Getting a Condo Insurance Quote in Texas
Living in a condo is a choice for many residents in Texas. Deciding on the right condo insurance can be confusing though. We can help focus you on some key elements which you need to keep in mind while negotiating the final price of your insurance. You want to get the right coverage for your needs at the right price. There are many points that will affect how expensive or inexpensive your annual condo insurance quote in Texas will be. It is our goal is to help make the condo insurance purchasing process as hassle-free as possible.
Texas Condo Insurance Statistics at a Glance
Texas condo insurance policies can be on the costly side. Various factors affect the price of condo insurance, including the upward trending of property values. Texas is rated the 4th most expensive state in the country for condo insurance. Texas residents pay an average of $176.00 per month or $2,118.00 per year for condo insurance premiums. Even though Texans are paying more for condo insurance, trends show that prices are getting cheaper. Overall, most cities in Texas have similar average monthly prices, but El Paso, TX was shown to be the cheapest city at $59.17 per month or $710.00 per year. On the other hand, Galveston, TX has the highest condo insurance rates in the state at $138.58 per month or $1,663.00 per year. Different insurance companies have important differences in rates so it is necessary to shop around if you are searching for condo insurance in Texas.
$880
Average Annual Cost of Condo Insurance in Texas
The average cost of condo insurance in Texas on an annual basis is $880.
$73
Average Monthly Cost of Condo Insurance in Texas
The cost of condo insurance in Texas is roughly $73 per month.
25%
Percentage of Income on Ownership for Condos in Texas
Residents of Texas spend an average of 25% of their income on condo ownership.
20 years
Median Age of a Property Which Requires Texas Condo Insurance
The average age of a property requiring condo insurance in Texas is roughly 20 years.
What Affects the Costs of Your Condo Insurance in Texas
The price of Texas condo insurance can differ widely due to a variety of factors. Insurance companies will assess your personal risk and coverage requirements and will present an exact quote for your condo insurance policy coverage. Some factors that can affect the price are not within your control. These basic factors could include the location of your condo, the age of your condo in Texas, along with the construction quality of your condo. It should be emphasized that condos situated in high-risk flood zones are required to have flood insurance in order to be eligible for a mortgage. The good news is that the National Flood Insurance Program is a federal program that provides insurance protection for flood-related damages in communities that participate in the program. Additionally, condo owners may apply for disaster assistance from the Federal Emergency Management Agency (FEMA) in Texas, a federal agency responsible for responding to disasters and emergencies within the state and neighboring regions.
Your independent agent can also determine if you are entitled to any discounts based on these details. Some factors that will impact the final pricing of your condo insurance are within your control, however. These include your credit history, your driving record, your claims history with other condo insurance suppliers, any other people who live in your condo, the total cost of personal items in your condo, and if you rent or own the condo. We strongly advise that you have all this information readily available when it is time to get a policy quote on your property.
Your independent agent can also determine if you are entitled to any discounts based on these details. Some factors that will impact the final pricing of your condo insurance are within your control, however. These include your credit history, your driving record, your claims history with other condo insurance suppliers, any other people who live in your condo, the total cost of personal items in your condo, and if you rent or own the condo. We strongly advise that you have all this information readily available when it is time to get a policy quote on your property.
Average Cost of Condo Insurance in Texas by City
It is important to understand the different insurance requirements for a condo. In Texas you will probably require H06 insurance. This will be the most typical and required insurance for your condo. This will apply whether you are living in a city such as Houston or San Antonio, or in a smaller city such as Galveston. For you to understand the likely cost for coverage of your condo, we have gathered a full collection of projected condo insurance quotes for Texas cities. The following averages are based on all insurance costs for individual cities and towns in Texas. Depending on where your condo is located in your specific area, your final price could differ from what is quoted below.
