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Updated February 28, 2022
Plano, TX Homeowners Insurance
If you’re looking for a pleasant place to live and want to enjoy a slice of city life, then Plano, Texas, is right for you. With its over 250,000 residents, Plano is only 20 miles north of downtown Dallas as part of the Dallas – Fort Worth metroplex. But, if you don’t want to venture out, it’s no problem. There are plenty of parks and trails and recreation for all walks of life. Plus, Plano is known for its excellent school system and is often on the safest cities lists, with very little crime. There are also many big companies, including big tech jobs available in its industry sector. Companies like Frito-Lay, Pizza Hut, Hewlett-Packard, PepsiCo, and Intuit all have regional offices in Plano.
But the safety and ease of living in Plano may come at a high cost. Living expenses like housing prices are significantly higher than the national average. That means finding the cheapest rates on home insurance in Plano, Texas, is a priority for saving where you can.
Ready to get the best rates? Check out Insurify’s savings tool to help you find the best and cheapest home insurance in Plano, TX.
Cheapest Home Insurance Companies in Plano
For homeowners in Plano, it's important that you evaluate all of your potential insurance options to ensure you are finding the best rate. Comparing the right insurance companies will allow you to get the best possible insurance rate for your home.
To simplify comparing companies, Insurify has analyzed rates from top insurance providers in Plano. The following are the best insurance rates from carriers that offer homeowners insurance in Plano.
How to Find Cheap Home Insurance in Plano
The housing market in Plano, Texas, is very competitive. Home sales in 2020 were up over 28 percent year over year, according to Redfin. If you recently secured a home in Plano, then you probably beat out multiple offers. That means that you just made one of the most massive investments of your lifetime. And there are certain risks associated with any investment. But for homeowners like you, there are steps to take that protect your investment. Finding the best homeowners insurance policy to protect your property is the most important.
A good home insurance policy will provide financial liability for your property and personal belongings from natural disasters, theft, and vandalism. Of course, there are coverage options and additional coverage for everyone. It all depends on your property’s type, location, and a few other factors.
Are you ready for the best coverage? From Irving to McKinney, keep reading for a full guide on Plano home insurance.
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Cheapest Home Insurance in Plano by Company
Homeowners insurance rates aren’t always designed with savings in mind. That’s where Insurify comes in. Our free home insurance comparison tool allows you to find the best policy for the best rate fast. And your information stays private and protected.
As of 2021, the average home insurance premium in the Plano area costs $2,591 annually, and the median home value is $359,543.
Housing expenses in Plano, Texas, are 21 percent higher than the national average. And other living expenses like gas and public transportation costs are four percent higher than the national average. Home insurance premiums tend to run high in Texas. Nevertheless, homeowners should try to get the best coverage at the cheapest rates possible. Start by comparing insurance companies. Insurance companies like Liberty Mutual and Allstate will differ in pricing when you get a quote. By comparing insurance companies with Insurify, you’ll get free quotes from the best home insurance companies. Your home insurance quote will be delivered to your email in just a few minutes from start to finish.
Check out the average cost of home insurance in Plano, TX, below.
|Average Home Cost in Plano The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced.||Average Annual Insurance Premium in Plano The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced.|
Cheapest ZIP Codes in Plano for Home Insurance
Home insurance costs always vary from place to place. That means you might pay more or less than your friends and family in Frisco, Garland, and Richardson.
Like property costs, home insurance varies in price from city to city. Pricing is determined by ZIP code–specific variables, such as the volume of claims filed nearby, crime rates, and property costs, and risk variables, such as natural disaster frequency. Even your specific neighborhood may determine if you pay more or less on your annual premiums.
Rates in Plano can be relatively high or low compared to the national average; it all depends on which area you live in. Here are the most and least expensive ZIP codes in Plano for home insurance.
Home Insurance Coverage Types in Plano
There are several types of home insurance. Specific terms of insurance policies may vary by city, but in general, the standard policy types are as follows:
The simplest and least comprehensive type of homeowners insurance
Provides coverage for a handful of potential problems, including
- Dwelling coverage for damages from some natural disasters (storms, fires, wind, lightning, volcanic eruption),
- damage from vehicles,
- or civil commotion.
Broad form homeowners insurance policies include all basic form coverage, plus protection from:
- falling objects,
- damage from the weight of ice, snow, or sleet,
- freezing of household systems including HVAC and pipes,
- sudden and accidental damage to pipes and other household systems from artificially generated electrical current,
- accidental discharge or overflow of water or steam,
- sudden and accidental damage.
HO-2 policies typically cover both dwelling protection and personal property.
In some cases, broad form coverage may also include liability coverage. However, it still only covers the specific damages listed in the policy.
The most common form of homeowners insurance is known as a “special form” policy.
While HO-1 and HO-2 policies are “named peril” policies (meaning they only cover dangers that are specifically listed in the policy), HO-3 policies are “open peril” policies meaning they’ll cover all dangers except those specifically excluded in the policy documents.
