By: Ajay kumar Medagani October. 30, 2018
A recent Gavop analysis of home insurance premiums for frame and masonry homes in Texarkana, Texas, shows that ASI Lloyds, Nationwide General Insurance Company, and American Security Insurance Company are among the top 5 providers of low-end home insurance for both types of constructions. On the other hand, Safeco Insurance Company of Indiana, Liberty Insurance Corporation, and Encompass Indemnity Company are among the top 5 providers of high-end home insurance.
Home insurance premiums are influenced by multiple factors such as the age of homes, claims history, and coverage limits. Using data from the Texas Department of Insurance, Gavop studied homes aged between 0 and 35 years, with 0-1 claims history, and coverage values ranging from $150,000 to $350,000.
The Gavop study reveals that ASI Lloyds offers the cheapest premiums for brick houses at $401 and the second cheapest premium for stucco constructions at almost the same price of $400. Texas Farmers Insurance offers the cheapest premiums for stucco at $373 and fifth cheapest for brick houses at $453, at $80 more. Nationwide General Insurance offers the second cheapest premium for brick houses at $411. For stucco, it offers the fourth cheapest at $36 more than the cheapest premium at $447. American Security Insurance provides the third cheapest premium for both construction types. For brick, it offers a premium of $420 and for stucco, its premium is just $4 more at $424.
The following graph compares the five cheapest home insurance premiums for the two types of constructions in Texarkana, Texas.
A similar analysis of the most expensive premiums shows that Safeco offers the most expensive premium for both brick and stucco houses at identical rates of $15,814. Liberty Insurance offers the second most expensive rate for brick at $11,007 and the third most expensive rate for stucco at $5 less or $11,002. Encompass Indemnity offers the second most expensive premium for stucco at $11,202 and the third most expensive rate for brick at $541 less or $10,661.
The following graph compares the five most expensive home insurance premiums for the two constructions types in Texarkana, Texas.
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Ajay Kumar works as a data analyst with Gavop. A (software) engineer by profession, he utilizes his well-established programming skills in big data, to derive insights from a wide variety of data sets. A engineering graduate from JNTU his passion involves analyzing raw data, infographics and other visual aids for research.