Who Has the Cheapest Home Insurance in Waco, Texas?
Find Cheap Home Insurance Quotes in Waco
Texas Farm Bureau has the cheapest home insurance in Waco, Texas, with an average rate of $1,063 per year.
The price of insurance varies based on the age and condition of your home, the amount of coverage you need and where it's located, so it's essential to get quotes from several insurance companies.
Cheapest homeowners insurance companies in Waco
Texas Farm Bureau offers the cheapest homeowners insurance rates overall in Waco at $1,063 per year. That's 51% less than the citywide average of $2,150. The statewide average cost of home insurance is $2,451 per year.
Find Cheap Homeowners Insurance Quotes in Your Area
Where you live within the city of Waco may change which is the cheapest company for you. This underscores how essential it is for homeowners to check multiple insurance companies, as every insurer weighs factors like your home's age, value and location differently when setting rates.
Homeowners insurance companies in Waco by cost
Company | Annual rate | Monthly rate | |
|---|---|---|---|
| Texas Farm Bureau | $1,063 | $89 |
| Chubb | $1,343 | $112 |
| Farmers | $1,425 | $119 |
| State Farm | $1,690 | $141 |
| Allstate | $1,800 | $150 |
Ranking is based on the average among the three sample properties for which we collected quotes.
What home insurance do I need in Waco?
Homeowners insurance is not required by law in Waco, but it's almost always required as a condition of taking out a mortgage. If you are financing your home, you will likely need to purchase coverage.
Homeowners in Waco should purchase enough coverage to pay for the repair or replacement of their home and its contents if the house is completely destroyed. You should purchase a policy that covers the full value of the structure, as well as the value of your personal property including furniture, electronics, clothing and appliances.
We also encourage you to buy as much liability insurance coverage as you can afford. That's especially true if you have a high net worth or often partake in potentially risky activities, such as owning a large dog or frequently having guests over for parties.
Common natural disasters in Waco
There are two types of natural disaster that Waco residents should be prepared for: wind damage and flooding. There is a history of tornadoes striking Waco, and while most homeowners insurance policies cover wind damage, you should understand whether you're protected and what to do if a windstorm is predicted.
Waco residents, especially those who live near the Brazos River and Lake Waco, should also be aware of flood risk. While the risk of flooding in Waco is not as high as in coastal Texas cities like Houston, flooding is still a significant possibility for many parts of McLennan County, where Waco is located.
Unfortunately, flood damage is not covered by standard homeowners insurance. Waco residents who live in low-lying areas — especially if they are in a FEMA-designated Special Flood Hazard Area — to purchase flood insurance if they are not already required to. You can get coverage either from the National Flood Insurance Program (NFIP) or a private insurance company.
Local home insurance agents in Waco
Though some insurance companies only offer homeowners insurance online, you may prefer to purchase coverage directly from a local insurance agent, especially if you have multiple policies or are unsure about the level of coverage you should buy. We've included a list of local insurance agents in the Waco area that can provide in-person advice and service when you are purchasing homeowners insurance.
Neighborhood | Insurance agent | Address |
|---|---|---|
| Alta Vista/Downtown | Herman Bell Insurance Agency | 2118 La Salle Ave., Waco, TX 76706 |
| Zucha Insurance | 1026 Washington Ave., Waco, TX 76701 | |
| Insurors of Texas | 225 S. 5th St., Waco, TX 76701 | |
| TWFG Insurance Services Waco/Killeen | 2400 W. Waco Dr., Waco, TX 76701 | |
| Scott Riddle Agency | 215 Mary Ave., Waco, TX 76701 | |
| Bellmead/Lakeview | Farmers Insurance - John Chappell | 2507A Behrens Circle, Waco, TX 76705 |
| Matula Insurance | 2720 Bellmead Dr., Waco, TX 76705 | |
| Rodney D. Young Insurance | 903 N. Interstate 35 Frontage Rd., Suite 111, Bellmead, TX 76705 | |
| A-MAX Auto Insurance | 100 North, TX-340 Loop, Bellmead, TX 76705 | |
| Brook Oaks/Sanger Heights | Freeway Insurance | 2425 W. Waco Dr., Waco, TX 76707 |
| Watkins Insurance Group | 3001 W. Waco Dr., Waco, TX 76707 | |
| Mike McKenzie - State Farm Insurance Agent | 2921 W. Waco Dr., Waco, TX 76707 |
Methodology
ValuePenguin collected hundreds of quotes from Waco to find the lowest rates and cheapest companies. Quotes include dwelling coverage that matches the average price of a house in Texas and $100,000 in liability coverage.
Rates were calculated using Quadrant Information Services. Rates were sourced using public insurance filings. They should be used for comparative purposes only. Your own rates will likely differ.
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.