Fort Worth Home Insurance Made Easy with Quick, Accurate Quotes!
How Much Does Fort Worth Home Insurance Cost?
Your Fort Worth, TX homeowners insurance premium is calculated by specific characteristics of your home. Since all homes (and homeowners) are different, no two homes will have the same rate. Let’s take a look at the average home insurance rate based on home value in the Fort Worth, TX area.
| Average Home Value | Texas Department of Insurance Averages | TGS Home Insurance Averages |
|---|---|---|
| $100k-$200k | $2,322 | $853 |
| $200k-$300k | $2,725 | $1,187 |
| $300k-$400k | $3,254 | $1,429 |
*Information used from Help Insure from the Texas Department of Insurance. We applied a methodology of a homeowner with average credit, a home between 10-34 years of age, made of brick in Fort Worth, TX with windstorm coverage.
Your home’s value isn’t the only factor that goes into calculating your home insurance premium. Insurance carriers also look at other things, such as your home’s age, what materials it was built with, where your home is located, age of your roof, etc. Carriers will also look at homeowner-related factors, such as claims history and credit score, among other things.
What does Fort Worth Home Insurance Cover?
Protecting your home is crucial. Your Fort Worth homeowners insurance policy helps you with financial protection for your home and possession from weather-related or catastrophic events. A typical Fort Worth home insurance policy covers your home, detached structures, and personal belongings like electronics, furniture, and other valuables. Homeowners insurance policies also include coverage should an event occur that would make your home uninhabitable and financial assistance should someone become injured on your property.
Most Common Claims Filed in Fort Worth, TX
Knowing how much coverage you have and what it protects will help you avoid paying out of pocket for any losses. The three most commonly filed claims in Fort Worth, TX are:
- Wind and hail damage
- Water and freezing damage
- Theft and burglary
Most Common Claims Filed in Fort Worth, TX Based on Amount and Coverage Needed
| Rank | Type of Claim | Average Claim Amount (National Averages) | Type of Coverage Needed for Protection | Average Yearly Cost in Texas | Average Yearly Cost for TGS Insurance |
|---|---|---|---|---|---|
| 1 | Wind & Hail Damage | $11,200** | Wind/Hail Insurance | $1,700* (Will vary depending on how much coverage you want.) | We automatically include a 2% deductible into every policy we write so coverage cost will vary, but it is typically $5,000/yr based on a $250K average home value. |
| 2 | Water & Freezing Damage | $10,849** | Basic home insurance policy | Will vary depending on policy premium. | Will vary depending on policy premium. |
| 3 | Theft & Burglary | $4,391** | Scheduled personal property insurance can be used for specific items. | Scheduled personal property: $100 for every $10,000 insured. | Varies depending on what each individual wants to insure. |
* TWIA, **Insurance Information Institute
Wind and Hail Damage Coverage
The DFW area is commonly referred to as “Hail Alley”, so it’s no surprise that wind and hail damage is the most common claim filed in Fort Worth, TX. Hail and wind insurance will protect your home and personal belongings from strong wind or wind events, such as hail storms, tornadoes, tropical storms, and hurricanes.
Since Fort Worth is located in North Texas, the area is more prone to hail storms. In 2019, about 192,000 Texan homeowners were affected by hail damage, specifically in Fort Worth, TX, homeowners experienced 17 hail reports in 2020. On average, the typical U.S. claim for wind and hail damage is around $11,200 but that amount can vary depending on the severity and what needs to be repaired or replaced.
Hail and windstorms can be erratic and give Fort Worth, TX homeowners no time to protect their homes, leaving them with major roof damage, broken windows, and other costly damages or repairs. It’s important to check your home insurance policy to ensure you’ve got the right protection so you’re not left to pay the difference that insurance won’t cover should your damages exceed your policy limits. According to HomeAdvisor, the typical project to repair hail, wind, and storm damage can average around $2,357 – $14,821. In the event there is a major storm and many homes are affected by it, construction costs could increase because there is a high demand of homeowners all trying to fix their homes at once. So this is something to consider when determining how much coverage you want since your insurance carrier will not increase their financial assistance due to rising costs.
At TGS Insurance, we automatically include a 2% hail/wind deductible into every insurance policy we write because we want our clients to feel confident they’re financially protected in any event. Your coverage can be customized for your personal and coverage preferences! If we base off the average home value in Fort Worth, TX of $264,000 a 2% wind/hail policy would be $5,240 a year. For a 1% wind/hail deductible, it would be $2,620 per year.
