By: Ajay kumar Medagani June, 19, 2019
Gavop recently analyzed home insurance premiums throughout Texas—to examine how insurance rates vary across counties and to identify insurers who charge some of the lowest premiums in the state. Gavop also found the cheapest premiums in each of the top five most populated counties. The results showed that insurance rates in the state start at $797, which is offered by National Specialty Insurance Company in Dallas. Across the five biggest counties, the lowest rates are offered by Allstate Vehicle and Property Insurance, ASI Lloyds, American Security Insurance, Nationwide General Insurance, and Texas Farmers Insurance.
This analysis is based on certain parameters. Multiple policy types were considered such as, HO3, HO-A, and HO-B. The credit ratings varied from good to bad and average. The age of the homes varied from new constructions to 10 and 35 year old houses. The construction type included frame, brick, and stucco houses.
An important factor for home insurance buyers in Texas is the state’s susceptibility to wildfires. Because of this risk, Texas homeowners generally pay a higher median insurance at $1,902, than the national median at $1,288. Another important factor that affects insurance premiums is the claim history of the buyers. Our analysis shows that the median premium changes from $1,661 to $1,982 with the addition of one fire-related claim. Thus, buyers would do well to take all preventive measures against a wildfire.
Listed below are the cheapest insurance providers in the five most populated Texas counties and the median premiums offered by them.
Harris is the most populous county of Texas, with the biggest cities being Houston, Pasadena, and Pearland. The countywide median premium is $1,231 – considerably less than the state average. Insurance rates begin at $1,292, which is offered by Allstate. It is followed by Metropolitan Lloyds at $1,458 and ASI Lloyds at $1,762.
Dallas is the second-most populated county of Texas, with the principal cities being Dallas, Garland, and Irving. Homeowners here pay a median rate that is $66 higher than the state median, at $1,968. The cheapest provider is Texas Farmers with a median insurance amount of $1,083, Allstate follows at $1,182, and ASI Lloyds is third in the list at $1,365.
In Tarrant – the third most populated county of Texas – the median rate is very high, at $2,069. The principal cities of this county are Fort Worth, Arlington, and Grand Prairie. The cheapest provider is Texas Farmers, with a median insurance of $1,124. ASI Lloyds offers a marginally higher premium at $1,312. At the third spot is American Security Insurance with a median premium of $1,638.
Even though Bexar is the fourth most populated county of Texas, with big cities such as San Antonio, Schertz, and Cibolo, the median home insurance in the county is quite low at 1,379. ASI Lloyds is the cheapest provider, charging a median premium of $852. National Specialty Insurance follows at $1,017, and it is closely succeeded by Nationwide General Insurance, at $1,091.
In Travis County – the fifth largest county in Texas by population – home insurance customers pay one of the cheapest median rates at $1,305. Austin, Round Rock, and Cedar Park are some of the biggest cities in the county. The cheapest premium starts at $797 and is offered by National Specialty Insurance. National Surety Corporation comes is second on the list with a median premium of $954. Nationwide General follows closely with a median premium of $975.
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.