Home Insurance in Wisconsin

WRITTEN BY: Amelia Ciffone

UPDATED: MAY 24, 2022 | 2 MIN READ

Wisconsin has a secure position among the top 5 states that are the friendliest for homeowners and homeowners insurance. Property values are moderate, property crime rates are low, premiums are affordable, and perils are present but not necessarily an expensive, ever-looming threat. Just make sure that you have flood protection (almost always a separate policy from your regular HO coverage) and you should be all set! 

  • Fun fact – Everyone seems to think that Wisconsin is all about cheese, but did you know that residents consume nearly 21 million gallons of ice cream each year?! Careful with that headache!

Average Rates in Wisconsin

Singapore Wisconsin ranks number 47 out of all 50 states for the most expensive homeowners insurance premiums, it’s easy to see why the average homeowner is paying a substantially affordable $779 per year. That’s over $400 a year in savings compared to the national average of $1,211.

But what about renters? After all, not everybody can afford to own their own home – especially in the current economy. Well, unsurprisingly, renters are getting a pretty good deal right now, too. Average annual premiums for renters insurance are $134 in Wisconsin, almost a $50 savings over the national average of $180.

Wisconsin Legal Insurance Requirements

One good thing about Wisconsin is that if you own your own home outright, you don’t technically need to purchase homeowners insurance. But it’s still a good idea to at least consider it. After all, if you suffer a horrible disaster that requires you to repair serious damage or completely rebuild your home, do you really want to be saddled with 100% of that financial burden? Or would you rather share it with an insurance company who can help you along the way? if you don’t own your own home, and you are currently paying off a mortgage or some of their loan on your property, then your bank will likely require you to purchase homeowners insurance.

Common Risk Factors in Wisconsin

Tornadoes and snow are the two biggest threats to Wisconsin homeowners. Luckily, these perils are covered under most basic homeowners insurance policies. But be sure to check with your insurance provider on a couple of things before you rest easy. For starters, make sure you’re following all the proper steps to prevent damage related to snow and freezing temperatures. Next, discuss your coverage limits related to wind storm damage with your insurance broker and make sure they accurately reflect the value of your home, as well as how much it might cost to repair/replace things in the face of damages.   

FAIR plans are available for Wisconsin homeowners who can’t get traditional homeowners insurance coverage. But it’s important that homeowners try their best to find conventional coverage, since these plans tend to be priced much higher than most other available plans. You’ll also receive less coverage and fewer coverage options if you go with a FAIR plan. The Wisconsin Insurance Plan is responsible for managing these, so if you need more information, be sure to visit their website and contact them directly. 

Insurance Demographics/Statistics in Wisconsin

There are many factors which homeowners insurance companies consider before they decide upon your total premium. So what factors go into this decision? We’ve already talked about some of the most important ones, like severe weather, and How likely such disasters are to do expensive damage to your home. Below are a few more factors which will also influence the price:

  • Home Values – Wisconsin homeowners are paying around $202,676 for their home.  This is about $50,000 less than the national average. And that’s good news for Wisconsin homeowners, because this means you don’t have to purchase as much coverage, thus lowering annual premiums.
  • Crime – There were only 15.6 incidents of property crime per 1,000 residents (that’s a 1 in 64 chance of becoming a victim of property crime), compared to the national average of 1 in 43, that’s thankfully lower. Which may get you a better insurance rate for your home coverage.
  • Average Income – Wisconsin incomes fall around $60,733 per household, which is $1,164 lower than the average US median household income. You want to have as high of an income as possible because homeowners with higher incomes usually get bigger discounts on homeowners insurance.
  • Average Education level30% of Wisconsin homeowners have a bachelor’s degree or better, which is below the national average of 32%. But higher degrees get homeowners better deals on their annual premiums, so the more education you have, the better!

Where To Purchase Home Insurance in Wisconsin

The quickest and easiest way to compare as many free, accurate quotes as possible is to fill out our online form and contact us today. Given that only 17% of homeowners even bother to shop around for better deals online, you’ll have the greatest advantage when it comes to finding the best deal.

Even if you think you’re happy with your current home insurance provider, it can’t hurt to look. You may be paying hundreds of dollars more for your annual premium than you actually need to. With us, comparing quotes is free, fast, and easy. We would love to help you save some money.