Best cheap homeowners insurance in San Antonio

In San Antonio, Texas, the average cost of home insurance is $1,464 per year, according to Bankrate’s 2022 home insurance data. That’s nearly $400 cheaper than the statewide average rate, which is $1,860 per year for a policy with $250k in dwelling coverage. Home insurance rates in San Antonio are likely more affordable due to the city’s lower risk of hurricane damage. Although San Antonio homeowners pay less for insurance than the average Texan, most homeowners still want to get the cheapest rate possible. Bankrate assessed which carriers offer some of the best cheap home insurance in San Antonio.

Best home insurance companies in San Antonio

To find the best cheap home insurance companies in San Antonio, Bankrate evaluated top companies based on 2022 premium data from Quadrant Information Services and 2021 J.D Power ratings for overall customer satisfaction. Below are five providers worth considering if you are looking for a home insurance policy with the lowest rates:

Home insurance company Annual premium for $250k dwelling J.D. Power score Bankers Insurance Group $469 N/A Texas Farm Bureau $541 N/A Farmers $1,028 813/1,000 State Farm $1,119 835/1,000 USAA $1,152 882/1,000

Bankers Insurance Group

Bankers is headquartered in Florida and is well-versed in dealing with the natural disasters that southern states face. It has been writing policies in Texas for over 40 years and offers homeowners, renters, condo, flood insurance and more. If you live in one of San Antonio’s more flood-prone neighborhoods, a Bankers representative can help you determine if a flood insurance policy is the right choice for you.

Out of the property insurance providers we reviewed, Bankers has the lowest rates in San Antonio at $469 per year. We were also impressed by the number of add-on coverage types available, such as animal liability, lock replacement coverage, full replacement cost coverage, and golf cart damage and liability coverage. Although Bankers says it offers discounts for home insurance, none of the discounts are listed on its website.

Texas Farm Bureau

Texas Farm Bureau may be a great choice for home insurance in Texas. Texas Farm Bureau’s average annual premium is on the low side at $541, and there are discounts for bundling your policy, installed alarm systems and more. There are a number of local San Antonio offices, including several in downtown San Antonio, to help with your insurance needs.

However, we found some downsides to Texas Farm Bureau during our research. First, you cannot get a rate quote online. You will need to contact a local agent in your area to get a price estimate for the type and amount of coverage you want. In addition, Texas Farm Bureau does not advertise any add-on coverage online, so you may need to speak with an agent to get more information about what is available.

Learn more: Farm Bureau Insurance review

Farmers

Farmers is a reputable insurance provider that offers coverage nationwide. In San Antonio, Farmers offers affordable rates, with an average premium of $1,028 per year. The company is unique because it offers three tiers of coverage, so you can get a policy that fits your personal needs. Different add-on coverage types and perks like a disappearing deductible and claim forgiveness coverage are also available.

When it comes to discounts, Farmers stands out among many other carriers we reviewed. There are dozens of savings available, including discounts for teachers, military and first responders, paying your bill on time, insuring a home that is less than 14 years old, having a green-certified home and more. While we did not find too many disadvantages to Farmers, it’s worth noting that the company is rated below average by J.D. Power.

Learn more: Farmers Insurance review

State Farm

State Farm is the biggest underwriter of home insurance policies in the United States. In San Antonio, it’s also one of the cheapest providers, with an average annual premium of $1,119. The company is rated above average by J.D. Power for overall customer satisfaction and has an extensive network of 19,000 agents around the country (with more than a dozen agents located in San Antonio).

In terms of discounts and coverage options, however, State Farm is somewhat limited compared to other providers we reviewed. Through State Farm, you can save money by having an impact-resistant roof, installing a home security system and bundling your policies. The company only advertises a few endorsements, including inflation protection and replacement cost coverage for the structure of your home and personal belongings.

Learn more: State Farm Insurance review

USAA

USAA is a highly-rated insurance company, but you can only get coverage if you are an active duty Armed Forces service member, a veteran or an immediate family member of a service member. In San Antonio, USAA’s average rate for home insurance is $1,152 per year, making it one of the cheapest carriers in the city for those who qualify.

Through USAA, homeowners have the option to purchase several endorsements, including Home Sharing coverage, identity theft coverage, earthquake insurance and replacement cost coverage for personal items. Every standard policy includes uniform coverage for active duty and deployed service members. However, there are only some discounts available, which may be a downside for homeowners.

Learn more: USAA Insurance review

Home insurance coverage options in San Antonio

Texas does not require you to have a homeowners insurance policy, but your mortgage conditions probably require coverage. If you have an HO-3 policy, which is the most common type of homeowners policy, you generally have coverage for your dwelling, other structures on your property like a detached garage, your personal belongings and liability coverage.

However, most insurance companies allow homeowners to customize their coverage with endorsements, or additional insurance policies, for extra protection in specific circumstances. Some of the most common ones to consider are:

• Flood insurance: Flood insurance is sold by many private home insurance companies as a separate policy through the National Flood Insurance Program (NFIP). You might think you only need this if you live near a large body of water, but even a small stream can be disastrous if it floods. Even if you are not required to have flood insurance, ask your agent if flood insurance is right for you based on your risk comfort level.
• Slow leak coverage: What happens if you have a leak that goes undetected and causes damage inside your home? Most basic home insurance policies exclude coverage for water damage that is not sudden or accidental, so having slow leak coverage can prevent you from paying out-of-pocket for water damage repairs.
• Extended replacement cost coverage: This policy may allow a more generous payout if your home is damaged or destroyed in a covered claim. Depending on your insurance company and your policy details, it may even pay up to 150% of the dwelling coverage amount to rebuild your home, allowing you to restore your property as it was before the damage occurred.

Home insurance discounts in San Antonio

Although some home insurance carriers in San Antonio offer below-average rates, homeowners may be able to save even more money by taking advantage of discounts. Each insurance company offers unique discounts with varying savings potential. Here are a few of the most common home insurance discounts you may be able to find in San Antonio:

• Bundling: By purchasing your car insurance with the same company that writes your homeowners insurance policy, you may be eligible to save money on both policies with a bundle discount.
• Loyalty: Some insurers will give you a discount if you have been with them for a certain number of years, such as five years or longer, although some require you to be claim-free during that period.
• Alarm systems: There are many reasons why it is a good idea to have smoke detectors and burglar alarms installed in your home. It might also help you earn a discount on your home insurance premium.
• Electronic payments: Many insurers will give you a small discount for paying your bill electronically and for setting up automatic payments. You may also earn a discount if you agree to receive communications from the company via email rather than postal mail.

These are some of the most common ways to reduce your homeowners insurance premiums in San Antonio. Your insurer may have others, and it pays to ask questions when you are getting quotes to be sure that you are receiving all the discounts for which you are eligible.

Frequently asked questions

• • What is the best home insurance company?

  • How much does home insurance in San Antonio cost?

  • How much home insurance do I need in San Antonio?

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2022 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:

• Coverage A, Dwelling: $250,000
• Coverage B, Other Structures: $25,000
• Coverage C, Personal Property: $125,000
• Coverage D, Loss of Use: $50,000
• Coverage E, Liability: $300,000
• Coverage F, Medical Payments: $1,000

The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).

These are sample rates and should be used for comparative purposes only. Your quotes will differ.