Wisconsin Homeowners Insurance

Last Updated on September 29, 2020 by Andrew Lee

The State of Wisconsin continues to attract home buyers for many reasons. One, it has quite the long list of amazing cities with high livability ratings. AreaVibes lists the top as Whitefish Bay, Elm Grove, Shorewood Hills, Waunakee, Menomonee Falls, Cedarburg, Spring Green, Marshfield, River Hills, and Oconomowoc. WI has also made it to the prestigious Forbes ranking of “The Most Livable Places” in the country.

You should also know that 73% of all homes in the state are owned, as Livability reports. This should already give you an insight to the booming housing industry in WI. But what about the cost of Wisconsin homeowners insurance? Does it also contribute to the state’s impressive livability rating?

Wisconsin residents: Enjoying some of the nation’s lowest premiums

The answer to the question posted above is a big yes. Consumers here pay a lot less towards their homeowners insurance premiums than residents of many other states.

WI Homeowners paid an average of $665 which is $431 less than the national average of $1,096

A quick background on this type of insurance

As the State of Wisconsin’s Office of the Commissioner of Insurance stated, people insure their homes and its contents because they want to protect it from damages and losses. Wisconsin homeowners insurance also provides the easiest safeguarding tactics for homes and personal belongings, since it takes the form of a package policy; a combination of several types of coverage.

Basic policies already consist of the following coverages:

  • Coverage for Dwelling and Personal Property
  • Coverage for Personal Liability
  • Coverage for Medical Payments
  • Coverage for Additional Living Expenses

Note that setting higher amounts for these coverages will allow for a more robust policy that provides greater insurance. This is something you should consider doing, especially since you don’t have to worry about paying exorbitant rates.

Key Facts and Market Trends in Wisconsin: According to the financial resource firm ValuePenguin, the yearly average homeowners insurance premiums in WI is $610, compared to the countrywide average of $952.

There are plenty of factors that influence the continuously-low premiums Wisconsin homeowners insurance policy holders pay for such as competitive insurance market, wide array of discounts available and a booming housing market.

The things that make these low premiums possible

There are plenty of factors that influence the continuously-low premiums Wisconsin homeowners insurance policyholders pay for. Knowing these will provide you with numerous opportunities to begin enjoying the same affordable rates.

  • Competitive insurance market. In 2015, the National Association of Insurance Commissioners assessed the insurance markets of all the 50 states plus that of the District of Columbia. It found out that WI had 1,864 insurers in operation, 325 of which are domestic and the remaining 1,539 are foreign licensed companies.
  • Wide array of discounts available. The state’s Office of the Commissioner of Insurance listed numerous money-saving deals that insurers in the state offer, many of which homeowners can easily take advantage of. These include multiple-policy discounts, credits for installation of additional protective and security devices, nonsmoker discounts, and utilization of fire-resistant construction materials among several others.
  • Booming housing market. Because the State of Wisconsin’s impressive housing market continues to garner the investment of home buyers, it follows that the number of homeowners insurance policyholders will also go up. And as the demand for this type of insurance increases, consumers can expect rates to subside even more, resulting in even more affordable premiums.

There are plenty of other lesser-known variables that all influence the low premiums related to Wisconsin homeowners insurance policies. However, it’s still important you do your homework to ensure that you get into a contract with a reliable insurer that will not give you the run around.