Austin homeowners insurance rates can be as low as $119
By: Hemanth Ramesh September, 04, 2019
According to Gavop research, homeowners in Austin, Texas, pay an average homeowner's insurance rate of $890 per annum, which is $338 lower than the state average of $1,228. The typical home value in Austin is about $216,700.
Austin reports about 4,741 homes with a value of less than $50,000. Homeowners with a home valued at less than $50,000 pay an average homeowners insurance rate of $119 per annum.
One-bedroom homes report an average home value of around $82,500 and an estimated replacement value of $70,000. Gavop recommends that Austin homeowners with one-bedroom homes opt for home insurance coverage between $75,000 and $100,000. The typical home value for a two-bedroom home in Austin is $211,500 and the replacement value is $180,000. For these homes, Gavop recommends a home insurance coverage between $200,000 and $250,000.
A three-bedroom home has a typical home value of $260,000 and a replacement value of $210,000. Gavop recommends homeowners insurance coverage between $200,000 and $250,000 for such homes.
Austin homes valued at less than $200,000 incur an average homeowner's insurance rate of $523.
Four-bedroom homes in Austin cost about $219,000 and have an estimated replacement value of $180,000. Gavop recommends an insurance coverage range of about $175,000-$200,000 for a typical four-bedroom home in Austin. Austin homeowners with a home valued less than $300,000 pay an average homeowner's insurance rate of $1,379 per annum.
A five-bedroom home in Austin has an estimated value of $535,000 and a replacement cost of $490,000. The recommended insurance coverage is $500,000-$600,000.
Homeowners with homes valued at more than $300,000 incur an average homeowner's insurance rate of $1,748 per annum.
The average claim cost for water damage in Austin is about $7,088, while hail and wild damages cost roughly $5,587 and $10,316. Fire-related claims are typically much more expensive at $35,329. Accidental discharge or leakage claims cost around $8,453. Optional coverage losses cost around $7,908.
ABOUT THE AUTHOR
Hemanth Ramesh
Hemanth Ramesh works as a writer for Gavop. He has previously written content for film promotions, start-ups, advertising agencies and event management firms. Hemanth Ramesh completed his MA in Journalism and Mass Communication from The English and Foreign Languages University. His other passion includes script writing.
