The average cost of homeowners insurance in Wisconsin is $ 1,732, according to Insurance.com. This average price makes Wisconsin the 12th cheapest state to insure a home in the United States. It is significantly lower than the national average at $ 2.305. First, it is not a coastal state, so it is not subject to hurricanes from the coast. Second, earthquakes are rare in Wisconsin. The last major earthquake occurred on May 6, 1947. It was a 4.0 and lasted for 40 seconds. Earthquakes are so rare that the USGS puts Wisconsin at a very low risk for future earthquake damage. Third, Wisconsin has a relatively low crime rate compared to the rest of the United States. According to U.S. news reports, Wisconsin is the 13th safest state. Of course, Wisconsin has some things that go against it. It is subject to sinkholes (mainly south, west and east). However, compared to other sinkhole states, those in Wisconsin are relatively docile and minor, most smaller than 10 feet. The biggest threats to Wisconsin are snowfall and flooding, but even this is not across the state and depends on which part of the state you are in. All in all, Wisconsin is an inexpensive state to insure your home.
Home insurance coverage options in Wisconsin
If you are insuring your home in Wisconsin, we recommend that you protect the puddle, flood insurance and other property coverage.
Flood insurance is sold through the National Flood Insurance Program (NFIP), which is a United States government program. Although many companies can list flood insurance on their website, they are just links. You can purchase flood insurance only through the NFIP, but it is easier to have your insurer enroll if it offers that service.
To find out if you need flood insurance, enter your home address on a FEMA flood map, but know this is just a guide. If you are unfamiliar with your home area, research the history of local floods to determine if it is necessary.
If in doubt, buy flood insurance.
Coverage of other structures
With the coverage of other structures, any sheds, garages, greenhouses, barns, fences or lampposts are protected. Flood insurance often covers only the main residence. For the best protection of your home and property, also consider purchasing other roofing structures. This type of coverage is often included in most plans, but be sure to check.
Well protection may be needed if you live in a sinkhole area in Wisconsin. Some areas in the eastern, southern and western parts of the state have dolomite and limestone below the surface. These two types of stone are soluble and prone to breakage.
There are also some other additional options that you may want to consider:
Water reserve cover: in the event of a pipe break, the water cover will cover the cost of repairs.
Personal Property Coverage: This is a great option if you have high-end items in your home. Most vendors place a limit on certain items such as art, jewelry and tools. If you own items that together exceed the limit of that category, extra personal property coverage can ensure that your items are protected.
Living expenses: if your home is destroyed or damaged, coverage of living expenses will cover the costs of living away from home while the home is being repaired or rebuilt.
Liability coverage: If someone who doesn't live with you hurts himself, liability coverage will pay all legal or medical costs up to the limit of the policy.
The addition of these additional options depends on how much protection you want and the potential from the problems you see with your home.
Common causes of home insurance losses in Wisconsin
Across the United States, the most common insurance claims are:
Wind and hail: 38.2 percent
Fire and lightning: 35.1 percent
Water and freezing damage: 19.5 percent
Non-theft property damage: 4.4 percent
Liability: 1.9 percent
Theft: 1 percent
However, widespread insurance losses in Wisconsin affect all floods. It happens regularly every year and there have been some extraordinary events that have made national titles:
In March 2018, a single flood event caused over $ 1 million in damage.
In 2008, in southern Wisconsin, 31 counties were declared disaster areas. About 40,000 homes and 5,000 businesses have been severely damaged. The total damage added up to $ 1.2 billion.
In 1993, the entire state suffered floods. Taking into account residential damage, harvest and commercial damage, the total damage was $ 877 million.
What is the best homeowners insurance in Wisconsin?
The best Wisconsin home insurance in many cases is offered by Erie Insurance. It has a large online infrastructure, excellent customer reviews and offers a variety of ways homeowners can save on their premiums. However, the best homeowner insurance for you may vary based on your needs and desires. Get several quotes and do research to decide which one is right for you.
How can I get Wisconsin homeowners insurance?
To get homeowners insurance in Wisconsin, contact a company and get a quote (which can be done online, over the phone or with a one-on-one agent). For the best chance of finding a good match for you, get several quotes.
Is Flood Insurance Recommended For All Of Wisconsin?
Although it is difficult to make a general statement, flood insurance is probably a wise investment, regardless of where you live in Wisconsin. Floods can be caused by a variety of factors, all of which are possible across the state. You may also want to consider a risk insurance.
Is Homeowners Insurance Required In Wisconsin?
You are not legally required to purchase homeowners insurance, but the lender is likely to request it as long as you make payments.