Having a comprehensive insurance policy is an absolute must for any homeowner, but finding the right policy isn’t always easy. Getting covered doesn’t have to be a hassle! With Obrella, you can take the stress out of choosing a home insurance policy. Connect with friendly and knowledgeable insurance experts, whose expertise in Wisconsin home insurance coverage makes it easy to find the best policy for you. They’ll ask questions to get more familiar with your situation, help you sort through your options, and get you set up with the best policy for you. You can get it all done in one easy call, from investigating your options to getting your new policy bound.
Homeowners in Wisconsin
Wisconsin homeowners insurance premiums have an average cost of $631 annually. With the national average of $1,034 per year, Wisconsin homeowners spend just over $400 less than homeowners in most other states. In fact, these low rates make Wisconsin the fourth most affordable state when it comes to annual insurance premiums.
- Median Home Value: 172,600
- Household Income: 58,080
- % of Income on Home Ownership: 29.10%
In Wisconsin, the median home value is $167,100 that home houses an average of 2.43 people. Solid home values combined with a median household income of $51,467 helps make Wisconsin the 26th most costly place to own a home in the country, when it comes to the expenses that come with home ownership. On average, Wisconsin residents spend a little more than 29% of their total household income on home ownership costs. As a homeowner in Wisconsin, you know the value of protecting your home with an insurance policy. Let an insurance agent help you identify your specific needs and find the best homeowners insurance policy for your Wisconsin home.
Call [mapi-phone-link /] to compare house insurance quotes in Wisconsin today.
How are homeowners insurance premiums determined in Wisconsin?
Insurance companies look at a range of factors when determining the cost of your home insurance policy. The process starts with an evaluation of your home and region, including local building costs, crime rates, the size of your home, and the year it was built. If you live in an area that has a history of natural disasters like earthquakes, floods, or tornadoes, this will impact your rates as well. A range of other factors can also impact your insurance premiums like whether you have a swimming pool or guest house and even your credit score.
What can be deduced from these details? They all relate to risk. If your insurance provider determines that these factors make your home riskier to insure, you’re likely to wind up paying more for your homeowners insurance policy. You have the ability to reduce these risks, however. For instance, you can often find homeowners insurance discounts for installing extra security measures like motion-sensor lights, a burglar alarm, or surveillance cameras, because with these safety features, there is less of a chance that your insurance company will have to pay for stolen property.
You may also be able to get a discount from your homeowners insurance company for bundling two types of insurance together, such as your homeowners insurance policy and your auto insurance policy or life insurance policy. If you’re having trouble finding an affordable homeowners insurance premium, make sure to ask about discounts.
What kind of homeowners insurance is available in Wisconsin?
Many providers in Wisconsin give you a range of insurance coverage options to choose from; here are a few examples:
- HO-1: Limited Coverage
- No longer available in most states, this basic policy offers coverage against the first 10 classified disasters: fire or lighting, windstorms or hail, explosions, riots, damage caused by aircraft, damage caused by vehicles, smoke, vandalism, theft, and volcanic eruption.
- HO-2: Basic Policy
- HO-2 is a basic policy that provides protection against all 16 classified disasters.
- HO-3: Standard, most popular
- With very few exceptions, this standard policy offers the most extensive home protection.
- HO-8: Older Home
- As homes age, the cost of repairs to the house may exceed the actual market value of the house. With an HO-8 policy, you’ll receive reimbursements for damage on an actual cash value basis, rather than the full cost of the repairs. Moreover, older houses may not be eligible for plans that cover the full replacement cost of the home in the event of a total loss.
What is covered by a standard homeowners insurance policy in Wisconsin?
If your home is damaged or destroyed, your coverage will depend on your policy’s terms. In general, however, your provider will not reimburse you for damages to your home if those damages were caused by a situation that’s not explicitly covered in your policy. So, if there is an earthquake and your policy does not specify that you have earthquake coverage, any damage to your home will not be covered. Here are some common home insurance coverage definitions to help you determine the coverage you need:
- Coverage A – Dwelling
- Dwelling coverage insures your home in the event of damage to the home and attached structures. This includes damage to the home’s plumbing, wiring, and permanent air-conditioning and heating systems.
- Coverage B – Other Structures
- Tool sheds, free-standing garages, fences, guest homes, and other non-attached structures are covered under Other Structures.
- Coverage C – Personal Property
- Homeowners with Personal Property coverage will receive compensation in the event that a personal possession like clothes, furniture, or electronic equipment is lost or damaged. This coverage is valid whether or not the loss or damage occurs on the property so items in a storage unit, for example, would still be covered.
- Coverage D – Loss of Use
- Loss of Use coverage reimburses the homeowner for living expenses during home repairs.
- Coverage E – Personal Liability
- In the event of a lawsuit in which the homeowner is deemed accountable for another person’s injuries or sustained damages, Personal Liability will cover the homeowner’s monetary losses.
- Coverage F – Medical Payments to Others
- Covers medical bills for individuals hurt on a homeowner’s property or by the homeowner’s pet.
The standard policy is not enough for everyone. If you live in a high-risk area or have a high-value home or expensive items in your home, you may require additional coverage. For instance, if you live in an area prone to flooding, you may need to buy flood insurance to have your damages covered in the event of a flood. You don’t want to wait until after you’ve filed an insurance claim to learn you don’t have the right coverage for your flood damage to be paid for. Talk to your homeowners insurance provider about the exclusions on your policy and ask about additional insurance coverages they recommend for your situation.
How can you find additional Wisconsin insurance resources?
The Office of the Commissioner of Insurance has been overseeing the insurance market in Wisconsin since 1871. The office makes sure that the insurance industry responsibly and adequately meets the needs of Wisconsin residents like you. Some of the functions performed by the office include reviewing insurance policies to make sure they meet Wisconsin law and distributing public information to protect and educate consumers. If you have questions for representatives of the office, you can call 1 (800) 236-8517. The offices are located at 125 South Webster Street, Madison, Wisconsin 53703 if you’d prefer to visit them in person.
Homeowners in Wisconsin can also reach out to the Wisconsin Homeowners Alliance, which is a nonprofit organization that advocates for and represents homeowners throughout the state. Their main mission is to help homeowners protect their property rights. To join the alliance or learn more, visit their website or contact the alliance president at 1 (920) 885-3312.
Trying to figure out your home insurance options on your own can make shopping for the perfect policy more difficult than it needs to be. Fortunately, there is another option! Shopping for a home insurance policy in Wisconsin is easier than ever with Obrella. Talk to an experienced insurance representative who can answer your questions and review your options with you to help you find the cheapest homeowners insurance rate for the coverage you need. And you don’t have to wait for your coverage to kick in, as they even offer over-the-phone binding of your policy!
So quit worrying about the difficulties of finding the right home insurance and trust Obrella. Knowledgeable insurance professionals are standing by, so give them a call today at [mapi-phone-link /].