Home Insurance in Washington

WRITTEN BY: Amelia Ciffone

UPDATED: MAY 24, 2022 | 1 MIN READ

You think home insurance in Washington state would be a lot more expensive than it is. After all, property values are astronomical, crime rates are higher than the national average, and homeowners have several natural disaster perils – like landslides, earthquakes, floods, and more – to worry about. Despite this, Washington is actually in the top 10 least expensive States for homeowners insurance across the country. That’s got to be a big relief to homeowners in the area. 

  • Fun fact – Did you know that rainforests exist in the United States, and that they are located on the Olympic Peninsula in Washington State? The area gets so much rainfall on an annual basis that it technically qualifies as a rainforest.

Average Rates in Washington

Given that Washington state is ranked number 44 out of 50 states, what do you think the average homeowner’s paying each year for their annual premiums? Most homeowners across the US are paying $1,211 on average. Washington homeowners, on the other hand, are paying an average annual premium of $854. That’s almost $400 a year in savings! Average homeowner’s insurance premiums are only slightly more expensive in Ohio than there are in Washington. Furthermore, Washington is only slightly more expensive than the state of Delaware. But the average difference in price between all three states is around $20 or less.

Renters in Washington are still saving money, too, but not necessarily as much. The average renter can I expect to pay around $163 each year for their renters insurance. This isn’t too much cheaper than the national average of $180, but it’s still a nice discount.

Washington Legal Insurance Requirements

If you’re worried about legal requirements for homeowners insurance in Washington State, you don’t need to worry too much. The state and federal government don’t mandate that homeowners own a homeowners insurance policy on their property. Banks, however, do. If you’re currently paying off a home loan, it’s more than likely that your bank will require you to purchase homeowners insurance as part of your contract with them. But even after you pay off your home loan and you own your property outright, homeowners insurance is still a very smart decision – especially in a state like Washington. 

Common Risk Factors in Washington

Wildfires, floods, and earthquakes/earth movement are all threats to homes in Washington state. As a homeowner, you may require separate policies for flood and most earthquake/earth movement coverage. But fire damage (yes, even from wildfires) is covered by the vast majority of home insurance policies. 

Some homeowners have a hard time getting standard insurance in the regular insurance market. For those unfortunate homeowners, Washington state offers the FAIR plans. Because these plans cover high-risk homes, they are basically allowed to charge whatever they want. On top of that, they don’t offer as much coverage as a standard plan. So think carefully about what your options are, and do your best to get standard coverage before you make any decision to purchase a FAIR plan. 

Insurance Demographics/Statistics in Washington

There are lots of things Washington – even Beyond wildfires, floods, and Earth movement – that can affect your homeowners insurance premium. They’re almost too many to list them all here. However, we can discuss some of the bigger factors that you should be at least aware of if not actively trying to change to your advantage.

  • The Price of Your Home – in Washington, average home prices are around $443,350. This is problematic for Washington homeowners because it’s almost double the national average. As most people with insurance know, the more coverage you have to purchase, the more expensive your premiums are going to be. And most people recommend purchasing at least 80% of the replacement cost of your home. So having higher home values means you have to purchase more coverage, and thus pay higher premiums.
  • Property Crimes – In Washington, property crime rates are now at 29.46 per 1,000 residents, which means you have a 1 in 34 chance of becoming a victim of property crime in the state. This is more frequent than the national average of 1 in 43, which might be contributing to a higher annual premium.
  • Your Income – Insurance companies love it when you make more money than the average customer. The higher your income, the more they trust you to pay on time and in full when your premiums for do. Average Income levels in Washington are $78,687 –  Which is $12,975 higher than the average US median household income. Good job, Washingtonians!
  • Education – in Washington, 35% of residents have a bachelor’s degree or better, which is above the national average of 32%. This means that if you have a degree, you have an above average chance of getting a discount on your home insurance premiums from your provider.

Where To Purchase Home Insurance in Washington

Our number one suggestion is to start with our convenient online form. You can contact us today, give us a little information about yourself, and we can help you find quotes from providers near you that you can compare in a matter of minutes. It’s a great way to save time and money and kill two birds with one stone.

Most of the time, searching for insurance is time-consuming and frustrating. But it doesn’t have to be that way. A whopping 82% of homeowners don’t even bother to search online for their homeowners insurance policy. We think that’s a travesty. Give us a call today so we can help you start saving money now.