Homeowners Insurance Quotes in Lubbock, TX

What You Should Know About Home Insurance in Lubbock

Lubbock, the seat of Lubbock County, is a city in Northwest Texas that offers a rich arts scene, including theater and live music, and is the birthplace of Buddy Holly. Lubbock is known as the “Hub City” for two reasons — its reputation as the economic, educational, and healthcare hub of the South Plains and its location at the crossroads of four U.S. highways and Interstate 27. These factors make the ideal hub for transportation and distribution.

Other things to enjoy about Lubbock: The city is home to Texas Tech University and its team, the Red Raiders. Growers in the High Plains wine country supply about 80% of the local wine grapes and half of the nation’s cotton. You can view hundreds of prairie dogs in seven acres of natural habitat at Prairie Dog Town. With so many interesting features, it is no wonder that about 267,000 people call Lubbock home.

Protect your residence in this great community with the best homeowners insurance at the best price. The expert agents at InsureOne offer personalized concierge services, helping you find the right coverage to meet your unique needs.

How Much Does a Homeowners Insurance Policy Typically Cost in Lubbock?

Insurers look at many factors to come up with your rates, including your credit history and your home’s construction style.

While Texas residents pay an average of about $3,851 a year for a $300,000 home, Lubbock rates are higher than this average and higher than the national average, as shown in the below chart.

Dwelling Insurance Total	Average Annual Cost in Lubbock	Average Annual Cost Nationwide
$300K	$5,107	$2,582
$600K	$8,627	$4,140
$1 million	$12,894	$7,380

We arrived at these numbers by using the cost of dwelling coverage, a $100,000 liability and a standard $1,000 deductible.

How Do Home Insurance Deductibles Change Insurance Rates in Lubbock?

A deductible is an amount you agree to pay before your insurer pays their portion of a claim. For instance, if you file a claim for $10,000 and your deductible is $1,000, you will pay that $1,000 before your insurer pays the remaining $9,000.

If you raise your deductible, your monthly rate will most likely go down. But if you ever file a claim, your insurance rate may then climb. If you wind up filing two or more claims in a year, you will pay the deductible for each claim.

In some cases, your deductible for some types of damage, such as wind damage, may differ from deductibles for other types of damage. Please review your coverage to make sure you are prepared should you ever need to file a claim.

Your agent will provide a customized plan that fits your unique situation.

Is Home Insurance Tax Deductible in Lubbock?

Lubbock homeowners generally cannot deduct their insurance coverage on their taxes except in a few cases:

• A rental home: If you own a property you rent out as a business, you can most likely deduct this insurance as an expense of doing business.
• A home office: If you use a dedicated amount of your home’s square footage for your business office, it is likely you can deduct this percentage of your homeowners coverage on your taxes (e.g., 10% of your square footage would allow you to deduct 10% of your home coverage rate).
• A rejected claim: If you have had an insurance claim rejected, you may be able to deduct this as a casualty loss.

Your tax professional can provide you with additional information and confirm whether you can deduct insurance for your particular circumstances.

Does Lubbock Have the 80% Homeowners Insurance Rule?

Most insurers follow the 80% rule that protects homeowners, which is an industry standard and not a law. This rule ensures you have the proper coverage if you need to file a claim.

To protect your $300,000 ranch-style home in the Bowie neighborhood, for example, you will need $240,000 (80% of $300,000) of insurance in order to have sufficient coverage. This number should be reviewed each year as property rates rise or fall and after you complete any major renovations that change your home’s value.

Speak with your InsureOne agent about a personalized plan that offers you premium choices for high-quality insurance.

Bundling Home and Auto Insurance in Lubbock

If you need homeowners insurance and another kind of coverage, such as auto insurance, you can save money — up to 25% off your bill — by buying them both from one carrier. This is known as bundling and can also save you time you would otherwise spend juggling multiple policies from different insurers.

Bundling is not limited to these two types of policies — you can bundle your homeowners coverage with boat, RV, motorcycle, or any other type of insurance your carrier offers. You can even bundle multiple home policies to save on homeowners insurance if you own more than one property.

Are there other ways to save? Yes. You can add home protection such as a home security system to lower your insurance rates. Your friendly InsureOne agent can discuss all your bundling options and other ways to save when they compare policies and provide you with competitive rates for the best insurance.

How Does Home Composition Impact Insurance Rates?

There are quite a few options for home construction: brick, metal, wood, cement, vinyl, and stone. Some of these materials are more affordable, while others are stronger and more fireproof. Some options are more expensive to replace.

Wood is more prone to damage from such elements as water, pests, and fire than stone or brick. The costs to replace these materials can fluctuate with availability and demand, which will likely influence your insurance rate.

Whatever material your home is made of, it is essential to follow proper maintenance, such as regularly sealing your wood siding to help prevent it from rotting.

What Are the Different Types of Homeowners Coverage Offered in Lubbock?

Rather than offering a one-size-fits-all insurance plan, your agent will start with one of the standard eight types of homeowners insurance plans and adjust it to fit your specific needs.

Here are four of the eight plans:

• HO-1 policy: This plan pays for damage from 10 perils, including fire, wind, hail, theft, and vandalism.
• HO-3 policy: This is the most common homeowners coverage. It includes structure damage from all perils except those listed as exclusions, personal belongings, liability, medical payments to others, and additional living expenses.
• HO-4 policy: This is a renters policy that covers 16 perils and your personal belongings but not the structure in which you live. It includes liability and additional living expenses.
• HO-8 policy: This policy offers structure and personal belongings coverage for 10 perils for homes greater than 40 years old. These older homes have special coverage because they often cost more to replace. The policy includes liability, medical payments to others, and additional living expenses.

Please provide your expert agent with your property details and any other relevant information to receive top-tier service and a personalized quote.

What Is the Most Common Type of Home Purchased in Lubbock?

Many people choose Lubbock for its diverse job opportunities across various industries, numerous activities, and affordable housing prices. About 64% of Lubbock residences are single-family detached homes with three or four bedrooms and a median value of $227,000. There are slightly more renters than homeowners in Lubbock, and the median household income is about $59,000. Statistics show that your risk of becoming the victim of a property crime is 1 in 31.

Whether you live in a brick home in Melonie Park or a multi-family home in Raintree, you will need the best homeowners insurance coverage to protect you in rain and shine.

Which Common Natural Disasters Are Covered by Home Insurance in Lubbock?

Lubbock’s weather includes mild winters with rare snowfall and hot summers with highs into the 100s but low humidity. Hailstorms and dust storms are part of life in Lubbock, as are tornadoes, although the only recorded F5 tornado hit the area in the 1970s.

Here are some common natural disasters in Lubbock:

• Hailstorms: Hailstones can cause moderate to severe damage. Most standard policies cover hail damage.
• Windstorm: Wind events may bring dust storms or tornadoes. Most standard policies cover damage from wind.
• Fires: Wildfires are becoming more common in Texas, with brush and grass being the main culprits in Lubbock, and wildfires can quickly turn into residential fires. Most standard policies cover fire damage.

Remember to include a copy of your insurance policy in your emergency kit in case you ever need to evacuate in an emergency.