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Cost of Homeowners Insurance in Texas

Home Insurers in Texas determine the cost of your homeowner's insurance policy based on several factors. They combine these factors into a probable diagnostic of your risk profile. It is your risk profile that informs the insurer about the likelihood that you file for a claim. The higher the perceived probability to make a claim based on the insurer's perspective, the higher the premiums you would need to pay to insure your home.

The factors that contribute to the insurer's risk profile analysis include:

  • The cost of replacing the home and any damaged assets

  • Your credit history - Persons with bad credit histories or low credit scores would be charged higher for homeowners insurance premiums

  • The number of times you have made claims on your insured properties

  • The marital status of an applicant

  • Deductibles - The higher you are willing to pay out of pocket, the lower the premium charged

  • The location of the house

Home insurers also charge depending on the policy type and the types of perils that you intend to cover by the policy.

How Much Should I Pay for Homeowners Insurance in Texas?

The amount you should pay for homeowners insurance in Texas is ultimately determined by the amount of risk you intend to cover. The Texas Department of Insurance provides an online tool to help you with reasonable estimates about home insurance policies available to you in your location.

Most insurers build a risk profile that they use to charge a customer. The factors used to create the risk profile include the following:

  • Replacement costs of the home and any damaged assets in the house.

  • Credit score and history - Insurers consider persons with good credit scores as low risk individuals and more likely to offer them lower premiums. Conversely, persons with bad credit scores are more likely to pay high premiums.

  • The number of claims made in the preceding five years for damages to the home that were not caused by weather

  • The marital status of an applicant - Insurers often consider married applicants as more stable and less likely to make claims. Hence, the cost of homeowners insurance plans that insurers will offer single persons would be higher than those sold to a married couple.

  • Deductibles - The higher you are willing to pay out of pocket, the lower the premium charged.

  • The location of the house.

How to Understand the Cost of Homeowners Insurance?

The first step in understanding the cost of homeowner insurance is to get a fair idea of how an insurer would value your home. Fundamentally, insurance companies create homeowners insurance policies by the value of your home. A home value can be determined using one of these four methods:

  • Fair market valuation: Insurers can sometimes price a house according to the average sales price of houses in the same geographical area. The fair market value of a house fluctuates from time to time and often does not consider the improvements made to the house in recent times.

  • Appraised valuation: This valuation is given by a property appraiser, and appraisals are done during a home sale, financing, or refinancing. The appraiser examines the market value and the rebuild value of the home before finally declaring value.

  • Taxes assessed valuation: This valuation is derived from the stated value of your home during your property tax filing. Every year, the local county tax assessor would send you a letter that estimates what your property is worth. This valuation is usually lesser than the fair market valuation of your home. If your assessed value is higher than the fair market value, it probably means that you are overpaying taxes, and you should contact your assessor to address the situation.

  • Rebuild valuation: This valuation is derived by determining how much it would cost to build your home in the same neighborhood from scratch. Contractors often charge high amounts to rebuild a home in an existing neighborhood compared to when building a large-scale new housing project in a new neighborhood. The rebuild valuation takes into cognizance all home improvements made to the home in recent times. This value is often higher than the fair market value and is the best valuation to serve as a benchmark when inputting the value of your home into an insurance inquiry form.

After reaching a reasonable conclusion on the rebuild value of your home, provide these estimates and other required information to the insurer to get a quote from the insurer.

What is the Average Cost of Homeowners Insurance in Texas?

The costs of homeowners insurance in Texas vary depending on the assessments of the home insurance provider. However, your insurance premium estimates should comprise the following information:

  • A coverage term - This is usually a one-year period from the date of initiating the insurance. For example, an insurance plan initiated on May 1st, 2022 would have a coverage term of May 1st, 2022 to May 1st, 2023.

  • Annual premium information - This information usually contains:

  • A total premium before savings - This is the cost of your insurance before any discounts or savings are applied to your insurance premium.

  • Total discounts or savings - This outlines all the discounts or savings you are eligible for. You can make inquiries from your insurance agent or company on the various discounts available and ask about your eligibility for them.

  • Your premium after discounts has been applied - The total when your discounts or savings are deducted from your total premium.

