Who Has the Cheapest Home Insurance in Waco, Texas?
Find Cheap Home Insurance Quotes in Waco
Mercury has the cheapest home insurance in Waco, Texas, with an average rate of $1,211 per year.
The price of insurance will be different based on the age and condition of your home, the amount of coverage you need and where it's located. That's why it's important to get quotes from several insurance companies.
Cheapest home insurance in Waco, TX
Mercury has the cheapest homeowners insurance for most people in Waco.
Home insurance from Mercury costs around $1,211 per year for a policy with $350,000 of dwelling coverage. That's less than half the citywide average of $2,943 per year.
However, Texas Farm Bureau has the best rates for very expensive homes. A policy with $1 million of dwelling coverage costs $2,586 per year at Texas Farm Bureau, which is less than half the
Waco average.
Find Cheap Home Insurance Quotes in Waco
Homeowners insurance in Waco is 20% cheaper than the Texas state average, which is $3,694 per year for $350,000 of dwelling coverage.
Best cheap homeowners insurance in Waco by dwelling coverage
$200,000
$350,000
$500,000
$1 million
Company | Annual rate | ||
|---|---|---|---|
| Mercury | $812 | |
| Texas Farm Bureau | $1,107 | |
| Farmers | $1,388 | |
| State Farm | $1,941 | |
| Allstate | $2,058 | |
*USAA is only available to military members, veterans and some of their family members.
$200,000
Company | Annual rate | ||
|---|---|---|---|
|
| Mercury | $812 | |
|
| Texas Farm Bureau | $1,107 | |
|
| Farmers | $1,388 | |
|
| State Farm | $1,941 | |
|
| Allstate | $2,058 | |
*USAA is only available to military members, veterans and some of their family members.
$350,000
Company | Annual rate | ||
|---|---|---|---|
|
| Mercury | $1,211 | |
|
| Texas Farm Bureau | $1,584 | |
|
| Allstate | $2,058 | |
|
| Farmers | $2,105 | |
|
| State Farm | $2,550 | |
*USAA is only available to military members, veterans and some of their family members.
$500,000
Company | Annual rate | ||
|---|---|---|---|
|
| Mercury | $1,701 | |
|
| Texas Farm Bureau | $1,888 | |
|
| Farmers | $2,759 | |
|
| State Farm | $3,170 | |
| Chubb | $3,642 | |
*USAA is only available to military members, veterans and some of their family members.
$1 million
Company | Annual rate | ||
|---|---|---|---|
|
| Texas Farm Bureau | $2,586 | |
|
| Mercury | $3,352 | |
|
| Farmers | $4,098 | |
|
| State Farm | $5,141 | |
|
| Chubb | $5,653 | |
*USAA is only available to military members, veterans and some of their family members.
Where you live in the city of Waco may also affect the cheapest company for you.
That's because every company weighs factors like your home's age, value and location differently when setting rates. So it's important to shop around for quotes from multiple insurance companies to find the best homeowners insurance for you.
What home insurance do I need in Waco?
Homeowners insurance is not required by law in Waco. But lenders almost always require it if you want to get a mortgage.
If you have a mortgage, you will likely need to buy home insurance.
Common natural disasters in Waco
There are two main types of natural disasters that Waco residents should prepare for: wind damage, especially from tornadoes, and flooding.
There is a history of tornadoes striking Waco. 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 risks. 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 — should buy a flood insurance policy. You can get coverage from either the National Flood Insurance Program (NFIP) or a private insurance company.
Methodology
To find the best cheap homeowners insurance in Waco, TX, ValuePenguin editors gathered hundreds of insurance quotes from the largest homeowners insurance companies in Texas. Quotes are for a 45-year-old married man with good credit and no prior insurance claims.
Rates include the following coverage limits:
- Dwelling coverage: $200,000, $350,000, $500,000 or $1 million
- Personal liability: $100,000
- Medical payments: $5,000
- Deductible: $1,000
ValuePenguin's analysis used insurance rate data from Quadrant Information Services. These rates were publicly sourced from insurance company filings and should be used for comparative purposes only. Your own quotes may be different.
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.