The Cheapest and Best Homeowners Insurance in Waco
The Cheapest Home Insurance Companies in Waco
In Waco, insurance companies typically offer the same core coverages. Because your rates can vary significantly based on your provider, premiums are an important factor to consider when choosing a policy.
If you’re looking for the cheapest homeowners insurance in Waco with $250,000 in dwelling coverage, MoneyGeek’s study shows that these companies offer the lowest rates on average:
- Universal North America: $1,074 per year
- Chubb: $2,111 per year
If you’re insuring an expensive house and need $2 million in dwelling coverage, the most affordable policies on average come from:
- Universal North America: $6,029 per year.
- Chubb: $6,641 per year
You can use the table below to see how the price of your homeowners insurance can change based on your dwelling coverage limit.
The Cheapest Home Insurance in Waco, Ranked
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All quoted policies in this guide that come with a baseline dwelling coverage of $250,000 have personal property limit coverage of $100,000. Policies with $2 million dwelling coverage have personal property limit coverage of $800,000. Furthermore, all policies listed here have $100,000 in liability coverage.
If you’re living in another city, we analyzed home insurance in Texas to help you find the lowest rates available for you.
The Average Cost of Homeowners Insurance in Waco for 2022
The average cost of homeowners insurance in Waco is $2,815 per year. This is lower than the state average of $3,390 per year, but it’s higher compared to the national average of $2,103 per year.
Calculate the Cost of Home Insurance in Waco
Although your location affects the price of your homeowners insurance, other factors also influence your rates. Your preferred dwelling coverage limit and personal property coverage limit as well as your credit score are a few of the many factors that determine your insurance price. You can use MoneyGeek’s calculator to compare homeowners insurance quotes in your state.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Waco
When you’re shopping for homeowners insurance in Waco, it’s a good idea to look at other factors beyond a policy’s cost. A company’s customer service ratings and financial stability are also important since you’ll want your claims to be processed quickly and fairly.
Our research shows the top homeowners insurance companies in Waco are:
- Best Overall: USAA
- Runner-up: Chubb
MoneyGeek ranked home insurance providers in Waco based on affordability, user satisfaction and financial stability.
In Waco, USAA ranks first for customer satisfaction, fifth for affordability, and they’re tied first for financial stability. Their policies are priced at approximately $2,937 per year, and they allow policyholders to add home rental coverage.
USAA offers home rental coverage as an add-on, which isn’t available from most companies. This coverage offers protection to the homeowner and their guests if the house or a room is being rented. USAA also offers discounts for bundling or having protective devices in your home.Read MoneyGeek's USAA home Insurance Review
Among Waco insurers, Chubb ranks second in affordability, as their policies cost roughly $2,111 per year. They’re also tied first for financial stability, but they’re the second-lowest for customer service. Chubb offers cash settlement coverage as an add-on.
Chubb policyholders can include cash settlement coverage on their policy, which is rare. This protection gives homeowners with totally destroyed houses the option to get a cash settlement instead of rebuilding. In addition, folks living in a gated community can get a discount on their Chubb policies.Read MoneyGeek's Chubb home Insurance Review
Cheapest Home Insurance Companies in Waco for Newly Constructed Homes
If you’re insuring a newly constructed home in Waco, your rates are significantly cheaper compared to someone with an older home. This is because houses with modern materials are more resistant to damage, making it less likely that you’ll file a claim. Newer materials are also easier to replace.
On average, homeowners insurance in Waco costs $1,861 per year for newly constructed homes, while it’s approximately $2,815 per year for homes built in 2000.
When insuring new houses, MoneyGeek’s analysis shows the most affordable homeowners insurance providers in Waco, on average, are:
- Universal North America: $710 per year
- Nationwide: $1,200 per year
The Cheapest Home Insurance in Waco for New Homes, Ranked
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Cheapest Home Insurance Companies in Waco if You Have a Lot of Personal Property
A homeowners insurance policy covers both your home and your personal property. If you have high-value items inside your house, it’s a good idea to pay for more coverage, but this will increase your policy’s cost.
In Waco, a homeowners insurance policy with a personal property limit of $250,000 costs $2,892 per year on average, while it’s roughly $2,815 per year for a policy with a personal property limit of $100,000.
If you’re looking for homeowners insurance with high personal property limits, MoneyGeek’s research found your cheapest options are, on average:
- Universal North America: $1,103 per year
- Chubb: $2,111 per year
Cheap Companies in Waco for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Waco for High Deductibles
In Waco, the deductible amount you choose can have a significant impact on the cost of your homeowners insurance. Having a higher deductible means you’ll pay more out of pocket if you make a claim, but it will also reduce your monthly insurance cost.
A homeowners insurance policy in Waco with a $2,000 deductible costs approximately $2,493 per year. Meanwhile, a policy with a $1,000 deductible is around $2,815 per year.
MoneyGeek’s analysis shows the cheapest providers for homeowners in Waco that prefer high deductible policies are:
- Universal North America: $951 per year
- Farmers: $1,858 per year
The Cheapest Companies in Waco for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Waco if You Have Poor Credit
Insurance companies in Waco can use your credit score to determine your insurance rates. Providers may classify you as riskier to insure if you have poor credit, which will increase your premiums.
In Waco, homeowners with poor credit scores pay $5,669 per year on average, while their counterparts with good scores pay approximately $2,815 per year.
If you have poor credit, MoneyGeek’s research reveals these companies offer the lowest rates on average:
- Universal North America: $1,707 per year
- Chubb: $3,644 per year
The Cheapest Companies in Waco for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Waco
Home insurance companies in Waco will request various pieces of information before giving you a quote online. This information helps them determine an accurate estimate of your home insurance costs. Be prepared to provide the following:
- Home replacement cost: This refers to how much it will cost to rebuild your home. This is not your home’s market value. Insurers use this when determining your dwelling coverage limits. You ask for an estimate from a construction professional to get this cost.
- Personal property value: This pertains to the value of your personal items in your home. Providers use this to calculate your personal property limits.
- Personal information: Insurance companies will ask for your address, the number of people living in your house, your insurance history and other personal details.
- Property information: It’s a good idea to know your home’s construction year, size and safety devices since insurers will ask them when calculating your rates.
Homeowners Insurance in Waco Analysis: Methodology
MoneyGeek analyzed home insurance premiums from 10 home insurance providers in Waco. The data we used was gathered in partnership with Quadrant, and the quotes we collected were for a home with varying coverage levels to calculate affordability scores.
As a base profile, we used a homeowner with a 2,500-square-foot home that was built in 2000 with dwelling coverage of $250,000, personal property coverage of $100,000, liability coverage of $100,000 and a deductible of $1,000. We also collected quotes for homeowners with newly constructed homes, increased dwelling or personal property coverage, higher deductibles and poor credit scores. All customer satisfaction ratings in our guide came from J.D. Power.
About Mark Fitzpatrick