Wisconsin is an easy state for insurance companies since home insurance costs navigate on the more affordable spectrum. The average cost of home insurance for a $250k dwelling is $1,042. It’s not plagued by the same seasonal storms as the coastal states, it’s not on an active fault line and it isn’t located in tornado alley.
It does have one issue that pops up annually, though, and that issue is flooding. It’s either caused by slow moving storms, melting snow or ice-jams. Adding flood insurance and maybe sinkhole coverage can be valuable add-ons.
When shopping for Wisconsin homeowners insurance, you want to find both an acceptable price and top-notch service. We have done research into the best Wisconsin home insurance options to make your decision easier.
The top home insurance companies in Wisconsin
To determine the best insurance providers, we looked at which insurance providers have the largest market share in Wisconsin, and considered other variables such as J.D. Power & Associates, which measures customer satisfaction, and AM Best, which measures financial stability.
Here are some of the best Wisconsin homeowners insurance companies.
|Home insurance company||Average annual premium for $250K liability||J.D. Power customer satisfaction score|
Allstate is a great option if you’re interested in bundling your policies because of the wide variety of insurance options. Allstate offers helpful add-on coverage for things like identify theft, sports equipment, musical instruments and electronic data. You may even be able to get reimbursement for certain things to make your home more environmentally friendly.
American Family Insurance
American Family offers auto, home, life, motorcycle insurance, RV, Boat, ATV and snowmobile insurance. It also offers farm and ranch, business, landlord, travel, health and identity theft insurance. Coverage options include eco-rebuild, equipment breakdown coverage and credit theft protection.
Farmers is one of the oldest insurance companies which started off selling insurance to farm vehicles in 1928. Today, it offers insurance for automobiles, homes and life. Farmers offers a variety of coverage options including an option to gain $20,000 towards rebuilding your home after a fire. The insurance company also has a wide range of add-ons and discounts.
State Farm offers home, car, motorcycle, boat, off-road, motorhome, farm and ranch, life, health, disability and liability insurance through State Farm. This provider offers several discounts, including for home alert protection, certain roofing materials and higher deductibles.
USAA is one of the top rated insurance companies in the U.S. It is accessible across all 50 states and consistently gets high scores in J.D. Power Score ratings for customer satisfaction. Although only available to military members and their families, USAA offers premium benefits for members, loyalty discounts and a variety of coverage options.
Average cost of homeowners insurance in Wisconsin
The average cost of home insurance in Wisconsin is $1,042, which is almost $400 less than the national average of $1,477. So what makes Wisconsin so cheap? First, it’s not a coastal state, so it’s not subject to hurricanes from the coast. Second, earthquakes are rare in Wisconsin. The last major earthquake it had was 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.
Of course, Wisconsin does have a few things going against it. It is prone to sinkholes (primarily in the south and west and east). However, compared to other states dealing with sinkholes, Wisconsin’s are relatively tame and minor— most smaller than 10 feet.
The largest threats to Wisconsin are snowfall and flooding, but even this is not statewide and depends on what part of the state you’re in. On the whole, Wisconsin is a cheap state to insure your home. In comparison to coastal states like Florida, where the average cost of home insurance is $1,736, Wisconsin is much cheaper. In states like Utah, with an average insurance rate of $825 and where snow is the only major concern, Wisconsin is a bit more expensive.
Home insurance considerations in Wisconsin
Because Wisconsin isn’t prone to hurricanes and tornadoes, you don’t have to worry about damages from natural disasters related to hurricane season. However, Wisconsin does have sinkholes so it’s important to consider this state factor if you’re about to obtain home insurance.
Wisconsin common causes of loss
Widespread insurance losses in Wisconsin all relate to flooding. It routinely happens every year, and there have been a few standout events that made the national headlines:
- In March of 2018, a single flood event caused over $1 million in damages from debris removal, sandbagging, and pumping.
- In 2008 in Southern Wisconsin, 31 counties were declared to be disaster areas. Around 40,000 homes and 5,000 businesses were severely damaged. The total damage added up to $1.2 billion on property damages.
- In 1993, the entire state experienced flooding. Taking into account residential damage, crop damage and business damage, the total damage was $877 million.
Recommended coverage options in Wisconsin
Heavy flooding and sinkholes lead to common causes of loss in Wisconsin for homeowners. If you’re insuring your home within Wisconsin, we recommend sinkhole protection, flood insurance, and other structures coverage:
- Flood insurance: Flood insurance is sold through the National Flood Insurance Program (NFIP), which is a U.S. government program. Though many companies may list flood insurance on their website, they are only liaisons. You can only purchase flood insurance through the NFIP, but it is easier to have your insurance provider sign you up if it offers that service. To see if you need flood insurance, input your home’s address into a FEMA flood map, but know that this is only meant as a guide. If you are new to your home’s area, do some research on local flood history to determine if it is necessary. When in doubt, purchase flood insurance.
- Other structures coverage: With other structures coverage, any sheds, garages, greenhouses, barns, fences or lamp posts are protected. Flood insurance often only covers the primary residence. For the best protection for your home and property, consider also purchasing other structures coverage. This type of coverage is often included in most plans, but be sure to check.
- Sinkhole coverage: Sinkhole protection may be necessary if you live in a sinkhole prone area in Wisconsin. Some areas in the eastern, southern and western parts of the state have dolomite and limestone beneath the surface. These two types of stone are soluble and prone breaking.
Frequently asked questions
What is the best homeowners insurance in Wisconsin?
The best Wisconsin home insurance in many cases is offered by Erie Insurance. It has a great online infrastructure, superb customer reviews and offers a variety of ways homeowners can save on their premiums. However, the best homeowners insurance for you might vary based on your needs and wants. Get several quotes and do research to decide which one is right for you.
How do I get homeowners insurance in Wisconsin?
To get homeowners insurance in Wisconsin, contact a company and get a quote (which can either be done online, over the phone or with an agent one-on-one). For the best chances of finding a good match for you, get several quotes.
Is flood insurance recommended for all of Wisconsin?
Though it’s difficult to give a blanket statement, flood insurance is likely a wise investment regardless of where you live in Wisconsin. Flooding can be caused by a variety of factors, all of which are possible throughout the entire state. You may also want to consider hazard insurance too.
Is homeowners insurance required in Wisconsin?
You are not legally required to purchase homeowners insurance, but your lender likely requires you to have it as long as you are making payments.
Bankrate utilizes Quadrant Information Services to analyze 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 may be different.
Rates are determined based on 2020 Quadrant Information Services data.