| City in Texas | Average Monthly Costs for Condo Insurance | Average Annual Costs for Condo Insurance |
|---|---|---|
| Abilene, TX | $115 | $1,384 |
| Allen, TX | $109 | $1,307 |
| Amarillo, TX | $124 | $1,493 |
| Arlington, TX | $122 | $1,468 |
| Atascocita, TX | $101 | $1,214 |
| Austin, TX | $72 | $859 |
| Baytown, TX | $114 | $1,371 |
| Beaumont, TX | $100 | $1,200 |
| Brownsville, TX | $97 | $1,161 |
| Bryan, TX | $72 | $868 |
| Carrollton, TX | $115 | $1,385 |
| Cedar Park, TX | $70 | $839 |
| College Station, TX | $71 | $856 |
| Conroe, TX | $93 | $1,121 |
| Corpus Christi, TX | $119 | $1,430 |
| Dallas, TX | $117 | $1,400 |
| Denton, TX | $110 | $1,314 |
| DeSoto, TX | $116 | $1,396 |
| Edinburg, TX | $97 | $1,160 |
| El Paso, TX | $59 | $710 |
| Euless, TX | $121 | $1,455 |
| Flower Mound, TX | $114 | $1,374 |
| Fort Worth, TX | $121 | $1,457 |
| Frisco, TX | $109 | $1,304 |
| Galveston, TX | $139 | $1,663 |
| Garland, TX | $116 | $1,394 |
| Georgetown, TX | $71 | $849 |
| Grand Prairie, TX | $118 | $1,417 |
| Grapevine, TX | $118 | $1,415 |
| Harlingen, TX | $92 | $1,102 |
| Houston, TX | $106 | $1,277 |
| Irving, TX | $117 | $1,409 |
| Killeen, TX | $71 | $856 |
| Laredo, TX | $68 | $812 |
| League City, TX | $121 | $1,457 |
| Lewisville, TX | $111 | $1,335 |
| Longview, TX | $92 | $1,104 |
| Lubbock, TX | $112 | $1,345 |
| Mansfield, TX | $116 | $1,387 |
| McAllen, TX | $95 | $1,143 |
| McKinney, TX | $109 | $1,305 |
| Mesquite, TX | $116 | $1,397 |
| Midland, TX | $104 | $1,252 |
| Mission, TX | $95 | $1,135 |
| Missouri City, TX | $119 | $1,430 |
| New Braunfels, TX | $73 | $871 |
| North Richland Hills, TX | $123 | $1,481 |
| Odessa, TX | $105 | $1,261 |
| Pasadena, TX | $120 | $1,437 |
| Pearland, TX | $116 | $1,394 |
| Pflugerville, TX | $71 | $850 |
| Pharr, TX | $97 | $1,160 |
| Plano, TX | $111 | $1,334 |
| Port Arthur, TX | $109 | $1,306 |
| Richardson, TX | $115 | $1,385 |
| Round Rock, TX | $69 | $829 |
| Rowlett, TX | $111 | $1,338 |
| San Angelo, TX | $105 | $1,261 |
| San Antonio, TX | $71 | $857 |
| San Marcos, TX | $67 | $803 |
| Spring, TX | $94 | $1,133 |
| Sugar Land, TX | $122 | $1,465 |
| Temple, TX | $73 | $877 |
| The Woodlands, TX | $92 | $1,100 |
| Tyler, TX | $89 | $1,074 |
| Victoria, TX | $114 | $1,374 |
| Waco, TX | $87 | $1,049 |
| Wichita Falls, TX | $129 | $1,549 |
Choosing the Best Condo Insurance Company in Texas for Your Needs
Choosing the best insurance for your condo in Texas takes time and effort. This effort will pay off in the long run though and will give you peace of mind that you have selected the best insurance for your needs. The policy will cover yourself, your essential valuables, and your home, so the extra time is worth it. You do not want to forsake your condo as well as the properties interior by settling for the cheapest insurance available. The best plan is to look around and compare several insurance companies prior to making a final decision so you choose the best condo insurance company for your specific requirements. Bear in mind that a reliable company will not force you into making a decision or suggest you take coverage which you simply do not need. Look for condo insurance companies that reward their long-term customers with discounts, loyalty benefits or any that provide bundle insurance reductions. Check that your chosen provider is accredited. Visit the Texas Department of Insurance website to find out the licensing status, financial stability, complaints, and the history of your chosen insurer.
The Top Rated Condo Insurance Companies in Texas Based off Consumer Ratings
State Farm holds the top place for ratings as being the biggest condo insurance provider in the United States for over 5 decades. In a study by J.D. Power it was shown that State Farm in Texas was scored a 0 out of 5 (lower than average) in the policy offerings, billing and payment, customer service and claims. State Farm also received a NAIC criticism ratio of 0.25. State Farm, as with most condo insurance companies in Texas, offers premium discounts on condos which were made or renovated to better withstand any natural disasters which may occur in The Lone Star State. When considering pure metrics of condo insurance companies in Texas independently, Nationwide gets the greatest J.D. Power rating in the state at 0 while Nationwide gets the cheapest at 0. The condo insurance provider in Texas which has the cheapest NAIC criticism ratio in Texas is USAA at 0.15 while UPC Insurance gets the highest NAIC criticism ratio at 7.05.
| Texas Condo Insurer | JD Power Rating | NAIC Rating |
|---|---|---|
| Allstate Ratings for Condo Insurance in Texas | A+ | 0.31 |
| Amica Ratings for Condo Insurance in Texas | A+ | 0.24 |
| AAA Ratings for Condo Insurance in Texas | A+ | 0.57 |
| Chubb Ratings for Condo Insurance in Texas | A++ | 0 |
| Farmers Insurance Ratings for Condo Insurance in Texas | A | 0.28 |
| Homeowners of America Insurance Co. Ratings for Condo Insurance in Texas | N/A | 1 |
| Liberty Mutual Ratings for Condo Insurance in Texas | A | 0.45 |
| Nationwide Ratings for Condo Insurance in Texas | A+ | 0.42 |
| Progressive Ratings for Condo Insurance in Texas | A+ | 0.35 |
| State Farm Ratings for Condo Insurance in Texas | A++ | 0.25 |
| Texas Farm Bureau Insurance Ratings for Condo Insurance in Texas | A | 0.32 |
| Travelers Ratings for Condo Insurance in Texas | A | 0.3 |
| UPC Insurance Ratings for Condo Insurance in Texas | A- | 7.05 |
| USAA Ratings for Condo Insurance in Texas | A++ | 0.15 |
Texas Condo Insurance Requirements
The Texas Condominium Act permits a condo unit owner in Texas to obtain insurance for his or her own advantage, but it is not required. The Act says that, if at the time of insurance reduction the unit owner has an insurance policy that covers exactly the same risk as the association's policy, then the institution’s policy will take precedence and they are required to provide the insurance. Texas law requires condominium associations to have insurance for construction of the condominium. However, a condo unit owner might want to consider purchasing an insurance policy. This would cover their possessions, their liability, any changes they make to the condo, or any reduction or event not covered by the association's policy.
