Waco, TX
Rental property insurance for Waco landlords
What Waco landlords should know before insuring a rental. A quote is not a binder.
Owners who rent out property in Waco, Mclennan County, are working in a market where 51% of occupied homes are rentals. The city counts about 146,608 residents; Texas as a whole has a renter share of 37%.
Waco rental housing by the numbers
| Measure | Waco | Texas |
|---|---|---|
| Renter-occupied homes | 51% (27,258) | 37% |
| Median owner-occupied home value | $221,700 | $283,800 |
| Median gross rent | $1,165/mo | $1,403/mo |
| Median year structure built | 1979 | 1992 |
| Homes in 2–4 unit buildings | 10% | 5% |
| Single-family homes (detached or attached) | 61% | 67% |
Figures from the U.S. Census Bureau (ACS 2020–2024 five-year estimates; 2024 population estimates).
What home values in Waco mean for your dwelling limit
The median owner-occupied home in Waco is valued at about $221,700, lower than the Texas median of $283,800. Market value includes land, so it is only a starting point: your dwelling limit should reflect what it would cost to rebuild the structure.
NAIC data for 2023 shows an average Texas dwelling-fire premium of $1,625 in the $200,000–$224,999 coverage band, which brackets Waco's median value; across all coverage amounts the state average was $1,226. Treat it as background, since landlord pricing depends on the building and occupancy.
Fair rental value coverage for Waco units
Rents in Waco center on about $1,165 monthly, including utilities where tenants pay them. Many owners plan for a year offline after a serious loss, which works out near $13,980 per unit at the median.
Older vs. newer rentals in Waco
Housing in Waco is middle-aged, with a median year built of 1979. Expect questions about the electrical panel brand, water heater age, and roof replacement dates.
Waco's mix of rental buildings
Two-to-four-unit buildings make up about 10% of Waco's housing, well above many places. Duplexes and fourplexes can usually stay on dwelling forms; see our duplex and fourplex guide for shared-area and per-unit rent questions.
Waco versus other large Texas communities
Nearby Houston reports 58% renter households and a $277,800 median home value, so proportionally more renters than Waco. Nearby San Antonio reports 48% renter households and a $235,700 median home value, so proportionally fewer renters than Waco. Dallas has a renter share of 58% with homes valued around $320,700 at the median. Waco places 7 of 30 profiled Texas cities by share of rented homes. Buildings with five or more units hold about 27% of Waco's homes; those generally need commercial apartment coverage rather than dwelling forms.
Natural hazards Waco landlords plan for
Texas landlords generally plan around hail, especially across North and Central Texas, wind and hurricane exposure near the Gulf coast, and winter freeze events that burst pipes. Those exposures apply in Waco as much as anywhere in the state, so confirm deductibles and exclusions before you bind.
Hazard themes reflect FEMA’s National Risk Index and NOAA’s Storm Events Database; check the index for your specific county.
What to have ready for a Waco quote
- Property location in Waco and unit count
- When the building went up and when the roof was last replaced
- How it is occupied today, including any vacancy or short-term use
- Any system updates, with years
- Current insurer and any losses in five years
- Who holds the loan, for the mortgagee clause
- Liability limit and months of rent to protect
Questions from Waco rental owners
What share of Waco homes are rentals?
About 51% of occupied homes in Waco, roughly 27,258 households, are renter-occupied according to the 2020–2024 American Community Survey.
Is landlord insurance required in Waco?
No Texas law mandates it for Waco owners, though lenders, HOAs, and property managers commonly require it.
How much does landlord insurance cost in Waco?
It depends on the building, coverage, and deductible. For background, the NAIC reported a 2023 Texas dwelling-fire average of $1,226; see our Texas page for the full table.
More landlord pages near Waco
Landlord insurance in Texas · Cost by state
Last updated October 15, 2026. Sources and method: how we research.