Find the Best Homeowners Insurance in Waco, TX

How to choose homeowners insurance in Waco

There’s no law in Texas requiring you to buy homeowners insurance, but if you have a mortgage, your lender will require it. Even if you own a home outright, you should have a homeowners insurance policy to act as a safety net against significant financial loss.

Homeowners insurance in Waco combines a number of different coverages into one policy:

• Dwelling coverage pays if your house is damaged or destroyed by a covered event.
• Personal property coverage pays if your personal contents (e.g., clothes, furniture, electronics) are stolen or damaged or destroyed by a covered event.
• Other structures coverage pays if detached structures on your property (e.g., garage, fence) are damaged or destroyed.
• Loss of use coverage pays for additional living expenses if you are forced out of your home after a covered event.
• Liability coverage pays if you are legally responsible for an injury or if you damage someone else’s property. It also pays legal fees if you are sued after an accident.
• Medical payments coverage pays medical bills of someone injured on your property or even away from home.

Policies will pay up to different dollar limits for each type of coverage. When purchasing homeowners insurance in Waco, make sure the amounts are enough to cover a total loss of your home and personal belongings. A policy also has coverage-specific deductibles, or amounts you pay out of pocket before the insurance company pays.

What risks does homeowners insurance in Waco cover?

One of the decisions you’ll make when purchasing a policy is replacement cost coverage versus actual cash value coverage. Replacement cost coverage pays for repairs or replacements at current costs and doesn’t factor in depreciation. Purchase replacement cost coverage for full protection.

How much does homeowners insurance in Waco cost?

The cost of homeowners insurance in Waco depends on:

• The age and condition of your home
• The cost to replace your home
• The home’s construction materials
• The area where you live
• Your proximity to a fire station
• Your claims history
• Your credit score
• The deductible and coverage amounts you select

Here’s a look at average yearly costs of homeowners insurance policies in Waco:

Get quotes from several different home insurance companies. Don’t forget to make sure the price includes all available discounts. Insurers usually offer discounts if you bundle multiple policies, have in-home safety features, are claim-free, are buying a new home, are paying for 12 months up front or are shopping ahead.

Before you finalize your policy, ask an agent about flood insurance and extra coverage if you have high-value items like jewelry or fine art.

The Texas Office of Public Insurance Counsel has a checklist of more questions you can ask, and the Texas Department of Insurance has a summary of your rights as a homeowners policyholder.