  • The coverages you are eligible for under your insurance policy - This often includes dwelling coverage, outlining the following:

    • The maximum amount allowed during claims

    • Maximum allowed for home protector coverage

    • A maximum allowed for personal belongings coverage, often including the costs of replacing them,

    • The maximum coverage allowed for other structures in the home like a pet house, fences, and garages

    • A maximum allowable amount to cover loss of use if you are renovating and have to rent a hotel or other similar scenario

    • Personal liability coverage

    • A maximum allowable amount for medical payments to others injured within your home premises

  • Deductibles - This is a fixed amount or a percentage of the recognized value of your home.

  • Discounts - most insurers provide discounts based on multiple factors, which can slash the cost of insurance to the insured by up to 50%:

    • Home Alarms and Device discount

    • Home age discount

    • Roof age discount

    • Claims Free Discount

    • Companion policy discount

    • Loyalty discount

    • Insurance to Value Discount

Below are 2 examples of how much homeowners insurance may cost in Texas:

Example 1: LOWER-PRICED PROPERTY INSURANCE

The first example is a standard Texas 2-story home with a replacement value of $282,000:

  • The property also has other structures valued at $28,000 and other property (furniture and personal possessions) for $141,000.

  • The insured gets $56,400 in case the home becomes uninhabitable after the covered event - to help cover rent and other costs associated with temporary living accommodations. Loss of use is set as 20% of the dwelling coverage.

  • Any liability risks on the property are covered up to a $300,000 limit.

  • There is also a $5,000 medical payments coverage, to cover the instance if anyone gets injured on the premises, or by the actions of the insured away from the insured location.

Coverages and upper limit of covered value:

Coverage

Limits

Dwelling

$282,000

Other Structures

$28,200

Personal Property

$141,000

Loss of Use (20%)

$56,400

Liability

$300,000

Medical Payments

$5,000

  • The insured home has no flood insurance coverage, since it is not in the flood zone.

  • The insured purchases additional computer coverage, which covers dropped or spilled-on laptops with a $3,000 limit.

  • The chosen value is set as a Replacement Cost Value (RCV), instead of the Actual Cash Value (ACV), which usually makes for a higher premium.

Endorsements and the allowable limits:

Endorsements

Limits

Flood Coverage

$0

Additional Computer Coverage

$3,000

Actual Cash Value or Replacement Value

Losses replaced at replacement value

Sudden and Accidental Water Damage (other than flood)

included

  • The deductible for the claims where the damage was from anything other than Wind and Hail are subject to a 1% deductible, which amounts to $2,820.

  • Damage caused by wind and hail, such as the damage to the roof, windows, and siding are subject to a $1,000 deductible.

  • The estimated costs of such a policy is around $2,900 per year, or $241.66/mo. If the insured uses multiple discounts, such as alarms, multiple policies under the same insurer, and other available options - the true cost for this coverage can be lowered to around $1,600 per year or less.

Deductible:

Deductible

Wind/Hail Deductible

(est.) Premium

1% ($2,820)

$1,000

$2,900 (Annual)

$1,600 (after the multi-policy discount)

$133/monthly

Example 2: HIGHER-PRICED PROPERTY INSURANCE

The second example is a luxury Texas home with a replacement value of $1,614,000:

  • The property also has other structures valued at $161,400 and other property (furniture and personal possessions) for $807,000.

  • The insured gets $645,600 in case the home becomes uninhabitable after the covered event - to help cover rent and other costs associated with temporary living accommodations. Loss of use is set as 40% of the dwelling coverage.

  • Any liability risks on the property are covered up to a $300,000 limit.

  • There is also a $2,000 medical payments coverage, to cover the instance if anyone gets injured on the premises, or by the actions of the insured away from the insured location.

Coverages and upper limit of covered value:

Coverage

Limits

Dwelling

$1,614,000

Other Structures

$161,400

Personal Property

$807,000

Loss of Use (40%)

$645,600

Liability

$300,000

Medical Payments

$2,000

  • The insured home has $50,000 flood insurance coverage, using the inland flood coverage, which protects it from the floods due to rain accumulation.

  • The insured purchases additional service line coverage, which covers damage to the service lines (cable, phone, power, etc.) running through the property, up to $10,000.

  • The chosen value is set as a Replacement Cost Value.

  • Loss assessment provides coverage of up to $5,000 for the damages caused to shared areas of the community (such as the HOA or Condo).

