The Cheapest and Best Homeowners Insurance in Odessa
The Cheapest Home Insurance Companies in Odessa
The majority of Odessa home insurance companies offer similar fundamental coverages. You should evaluate the cost of the policy before picking which one to buy.
The average homeowner has a $250,000 home insurance policy. On average, the two insurers that provide the cheapest homeowners insurance in Odessa are:
- Universal North America: $1,373 per year
- Chubb: $2,682 per year
The cost of your policy is affected by the amount of coverage you have for your home. On average, the two insurance companies offering the cheapest home insurance in Odessa on average for a homeowner with a $2 million dwelling coverage are:
- Universal North America: $7,792 per year
- Chubb: $8,499 per year
You can see how premiums change by looking at different amounts of home coverage in the table below.
The Cheapest Home Insurance in Odessa, Ranked
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Personal property limits on home insurance plans with an initial dwelling coverage of $250,000 are $100,000, while personal property limits on policies with a dwelling coverage of $2 million are $800,000. Liability coverage, on the other hand, is not affected by dwelling coverage. For all plans, the limit stays at $100,000.
Homeowners living outside of Odessa but within Texas can find out how much home insurance costs in the state.
The Average Cost of Homeowners Insurance in Odessa for 2022
In Odessa, the average cost of homeowners insurance is $3,456 per year or $288 per month. That means residents in this city pay higher premiums than the state and national averages, which cost around $3,390 per year and $2,103 per year, respectively.
Calculate the Cost of Home Insurance in Odessa
The calculation of an insurance policy premium is influenced by a number of factors, including where you reside, how much personal property you want to cover and how much coverage you want for your home. Even your credit score is taken into consideration.
To compare homeowners insurance prices, fill in the required information on MoneyGeek's insurance calculator. By entering your ZIP code, you can get a personalized quote.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Odessa
Aside from price, there are other factors to consider when comparing home insurance companies. For instance, when it comes to submitting a claim, customer service is crucial. You'll want your claim processed as quickly as possible. It's also important to think about your insurer’s financial stability.
MoneyGeek researched several insurers and selected the top home insurance providers in Odessa using a unique rating system. The top options are:
- Best Overall: USAA
- Runner-up: Chubb
MoneyGeek ranked the home insurance companies in Odessa based on financial stability, cost and customer satisfaction.
For military families, USAA comes out on top with flawless marks for customer service and financial stability. Their policies cost around $3,155 monthly. USAA offers house-sharing coverage.
House-sharing coverage from USAA protects homeowners who rent out a room or their entire home. It also offers earthquake coverage. If you have security cameras, motion sensors or other home security devices installed in your house, you can obtain discounts from USAA if you stay claim-free.Read MoneyGeek's USAA home Insurance Review
In MoneyGeek's study, Chubb came out in second place, with good to perfect scores in all categories, including financial stability and affordability. This insurer offers risk consulting, and policies cost an average of $2,682 annually.
A risk consultation is a unique feature of Chubb's insurance. They look for any risks in your home and make sure you're properly insured. This essentially allows you to double-check that you have the right coverage. Chubb pays for your home to be rebuilt to its original condition, regardless of your insurance limit. You can also access discounts for bundling.Read MoneyGeek's Chubb home Insurance Review
Cheapest Home Insurance Companies in Odessa for Newly Constructed Homes
Insurance costs $3,456 on average for a home constructed in 2000 with a dwelling coverage of $250,000. In comparison, a newly built house with the same dwelling coverage costs an average of $2,284 per year. Homeowners are less likely to file a claim since newer homes contain modern materials that are more durable.
The companies in Odessa that offer the least expensive home insurance on average for new homes with a $250,000 dwelling policy are:
- Universal North America: $907 per year.
- Nationwide: $1,098 per year.
The Cheapest Home Insurance in Odessa for New Homes, Ranked
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Cheapest Home Insurance Companies in Odessa if You Have a Lot of Personal Property
Home insurance covers costs incurred as a result of damage to personal items kept in a home. In Odessa, a $100,000 personal property limit policy costs on average $3,456 per year. You can increase your coverage limit to protect more personal property, but this will raise your rate. A policy with $250,000 in personal property limits costs $3,551 each year on average.
The insurers that, on average, offer the most affordable home insurance in Odessa for residences with personal property coverage limits of $250,000 are:
- Universal North America: $1,411 per year.
- Chubb: $2,682 per year.
Cheap Companies in Odessa for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Odessa for High Deductibles
The level of your deductible is another aspect that influences the cost of your coverage. Because you pay more out-of-pocket if you file a claim, a higher deductible translates to a lower annual premium.
Home insurance policies with a $1,000 deductible cost an average of $3,456 per year. Coverage with a $2,000 deductible, on the other hand, is several hundred dollars less expensive at around $3,061.
The following providers offer the cheapest policies in Odessa, on average, with bigger deductibles:
- Universal North America: $1,216 per year.
- Farmers: $2,409 per year.
The Cheapest Companies in Odessa for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Odessa if You Have Poor Credit
Although your credit score isn't included when determining rates in certain locations, it does have an impact on your home insurance policy premium in Odessa.
Insurance for a householder with a good credit score costs $3,456 annually, while a policy for a homeowner with a bad credit score costs $6,960 per year on average. Even if you have weak credit, you can receive home insurance. However, as your credit improves, you might be able to pay a reduced annual price.
These insurers offer the cheapest home insurance in Odessa on average to homeowners with poor credit scores:
- Universal North America: $2,182 per year.
- Nationwide: $4,484 per year.
The Cheapest Companies in Odessa for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Odessa
You may get homeowners insurance estimates online, but you must have the following information on hand in order to receive an accurate quote:
- Property Replacement Cost: Unlike a home's market value, this refers to the amount you'll need to rebuild your home if it is damaged. It's preferable to have an expert examine your property in order to determine replacement cost, which affects your dwelling coverage.
- Personal Property Value: Make an honest evaluation of the value of your personal belongings. This establishes the limitations of personal property coverage.
- Personal Information: Your personal information includes everything from your address to who lives with you. Insurance companies may even inquire about your prior insurance coverage.
- Home Information: Insurers will want to verify when your home was constructed and what materials were used in building it. You will even be asked about the square footage of your home and any security systems that have been installed.
Homeowners Insurance in Odessa Analysis: Methodology
MoneyGeek used information provided by Quadrant to analyze 10 companies in Odessa and the home insurance policies they offer.
The average Odessa homeowner owns a 2,500-square-foot home with $250,000 in dwelling coverage, $100,000 in personal property coverage and $100,000 in liability coverage. A $1,000 deductible is standard on most insurance.
MoneyGeek researched more quotes in order to present the most accurate information possible. Quotes for new residences, higher dwelling or personal property coverage, higher deductibles and bad credit were among them. J.D. Power surveys provided the customer service scores that were used to evaluate insurers in Odessa.
About Mark Fitzpatrick