Odessa is known for its cowboy culture and is home to the largest single oil and gas deposit in the United States. But as with most cities in Texas, Odessa homeowners insurance rates are relatively expensive compared to the national average, but there are plenty of affordable coverage options for area residents.
The average cost of homeowners insurance in Odessa is $3,375 per year or $281 a month. This is around 16% higher than the statewide average of $2,919 per year, and about 92% higher than the national average of $1,754.
Compare the best cheap homeowners insurance companies in Odessa
To find the best cheap homeowners insurance in Odessa, Policygenius rated over a dozen of the largest insurance companies in Texas across several categories, such as average policy cost, financial strength ratings with AM Best, customer and claims satisfaction scores with J.D. Power, available policy options, and more.
Company | Average monthly cost | Policygenius rating |
|---|---|---|
$372 | 4.8 out of 5 | |
$49 | 4.5 out of 5 | |
$344 | 4.5 out of 5 | |
$457 | 4.5 out of 5 | |
$58 | 3.9 out of 5 |
2023 Policygenius award winner
State Farm
4.8
Bundle home & auto
Offers extended replacement cost
All 50 states
Why we chose it
State Farm home insurance is one of the best overall home insurance providers in Texas thanks to its statewide availability, large selection of policy options for most home types, high customer service marks, and industry-best financial stability ratings.
Pros and cons
Pros
High customer satisfaction and financial strength ratings
Top-tier coverage add-ons, including extended replacement cost coverage
Offers large discounts when you bundle your home and auto insurance
Cons
20% more complaints filed with the NAIC than other companies of its size
No discounts for first-time homebuyers
More details
Why we chose State Farm
At a time when lots of competitors are no longer insuring homes in areas prone to wildfires or hurricanes, State Farm continues to offer its relatively affordable and highly-rated home insurance to homeowners in most parts of the country, including Odessa.
While some of its competitors may not have the financial strength to pay out claims after several natural disasters in the same year, State Farm isn't one of them. It earns the highest rating possible from A.M. Best for financial strength and stability — only six insurance companies out of nearly 70 we reviewed hold this title.
How do State Farm home insurance rates compare to the Odessa average?
The average cost of State Farm home insurance in Odessa is $3,375 per year, which is about 92% more expensive than the average annual premium in Texas of $2,919.
How to get a quote
Online through State Farm
2023 Policygenius award winner
Farmers
4.5
Offers extended replacement cost
Bundle home & auto
Smart home discounts
Why we chose it
Along with saving around 20% when you bundle your home and car insurance, Farmers also gives you access to its extensive suite of discounts, unique policy credits, and claim-free incentives that help put money back in your pocket.
Pros and cons
Pros
12+ discounts to save on rates
Optional extended or guaranteed replacement cost dwelling coverage
Shave $50 off your deductible each year you’re with Farmers
Cons
Below-average scores on J.D. Power’s overall customer satisfaction and digital experience surveys
More details
Why we chose Farmers
Farmers home insurance stands out against competitors thanks to its 17 available discounts and policy perks. For context, Farmers competitors offer an average of around seven discounts total.
Along with several discount offerings and affordable rates, Farmers also offers the following two key policy perks:
Declining deductibles: Earn $50 toward your home deductible each year you have a home insurance policy with Farmers.
Claim forgiveness: Once you’ve gone five years without filing a claim, Farmers won’t raise your rate after that if you end up filing one.
Even more, depending on your state of residence, you can save up to 45% on your auto insurance and up to 34% on your home insurance when you bundle policies, according to farmers.
How do Farmers home insurance rates compare to the Odessa average?
The average cost of Farmers home insurance in Odessa is $586 per year, which is around 475% cheaper than the annual citywide average of $3,375.
How to get a quote
Online through Farmers
2023 Policygenius award winner
Nationwide
4.5
Bundle home & auto
Mobile app
New homebuyer discount
Offers extended replacement cost
Why we chose it
Nationwide home insurance features an extensive range of comprehensive coverage and policy options. It also received high marks for claims satisfaction with J.D. Power, indicating you can rely on Nationwide when it matters most.
Pros and cons
Pros
Multiple high-quality coverage options
Highly rated for claims satisfaction with J.D. Power
Cons
Below-average customer satisfaction and digital experience ratings
Won’t cover Airbnbs or other short-term rentals
More details
Why we chose Nationwide
Nationwide is known for it's robust policy options and large selection of coverage add-ons, such as flood coverage and options to rebuild your roof with stronger materials after a covered loss, making Nationwide a smart choice if you live in an Odessa area at risk for extreme weather or natural disasters. While Nationwide’s average home insurance rate of $4,127 is among the most expensive in our top company analysis, it has several discount options available that can trim those high costs.
How do Nationwide home insurance rates compare to the Odessa average?
The average cost of Nationwide home insurance in Odessa is $4,127 per year, which is around 18% higher than the annual citywide average of $3,375.