  • Water and sewer backup damage is covered up to $5,000

  • With the rest of the protections set at 25% of the dwelling value ($403,500):

  • Mold, fungus, and rot covers such events if they were caused by the event covered by the policy.

  • Extended replacement of the dwelling offers more coverage in case you need to rebuild the home but the costs of construction exceed the primary dwelling coverage. Extended replacement costs coverage can usually be purchased in 10% increments of the main policy value.

  • Special personal property coverage provides a more in-depth coverage to the regular personal property. It covers any type of damage, other than what is specifically excluded.

Endorsements and the allowable limits:

Endorsements

Limits

Inland Flood Coverage

$50,000

Service Line Coverage

$1,000 - $10,000

Actual Cash Value or Replacement Value

Losses replaced at replacement value

Loss Assessment

$5,000

Water and Sewer Backup

$5,000

Mold, Fungus, and Rot 25% of the value of the dwelling
Dwelling - Extended Replacement
Special Personal Property

When looking at the deductible options, consider the costs that you would pay, if you need to file the claim:

  • With an approximately $3,800 annual cost, you may pay $1,000 deductible for all damages, other than resulting from Wind & Hail. If you get damaged by hail, the deductible is 2% of the value, which is $32,280. If the area sees considerable hail, like a lot of places in Texas, this may be too high of a price to pay every too often.

  • At $4,100, you may expect a difference in the deductible by $500, while still paying 2% for wind and hail.

  • The last 3 deductible options offer more affordable coverage for wind and hail damage. Instead of paying a percentage of the whole house value, such coverage would be advisable for those who live in the areas of Texas where hail, wind, and tornadoes are a frequent occurrence. The very last options shows the total out-of-pocket cost

Deductible Options:

Deductible

Wind/Hail Deductible

(est.) Annual Premium

$1,000

2%

$3,800

$500

2%

$4,100

$2,000

$2,000

$3,600

$1,000

$1,000

$3,900

$500

$500

$4,200

How Much is Typical Homeowners Insurance?

There are no blanket estimates on insurance costs in Texas. However, homeowners insurance in Texas would often vary from as low as $800 to $4,000 or more per year, depending on:

  • County,

  • Zip code,

  • History of previous claims,

  • The insured’s credit score,

  • Type of home,

  • Cost to replace the home,

  • Age of home,

  • Material of the walls of the home, and

  • Chosen coverage limits.

How Much is Homeowners Insurance Premium?

Premiums in Texas would usually cost between $65 to $350 per month, but they are usually paid as a lump-sum, once a year. In order to get a fairly accurate estimate you can use the online tool provided by The Texas Department of Insurance, or reach out to a knowledgeable property insurance agent with access to multiple insurers, to discuss the options that best fit your financial and coverage needs.

How Much is Homeowners Insurance Per Month?

Your home insurance cost per month is calculated as the total premium after your savings and discounts have been applied and divided by 12 months. Hence, if your home insurance costs $1,200 after your savings and discounts have been applied, your monthly premium would be $1,200 divided by 12, which would be $100 monthly. Homeowners insurance is usually paid annually.

How Much Does Homeowners Insurance Cost for a Family?

Families usually receive lower insurance premiums because they are viewed as lower risk. Additionally, families tend to have more insurable property, which allows for bundling policies and getting even more multi-policy discounts. Speak with a state-licensed property insurance professional, to discuss how your family can save on homeowners insurance in Texas.

How Much Does a Homeowners Insurance Policy Cost?

Your homeowners insurance policy costs are determined solely by your home insurance provider. Contact your home insurance provider for detailed estimates based on your specific needs.

What is a Homeowners Deductible?

A homeowners deductible is the amount of money you are required to pay before your insurance policy can start and the insurance company begins covering any losses. Insurers subtract the deductible from your claims total amount rather than require you to pay the deductible up-front.

In Texas, there are two types of deductibles based on the reason an insured person wishes to make a claim. These are:

  • Class 1 deductible - This applies only to windstorm damage. This is usually charged as a fixed dollar amount.

  • Class 2 deductible -This applies to all other types of damages. This is often charged as a percentage of the value of your home.

Some insurance policies include a “named storm” or “tropical cyclone” deductible. These deductibles are relevant if a water storm, hurricane, or identified storm causes damage to your home. The class 1 deductible applies if damage arises due to a thunderstorm or a tornado unrelated to the hurricane or named storm. Insurers in Texas charge relatively higher for a named storm policy than the other deductibles classes.

