On average, Wisconsinites are paying $1,399 every month on homeownership costs. There are 2.7 million houses in the Badger State, 67% of which are occupied by owners.
- Population: 5,813,568
- Average value of homes that’s occupied by owners: $169,300
- Households: 2,328,754
- Average household income: $56,759
- High school grad or higher, percent of people age 25 years +: 92%
- Average travel time to work: 22 min
The average premium amount was sourced from the latest data of the Insurance Information Institute, and the statistical data from the U.S. Census Bureau.
Wisconsin is famous for some of the best cheese and beer in the world. And it is also popular among home buyers for its low insurance rates. The homeowners insurance rate in Badger State is $423 less than the national average. No wonder, smart Americans love to buy their homes in Wisconsin. However, while low rates are a great fillip to sign up for home insurance, your focus should always be on finding the most competitive rates possible. Our free online tool will give you a list of insurers in your area. Read more below for info on premiums in WI.
Wisconsin is one of the best states to live in. Situated in the Midwest, the state has a coastline of two great lakes, Superior and Michigan. Owing to its relatively low home prices, a lot of folks in Wisconsin are proud homeowners. According to the U.S. Census Bureau, the median value of an owner-occupied house in the state is $169,300, that’s lower than most other places in the United States. That is still a lot of money for most people and to avoid losses, homeowners should take the necessary steps to ensure that they protect their investments.
The best way to protect your home from different types of disasters that may lead to losses is by purchasing a homeowners policy. In addition to cheese and beer, Wisconsin is also known for having some of the lowest homeowners insurance prices in the nation. Therefore, if you live in Badger State, you are in luck. You will not have to pay ridiculously high rates to get sufficient Wisconsin homeowners insurance coverage.
Highlight: Wisconsin home insurance premiums
Wisconsin ranks in the 47th position in regard to homeowners insurance premiums in the country, as per the figures from Insurance Information Institute. This means that out of 51 states, Wisconsin ranked 4th cheapest in the country. The average annual homeowners insurance rate in the state is $762 which is way lower than the national annual average of $1,192. The monthly average for home insurance premiums in WI is $64, while the national monthly average is $99.
Despite the low rates, it’s advised to take a comparative study on 3-4 home insurance companies here before you make the final call. The study will help you to understand the various coverage options, discount facilities and also make you acquainted with varying quotes. A comparative study is really vital to make the most informed decision while choosing your home insurer.
Average Wisconsin Home Insurance Premiums
|National annual average
Top 3 providers in Wisconsin by market share
The post below offers a brief on the top 3 homeowners insurance companies in the State of Wisconsin. All the reviews are impartial and based on extensive studies on these companies. You will find details on the major aspects of each of these companies as well as their financial strength and customer satisfaction quotient. In regards to financial capacity, we have provided ratings from AM Best as well as S&P. AM Best is a sought-after credit rating agency that is especially focused on the insurance industry. The organization provides an independent opinion regarding an insurer’s capital strength and ability to meet contract obligations. S&P is a financial services company and is especially famous for being one of the 3 biggest credit rating agencies.
In regards to the quotient of customer satisfaction, we have got ratings from JD Power. The company is a renowned global marketing services information company that offers the most trusted and most independent consumer ratings.
American Family is the largest provider of home insurance in Wisconsin, in terms of market share. The insurer owns a 21.4 percent share in WI’s home insurance market. It has received a stellar A (Strong) rating from AM Best and hence you can be assured of its strong financial capacity. JD Power has given it a standard 3 (About average) rating out of 5 which speaks of a moderate customer satisfaction level.
The standard home insurance policy from American Family offers coverage for homes against damages caused by fire accidents and natural disasters and theft. The policy also takes care of additional living expenses if you have to find a temporary shelter to repair your damaged home. You can further modify and upgrade your policy with add-on coverage options. These add-on options are available for protection against liability, personal injury, home office, personal property replacement, and identity theft.
American Family enables handy savings for WI homeowners by auto-adjustment of premium rates on the basis of different personal insurance variables. The insurer extends hefty rate cuts for customers with a minimum of 6 years of claims-free history. Loyalty discounts are available for old customers who have been with the company for a minimum of 5 years. Besides, there are discounts for retirees, new customers, installation of protective devices, policy bundling, and many other factors.
State Farm received a 3 (About average) Power Circles Rating from JD Power. This rating gives an insight on the level of customer service on part of the company. The firm also boasts fantastic financial strength. It has received A++ (Superior) rating from AM Best and AA (Very Strong capacity) from S&P. State Farm holds 16.4 percent market share in the Wisconsin home insurance market.
State Farm offers standard home insurance coverage for the dwelling unit. In times of crisis, you will be able to contact the company any time, thanks to its amazing 24/7 hotline service. The firm is known for fast response to claims redressal. You can also report your claim anytime via the insurer’s PocketAgent app.