How to get a quote
Online through Policygenius or Nationwide
2023 Policygenius award winner
Progressive
4.5
Bundle home & auto
Mobile app
Why we chose it
Progressive offers robust home insurance coverage and ways to save. Our fave perk? Its bundling discount, which lets you save up to 20% on premiums and only requires you to pay one deductible if your home and car are damaged in the same event.
Pros and cons
Pros
Save up to 20% when you bundle your home and auto insurance
Bundling perks include single-deductible claims and streamlined bill payment
User-friendly app to manage and update policy
Cons
Below-average claims satisfaction ratings
Cost varies by company Progressive places you with
Customer service & claims options vary by company
More details
Why we chose Progressive
Progressive shines for its industry-best home and auto insurance bundling perks. Insure both your home and car with Progressive and you’ll not only score a huge discount, but you’ll only have to pay one deductible if your home and car are damaged in the same incident. This means if a tornado or hurricane knocks a tree over onto your home and car, you’ll only be on the hook for one deductible.
How do Progressive home insurance rates compare to the Odessa average?
The average cost of Progressive home insurance in Odessa is $5,488 per year, which is about 38% more expensive than the average annual premium in Odessa of $3,375.
How to get a quote
Online through Policygenius or ASI Progressive
Texas Farm Bureau
3.9
Why we chose it
Texas Farm Bureau offers exceptional customer service and the option to bundle a slew of insurance policies on top of just home insurance to save money on rates.
Pros and cons
Pros
Excellent customer service score — received 99% fewer complaints expected for a company of its size in 2021
Excellent financial strength rating from A.M. Best, proving it likely has the funds to pay out claims in the wake of a natural disaster
Only pay one deductible if your home, car, and boat are damaged in the same event and you bundle your insurance policies with Farm Bureau
Cons
Rates are $1,400 more expensive than the national average
Need to have a Farm Bureau membership to purchase insurance
More details
Why we chose Texas Farm Bureau
Texas Farm Bureau offers a complete line of insurance products — from auto, home, life, commercial, and ranch, allowing you to have all of your policies with one company. Farm Bureau is a great option for Odessa residents looking for personalized customer care and recommendations from a local company that knows the area best.
How do Texas Farm Bureau home insurance rates compare to the Odessa average?
The average cost of Texas Farm Bureau home insurance in Odessa is $691 per year, which is about 388% cheaper than the average annual premium in Odessa of $3,375.
How to get a quote
By contacting a local Texas Farm Bureau agent
Methodology & why you can trust our rates
Policygenius has analyzed home insurance rates provided by Quadrant Information Services in March 2022 for ZIP codes in all 50 states plus Washington, D.C., for a 40-year-old female homeowner with no claim history, good credit, a $1,000 deductible, and the following coverage limits:
Dwelling: $300,000
Other structures: $30,000
Personal property: $150,000
Loss of use: $60,000
Liability: $300,000
Medical: $1,000
All rates based on the above coverage limits except where otherwise noted.
Some carriers may be represented by affiliates or subsidiaries. Rates provided are a sample of costs. Your actual quotes may differ.
How much is homeowners insurance in Odessa?
The average cost of home insurance in Odessa is $3,375 per year, or $281 a month, for a policy with $300,000 in dwelling coverage. This is around 16% cheaper than the average annual cost of $2,919 for homeowners insurance in Texas, and about 92% higher than the national average.
Odessa home insurance rates by ZIP code
To help you find out how much home insurance costs where you live, we calculated average home insurance rates by ZIP code in Odessa.
ZIP code | Average annual cost | Difference from state average (%) |
|---|---|---|
79762 | $3,434 | 18% |
79763 | $3,349 | 15% |
79761 | $3,434 | 18% |
79764 | $3,341 | 14% |
79765 | $3,340 | 14% |
79766 | $3,354 | 15% |
Cheapest ZIP codes for home insurance in Odessa
With an average home insurance rate of $3,340 per year, the 79765 ZIP code is the most affordable area for home insurance in Odessa.
ZIP code | Average annual cost | Difference from state average (%) |
|---|---|---|
79765 | $3,340 | 14% |
79764 | $3,341 | 14% |
79763 | $3,349 | 15% |
Most expensive areas for homeowners insurance in Odessa
With an average annual premium of $3,434, the 79761 ZIP code is the most expensive ZIP code in Odessa for home insurance. If you live one of these ZIP codes, your rates might be among the highest in the city.
ZIP code | Average annual cost | Difference from state average (%) |
|---|---|---|
79761 | $3,434 | 18% |
79762 | $3,434 | 18% |
79766 | $3,354 | 15% |
Learn more >> Home insurance rates by ZIP code
Odessa home insurance costs by coverage amount
Along with your home's location, your homeowners insurance premiums are primarily based on how much dwelling coverage is in your policy. This is the centerpiece of your home insurance coverage, covering the cost to repair or rebuild your home after a covered disaster. Here are the average rates for homeowners insurance by coverage amount.