You should also understand that not all insurance policies contain the named storm or tropical cyclone deductible. This is why you must engage your insurer for clarifications on the deductible details as outlined in your homeowners insurance policy.

If you want to buy an insurance policy, you should refer to the Consumer Bill of Rights - Homeowners, Dwelling, and Renters Insurance. The bill of rights can help you to thoroughly understand the rights, privileges, and responsibilities vested on you and your insurer regarding your insurance policy.

Does Homeowners Insurance Have High Deductibles?

Yes and no. The amount of a deductible can be high or low, depending on the choice of the insured, based on level of the risk (see earlier examples). Deductibles are calculated as a fixed dollar cost or as a percentage of the value of your home. A fixed deductible is better and often cheaper than a deductible represented as a percentage of the value of your home. This is because the value of your home can increase and cause the dollar value represented as a percentage to rise. It is advisable to engage your insurance company on how to reduce your homeowners insurance deductible.

How to Calculate Homeowners Insurance Deductible

Typically, in Texas homeowner insurance deductible is calculated as a fixed dollar amount or represented as a percentage of the value of the home that has been insured. A fixed dollar amount deductible is predictable, straightforward, and easy to understand, especially in the event of a loss. For example, if the agreed deductible is $1,000, you are responsible for covering $1,000 of the loss incurred on the home. The insurance company bears the rest of the loss up to the maximum amount allowed by your insurance policy.

On the other hand, If the deductible is the percentage of the value of your home, you would have to cover the cost represented in the agreement as a percentage of your home’s value. For example, if the value of your home is $500,000 with a deductible set at 1%. Then you would have to cover $5,000 of any loss incurred to your home “out-of-pocket” before your insurer can cover the rest up to the maximum as contained in your insurance policy.

The caveat with percentage deductible is that whenever the value of your home increases, the dollar value of your deductible rises. For example, with a deductible set at 1%, if the value of your home rises from $200,000 to $250,000, your deductible automatically increases from $2,000 to $2,500. Hence, the value of the deductible is not fixed and is subject to change, depending on the value of your home.

Deciding on a Deductible

All homeowners insurance providers allow clients to choose the amount of homeowners deductible. If you opt for a high deductible, the insurance company will bear fewer risks for any damage to your home, which directly translates to lower premiums.

The downside of selecting a higher deductible is that you would be responsible for a significant amount of any loss to your home. Conversely, if you select lower deductibles, you would be responsible for a minor part of any loss to your home, but you would be charged high premiums.

When deciding on a deductible for a certain risk, such as Wind and Hail coverage, calculate the cost that you are expected to pay out-of-pocket if this risk occurs. Hail and Tornadoes are a frequent and seasonal issue across the state, so it is important to understand how it affects the residents and their homes. Wind and hail coverage mostly protect the damage to the roof, to the windows, and to the exterior walls.

An example: Three homes that are valued and insured for the same amount - $250,000, suffer damage from a hail storm and need roofs replaced. The new roofs will cost each of them $8,000:

  • Home A has a Wind & Hail deductible of 2%. The owner of Home A must pay $5,000 out of pocket, and the insurer will cover the remaining $3,000.

  • Home B has a Wind & Hail deductible of 1%. The owner of Home B must pay $2,500 out of pocket, and the insurer will cover the remaining $5,500.

  • Home C has a Wind & Hail deductible of $1,000. The owner of Home C must pay $1,000 out of pocket, and the insurer will cover the remaining $7,000.

Why is Homeowners Insurance So Expensive in Texas?

Insurers are responsible for determining the cost of homeowners insurance in Texas. The cost is usually based on unique information about a prospective policy holder. The insurer builds a risk profile to determine the homeowner's insurance quotes. Several factors contribute to the risk profile assessment of an applicant for homeowners insurance. These factors include

  • The cost of replacing damaged parts or structures of the home or replacing the properties and assets in the home.

  • An applicant's credit history, which is determined by their credit score, outstanding loans, and other financial information

  • The number of times an applicant has made claims on other insured properties in the past.

  • The marital status of a prospective policyholder - Insurance companies generally consider single persons as high-risk individuals.