What's Covered with Your Condo Insurance in Texas
The majority of condo insurance companies in Texas provide standard coverage. This may include construction property coverage, personal property coverage, loss of use coverage and liability coverage. Building property coverage protects you financially when there is damage to the interior of your condo (floors, walls, tiles) and the reduction of permanent fixtures caused by a covered event, such as a fire. Personal property coverage protects your personal belongings, such as clothing, furniture, and electronic equipment, which are lost due to a covered event. Finally, with liability coverage, if you are held responsible for injury or property damage you will be protected financially. Normally a condo insurance policy in Texas insures $100,000 in liability damages. Under loss of use coverage, if your condo in Texas becomes uninhabitable and you need to reside elsewhere due to a covered event and are paying more than you would if living in your condo, this coverage will pay you for the increased living expenses.
| Average Costs of Condo Insurance in Texas by County | Average monthly condo insurance cost | Average annual homeowners insurance cost |
|---|---|---|
| Harris County, TX | $113.33 | $1,361.67 |
| Dallas County, TX | $115.67 | $1,391.22 |
| Tarrant County, TX | $120.17 | $1,443.83 |
| Bexar County, TX | $71.00 | $857.00 |
| Travis County, TX | $71.50 | $854.50 |
| Collin County, TX | $109.50 | $1,312.50 |
| El Paso County, TX | $59.00 | $710.00 |
| Hidalgo County, TX | $96.00 | $1,149.50 |
| Nueces County, TX | $119.00 | $1,430.00 |
| Denton County, TX | $111.67 | $1,341.00 |
| Williamson County, TX | $70.00 | $839.00 |
| Webb County, TX | $68.00 | $812.00 |
| Lubbock County, TX | $112.00 | $1,345.00 |
| Cameron County, TX | $94.50 | $1,131.50 |
| Bell County, TX | $72.00 | $866.50 |
| Brazos County, TX | $71.50 | $862.00 |
| Potter County, TX | $124.00 | $1,493.00 |
| Fort Bend County, TX | $120.50 | $1,447.50 |
| Jefferson County, TX | $104.50 | $1,253.00 |
| Galveston County, TX | $130.00 | $1,560.00 |
| Midland County, TX | $104.00 | $1,252.00 |
| McLennan County, TX | $87.00 | $1,049.00 |
| Taylor County, TX | $115.00 | $1,384.00 |
| Brazoria County, TX | $116.00 | $1,394.00 |
| Ector County, TX | $105.00 | $1,261.00 |
| Smith County, TX | $89.00 | $1,074.00 |
| Wichita County, TX | $129.00 | $1,549.00 |
| Tom Green County, TX | $105.00 | $1,261.00 |
| Montgomery County, TX | $93.00 | $1,121.00 |
| Comal County, TX | $73.00 | $871.00 |
| Gregg County, TX | $92.00 | $1,104.00 |
| Victoria County, TX | $114.00 | $1,374.00 |
| Hays County, TX | $67.00 | $803.00 |
How to Get Texas Condo Insurance Discounts
Discount or loyalty programs are offered by every insurance company in Texas. While you are shopping around for condo insurance quotes, make sure to inquire about any discounts which may be available to your family or you. Generally, there are many discounts offered on Texas condo insurance policies. These can include new client discounts, multi-policy and bundled discounts, loyalty discounts and discounts that are paid-in-full
| Condo Insurance Deductible | Average Texas Condo Insurance Costs Based off Deductible |
|---|---|
| $500 | $226 |
| $1,000 | $213 |
| $1,500 | $207 |
| $2,000 | $191 |
| $5,000 | $167 |
Getting the Best Texas Condo Insurance Rates
Spending the time looking at different insurance companies is key to determining if savings are available on your Texas condo insurance policy. For assistance, contact us and we will see if there are other insurers than can offer a reduced price. You might not know what savings are readily available. You might also ask a friend to consult with their condo insurance policy provider that might produce a referral discount. Consider increasing your deductible. The higher your deductible, the lower the price of your insurance. But make sure your deductible is not too high because in case of a loss you will be responsible for paying any sum up. Some insurance companies offer discounts to customers who bundle insurance policies. Check, for example, with the provider of your car insurance and see if they will reduce your premium if you buy condo insurance from them as well. If you keep with the same insurer for many years, they may provide long-term reductions for customers. Some of these discounts may save you around 10% on your premiums. Pay attention to your credit score and keep it high as insurance companies take that into account when finalizing your condo insurance policy premium. Continue increasing your credit score to find the best insurance premium.