluated by MoneyGeek based on affordability data, customer satisfaction and financial stability ratings.
Due to its high rankings in pricing and financial stability, MoneyGeek selected Chubb as the best home insurance company in McKinney. This policy costs an average of $1,695 and provides risk consulting.
Chubb provides a variety of unique add-on coverages, such as sending highly experienced risk advisors to your home to carefully note the details about your home and double-check to see that you are properly insured. It also offers you a cash settlement option if your home is destroyed and you decide not to build. Policyholders can also take advantage of discounts for bundling.Read MoneyGeek's Chubb home Insurance Review
Available to military families, USAA received a perfect score in customer satisfaction and financial stability rankings. This policy provides unique coverage, such as home-sharing, at a low price of around $3,779 annually.
The home-sharing coverage from USAA protects you from the risks of becoming a landlord if you rent out a room in your house or the entire house itself. If active military personnel lose or damage their uniforms, they are covered with no deductible. You may also be eligible for additional discounts if you have installed safety equipment in your home.Read MoneyGeek's USAA home Insurance Review
Cheapest Home Insurance Companies in McKinney for Newly Constructed Homes
Insurers consider homes built with modern construction materials to be lower risk to cover because modern materials are typically more damage resistant. As a result, insurers in McKinney charge reduced home insurance premiums for newly constructed homes. Insuring a newly constructed home in the city costs an average of $2,496 per year, while insuring a home built before 2000 costs roughly $3,777 per year.
On average, for new homes with $250,000 in dwelling coverage in McKinney, the lowest insurance companies are:
- Universal North America: $1,377 per year.
- Chubb: $1,493 per year.
The Cheapest Home Insurance in McKinney for New Homes, Ranked
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Cheapest Home Insurance Companies in McKinney if You Have a Lot of Personal Property
Because the value of your personal property is one of the primary factors that influence home insurance costs, you will most likely pay higher home insurance rates in the city if you have a lot of personal belongings. In McKinney, insurance with a $250,000 personal property limit costs roughly $3,880 per year, while a policy with a $100,000 personal property limit costs around $3,777 per year.
On average, for people with personal property coverage limits of $250,000, the most affordable insurance providers in McKinney are:
- Chubb: $1,695 per year.
- Universal North America: $2,140 per year
Cheap Companies in McKinney for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in McKinney for High Deductibles
The deductible you choose will affect your home insurance costs in McKinney. Your premiums will be lower if you choose coverage with a high deductible than one with a lower deductible. However, when a deductible is high, your out-of-pocket costs for submitting a claim are usually higher. McKinney homeowners pay an average of $3,345 per year for policies with a $2,000 deductible, which is less than the $3,777 per year for a $1,000 deductible coverage.
On average, the following are the cheapest home insurance companies in the city for homeowners with deductibles of $2,000:
- Chubb: $1,557 per year.
- Universal North America: $1,845 per year
The Cheapest Companies in McKinney for High Deductibles, Ranked
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Cheapest Home Insurance Companies in McKinney if You Have Poor Credit
Your home insurance rate in McKinney will be influenced by your credit score. When calculating home insurance prices, insurers typically take credit scores into account, charging higher premiums for homeowners with poor credit ratings. If you have a bad credit score, you'll pay an average of $7,606 a year, compared to $3,777 for those who have good credit.
On average, the cheapest home insurance companies for McKinney residents with bad credit are:
- Chubb: $2,926 per year.
- Universal North America: $3,311 per year
The Cheapest Companies in McKinney for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in McKinney
You can easily get online home insurance quotes in McKinney. However, the insurer will need certain information to estimate your premiums and coverage limits before providing you with an online quote. You will need to provide the following information:
- Personal Information: Your address, the number of residents in your home and, in some situations, your insurance history will be required by the insurer.
- The replacement cost of your home: The insurer will need information on the replacement cost of your home in order to calculate your home insurance premiums. This is the cost of rebuilding your property. A construction consultant can provide you with a pricing estimate.
- Personal property worth: The value of the personal property in your home will be protected by your home insurance policy, so you must inform the insurer of its value. The insurance rates you pay will be determined by the value of your personal property, with more personal property costing more to insure.
- Details about your house: Property insurance premiums are calculated using a variety of factors, including the size of your home and when it was built. Your insurer will also want to know if you have any safety devices installed in your home.
Homeowners Insurance in McKinney Analysis: Methodology
MoneyGeek examined home insurance quotes from 10 McKinney insurance companies in this study. Data was provided in collaboration with Quadrant.
We calculated affordability scores by gathering quotes for homes with varying levels of coverage and used customer satisfaction ratings from J.D. Power surveys.
MoneyGeek also gathered estimates for homeowners who had just built homes, had bad credit, had larger deductibles and needed more dwelling or personal property coverage.
The base profile had a $250,000 dwelling coverage limit, $100,000 personal property coverage and $100,000 liability coverage for a 2,500-square-foot home built in 2000. A $1,000 deductible was included in the policies.
About Mark Fitzpatrick