On average, for home insurance, Milwaukee residents pay $996 per year for a $250k dwelling coverage plan. Owning a home can be a fantastic experience, but it also comes with significant responsibilities. Thankfully, homeowners insurance can help take some of the stress out of these obligations. With the right company and policy, protecting your home from financial risk gets a lot easier, leaving you more time to enjoy your home instead of stressing about it. However, this financial reassurance comes with a price tag. Considering the median price of owner-occupied homes in the area is nearly $160k, it is understandable that homeowners would want to protect this investment.
Like anything that you plan to keep for a long time, buying homeowners insurance in Milwaukee should be a careful and intentional pursuit. This could also help make sure that you get the best rates and products available. When it comes to insurance products, even when two policies appear similar, the experience of using them can vary widely between companies and customers. That is why Bankrate has taken a look at the homeowners insurance providers in Milwaukee and compared their average rates, J.D. Power scores, discounts and policy options.
Best cheap home insurance companies in Milwaukee
Looking at multiple companies that provide home insurance for Milwaukee residents, we compared the cheapest rates from the most popular ones to find the best average rates among them. Taking the averages of those with the largest market share and comparing them by rates and customer satisfaction scores from the 2020 J.D. Power Home Insurance Study, we arrived at the five companies in the table below as the best cheap home insurance Milwaukee. We also reviewed each company’s discounts in our evaluation.
|Home insurance company||Average annual premium for $250k dwelling coverage||J.D. Power score|
|AAA||$793||825 / 1,000|
|American Family||$885||821 / 1,000|
|Erie||$514||839 / 1,000|
|Travelers||$713||803 / 1,000|
|USAA||$826||889 / 1,000|
AAA is a conglomerate of auto clubs throughout the United States and one of the companies that provide home insurance in Wisconsin. CSAA, a company under the overall AAA club, scored 825 points on the J.D. Power report. At $793, its average rates for the area are below the overall local average of $996, making it an affordable option. Club members can often take advantage of various discounts to bring these rates down further.
Learn more: AAA insurance review
American Family is one of the largest insurance companies in America. It offers all the standard homeowners insurance policies along with a few optional add-ons and riders. Outshining American Family’s policy personalization, though, is its list of available home insurance discounts. Considering that this company has the highest average rates of our final five, those discounts may be crucial. But while the rates may be higher than other companies on this list, so is American Family’s J.D. Power score.
Learn more: American Family insurance review
Erie insurance has been in business for nearly a century. The company focuses on live agents instead of web portals. Still, this bit of traditionalism has not prevented its products from staying up to date. Erie has scored well historically with customer satisfaction, highlighting its product quality and focusing on positive customer interactions. With the lowest average premium of our five companies and a J.D. Power score of 839 out of 1,000 points, Erie could be an easy pick for one of Milwaukee’s best cheap home insurance companies.
Learn more: Erie insurance review
Travelers has a long-standing history in the insurance business. With a presence in most U.S. states, the company has both live agents and direct digital account management. It offers a variety of policy add-ons and riders, including one designed to save homeowners money if they use environmentally friendly materials in home repairs. Travelers scored well on the J.D. Power study, with an 803-point score. The average rate for Milwaukee policyholders insured with Travelers makes it the second-lowest of the companies showcased.
Learn more: Travelers insurance review
USAA is one of the consistently best-scoring auto insurance companies covered in the J.D. Power reports, but there is a catch. This company reserves its services for military members, active and non, and their immediate family members. For those that qualify, USAA offers high-quality products and good customer service. They scored an 889 on the J.D. Power report, placing them as a top contender for cheap home insurance companies, although its membership requirements exclude it from eligibility for official rankings.
Learn more: USAA insurance review
Home insurance coverage options in Milwaukee
Homeowners insurance generally is not required unless you are currently paying off a mortgage on the home. In that case, your lender may require that you hold a certain amount of homeowners insurance coverage. To protect your home from financial strife, some coverage options will make more sense than others. For instance, Milwaukee is known for flooding from lake Michigan and severe storms, illuminating flood insurance as something to be considered.
- Flood insurance: Flood insurance is typically excluded from basic policies but can be added on in most cases. Milwaukee has a history of summer flooding, both from the shifting waters of Lake Michigan and the severe storms that hit the area.
- Sewer backup: Many forms of water damage are covered in basic homeowners plans. Yet, those damages caused by backflow from the pipes generally are not. Not all areas combine storm runoff lines with sewer lines, but these systems are more susceptible to sewer backups during heavy rain seasons when they do.
- Umbrella liability insurance: An umbrella policy works like a final insurance safety net, filling in where your primary policy does not reach. Umbrella policies can provide coverage for a broad swath of personal liabilities, property damages, and injuries.
Home insurance discounts in Milwaukee
Homeowners insurance can be expensive, but there are often ways to save money on policies. Many insurance companies offer discounts to their customers. Not all customers will be eligible for all discounts.
- Policy bundling discounts: Many insurance companies will offer a discount on policies for those customers who purchase more than one policy through them. The most common example is buying your home insurance and car insurance from the same company. In this situation, many of them would offer you a discount on both policies.
- Claims-free discounts: It is common for insurance companies to offer discounts to customers who have no history of filing a claim. Depending on the company, the length of time that you have to be claim-free may vary.
- Safety feature discounts: Installing safety features into your home, such as smoke detectors and burglar alarms, can often lead to discounts.
- New homeowner discounts: Some companies offer discounts to new homeowners. Each has its own criteria for deciding who qualifies or how recently you must have bought the home. However, if eligible, these discounts can be an easy way to save on your premiums.
Policy bundling may be the most common deal. These discounts can offer significant savings, but involve purchasing a second policy. If you have to have both auto and home insurance, though, this is one of the easiest ways to save money on both.
Protective features are another way that you might save money on your premiums. One-time costs for the product and installation can see a prolonged discount on your rates. Requirements and discounts vary between companies, but some of them consider relatively inexpensive protective features to count.
Frequently asked questions
What is the best home insurance company?
The best insurance company varies between people and individual circumstances, like ZIP code and common causes of claims in your area. Many people take these factors into consideration when looking for the best homeowners insurance companies.
How much does home insurance in Milwaukee cost?
An exact number is tricky, but home insurance in Milwaukee costs an average of $996 per year for $250k of dwelling coverage. However, some companies in the area offered that level of coverage for as low as $514 per year. The cost of home insurance will vary between people and companies.
How much home insurance do I need in Milwaukee?
Precise coverage amounts will vary based on the homeowner, but generally, the policy will cover the value of your home and possessions. The most significant portion of coverage is for the dwelling itself, based on its value. Many of the other parts in a basic home insurance plan are then based on that initial dwelling coverage.
What is the cheapest home insurance company?
Much like the best companies, the cheapest will vary between customers and plans. Consider starting by comparing quotes from multiple cheap home insurance companies before settling on which one is best for you.
Bankrate utilizes Quadrant Information Services to analyze rates for all ZIP codes and homeriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $250,000
- Coverage B, Other Structures: $25,000
- Coverage C, Personal Property: $125,000
- Coverage D, Loss of Use: $50,000
- Coverage E, Liability: $300,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).
These are sample rates and should be used for comparative purposes only. Your quotes may be different.
Rates are determined based on 2020 Quadrant Information Services data.