Best home insurance in companies in Washington
Our top picks for best Washington homeowners insurance companies were selected based on a combination of current premium comparisons, pulled from Quadrant Information Services, and third-party rankings from the 2020 J.D. Power Home Insurance Study. We also looked at each company’s discounts and coverage options to narrow down the best options.
|Home insurance company||Average annual premium for $250k dwelling||J.D. Power score|
Allstate was chosen for its A+ (Superior) financial strength rating from AM Best, along with its extensive home insurance coverage options. You could consider adding yard and garden coverage, electronic data recovery or water backup coverage. In addition, Allstate has local agents throughout the state for homeowners who prefer one-on-one service. However, the company might not be right for policyholders who are looking for the cheapest coverage. Its average premium is just below Washington’s average, but isn’t the cheapest on our list.
Learn more: Allstate Insurance review
Farmers has the highest average premium on our list, but it might still be worth getting a quote. Farmers offers a unique system for home insurance quotes. You can choose between three levels of coverage — standard, enhanced and premier — and then further build out your coverage to your needs. Although the carrier doesn’t advertise many discounts, you might save by being a nonsmoker, bundling your policies and installing home safety equipment.
Learn more: Farmers Insurance review
Nationwide has the second-cheapest home insurance rates for Washington homeowners on our list at $519 per year on average. Discounts that help lower premiums include bundling, claims-free, roof age and type, gated community and home purchased in the last 12 months. Nationwide home insurance and assistance is available through independent agents in Washington or through the website or mobile app.
Learn more: Nationwide Insurance review
PEMCO specializes in home insurance for the Northwest region. The carrier has the lowest cost for home insurance of all the home insurance companies on our list, with average annual rates of just $325. The regional company is not large enough to be rated in the J.D. Power customer satisfaction survey, but provides plenty of coverage for Washington homeowners at a competitive rate. And despite being a smaller company, PEMCO offers a host of home insurance discounts, like an educator discount, among others.
Between its excellent ratings from J.D. Power and AM Best, its strong agent representation in Washington and its policy add-on options, State Farm is competitive on our list of best home insurance companies in Washington, despite its average premium being higher than the state average. Home insurance in Washington is not the cheapest through State Farm, but the carrier has plenty of ways to save on coverage. Bundling car and home insurance could be the most effective way to save on both. There are also options to save by having security measures installed and using impact-resistant roofing.
Learn more: State Farm Insurance review
How much is homeowners insurance in Washington?
Washington home insurance costs an average of $863 per year for $250,000 in dwelling coverage. This is well below the national average of $1,312 per year, despite the risks of earthquakes and adverse weather in the state. This may be tied in with a long-term trend of decreasing frequency of claims filed by homeowners in Washington state.
Washington shares this low cost of homeowners insurance with most of the surrounding states. Idaho’s average annual premium for homeowners insurance is $835, while Oregon’s is $712 annually. California is the exception at $1,014 annually, potentially because of a higher frequency of damaging weather events and the associated increase in the number of claims filed by homeowners.
Home insurance in Washington
When searching for the best home insurance in Washington, choosing coverage to adequately protect your finances from common claims is important. There are several policy types to choose from with various coverage add-ons to consider when building your homeowners insurance policy.
Common causes of loss in Washington
All states have unique factors that affect the cost of coverage. For the state of Washington, the following hazards are among the most common causes of loss:
- Wind and hail: The top category of damages that homeowners file claims on in the U.S. is wind and hail, making up 34.3% of claims. Damage in Washington from such storms is often caused by power outages and fallen trees.
- Fire and lightning: Another common cause of loss nationwide is fire and lightning, at 25.1%. There have been over 13,000 fires in the state of Washington in the last 12 years. Even the smallest fire can cause considerable damage when it happens in a densely populated area.
- Earthquakes: Washington state has a high risk for earthquakes due to its proximity to the Cascadia Subduction Zone. The Nisqually Earthquake near Olympia, Washington, in 2001 had a magnitude of 6.8 and caused roughly $2 billion in damages to homes and businesses.
Home insurance coverage options in Washington
Washington residents might want to consider optional coverage to expand the protections for their home and property. Some of the most popular options include:
- Replacement cost coverage: Upgrading to replacement cost will pay to replace items damaged in a covered loss up to the value of new, similar items. The extra cost for the coverage may be worth it. Otherwise, you may only receive a depreciated amount that depends on the age and condition of the items.
- Earthquake insurance: A standard Washington home insurance policy does not typically include earthquake coverage. You can often purchase earthquake coverage as a home policy endorsement or a separate policy. Not all carriers provide earthquake insurance, but there are companies that specialize in the coverage.
- Flood insurance: As with earthquake insurance, standard home insurance policies do not cover flood damage. If you live in a floodplain or hazard zone in the state, a policy could protect your finances from flood damage. Flood insurance can be purchased through the Federal Emergency Management Agency (FEMA) or select home insurance companies.
Frequently asked questions
How do I get homeowners insurance in Washington?
Each of the best homeowners insurance companies covered on our list have websites where you can request quotes and find additional contact information for each insurer. Some of them may even have local offices within your city or nearby. You might also be able to get quotes over the phone. You’ll need your name, date of birth and some general information about your home.
What homeowners insurance policy should I get in Washington?
There are several types of home insurance policies, but the most common are HO-3 and HO-5 policies. Both policies cover the structure of your home for any perils that aren’t specifically excluded. However, HO-3 policies only cover your personal property from the types of losses specified, whereas HO-5 policies cover your belongings for anything not specifically excluded. Simply put, HO-5 policies provide broader coverage for your belongings than HO-3 policies. Gaining more insight into what homeowners insurance covers might help you better understand what your options are before making a decision.
How much does homeowners insurance cost in Washington?
The average yearly cost of homeowners insurance in Washington is $863 for a $250,000 dwelling coverage policy. However, premiums vary greatly between providers and are based on your personal rating factors. Your final price will depend on your insurer, the property type and location and replacement value, among other factors.
Is home insurance required in Washington?
No state legally requires home insurance, but if you have a mortgage or other type of home loan, your lender will probably require you to have a policy. Home insurance can be a smart purchase even if you own your home outright. A policy can help you pay for repairs or rebuilding costs if your home is damaged or destroyed by a covered peril.
Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers 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 will differ.