Water and Freezing Damage Coverage
Water damage that is caused by plumbing issues or frozen pipes is the second most common filed claim in the Fort Worth, TX area. About 1 and 50 U.S. homes file a claim for water damage each year and according to the Insurance Information Institute, and the average water damage claim in Texas is about $5,900 and in the U.S. it’s about $10,849.
Water damage is typically protected by the standard home insurance policy if the water damage is deemed accidental and sudden. For example, if a frozen pipe were to burst after you took precautions to protect your pipes before a freeze, you’d be protected. In contrast, if you neglect a leaky sink for months that lead to water damage, you wouldn’t be protected by your homeowners insurance because it’s considered negligence. So without the proper coverage in your home insurance policy to protect your home and personal items from a water damage accident, you’d be financially accountable for any damages or repairs.
On the other hand, if your home suffered water damage that occurred due to an overflow, backed up sewer, or drain, your standard homeowners insurance policy will not cover you. Fort Worth, TX homeowners would have to add water backup insurance to their policy. This inexpensive and popular Fort Worth, TX add-on costs about $50-$250 a year with coverage starting at $5,000. With TGS Insurance, we offer water backup insurance for about $25 a year!
When it comes to water damage due to a flood, Fort Worth, TX homeowners will need to purchase a flood insurance policy since flood damage is not covered under home insurance A flood insurance policy protects your home and personal belongings from flood-related damages. In Texas, the average cost for flood insurance is about $634 according to FEMA, but with TGS Insurance our customers pay an average of $528!
Though water damage due to freezing pipes or general backup issues can be common in the Fort Worth, TX area, there are ways you can financially protect your home and belongings with the proper home insurance and policy endorsements.
Theft and Burglary Coverage
In 2019, Fort Worth, TX homeowners experienced 3,969 burglaries and 17,301 theft-related crimes. Burglaries and theft, though common, are a total invasion of privacy because your most valuable items can be stolen and sometimes never seen again. Sentimental items can never be replaced, but a good home insurance policy can make things a bit easier by offering financial help to replace what was taken.
Your standard homeowners insurance policy covers theft of personal items inside and outside your home, so if you are out and about and your purse gets stolen, your homeowners insurance policy will cover the loss. It also provides coverage for repairs to any property damaged by a thief or burglar. Although your policy will reimburse you for stolen items, it’s only up to a certain limit. The way personal property coverage is calculated is based on percentages. Your personal property coverage is usually anywhere between 20% to 50% of your total coverage limits. So for example, your home insurance covers your home’s structure for $500,000 and your personal property coverage is 30%, you’d have $150,000 in financial assistance for your personal property. But it’s important to remember that the entire coverage amount may not apply to your personal possessions and your carrier may have a limit. For example, your carrier may only offer up to $5,000 in protection for your jewelry.
If you have high-value items like art collections, jewelry, or other valuables, you may want to look into scheduled personal property for extra financial protection. Scheduled personal property is coverage for specific high-value items and usually has limits on each item. Scheduled personal property coverage varies from homeowner to homeowner depending on what you’re wanting to insure, so just ask your insurance agent about how much it would cost to cover your specific valuables. On average, scheduled personal property is $100 for every $10,000 you’re wanting to insure.
Since the average theft/burglary claim is about $4,391, we recommend reviewing your home insurance policy to either increase your personal property limits to cover your valuables, or look into scheduled personal property if needed.
TGS Insurance Agency Protects Fort Worth, TX Homeowners
It’s important for Fort Worth, TX homeowners to have the appropriate amount of home insurance coverage because it protects you from the most common perils in your area. Knowing what the most common dangers to your home can help you to see if you need to make any adjustments to fill any gaps in your home insurance policy.
At TGS Insurance, we want to help Fort Worth, TX homeowners have a stress-free insurance shopping experience and make sure all your insurance needs are taken care of. We don’t think you should have to break the bank to have good coverage, which is why we shop and compare your home insurance policy across a bank of 35+ A-rated (or better) providers to find you a policy that fits your needs and budget. We take into account the most common perils in your area to build you a policy that reflects those dangers and provides personalized protection for each. Our agents don’t stop there, we handle the whole enrollment process from start to finish and even shop your policy rate every year to make sure you are still paying the same great rate.
