Getting Home Insurance in Dallas
Home insurance in Dallas protects homeowners from having to pay out of pocket for any damages to their homes due to disasters. Policies commonly cover storm damage, fire damage, and theft. Many policies also reimburse homeowners for the costs they incur when displaced from their home during repairs. In addition to covering damage, most policies also protect homeowners in the event that someone is injured while on the property.
Texas has the most expensive average premium in the nation. According to the Insurance Information Institute, home insurance costs Texans $1,511, whereas the national average is $880. This is due in large part to the frequency of natural disasters in the state. In particular, Dallas is prone to thunderstorms, tornadoes, and occasional winter weather, all of which increase the cost of insurance in Dallas.
Factors of Home Insurance Rates in Dallas
Homeowners insurance Dallas premiums are determined by a variety of factors. According to A Consumer’s Guide to Home Insurance, rates are dependent upon the age and condition of the home, how close the home is to fire protection, the history of claims made on the home, and the details of the home’s construction. The home’s location also plays a part in determining how much insurance will cost. For instance, Dallas homes in areas of high crime will be more expensive to insure than homes in areas of low crime. The chart below examines the average crime rates for Dallas:
Credit history also affects premiums in Dallas. A low credit score will lead to more expensive insurance rates, and even interfere with your ability to obtain adequate coverage. If you have difficulty getting covered, you may want to look into purchasing surplus lines insurance, which is designed for homeowners who cannot find what they need from the traditional insurance marketplace. Because surplus line insurance covers homeowners who may be considered high-risk, the rates tend to be higher than those for standard insurance. However, it does offer an option for individuals who otherwise cannot get covered.