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Best cheap homeowners insurance in Spokane

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Spokane’s median home sales price is $368,000, up a whopping 35% since last year. Home values are not the only thing skyrocketing — lumber, necessary for rebuilding, has also sharply risen. Homeowners in the city should keep abreast of the increases in building costs to ensure they have enough coverage to rebuild in case of a total home loss.

While home insurance is not mandatory unless you have a mortgage, it is much cheaper than rebuilding a home or replacing its contents out of pocket. Average annual homeowners insurance rates in Spokane are $800 for $250K in dwelling coverage, lower than the statewide average of $863 per year.

Best cheap home insurance companies in Spokane

Bankrate identified the following home insurance companies as some of the best in Spokane based on rates, customer satisfaction, types of coverage offered and available discounts. For an objective look at home insurance customer satisfaction, we used J.D. Power’s annual independent study that rates insurance companies regionally based on responses from policyholders.

Home insurance company Average annual premium for $250k dwelling coverage J.D. Power Home Insurance Study score
Travelers $576 803/1,000
Nationwide $585 808/1,000
USAA $585 889/1,000
Allstate $821 829/1,000
State Farm $977 829/1,000

*USAA is not officially ranked by J.D. Power due to eligibility restrictions.


Spokane residents who live off the grid or prefer a sustainable lifestyle might want to look at Travelers insurance for coverage. Besides offering the cheapest rate for $250,000 in dwelling coverage on our list, green coverage is an add-on provided by Nationwide that not all insurance companies offer.

Adding the optional green coverage to your home policy gives you the flexibility to rebuild and replace items in your home and its structure using energy-efficient and green materials, even if your home did not feature the materials originally. It is a great way to upgrade your home to be more earth-friendly and energy-efficient.

Learn more: Travelers Insurance Review


Nationwide’s annual home insurance rate of $585 per year is well below the city average. At less than $60 per month, you can rest assured you are covered against common perils at an affordable price.

Nationwide’s many available discounts are one of the reasons we consider it a good option for cheap homeowners insurance in Spokane. The insurance company’s discounts include reductions for new construction and recently renovated homes, properties behind gates and price breaks for homeowners who purchased their property in the last 12 months.

Learn more: Nationwide Insurance Review


USAA is well-known for its award-winning customer satisfaction and low rates. The carrier consistently tops J.D. Power’s list, based on policyholder responses about how the company handles claims, the policies it offers and communication even though it cannot officially be ranked due to eligibility restrictions.

USAA is not available to all residents in Spokane. Unless you are a veteran, active military or an immediate family member of either, you will not be eligible for coverage with USAA. For those that are eligible, one of USAA’s most valuable free endorsements is replacement cost coverage, which pays for a new version of the claimed item without deducting depreciation from the value.

Learn more: USAA Insurance Review


Allstate might be a good choice for Spokane residents who appreciate having a good relationship with a local agent. There are eight local agents in Spokane available to help customers with all aspects of home insurance coverage, from getting a quote to filing a claim.

Spokane residents may also appreciate some of Allstate’s unique home insurance options. Snowmobile and sports equipment coverage provides insurance for skis, snowboards, hunting and fishing gear. Yard and garden insurance adds protection for your property trees, landscaping and tools.

Learn more: Allstate Insurance Review

State Farm

If Allstate does not have an agent conveniently located near you, State Farm probably will. There are 19 State Farm agents in Spokane. This insurance company might be a good option for Spokane residents who need a variety of coverage options and financial services and prefer to have it all in one place.

The carrier offers home, vehicle, business and life insurance as well as retirement planning and investments. Best of all, bundling coverages with State Farm could save you considerably on all your premiums.

Learn more: State Farm Insurance Review

Home insurance coverage options in Spokane

Home insurance is not required in Washington, but if you have a mortgage, your lender will require it and will select and purchase coverage for you if you fail to do so yourself. You will likely be happier with your policy and its price if you take some time to shop around and select your own home insurance. It’s important to remember that a standard home insurance policy may not cover all your needs. These are some additional types of insurance you may need to purchase to fully protect yourself financially, depending on your situation:

  • Flood insurance: Standard home insurance policies do not cover damage from floods. If you live in an area that could flood, you should consider purchasing a flood policy from an insurance company or through the National Flood Insurance Plan (NFIP). If your home is in an at-risk area, your lender will likely require it. You should also be aware that most flood policies must be paid in full upon purchase.
  • Scheduled personal property: If you have lots of items valued over $1,000, you may want to purchase scheduled personal property coverage. A standard homeowners policy will cap the coverage on personal belongings, which may not be enough if you have several high-value items.
  • Guaranteed replacement cost: As mentioned, home fires are the most common cause of loss in Spokane. Guaranteed replacement cost will pay for rebuilding above your policy’s limits within a certain percent, even if the cost of construction and materials has increased in the area.

Home insurance discounts in Spokane

Even once you have found a carrier that offers the rates you are looking for, you may be able to pare down the price of your home insurance further by looking at the insurance company’s available discounts. Some common discounts that could lower your bill include:

  • Bundling: Buying home and car insurance with the same insurance company can often lower your premiums significantly.
  • Claims-free: Having a history without home insurance claims could lower your premiums. Keep in mind that these types of discounts are often reserved for long-time customers of the same company offering the discount.
  • New construction or remodel credits: A new-build or remodeled home is typically built to safer and stronger standards. Fire-proof roofing and materials and modern electrical systems are less likely to cause fires. You may even earn discounts or when you update your home’s furnace or plumbing.
  • Occupation: If you are a first responder, educator, military or work for one of Spokane’s larger employers, you may have access to lower rates through some insurance companies. Check with your employer or insurance company to find out if you qualify.

To find the most savings, speak with a license agent at the insurance companies you are considering and ask them about all available discounts for your situation.

Frequently asked questions

What is the best home insurance company in Spokane?

The best home insurance company is different for everyone. Try shopping around and comparing the same coverage types across multiple companies to get the best rates, and speak with a licensed agent at companies you are interested in to find out more about unique coverage options and available discounts to suit your needs.

How much does home insurance in Spokane cost?

Annual homeowners insurance rates in Spokane average $800 for $250,000 in dwelling coverage, lower than the Washington average of $863 and significantly lower than the national average of $1,312. Your actual rate will vary depending on several factors, including the age and condition of your home.


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.

Written by
Cynthia Paez Bowman
Personal Finance Contributor
Cynthia Paez Bowman is a former personal finance contributor at Bankrate. She is a finance and business journalist who has been featured in Business Jet Traveler, MSN,, and
Edited by
Insurance Editor