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Texas Department of Insurance
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September 7, 2023

Saving money on home insurance


Shopping around is a good way to save money on your home insurance.

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What’s affecting home insurance prices?

Some factors include weather that has caused more damage to more homes. And the cost of materials and labor has increased in the last few years. As insurance companies spend more money on claims, they raise their rates to compensate.

How often should I shop for home insurance?

Every year is a good rule of thumb. Most policies last 12 months, so you can start shopping a couple of months before your policy is up for renewal.

You can also shop anytime throughout the year. If you’ve paid your premium in full, your company will refund any premium you’re owed.

What do I need to look for when I shop for home insurance?

You want to make sure you’re getting the same or better coverages in a new policy. If you need flood or windstorm insurance or extra coverage for jewelry, ask your agent about those.

You can also look at your deductibles. Raising your deductible is an easy way to save money. Just remember you might pay more for a claim if your deductible is high. The deductible is the part of the claim you pay.

How do I calculate how much insurance I need?

You’ll look at the cost to rebuild your house, not the market value. Your home might be worth $300,000, but it could cost $400,000 to rebuild. Rebuild costs are different around the state. Ask your agent to help you with the calculation.

How do I start shopping for homeowners insurance?

You can find agents on the internet and get a quote in a few minutes. You can also ask an independent agent to do the shopping for you. Independent agents sell for multiple companies and can give you a few different quotes.

Ask the agents you’re working with if you qualify for discounts. Companies offer different discounts that can lower your premium.

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