Dwelling coverage limit | Average annual cost |
|---|---|
$100,000 | $1,540 |
$200,000 | $2,429 |
$300,000 | $3,375 |
$400,000 | $4,346 |
$500,000 | $5,344 |
Odessa home insurance costs by deductible amount
Your home insurance deductible is the amount you’re responsible for paying on each claim before insurance kicks in to help cover the cost of repairing or replacing your property. A higher deductible means lower insurance premiums, but it also means you're responsible for paying more out of pocket when you file a claim. Here are the average rates for homeowners insurance by deductible amount.
Deductible | Average annual cost |
|---|---|
$500 | $2,884 |
$1,000 | $2,079 |
$2,000 | $666 |
Cheapest homeowners insurance companies in Odessa
Based on our analysis, Farmers, State Auto, and Texas Farm Bureau are the three cheapest home insurance companies in Odessa, with average premiums citywide ranging from $586 to $691 per year.
Company | Average annual cost |
|---|---|
$586 | |
$628 | |
$691 | |
Lighthouse Property Insurance | $1,217 |
$2,339 | |
$2,483 | |
$2,708 | |
IAT Insurance Group | $2,884 |
$4,012 | |
$4,127 | |
$4,458 | |
$5,403 | |
$5,488 | |
$6,771 | |
$6,836 |
Cheapest home insurance in Odessa if you have poor credit
A bad credit score does more than just cost you a few dollars in late payment fees — it can also make your auto and home insurance rates thousands of dollars higher. Here are the average rates for homeowners insurance for people with poor credit.
Company | Average annual cost |
|---|---|
Farm Bureau Insurance | $1,015 |
Lighthouse Property Insurance | $1,217 |
Farmers | $1,233 |
State Auto | $2,224 |
USAA | $2,930 |
Mercury | $4,185 |
Nationwide | $5,052 |
Texas FAIR Plain Association | $5,403 |
UPC Insurance | $6,387 |
IAT Insurance Group | $7,444 |
Chubb | $7,454 |
State Farm | $7,661 |
Amica | $8,732 |
AmGUARD Insurance | $9,708 |
Cheapest home insurance in Odessa if you have an older home
Insurance carriers consider older homes to have a higher risk of damage or loss compared to newer homes since they're constructed with older and more difficult to replace materials. Additionally, certain structural components in older homes, like the roof or plumbing systems, may not be up to code. Here are the average rates for homeowners insurance for people with an older home.
Company | Average annual cost |
|---|---|
Farmers | $564 |
State Auto | $656 |
Farm Bureau Insurance | $691 |
Lighthouse Property Insurance | $1,253 |
USAA | $2,367 |
Chubb | $2,420 |
Mercury | $2,506 |
IAT Insurance Group | $2,884 |
Nationwide | $3,566 |
State Farm | $4,451 |
UPC Insurance | $5,033 |
Texas FAIR Plain Association | $5,403 |
AmGUARD Insurance | $7,095 |
Amica | $7,559 |
Cheapest homeowners insurance in Odessa if you have a history of claims
Claims history is one of the biggest factors that insurance companies use when calculating your home insurance premiums. If you have multiple claims on your record, your insurer will likely view you as a risk for filing future claims and may charge you higher rates as a result. Here are the average rates for homeowners insurance for people with a history of claims.
Company | Average annual cost |
|---|---|
Farm Bureau Insurance | $769 |
Farmers | $901 |
State Auto | $1,409 |
Lighthouse Property Insurance | $1,830 |
USAA | $2,575 |
Chubb | $3,000 |
State Farm | $4,451 |
Mercury | $4,773 |
IAT Insurance Group | $4,946 |
Nationwide | $6,047 |
AmGUARD Insurance | $8,460 |
Texas FAIR Plain Association | $8,780 |
UPC Insurance | $10,162 |
Amica | $12,450 |
How to get homeowners insurance quotes in Odessa
Here are a few easy steps to take as you shop for home insurance in Odessa:
Frequently asked questions
How much is car insurance per month in Georgia?
Drivers in Georgia pay an average of $1,625 per year for car insurance, which breaks down to $135 per month.
How can I lower the cost of my home insurance in Odessa?
One unique way to lower the cost of home insurance in Odessa is by installing security systems in your home. Many insurance companies will reduce the cost of your yearly premiums if your home has doors with deadbolts or installed security systems.
Do I need additional home insurance if I put in a swimming pool?
Swimming pools can help you cool down when it gets hot, but they can be a nightmare if someone is injured around your pool and decides to sue. You should consider purchasing additional liability coverage to protect you against damages if someone is injured around your pool.
Is it mandatory to have homeowners insurance in Texas?
It isn’t mandatory to have homeowners insurance in Texas unless you have a mortgage on your property. Mortgage lenders require insurance for the full 100% replacement value of your home to protect their investment in the event of a disaster.