  • Deductibles -The higher the deductible you are willing to pay out of pocket, the less the premiums quoted by the insurer

  • The location of the house - Houses in flood zones or other places prone to natural disasters would ultimately receive higher insurance premiums quotations.

The cost of your homeowner insurance policy also depends on the kind of policy that you intend to get.

Below is a broad overview of policy types available in Texas:

Texas Policy Type Type of Coverage Cost
HO-A Basic – This type of coverage covers the building and all the contents within.

The perils covered by this policy type vary depending on the insurer. However, in Texas, the policy covers perils such as fire, lightning, smoke, windstorm, hurricane, hail, explosion, aircraft

and vehicles, vandalism, riot and civil commotion, theft, and other premises liability.

Least Expensive
HO-A+ Broad – This policy type covers the home structure and the contents.

The plan typically covers all possible perils covered by the basic policy type in addition to falling objects such as damage caused by the weight of ice, sleet, or snow; freezing pipes; and some additional coverage for water discharge.

Moderately Expensive
HO-B Broader – This policy plan provides coverage for buildings and all perils covered by the basic and broad plans except exempted explicitly by the insurer.

The perils that insurers exempt under this policy type include earthquake, flood, wear and tear, mold, fungus, and rot, mice, insects, and other pests, and continuous and repeated seepage of water.

Expensive
HO-C Broadest – This insurance plan covers all risk types, except the insurer has specifically excluded it. Most Expensive

Does Homeowners Insurance Go Up after a Claim?

Yes, if you file a claim, you should expect to see an increased premium during the next renewal of the policy. Generally, the more claims you file, the more the home insurance provider considers you as risky, which in result raises your homeowners insurance costs.

How Much Will a Claim Increase Homeowners Insurance?

FIling in a claim would usually result in increases in the cost of your homeowner's insurance by about 7-20% per claim. The cost of your homeowner's insurance increases with each claim you make as insurance providers view you as more likely to file another claim down the line. However, this is not cast in stone and you should ask your insurance company or agent to provide you with the cost implications of making a claim.

Which Homeowners Plan is Cheapest in Texas?

The cheapest homeowners plan in Texas is an HO-A policy (also known as HO-1). This is a very limited, basic coverage for:

  • the building structure,
  • its built-in features (such as the fireplace, hardwood floors, etc.), and
  • some of the appliances.

While being the cheapest, this type of coverage may not be sufficient for every homeowner. Contact a Texas-licensed insurance agent with access to various insurers for information on the cheapest homeowners insurance plan.

Does the Cost of Homeowners Insurance Go Down Over Time?

No, the cost of homeowners insurance plans neither goes up nor down overtime. The cost of insurance changes only based on the property valuation and the requested limits of the policy coverage, assessed by the insurer. Thus only the insurer can determine the direction your homeowners insurance cost would take based on their evaluation of you, your home, and other criteria.

How Much Homeowners Insurance Do I Need in Texas?

While planning for your home insurance in Texas, the first thing you must consider is the value of your home as determined by your insurer. This value is usually set in accordance with prevailing housing market standards and the rebuild costs of your home. Another aspect you should consider is the probability of a peril occurring in your home. In areas with naturally occurring disasters or a higher likelihood of peril, you should actively seek to pay less deductible.

For example, in 2020, over 1.5 million properties across Texas were damaged by hail. As a general rule, if you reside in Texas, it is better to choose an insurance policy with a lower Wind & Hail deductible, so that you do not pay too much out of pocket when there is a hail storm that causes damage to your home.

To paint a scenario on why this is important, imagine you chose an insurance with a 3% deductible against wind and hail. Assuming your house is insured at $400,000, the dollar value of your 3% deductible is $12,000 ($400,000 x 3%). If your roof then gets damaged by hail or wind from a tornado, since most new roofs in the state do not cost as much as $12,000, the repair or replacement will likely be paid by you 100% out-of-pocket.

If the same homeowner had a lower percentage or a fixed dollar amount deductible, most of the repair costs would fall on the insurer instead.

Also, your mortgage provider might require you to get a certain amount of home insurance to protect your home until you have paid off the mortgage. Finally, if you reside in areas with a likelihood of certain risks like tornados, hurricanes, or floods you need to plan all eventualities.

Make sure to speak with a state-licensed and experienced property insurance agent, who can assess your needs and provide a professional recommendation about the amount of coverage you need to meet those needs.

