Texas Department of Insurancewww.tdi.state.tx.us - Consumer Helpline 1-800-252-3439
Homeowners Insurance Price ComparisonsIntroductionHomeowners insurance protects you from financial losses caused by storms, fire, theft, and other events outlined in the policy. Texas law does not require you to purchase homeowners insurance, but your lender may require you to have insurance if you´re financing for your home. Understanding RatesInsurance companies base your premium on factors such as the replacement cost of your home, its construction materials, the area where you live, your claims history, your credit score, and local fire protection. How to Use the Price ComparisonsThis guide can help you compare price estimates among companies that sell homeowners insurance to new customers in Texas. The table lists companies and annual price estimates for eight hypothetical homeowners with $100,000 coverage on the house, at least $40,000 coverage on the contents, and a 1 percent ($1,000) deductible. Homeowner Profiles View the estimates for the homeowner profile that most closely matches your situation. The homeowner profiles may not match your situation exactly, but they provide a way to compare prices. The prices shown are estimates given to the Texas Department of Insurance (TDI) by the companies and are based on a limited set of criteria. They are not the exact amounts you will be quoted. Your premium will vary according to your individual circumstances and will likely be higher than the estimates listed.
A.M. Best Rating A.M. Best Co.´s rating of the financial strength and operating performance of each company. Reprinted by permission. Best´s ratings are subject to change and are current only as of the publication date. For current rating information, call A.M. Best or visit its website 1-908-439-2200 Ratings Classifications A++ and A+ mean Superior A.M. Best Co. is not responsible for errors in presentation or content and does not endorse this publication in any way. Complaint Index The complaint index shows how consumer complaints filed against a company compare to the average for other companies selling the same type of insurance. The average index is 1.00. A complaint index less than 1.00 indicates that a company received fewer complaints than average, and an index greater than 1.00 indicates that a company received more complaints than average. The complaint index is calculated periodically. For the current index, view the price comparisons on our website. Policy TypeCompanies can sell several types of policies, each with a different level of coverage: HO-A policies provide extremely limited actual cash value coverage of your home and its contents. Only the types of damage specifically listed in the policy are covered. HO-A Amended policies provide more extensive coverage than the base HO-A policy but less coverage than the HO-B. For instance, HO-A Amended policies may include replacement cost coverage and coverage of damage from "sudden and accidental" water discharges. Neither of these coverages is included in the base HO-A policy. HO-B policies provide replacement cost coverage for most types of damage, except those specifically excluded in the policy. In general, the HO-B policy provides the most coverage for the price. HO-C policies provide the most extensive coverage but are more expensive than other types of policies. Other approved policies are policies offered by companies that the Commissioner of Insurance has approved for sale in Texas. Coverage provided by these policies may differ considerably from one another. To compare coverages included in policies approved for sale in Texas, view the Office of Public Insurance Counsel website www.opic.state.tx.us The price estimates listed are for the type of policy a company is most likely to sell to new customers. The estimates shown are representative prices for the region. For more detailed information, including estimates for specific communities, view the price comparisons on our website www.tdi.state.tx.us How to Find the Best Rate
Before You Buy a Policy, Remember
Unfair DiscriminationAn insurance company cannot deny, refuse to renew, limit or charge more for coverage, or unfairly discriminate because of your race, color, religion, or national origin. A company also may not discriminate because of your age, gender, marital status, geographic location, or disability or partial disability, unless the refusal, limitation, or higher rate is based on sound underwriting or actuarial principles. This means the company must have valid evidence that you present a greater risk for a loss than homeowners it is willing to insure. TDI rules prevent companies from denying coverage based on the age and value of your home. However, companies may deny coverage because of the condition of the dwelling, including the plumbing, wiring, and heating and air conditioning systems. Having Trouble Finding Insurance?Don´t give up if a company turns you down. Companies have different standards for accepting new customers. For help finding homeowners insurance, visit or call Helpinsure.com, a free service of the Texas Department of Insurance. www.helpinsure.com Helpinsure.com is a free service of the Texas Department of Insurance. For More Information or AssistanceFor answers to general insurance questions or for information on filing an insurance-related complaint, visit our website or call the Consumer Help Line between 8 a.m. and 5 p.m., Central time, Monday-Friday www.tdi.state.tx.us For printed copies of consumer publications, call the 24-hour Publications Order Line 1-800-599-SHOP (7467) Help us prevent insurance fraud. To report suspected fraud, call our toll-free Fraud Hot Line 1-888-327-8818 To report suspected arson or suspicious activity involving fires, call the State Fire Marshal´s 24-hour Arson Hot Line 1-877-4FIRE45 (434-7345) The information in this publication is current as of the revision date. Changes in laws and agency administrative rules made after the revision date may affect the content. View current information on our website. TDI distributes this publication for educational purposes only. This publication is not an endorsement by TDI of any service, product, or company. For more information contact: ConsumerProtection@tdi.state.tx.us |
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