Although homeowners insurance is not a legal requirement, many insurance professionals recommend this coverage to provide financial protection for one of your largest assets. Fortunately, there are companies that may offer the coverage you need at a price you can afford. In Spokane, Washington, the average home insurance cost for $250K in dwelling coverage is $847 per year. That is slightly lower than the Washington State average, which is $899 per year for the same coverage.

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If you’re looking for affordable homeowners insurance in Spokane, Bankrate has researched and compared dozens of carriers, coming up with five you may want to consider. Based on our research, the top three cheapest carriers include PEMCO, Travelers and USAA.

Best cheap home insurance companies in Spokane

According to rate data from Quadrant Information Services, PEMCO, Travelers and USAA are among Spokane’s best cheap home insurance companies. In addition to low rates, we considered availability, coverage options, discounts and digital tools when making our selections. We also based recommendations on third-party ratings from the 2022 J.D. Power Home Insurance Study and AM Best.

Using these metrics, we assigned each carrier a Bankrate Score. Based on a 5-point scale, this Score may help homeowners quickly compare companies to narrow their search. If you’re looking for the best cheap homeowners insurance in Spokane, you might start with a quote from these companies:

Home insurance company Bankrate Score Average annual premium for $250K dwelling coverage J.D. Power score
PEMCO 5.0 $393 Not rated
Travelers 3.7 $614 794/1,000
USAA* 4.8 $616 884/1,000
Nationwide 4.0 $619 816/1,000
Grange 3.0 $665 Not rated

*Not officially ranked by J.D. Power due to eligibility restrictions.


Seattle-based PEMCO Insurance offers products to Washington and Oregon residents. Its homeowners insurance policy provides basic coverage, with the option to include replacement coverage on contents and furniture and appliance coverage. The carrier also offers wildfire risk mitigation services to homeowners in fire-prone areas. PEMCO offers some of the lowest rates on our list, and policyholders may be able to save even more with discounts for bundling, remaining claims-free, sprinkler systems and more. It also extends a discount to educators. Unfortunately, PEMCO is not rated by J.D. Power and holds a financial strength rating of B++ (Good) from AM Best.


Environmentally-conscious Spokane residents might want to look at Travelers insurance for coverage. The company offers a discount for LEED-certified homes and green home coverage to rebuild your home with green materials after a covered loss. Other endorsements include water backup coverage, a personal articles floater and identity fraud coverage. Travelers offers five featured discounts that may help you save on your premium, but the carrier did earn a below-average J.D. Power score, indicating that some customers may not be satisfied with the insurer.

Learn more: Travelers Insurance review


USAA is well-known for its award-winning customer satisfaction and low rates. The carrier consistently tops J.D. Power’s list, although it is not officially ranked due to eligibility restrictions. Coverage is only available for active military members, veterans and eligible family members. USAA home insurance policies include coverage for military uniforms as well as optional add-ons like home sharing coverage, flood insurance and earthquake coverage. Although policyholders may save by bundling, installing protective devices and remaining claims-free, the carrier does not offer as many discounts as others on this list.

Learn more: USAA Insurance review


Nationwide could be a good choice for new homeowners or owners of newly-constructed homes. The insurance company offers potential savings for new construction, recently renovated homes and homeowners who purchased their property in the last 12 months. Nationwide also offers a variety of options for policy customization including identity theft coverage, Valuables Plus, earthquake insurance, flood insurance and water backup coverage. Nationwide did earn a below-average score from J.D. Power for customer satisfaction and has a higher-than-average complaint index from the National Association of Insurance Commissioners (NAIC).

Learn more: Nationwide Insurance review


Grange is a regional insurance carrier that only writes policies in 13 states, depending on the policy type. The carrier did not rank in J.D. Power’s study, but it has an average NAIC complaint index and a financial strength rating of A (Excellent) from AM Best. Grange could be a good option for homeowners looking to customize their policy. The carrier offers add-ons like assisted living care coverage and cyber insurance. Although Grange’s average premium is one of the highest on this list, policyholders may be able to lower their rate with discounts for regular home maintenance, bundling and getting an early quote.

Learn more: Grange Insurance review 

Home insurance coverage options in Spokane

Home insurance is not required in Washington, but if you have a mortgage, your lender may require it. A standard homeowners insurance policy may not offer as much coverage as you’re looking for. Policy endorsements are optional coverages you can include in your policy to tailor it to your unique needs. Some common endorsements include:

  • Flood insurance: Standard home insurance policies do not cover damage from floods. If you live in an area that could flood, you could consider purchasing a flood policy from your insurance company or through the National Flood Insurance Plan (NFIP). If your home is in an at-risk area, your lender may require it.
  • Scheduled personal property: If you have high-value items in your home, 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.
  • Water backup coverage: Without water backup coverage, sump pump failures and other types of sewer or water damage may not be covered under your policy. Adding this endorsement may prove valuable if you’re worried about water damage, have trees in your yard that could damage underground pipes or have a sump pump in your home.

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 may lower your premiums significantly.
  • Smart home: Some insurance companies recognize claim-minimizing measures like automatic interior sprinklers and smart alarms with a discount.
  • Claims-free: Some insurance companies may extend a discount for customers who have not filed a claim within a set period of time, typically three to five years.
  • New construction or remodel credits: A newly-built or remodeled home may earn you a discount. This may be in part because modern materials and electrical systems may reduce the risk of fires.

Bundling your home and auto may have the most significant impact on your insurance premiums, though each carrier’s discount percentage may vary. Speaking with your insurance agent may help you identify discounts you are eligible for.

Frequently asked questions

    • The best home insurance company may be different for everyone. Shopping around and comparing quotes for the same coverage types across multiple companies may help you find the best rates. It may also be helpful to speak with a licensed insurance agent at companies you are interested in to find out more about unique coverage options and available discounts to suit your needs.
    • The average cost of homeowners insurance in Spokane is $847 for $250K in dwelling coverage per year. This is lower than the Washington average of $899 and significantly lower than the national average of $1,383. Your actual rate may vary based on several factors including the age and condition of your home.
    • The Spokane Fire Department has reported over 50 structure fires so far in 2022. Home fires do not seem to be unreasonably common in Spokane, but Wildfires are a significant threat in the area. A 2016 report found that more than half of Washington homes most at risk for wildfire are in the greater Spokane area.
    • As of September 2022, the average median home price in Spokane, Washington is $380,000.
    • Bankrate utilizes Quadrant Information Services to analyze 2022 current rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. 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.

      Bankrate Score

      Bankrate Scores are calculated on a five-point scale and primarily reflect a weighted rank of industry-standard ratings for financial strength and customer experience in addition to analysis of quoted annual premiums from Quadrant Information Services, spanning all 50 states and Washington, D.C. We know it is important for homeowners to be confident their financial protection covers the likeliest risks, is priced competitively and is provided by a financially-sound company with a history of positive customer support.

      To determine how well the best home insurance companies satisfy these priorities, third-party agency ratings from J.D. Power, AM Best, S&P, NAIC, and Moody’s had the most impact on the companies’ Bankrate Scores. As price is a common consideration for homeowners, we analyzed quoted premiums based on 40-year-old male and female homeowners with a home policy with $250,000 in dwelling coverage. This profile, assessed across nearly 35,000 ZIP codes in the U.S., provided a basis on which homeowners may compare each provider.

      While coverage options, insurer availability, affordability and customer experience are often the top priorities, Bankrate also analyzed each insurer’s online and mobile resources for policy management and claims handling. Insurance is rapidly evolving to keep pace with our digital world, so these aspects also carried weight in determining Bankrate Scores.