The Best Cheap Homeowners Insurance in Plano, Texas for 2022: Quotes and Reviews
The average cost of home insurance in Plano, Texas, is $3,765 per year or $314 monthly. This rate varies depending on the insurance provider. Chubb offers the most affordable option at an average of $1,695 yearly, while The Hartford is the most expensive at $5,169 annually on average, meaning that Plano homeowners can save as much as $3,474 by shopping around. MoneyGeek ranked the best homeowners insurance in Plano to help you get the cheapest and most suitable coverage for your needs.
REVIEW HOME INSURANCE RATES
Ensure you're getting the best rate for your home insurance. Compare quotes from the top insurance companies.
The Cheapest and Best Homeowners Insurance in Plano
The Cheapest Home Insurance Companies in Plano
When shopping for home insurance in Plano, it is important to compare costs because insurance companies offer similar core coverages in most cases.
For the average homeowner in Plano purchasing a policy with $250,000 in dwelling coverage, the cheapest home insurance companies on average are:
- Chubb: $1,695 per year
- Universal North America: $2,049 per year
For expensive homes with $2,000,000 in dwelling coverage, the cheapest insurance companies in Plano are:
- Chubb: $5,286 per year
- Universal North America: $11,749 per year
You can look up the home insurance prices for different dwelling coverage limits using the table below.
The Cheapest Home Insurance in Plano, Ranked
Scroll for more
For policies with the initial baseline dwelling coverage of $250,000, the personal property limit is $100,000, and policies with a $2,000,000 dwelling coverage limit have personal property limits of $800,000. All policies in this analysis have $100,000 in liability coverage.
If you want to compare rates for other cities in Texas, you can look up statewide home insurance rates.
The Average Cost of Homeowners Insurance in Plano for 2021
Home insurance costs in Plano are significantly higher than the national average of $2,103 per year. Plano residents pay an average of $3,765 annually for home insurance, which is $1,662 more than the national average. However, compared to the Texas average of $3,390 annually, home insurance costs in Plano are only higher by $375.
Calculate the Cost of Home Insurance in Plano
Your location will impact home insurance rates in Plano, but insurers also base premiums on other factors, including your credit score, the value of personal property to be covered and the dwelling coverage limit.
You can use MoneyGeek’s home insurance calculator to compare home insurance rates in Texas.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Plano
While cost is an important factor when comparing home insurance quotes in Plano, it is essential not to overlook the insurer’s financial stability and customer service reputation. An insurer with high customer satisfaction ratings is more likely to settle your claim fairly and promptly than one with a bad customer service record.
Based on MoneyGeek’s scoring system, the best homeowners insurance companies in Plano are:
- Best Overall: Chubb
- Runner-up: USAA (only available for current and former military members)
MoneyGeek ranked the best home insurance companies in Plano based on affordability data, J.D. Power customer satisfaction scores and AM Best financial stability rankings.
If you are looking for a home insurance policy that pays replacement costs for your personal property without factoring in depreciation, Chubb is the best option. This policy also comes with a complimentary risk assessment where the insurer assesses your home for safety. A Chubb policy will also pay to have your home rebuilt as it was, even if the replacement cost is higher than your policy limit.
MoneyGeek ranked Chubb as the best home insurance company in Plano due to its high scores in affordability and financial stability. This policy offers homeowners the best combination of cost and coverage in Plano.Read MoneyGeek's Chubb home Insurance Review
If you rent out a room in your home, the home-sharing coverage from USAA protects you from risks associated with being a landlord. Active military members receive coverage with no deductible if they lose or damage their uniforms. If you have installed equipment to enhance safety in your home, you may be eligible for further discounts if you have a USAA policy.
Our runner-up pick, USAA, has perfect customer satisfaction and financial stability scores. This policy offers unique coverages at affordable costs, but only current and former military members can apply for this policy.Read MoneyGeek's USAA home Insurance Review
Cheapest Home Insurance Companies in Plano for Newly Constructed Homes
Insurers typically consider homes constructed with modern construction materials to be low-risk since modern materials are usually more resistant to damage. This causes insurers to charge lower home insurance premiums for newly constructed homes in Plano. The average cost of insuring a newly built home in Plano is $2,333 per year, while the cost of insuring an older home built in 2000 will be around $3,765 per year.