How Much Homeowners Coverage Do I Need?

The amount of homeowners coverage you need is ultimately determined by the value of your home and the personal assets contained in it. You should get homeowners insurance coverage that is enough to rebuild your home in case it is damaged or destroyed. There is no point to over insure, because you cannot get paid more than the insurable value of the property. Under-insuring will cause problems when you need to file the claim and you are not getting enough money to fix your stuff.

Speak with an experienced property insurance professional licensed in Texas, who can help you get enough coverage for your needs.

How to Save on Homeowners Insurance in Texas?

There are 2 main ways to save on homeowners insurance in Texas:

  • Saving on the cost of insurance, and

  • Saving on the payout of claims of insurance.

To save on the cost of homeowners insurance, you can lower the limits of coverage on items where you may not need full protection, and where the risk exposure may be less. Less coverage translates into lower premiums. Additionally, speak to your insurer about possible discounts, for which you may qualify.

To save on the payout of claims of homeowners insurance, the process is reversed. Here you optimize the coverage according to the possible risks, the likelihood of them happening, and the expected out-of-pocket costs during the claim. If the risk has a high chance of happening, the deductible for the coverage of this risk should be set as low as it is economically feasible for you. Lower deductible saves you money during the claim payout.

The best way to save on homeowners insurance is to speak to a knowledgeable property insurance agent licensed in the state of Texas.

Can you Negotiate the Price of Homeowners Insurance?

No, you can not negotiate the price of your homeowners insurance policy in Texas. You can decline the offer of an insurer if their price is outside your budget or you cannot afford it. Instead of negotiating you get to pick your coverage limits, to adjust the price. Speak with independent insurance agents, who can offer competitive quotes from multiple different insurers. Review them and choose the one that fits your needs the most.

What Can I Do if I Can’t Afford Homeowners Insurance?

The Texas Fair Plan Association is ultimately responsible for providing insurance to residents who have been denied insurance or cannot afford the insurance plans provided by other insurance providers. Therefore, if you can't afford a home insurance plan, contact the Texas Fair Plan Association by telephone at (800) 979-6440 for assistance.

How Much Do you Save by Paying Homeowners Insurance Upfront?

If you wish to save on insurance - opt to pay the annual payment. If you want lower payments spread over multiple months, it almost always costs more. The same applies to Texas homeowners insurance.

If you have a mortgage, an escrow account makes this easy for you. The bank makes the payment for you once a year and breaks the bill down into 12 payments, that are included, as part of your overall monthly payment for your home. Whenever the premium for insurance goes up, your escrow account balance must go up with it. As a result, when you lower the insurance coverage on your home, your whole mortgage payment also goes down. Make sure to notify your mortgagee bank whenever the homeowners insurance premium changes. This way they know how much they will be expected to disburse from the escrow account when the annual homeowners insurance bill is due, and adjust your monthly payment accordingly. If the premium goes up and you did not notify the bank, your escrow account may run short of funds. The bank will still pay your insurance, but you will have to pay extra the following year, to catch up for the money the bank has spent. (Speak to your mortgage bank for more details)

If there is no debt on the home and it is owned outright, there is no escrow account to make your life easier. You also do not need to notify anyone and you get a choice of how you want the homeowners insurance bill paid: monthly or annually. The difference in the cost (if any) is determined by the insurer and the conditions outlined in the contract. Some Texas insurers may charge an additional “convenience fee” (usually under $10) if you choose a monthly option. The insurer uses the proceeds of the fee to fund the additional expenses required to generate your monthly bill and to process the payment. If you want to pay monthly, speak with your insurer to find out how much they would charge for this convenience.

What Discounts are Available for Homeowners Insurance?

All Texas insurers offer discounts to their policyholders, based on a variety of factors. The commonly available homeowners insurance discounts are:

  • Auto and home combination discount

  • Multi-product discount banks

  • Home age discount

  • Claims free discount

  • Loyalty discount

  • Insurance-to-value discount

  • Premise Alarm/ Protective discount

  • Roof age discount

  • Impact-resistant roof discount

  • Connected home discount

To find out the specific discount amount you are eligible for, you should enquire with your homeowner's insurance policy provider or a qualified state-licensed insurance professional with access to multiple insurers.