A top concern when you’re a homeowner is getting a reasonable rate on home insurance. Comparison shopping is the top way to find the policy you need at an affordable price. We evaluated average rates for large home insurers to assist you in finding the best homeowners insurance in Washington.
Cheap Home Insurance in Washington Cost Comparison
| Home insurance company | Average annual home insurance costs in Washington |
|---|---|
| PEMCO | $595 |
| $614 | |
| Grange | $689 |
| Mutual of Enumclaw | $718 |
| $746 | |
| $829 | |
| $1,249 | |
| $1,466 | |
| $1,887 | |
| $2,248 | |
| $2,386 |
If you’re searching for inexpensive home insurance, you’ll want to compare home insurance quotes from multiple companies. Home insurance companies assess risk differently, so the price for the same policy can vary considerably from one insurer to the next. You won’t know which company offers the best price without comparison shopping.
But you don’t want to base your decision on price alone. The best home insurance company for you will also provide coverage and home insurance discounts that meet your particular needs.
Homeowners Insurance Cost Factors in Washington
Your ability to find cheap home insurance in Washington will depend on several cost factors, such as:
- The age of your home
- The cost to rebuild your home
- The materials your home is made of
- The claims history in your area
- Your personal claims history
- The fire rating in your area
- The coverage amount and policy limits
- Your deductible amount
- Your credit
What Does Washington Homeowners Insurance Cover?
A standard homeowners insurance policy is also known as an HO-3. It covers your home for any problem that’s not excluded in the policy. Examples of common exclusions include war, power failure, vermin and insect infestations, nuclear hazard, power failure, earthquakes, floods, sinkholes and wear and tear.
Your belongings (personal property) are covered for specific “perils” in a standard HO-3 policy. Vandalism, theft, explosions, volcanic eruption and fires are just some of the problems covered by home insurance.
A standard homeowners insurance policy can be broken down into these main coverage types:
- Dwelling: This pays to repair or rebuild your home if it’s damaged due to a problem covered by your policy. It also covers attached structures, like a porch, deck or garage.
Other structures: This pays to repair or replace structures that are not attached to your house, such as a barn, fence or shed. - Personal property: If your belongings are damaged or stolen, this type of home insurance pays to repair or replace them after a problem like a theft or fire. Your personal belongings include items such as your furniture, kitchen appliances, rugs, jewelry, clothing and other types of items.
- Liability: This pays for injuries and property damage you accidentally cause to others. For example, if someone trips on a broken stair, your liability insurance can pay for a settlement or court judgment against you. It will also cover the cost of your legal defense.
- Medical payments to others: This covers smaller medical claims made by people who are not a part of your household, no matter who was at fault for the accident. For example, if your friend bumps their head walking into a sliding glass door, medical payments can cover the cost of a trip to urgent care. This coverage is typically sold in small amounts, such as $1,000.
- Additional living expenses: If you cannot live in your home due to a problem covered by your policy (like a fire), additional living expenses coverage pays for costs such as pet boarding, laundry services, hotel bills and restaurant meals.
What’s Not Covered by Washington Homeowners Insurance?
Common exclusions found in a standard home insurance policy include problems like earthquakes, floods, sinkholes, war, power failure, wear and tear, vermin and insect infestation and intentional loss.
Make sure you take the time to read through your policy closely to understand what is excluded from coverage.
Flood Insurance in Washington
A standard home insurance policy won’t cover flood damage. With the number of floods Washington faces every year, you may want to consider flood insurance if your property is at risk.
Financial assistance from the government after a flood can be limited (or unavailable). It’s a good idea to have your own flood insurance to rely on. Most people who buy flood insurance purchase it through the National Flood Insurance Program (NFIP), a federal program. You can also buy flood insurance through the private market.
FEMA’s Individual and Households Program (IHP) can provide monetary and direct assistance after an emergency or major disaster, if you qualify. This program helps folks find housing after a problem directly caused by a disaster and that’s not covered by insurance or other sources.
Earthquake Insurance in Washington
The coastal region of Washington is at the highest risk for an earthquake, according to the 2018 Long-term National Seismic Hazard Map from the U.S. Geological Survey. The majority of the state is at a moderate-to-high risk for an earthquake.
Earthquakes happen nearly every day, according to the Washington State Department of Natural Resources, but most are too small to be felt. The state is situated in the Cascadia subduction zone, which produces some of the largest and most damaging earthquakes in the world. Experts say a damaging earthquake is inevitable, though it can’t be predicted when it will happen.
If you want coverage for earthquake damage, you will need to buy a separate earthquake insurance policy. A standard HO-3 policy does not cover earthquakes.
Earthquake insurance generally covers:
- Dwelling
- Other structures
- Personal property
- Additional living expenses
Earthquake insurance may have a separate deductible from your homeowners insurance. The deductible is typically 10% to 25% of your dwelling’s policy limit.
Tips for Buying Homeowners Insurance in Washington
Whether you are about to buy your first house or you’re a longtime homeowner looking for a new insurance company, you want to find a policy at a reasonable price without sacrificing on coverage. Here are some tips to help you along your home insurance shopping journey:
- Don’t skimp on liability insurance. Generally, you want to have enough liability insurance to protect your net worth, or at least $300,000.
- Estimate your rebuilding costs. Ask your insurance company or a trusted contractor what the cost would be to rebuild your home based on labor and materials costs in your area. Your dwelling coverage amount should equal this estimate.
- Think about the benefits of replacement cost instead of cash value. Consider replacement cost coverage for your home and personal belongings—you will get the amount you need to replace your damaged items with new items.
- Schedule high-value items. A standard home insurance policy usually limits certain items, such as theft of jewelry. If you own valuables, consider scheduling personal property so your possessions are insured for what they are worth.
- Close coverage gaps. You can add optional coverage types to bolster a standard home insurance policy. For example, you can typically buy coverage for sewer and water backup or higher limits for landscaping.
- Go with a financially strong insurer. Your lender may not finance your mortgage unless your insurance company has at least an “A” financial strength rating. You can check financial strength ratings from companies like A.M. Best or Standard & Poor’s.
- Ask about discounts. You might already be eligible for savings, such as having a home security system or updated wiring and plumbing. It doesn’t hurt to ask your insurance agent if you qualify for discounts.
- Compare home insurance quotes. The best way to save money is by comparing home insurance quotes from multiple insurers. Don’t skip this step! You can find free quotes online or by speaking with an independent insurance agent.
Methodology
Average home insurance rates were calculated using data from Quadrant Information Services. Rates are based on a policy with dwelling coverage of $300,000 and liability coverage of $100,000.