In Plano, the cheapest insurance companies for new homes with $250,000 in dwelling coverage are:
- Universal North America: $1,270 per year
- Chubb: $1,494 per year
The Cheapest Home Insurance in Plano for New Homes, Ranked
Scroll for more
Cheapest Home Insurance Companies in Plano if You Have a Lot of Personal Property
If you have a lot of personal property, you will probably pay high home insurance rates in Plano because the value of your personal property is one of the key factors that influence home insurance costs. In Plano, it costs an average of $3,888 per year to get a personal property limit of $250,000, while a policy with a $100,000 personal property limit will cost you around $3,765 per year.
The most affordable insurance companies in Plano for those with personal property coverage limits of $250,000 are:
- Chubb: $1,695 per year
- Universal North America: $2,116 per year
Cheap Companies in Plano for Extra Personal Property Coverage
Scroll for more
Cheapest Home Insurance Companies in Plano for High Deductibles
In Plano, the premiums you pay for home insurance will be impacted by the deductible you choose. If you opt for a policy with a high deductible, your yearly premiums will be lower than someone who opts for a lower deductible. However, with a high deductible, the out-of-pocket costs when filing a claim are usually higher. Homeowners in Plano pay an average of $3,321 yearly for policies with a $2,000 deductible, which is lower than the $3,765 average annual rate for a policy with a $1,000 deductible.
The cheapest home insurance companies in Plano for homeowners with $2,000 deductibles are:
- Chubb: $1,558 per year
- Universal North America: $1,807 per year
The Cheapest Companies in Plano for High Deductibles, Ranked
Scroll for more
Cheapest Home Insurance Companies in Plano if You Have Poor Credit
A poor credit score will impact the rate you pay for home insurance in Plano. Insurers usually consider credit scores when calculating home insurance costs, with higher costs for homeowners with poor scores. If you have a poor credit score, you will pay an average of $7,983 yearly compared to a cost of $3,765 for those with good credit scores.
For Plano homeowners with a poor credit score the cheapest home insurance companies are:
- Chubb: $2,925 per year
- Universal North America: $3,226 per year
The Cheapest Companies in Plano for Poor Credit, Ranked
Scroll for more
Getting Online Homeowners Insurance Quotes in Plano
If you are looking for home insurance quotes in Plano, you can get them online. However, before the insurer can give you an online quote, they will need some information to calculate the premiums and coverage limits. This information will include:
- Personal information: The insurer will require details on your address, the number of occupants in your home and, in some cases, your insurance history.
- The replacement cost of your home: To calculate home insurance costs, the insurer needs to have details on the replacement cost of your home. The replacement cost of your home is not the same as the market value; it is the cost that it would take to rebuild your home. You can get an estimate of this cost from a construction specialist.
- Personal property value: The personal property in your home will be covered under your home insurance policy, so it is necessary to let the insurer know the value of your personal property. The rates you pay will depend on this value, with more personal property costing more to insure.
- Details about your house: The size of your house and when it was built are among the factors used to calculate home insurance premiums. The insurer will also need to know if your house has any safety devices installed. Safety features may make you eligible for discounts.
Homeowners Insurance in Plano Analysis: Methodology
In this analysis, MoneyGeek compared home insurance rates from 10 insurance companies in Plano. Data was provided in partnership with Quadrant.
We calculated affordability scores by collecting quotes for homes with varying coverage levels while drawing customer satisfaction ratings from J.D. Power surveys.
MoneyGeek also collected quotes for homeowners with newly constructed homes, poor credit scores, higher deductibles and increased dwelling or personal property coverage.
The base profile was for a 2,500-square-foot home built in 2000 with a dwelling coverage limit of $250,000, personal property coverage of $100,000 and liability coverage of $100,000. Policies had a $1,000 deductible.
About the Author