Homeowners of The Lonestar State have experienced a blender of emotions this year with natural disasters and insurers canceling policies. With more than 10% of its citizens paying over $4,000 annually for coverage, Texas boasts some of the highest prices for homeowners insurance in the nation. However, a competitively priced plan with great customer service and customizing is still feasible. These are the best insurance companies ranked by price, coverage restrictions, and endorsements.
Mercury
In 11 states—including Texas, California, and New York—Mercury provides reasonably priced home insurance. Policies must be purchased from an independent agency, even if you can acquire a rate estimate online. With an A rate for financial strength but below average customer satisfaction ranking, Texas boasts an average rate of $1,506 a year.
Allstate
With $12 billion in direct premiums written in 2023, Allstate was the second-largest homeowner's insurance firm. Its HostAdvantage accreditation provides additional protection for personal items stolen or damaged by Airbnb visitors or other temporary rentals. Texas boasts an average rate of $2,063 with an A+ top financial strength grade. Their customer satisfaction score is below average, though, and more complaints than would be expected.
Foremost Insurance Group
Foremost has been a component of Farmers Insurance Group since 2000. Apart from house policies, it provides coverage for modular homes, RVs, boats, and autos, as well as flood insurance. With an A highest financial strength grade, its average rate is $1,515 a year.
Amica
Lincoln, situated in Rhode Island, Ranked No. 1 for the property claims procedure and among the best providers in J.D. Power's homes insurance survey, Amica Dividends, which can refund up to 20% of yearly premiums, are available in some states for homeowners policyholders. With an above-average ranking in customer satisfaction and an A+ financial strength grade, the average rate is $2,085 a year.
Chubb
Originating in 1792, Chubb focuses on outstanding service and coverage for high-value properties. Apart from homeowners policies, it offers private flood insurance along with classic vehicle, boat, and jewelry protection. They have more recorded complaints than expected, and although they obtained a better grade for top financial strength, the average rate has not been revealed.
Farmers
Farmers boasts more than 48,000 agents spread over 41 states. Should your property be uninhabitable during repairs, the Farmers Flex Personal Home program offers extended replacement cost coverage and emergency mortgage assistance for up to $10,000 in home loan installments. With a great financial strength rating, Texas has an average annual rate of $2,351. Their reported complaints surpass their projected level, and their customer satisfaction ranking falls below average.
USAA
To current and past service members and their families, USAA provides a selection of insurance, banking, and financial options. Homeowners' policies contain up to $10,000 for items lost in conflict and no-deductible coverage for military gear and uniforms. With a higher financial strength rating, the average rate is $2,039 a year. They exceeded the average in having satisfied consumers and had fewer complaints than projected.
Finding a policy within a reasonable financial grasp is still possible. As the year nears its end, homeowners can expect to shop for policy options that work for them.