HO-4 policies, also known as renters insurance, are for people who lease rather than own their homes.
Tenant’s form policies typically cover all the same dangers as HO-2 policies.
These policies include personal property coverage and liability coverage but don’t cover the physical structure of the house.
Some HO-4 policies may also include loss of use coverage for the tenants.
Comprehensive form policies are usually the broadest and provide the highest level of coverage; not surprisingly, they also tend to be the most expensive type of homeowners insurance policy.
The biggest difference between HO-3 and HO-5 policies is that most HO-3 policies are “actual cash value” policies, whereas typically HO-5 policies are “ replacement cost value” policies.
An actual cash value policy will only reimburse you for the actual value of a damaged or destroyed item, while a replacement cost value policy will reimburse you for however much it would cost to completely replace or repair the damaged or destroyed item (up to the coverage limits on the policy).
HO-5 policies also provide personal property coverage against a wider range of dangers than the typical HO-3 policy. Many HO-5 policies also have extra coverage for high-value personal property, such as jewelry and artwork.
Not surprisingly, condo form insurance is for condominium owners. HO-6 policies generally protect against the same types of dangers as HO-3 policies.
They provide dwelling protection coverage with a twist: HO-6 policies cover the walls, floors, and ceiling of the condo unit but not the rest of the building.
These policies also include personal property and liability coverage and may include loss of use coverage.
If you own a mobile home or manufactured home, you likely have an HO-7 policy.
Mobile home form policies are typically identical to HO-3 policies, except they’re designed specifically for mobile and manufactured homes.
Like HO-3 policies, they provide dwelling protection coverage, other structures coverage, personal property coverage, liability coverage, and possibly loss of use coverage as well.
HO-7 policies generally only protect the home when it’s stationary; if you plan to move your mobile or manufactured home, you’ll need to get a special policy to cover it while it’s in transit.
Older homes have generally been built to less stringent code standards than recently built homes, and so insurers have designed a specialized type of homeowners insurance policy for them.
HO-8 policies often only cover the basic perils listed in HO-1 policies and generally apply to homes that are registered landmarks or otherwise deemed historic homes.
Owners of registered landmarks are typically forbidden from making the updates to HVAC, electrical, and other parts of the home that would enable them to qualify for a standard HO-3 policy, so an HO-8 policy is often the only option for them.
For more detailed Texas city level guides, check out these below.
Natural Disasters and Homeowners Insurance Costs in Plano
Historically, the Dallas – Plano – Irving area tops the list for the risk of extreme heat and cold, tornadoes, floods, hurricanes, and earthquakes. As the Plano area grows in commerce and construction, the risk of these natural disasters becomes even greater. The higher the volume of claims, the higher homeowners insurance costs will be. That explains the high insurance rates in Texas in general.
But there are also coverage limits and exclusions on every home insurance policy. Though wind, hail, and fire damage resulting from weather activity are covered on a standard policy, flooding and earthquakes are not. Your home may experience damages from earthquakes or flooding, and if your insurance reaches its coverage limits, you could be stuck paying out of pocket for those damages. Ask your insurance agent if you should add earthquake or flood insurance. Also, ask how you can make sure your coverage limits are set so you can pay for your property and personal belongings in the event of a covered loss. Knowing how much insurance is enough and having the right additional coverages will save you money in the long run.
Bundling Discounts and Insurance Quotes in Plano
What most policyholders don’t know is that there are often discounts and deals with insurance companies for bundling. Bundling is when you combine home insurance with car insurance or life insurance. Often, those with auto insurance policies can easily add a home insurance policy under the same insurer. And insurance agencies love rewarding loyal customers with discounts and deals. To find out more, get a quote or ask your insurance agent.
The next step to savings is to compare home insurance quotes side by side. You can easily use our comparison tool. You can then send the best and cheapest home insurance quotes in Plano straight to your email inbox. It’s that easy.
How to Find the Cheapest Home Insurance in Plano
Plano may be one of the safest places to live in the United States, but owning a home in the city may come at a high price. When you’re looking for home insurance, you want to make sure you’re getting all the coverage you need at the best price. When you compare home insurance companies and rates, you get to choose what works for your lifestyle and budget. Want to get started?
Use Insurify to compare home insurance premiums for your property in Plano .
Frequently Asked Questions
When you bundle auto insurance and home insurance, you are combining multiple policies under one insurer. And by choosing to purchase multiple insurance products, you can get rewards from your insurance agency for being loyal. So you’ll get discounts that help you save along the way!
Business insurance is available through most insurance companies in Plano. Ask your local insurance agent to determine if you can add business insurance to your existing policy.
Plano, Texas, has higher living expenses than average compared to the rest of the country. However, you can start to save where you can by finding cheaper home insurance rates to offset the higher cost of living.
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