Best homeowners insurance in Wisconsin for 2023

Compare the best homeowners insurance companies in Wisconsin

Using average premiums gathered from Quadrant Information Services, third-party ratings from AM Best and the 2022 J.D. Power U.S. Home Insurance Study, and an assessment of each provider’s coverage offerings and availability, Bankrate determined the best companies in Wisconsin. The table below showcases how each insurer performs across these categories in the form of a Bankrate Score, out of 5 total points, where the higher a company scored, the better they performed overall. Homeowners seeking coverage in the state may want to start their search with Chubb, State Farm, Auto-Owners, Erie and West Bend.

How Bankrate chose the best home insurance companies in Wisconsin

To find the best Wisconsin homeowners insurance, Bankrate’s insurance editorial team began by reviewing coverage from some of the largest companies in the state. We also collected average rate data from Quadrant Information Services. Based on the findings, each Wisconsin home insurance company earned a Bankrate Score on a five-point scale. Bankrate Scores are calculated using criteria like affordability, coverage options, financial strength and customer satisfaction.

If you are in the market for home insurance in Wisconsin, using Bankrate Scores can help you quickly narrow down the best Wisconsin homeowners insurance companies. Insurers with high Bankrate Scores generally excel in multiple areas, such as price and policy options. Companies with low Bankrate Scores may fall short in certain categories, and might not be as strong overall.

How much is homeowners insurance in Wisconsin?

The average home insurance premium in Wisconsin is $890 per year for a policy with $250,000 in dwelling coverage. Wisconsin homeowners pay less on average for home insurance than the average American. For comparison, the U.S. national average rate is $1,428 per year for the same level of coverage. This could be due to the fact that Wisconsin has a low property crime rate and does not experience major natural disasters, like hurricanes or tornadoes, leading to a lower probability of costly claims.

Although Wisconsin has cheap home insurance based on average rate data, it’s important to remember that every homeowner pays a different rate for coverage. Personal factors, like your claim history, ZIP code, the size and age of your home and its proximity to a fire station can all impact the cost of your policy. In the table below, you can see how average home insurance rates vary by coverage level with each of the top Wisconsin home insurance companies on our list:

How to find the best cheap home insurance in Wisconsin

Finding a homeowners insurance policy is necessary to financially protect your property. Having coverage for your home’s structure and belongings against a list of potential disasters and losses can provide you peace of mind that your investment is protected from steep financial loss. However, finding a good homeowners insurance policy does not have to break the bank. The following steps outline how to find the best cheap home insurance in Wisconsin:

1. Obtain quotes from multiple companies. Shopping around is the best way to compare your options and ensure you are getting the best rate.
2. Review discounts. Whether you are still getting quotes or you already have a policy, review the available insurance discounts available to you in your state. Discounts can help lower your premium, and many are easy to qualify for.
3. Consider your payment options. It can help to consult your budget and speak with either an insurance professional or a financial advisor to see which method of paying your premium makes most sense. Installment plans can break your premium into smaller payments, but usually come with added fees.

Common home insurance discounts in Wisconsin

Deciding on which homeowners insurance company to choose may depend on the discounts available to your specific needs as a homeowner. Although each insurance company offers a variety of unique discounts, there are several common discounts you can find among many carriers. The following discounts could save you money on your premium.

Home insurance coverage types in Wisconsin

Heavy flooding and sinkholes lead to common causes of loss in Wisconsin for homeowners. If you are insuring your home within Wisconsin, you may want to consider these optional coverage types:

• Flood insurance: Homeowners insurance companies generally do not cover flood damage on standard policies. Flood insurance is sold through the National Flood Insurance Program (NFIP) and from dozens of private carriers. To see if you are required to carry flood insurance, input your home’s address into a FEMA flood map, but know that this is only meant as a guide. As 90% of U.S. natural disasters involve flooding, the Insurance Information Institute (Triple-I) recommends all Wisconsin homeowners consider flood insurance.
• Sinkhole coverage: Sinkhole protection may be necessary if you live in a sinkhole-prone area of 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 to breaking.
• Equipment breakdown: Wisconsin’s weather fluctuations can wreak havoc on heating, plumbing and electrical systems. Adding this optional coverage is similar to buying an extended warranty. If your furnace fails, your home insurer could help pay for its repair or replacement, as long as the failure is not because of regular wear and tear due to age or lack of maintenance.
• Water backup coverage: If you suffer damage due to a backed up sewer or drain line, you’ll want to consider this add-on option to have coverage. Many other types of water damage may be covered automatically, but water backup is not.

Frequently asked questions