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Buying Homeowner Insurance in Garland, Texas

If you live in Garland, Texas and planning to buy a homeowners insurance, this article is for you

House Owner Insurance

House Owner Insurance

Garland, a city in Texas, was named after U.S Attorney General Augustus Hill Garland. A town with a population estimates of about 242,600 and a total area of around 57.1 square miles. It is known for its plentiful amenities and easy access to downtown. The benefits of living in Garland include low cost of living, job opportunities, and even low crime rates. With 40 parks and six recreation centers, it is the preferred choice for home seekers.

Garland has been ranked as No. 1 in Texas, the best city for first-time buyers, and is ranked 8th in the US for the same category. The homeownership rate here is about 62.5%, lower than the national average of 63.9%.

However, there are concerns that homeowners here need to consider for peaceful living with all the beautiful things. These are concerns about natural disasters like tornadoes, floods, flash floods, winter storms, drought, etc. Historically, different natural disasters have hit the city many times. Therefore, homeowners must buy homeowner insurance to safeguard losses that they may incur due to natural disasters.

Purchasing homeowner insurance is not legally mandated, but mortgage lenders demand this. Owners who have already paid their homes’ mortgages should also buy this policy to have enough coverage to replace their homes and repair the damages post an unfortunate calamity.

What is homeowner insurance?

As the name suggests, homeowner insurance covers your home against property damages, thefts, an injury that occurred on your property, and protecting your valuables present in your home. The liability limit for homeowner insurance is always defined when you purchase it.

Homeowners insurance also provides you with an option to protect additional structures within your property premises like backyard shed or garages. You can choose to have a standard liability limit of $100,000 or go for a higher limit per your requirement or affordability.

What does homeowner insurance cover?

Let us understand the coverage provided by homeowner insurance:

Dwelling Cost

Dwelling cost covers basic structures of the home like house foundation, walls, and roof.

Personal Property

Coverage for personal assets within your property

Other Structures on your property

Any additional structures like a garage, fence, etc., are covered.

Liability for injuries or damage to someone else’s property

Coverage provided to support you with the lawsuits if someone got injured while being on your property

As homeowner insurance is essential and demanded by your mortgage lender, many homeowners try to find the most inexpensive options. However, you must ensure that you have a cover that is enough to help you with home replacement cost and reinstate your personal property and valuables.

What are the average homeowner insurance rates in Texas?

Average home insurance rates for the different Texas cities depend on various risk factors in and around that area.

*for coverage amount between $100,000 and $500,000.
Data provided for four cities to draw a comparison between Garland and other cities

CityAverage home insurance rates

Dallas

$3,876

Fort Worth

$3,739

Garland

$3,670

San Antonio

$2,944

What is the cost of buying homeowner insurance in Garland?

With the average home insurance premium of $3670 annually, Garland bears a high insurance price due to the increased risk from Natural disasters. Buying the homeowner insurance process is sometimes difficult for the homebuyers due to differences in the cost structure. However, it is elementary to find homeowner insurance on comparison tools. The difference in the home insurance price is dependent on various factors. Your decision on choosing any specific insurance company can also impact the cost of your homeowner insurance.

Here are the prices of Insurance by different companies:

CompanyAverage Annual Rates

Texas Farmers

$290

Hippo

$2,180

Safeco

$2,590

ASI Lloyds

$2,798

Allstate

$2,980

United

$3,080

Even different Zip codes in the same city could have different homeowner insurance rates. Cost variance depends on the various factors like theft rate in that area and the number of claims coming from one location. For example, for Neighborhood Rose Hill (Zip Code: 75043) average annual home insurance rate is $3177. Below are some zip codes in Garland with different average homeowner insurance rates:

Here are the prices by different Zip Codes:

Zip CodesAverage Annual Home Insurance Rate

75043

$3177

75044

$3520

75048

$3029

75049

$3193

Now let’s also understand homeowner’s insurance rates on different coverage limits. Below is the table to understand the average annual premium for zipcode 75043 in Garland:

*Comparison on Dwelling

Dwelling

$200,000

$300,000

$400,000

Liability Limit

$100,000

$100,000

$100,000

Deductible

$1,000

$1,000

$1,000

Average Premium (Annual)

$3,155

$4,123

$4,367

*Comparison on Liability Limit

Dwelling

$200,000

$200,000

Liability Limit

$100,000

$300,000

Deductible

$1,000

$1,000

Average Premium Annual

$3,155

$3,177

Impact of Deductibles on Insurance rates

One of the factors that impact your insurance rate is deductible. In simple terms, Deductible is the amount you have to bear if you file a claim with the insurance company. If you choose higher deductibles, your premiums will be lower.

Here is the comparison of the cost of the homeowner’s insurance for five cities in Texas:

CityAverage Rate

Houston

$2,554

San Antonio

$1,714

Dallas

$2,799

Austin

$1,717

Forth Worth

$2,913

Garland

$2,787

Garland is relatively high priced because of risks from natural disasters.

An acceptable homeowner insurance policy will pay you the full amount to replace personal property damage. The policy also covers you against any lawsuits filed by anyone injured at your home.

FAQs

Can I bundle my auto Insurance with Homeowner insurance?

Yes, if you buy homeowner and auto insurance from the same company, it could be an excellent money-saving option. You can save 7% to 8 % when you bundle your policies in Garland.

Is homeowner insurance and mortgage insurance the same?

No mortgage insurance and homeowner insurance are different. Mortgage insurance protects the lender if you cannot pay the mortgage amount, whereas homeowner insurance protects your home and your valuable against damages or theft.

Is it a good idea to buy homeowner insurance with high deductibles?

Deductibles depend entirely on what you can pay out of your pocket in case of an untoward situation. If you want to keep the home insurance cost low, you can go for this option. However, you should always think about what you can practically afford to replace your home.

Are Earthquakes covered in my homeowner’s insurance?

Standard homeowner’s insurance does not cover earthquake damage, but a fire caused by the earthquake, which could damage your home thoroughly, is covered. The cost that you incur while living somewhere else when your home is under repair is also covered.

This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.

© 2021 BrillzLife by Param Arora

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