Homeowners Insurance Quotes in Plano, TX

What You Should Know About Home Insurance in Plano

Once a small farming community, Plano is now the ninth-largest city in Texas with a thriving economy, thanks in part to businesses in the retail, finance, insurance, professional, scientific, and technical services industries. The city, located in North Texas about 20 miles from Dallas, was incorporated in 1873 and named “Plano” after the area’s flat terrain.

Plano offers an abundance of activities: Go kayaking, canoeing, biking, or hiking at the 800-acre preserve, Oak Point Park. Visit the Boardwalk for an assortment of eateries and live musicians. Step back in time at Heritage Farmstead, a 360-acre farm and garden museum, where you can learn about life in the late 1800s and early 1900s. Take in the public art at the Downtown Plano Arts District, free live music at Haggard Park, and the famous Balloon Festival.

It is no wonder Plano’s population has grown so much over the years — from just 3,700 in the 1960s to nearly 300,000 people today. As one of these residents, you will need the best homeowners insurance to protect the home you value so much. Your InsureOne agent is ready to help you acquire the first-rate coverage that fits your specific needs.

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

The average premium for a $300,000 home in Texas is $3,851; however, premiums may vary from one zip code to another. Two of the reasons for this variance are crime rates and your neighborhood’s fire protection rating.

Plano residents pay more for homeowners insurance than the national average, as shown in the chart below:

Dwelling Insurance Total	Average Annual Cost in Plano	Average Annual Cost Nationwide
$300K	$5,307	$2,582
$600K	$9,176	$4,140
$1 million	$13,875	$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 Plano?

When you purchase insurance, you will be asked to choose a deductible. This is the share you pay of any claim you make before your insurer pays its share, usually between $500 and $5,000.

A higher deductible may be your better choice if:

• You want to pay a lower premium.
• You have money set aside to pay that deductible should you need to file a claim.
• You have the necessary funds to pay for all repairs out of pocket for damage under your deductible.

A lower deductible may be your better choice if:

• You would rather pay more up front than a large chunk when filing a claim.
• You do not have savings to cover the deductible if you need to file a claim.
• You live in an area with a substantial risk of crime or natural disasters.

If you are unsure which deductible is right for you, your local InsureOne agent can look over your situation and help you make a choice that fits your unique lifestyle and budget.

Is Home Insurance Tax Deductible in Plano?

Home insurance is typically not tax deductible, but here are some scenarios where a deduction may be possible:

• If you run a business from part of your home or rent out a separate home as a business, you are in luck — you may qualify to deduct part or all of your home insurance on your taxes.
• If you are an independent contractor and use a room in your home as your office space, you may also qualify.

It is essential to discuss your circumstances with a tax professional for help determining whether you qualify.

Does Plano Have the 80% Homeowners Insurance Rule?

Most Plano insurers follow the 80% rule — an industry standard rather than a Texas law — that says, for proper coverage, your home must be covered for 80% of its value. For your home valued at $775,000 in the Kings Ridge neighborhood, for example, you would need $620,000 worth of coverage, which is 80% of its value.

This formula, which factors in current costs of material and labor, ensures you have proper coverage to replace your home. Your InsureOne agent will provide top-tier service by doing all the work for you to ensure your policy conforms to this rule.

Bundling Home and Auto Insurance in Plano

There are several ways to earn homeowners discounts — your insurer may provide one if you add a home security or sprinkler system. Another way to earn a discount is through bundling. Bundling means purchasing at least two types of insurance coverage, such as your home and auto policies, from one insurer.

If you need both homeowners and auto insurance, ask your agent about how much you can save by bundling. Most insurers will provide a discount of up to 25% off both policies. Plus, you will receive the added benefit of simplifying your policy management — one set of paperwork and one bill to pay.

You might think of InsureOne as a one-stop shop — where you receive the white-glove service you deserve from expert agents finding you high-quality insurance at competitive rates.

What Weather Affects Home Insurance Costs in Texas?

Texas is susceptible to severe weather, including thunderstorms with hail and wind gusts of up to 60 miles per hour. These storms can cause significant property damage, including tearing off siding and roofing. Gulf Coast residents may suffer more extreme damage from hurricanes and tornadoes. High temperatures can lead to drought conditions, which may in turn cause wildfires and subsequent property damage.

A large number of insurance claims throughout the state, increased inflation, and the rising costs of materials and labor mean higher insurance premiums for all Lone Star State residents.

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

Single-family detached homes, condos, apartments, mobile homes — different people prefer different living situations. That is why there are eight types of homeowners insurance.

Here is some information about four of the eight types of coverage:

• HO-1: This policy is so basic that some insurers may no longer offer it due to its limited coverage. It covers damage from just 10 perils for only your home and factors in depreciation.
• HO-4: This plan is for residents who prefer renting and covers just personal belongings from 16 perils.
• HO-5: This comprehensive plan is for those who own a single-family detached home. It covers your home and your belongings at replacement costs.
• HO-8: This plan covers older homes (at least 40 years old), providing protection from 10 perils.

Your agent can help you understand the wording in your policy. You can also read about these insurance terms on our glossary for homeowners insurance page.

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

While Plano has some of the most expensive real estate in Texas, almost 57% of Plano residents are homeowners, and the remaining 43% are renters.

The city’s housing market consists of close to 111,000 homes and apartments with a median value of about $561,000. Almost 60% are single-family detached homes with three or four bedrooms. Apartments, row houses, other attached homes, and duplexes make up the rest of the housing.

Whatever type of home you live in, it is essential to understand your homeowners insurance coverage, such as what insurance riders are and whether they are worth it. Your InsureOne agent will go over all the specifics of your personalized plan to help you determine whether you need to add any riders.

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

If you live in Texas, you may have experienced hailstorms, thunderstorms, and even hurricanes — some areas are more susceptible to certain disasters than others.

Here are some common Plano weather events you may find mentioned in your policy:

• Lightning: Lightning strikes can trigger forest fires. Damage from lightning and forest fire is typically covered under a standard policy.
• Windstorms: Intense winds can cause substantial property damage. Standard policies typically cover this type of damage. However, coverage in tornado-prone areas may include a special wind deductible.
• Flooding: Flood damage from heavy rainfall is typically not covered. Ask your agent about adding a rider to your standard policy to protect your home from flooding caused by natural disasters.

Your InsureOne agent can go over your policy with you to confirm which of these and other natural disasters are included.