Mention must be made of the insurer’s Inflation Guard scheme that adjusts coverage every year to stay in tune with increasing rates of construction materials. The company has come up with a decent spread of discounts. State Farm also houses a very handy Discount Double Check tool. It automatically checks for the deductions applicable to your particular policy to ensure you don’t miss out on your savings.
Headquartered at Sheboygan, ACUITY is a local insurer which is especially focused on Wisconsin. One of the biggest advantages of signing with a local insurer is higher customer service compared to bigger names that work nationwide. A local company is always more acquainted with local needs and hence can offer the most compatible policy and coverage options accordingly. ACUITY is thus one of the most popular home insurers for the homeowners here. According to III in 2017, ACUITY is the third most popular home insurer in WI, holding 5 percent market share in the Wisconsin home insurance sector.
ACUITY has received a fantastic A+ (Superior) rating from AM Best which reflects the company’s solid financial strength and capacity to meet contractual obligations. It’s not covered by JD Power given its small size but the company usually receives happy reviews from customers.
ACUITY offers decent coverage protection. The company assures guaranteed coverage facility for house replacement even when the rebuilding expenses surpass the cash value of the home. You will be glad to know the company has come up with a huge array of discount opportunities. You will get a good 20% discount if you combine your car insurance and home insurance policies together from the same company.
However, it would have been better if ACUITY could provide more online resources on its website.
We reviewed the top 3 home insurers in terms of market shareholdings in Wisconsin. These companies seem to be reliable but because State Farm and American Family are nationwide insurers, they may be charging premium rates. ACUITY is a local company that may provide competitive rates at the expense of going with a smaller company.
We were not able to review all of the home insurers in Wisconsin, therefore it’s advised that you go further in your research and find insurers that serve your area and compare quotes with as many as you can find. This is the best way to get the cheapest quotes around. Although saving on the monthly bills is a priority, don’t commit before thoroughly researching the company in terms of how they financially stand up and handle their claims payout and what type of customer service they offer, all of which are important factors that play in the untimely event that you’ll have to file a claim.
Wisconsin Home Insurance Companies: Market Share and Summary of Ratings
|Market Share %
Source: Insurance Information Institute, AM Best, S&P, JD Power
Mortgage programs in Wisconsin
Wisconsin Housing and Economic Development Authority (WHEDA) has provided a great list of available programs to homeowners to help with mortgages or purchasing a home.
WHEDA Advantage Home Loan – helps home buyers by offering low mortgage payments, down payment, and closing cost assistance at a 30-year fixed interest rate. Eligible applicants must be home buyer with good credit and an income that will be able to make monthly payments on the mortgage.
HomeStyle Renovation – A program that pairs with the Advantage program mentioned above, it aims to help homeowners to buy and renovate their homes under one mortgage. The program offers to finance on renovation costs and up to six months of mortgage if you are not able to live in your home during the renovation. The renovation must be completed within six months after closing. Eligible borrowers and property types can receive up to 100% financing.
The WHEDA lists more programs available to homeowners on their site, to learn more go to their Available Mortgage Programs page.
Buying homeowners insurance in Wisconsin
There are a lot of insurance providers in Wisconsin, and most of them sell homeowners insurance. You will find some of the most popular, nationally known carriers as well as local ones. You can choose to purchase coverage via an agent or buy directly online. All you have to do is make sure that you choose a provider that meets the needs of your home via the level of protection required. In today’s market, the online presence of businesses are gaining more and more importance because consumers are preferring to go to the companies’ website to get the information they need, rather than talking with a customer service rep. If the website is fully equipped with information, it’s definitely the more convenient way. Same goes for insurance. It’s definitely a plus if an insurer has a reliable website that consumers can go to for all the information they need. Though getting the cheapest rates is still the main factor when a homeowner is deciding which company to choose, the company’s website sure does say a lot in terms of how the company wants to present itself to the public.
The average cost of buying a homeowners insurance policy in Wisconsin was $686 in 2014 and increased in 2015 to $750. The nation’s average cost of homeowners insurance in 2014 was $1,132 and increased by $41 in 2015 to $1,173. Notice the almost 50 percent difference between Wisconsin’s average and the country’s? Homeowners insurance prices are significantly lower in the Badger State, but that doesn’t mean that caution should be thrown to the wind when buying coverage.
There are many other factors to consider. For instance, make sure that you buy your Wisconsin home insurance from a reputable provider. You don’t want to end up with a cheap home insurance policy, that will not be reliable when disaster strikes.
Getting cheaper rates
The state of Wisconsin has some of the lowest homeowners insurance rates in the US, but rates can always reduce if you know what you are doing. First things first, shop around. Compare quotes from various providers before you settle for one. That’s one of the best ways to ensure that you are getting the best rates. In addition to that, you can further reduce your rates by making sure that you take advantage of all available discounts.
For more assistance, please contact your local state department of insurance:
Wisconsin Office of the Commissioner of Insurance (OCI)
- (800) 236-8517