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Compare Homeowners Insurance In Washington
Washington is known as the Evergreen State. But the homeowners insurance risks are very different depending on whether you’re east or west of the Cascade Mountains.
Average Washington Homeowners Insurance Rates
How much is home insurance in Washington? Washington has some of the lowest average homeowners insurance premiums of any US state. The Insurance Information Institute reported that the average cost of homeowners insurance in the state of Washington was $811. That is far lower than the national average of $1,173. Only seven states have lower average home insurance rates than Washington.
| 2013 | 2014 | 2015 | |
|---|---|---|---|
| Washington Annual Average | $676 | $695 | $811 |
| Washington Price Per Month | $56 | $58 | $67 |
| US Annual Average | $1,096 | $1,132 | $1,173 |
| US Cost Per Month | $91 | $94 | $97 |
| National Rank | 47 | 47 | 44 |
| Source: Facts + Statistics: Homeowners insurance | |||
The graph below shows the change in average Washington home insurance rates from 2011 to 2015, the most recent year the data is available. According to the III, Washington homeowners insurance rates increased from $626 in 2011 to $811 in 2015, a jump of $185 dollars, or 29.55 percent.
Choosing a homeowners insurance company should be easier. The key to finding the cheapest rates is to compare home insurance quotes in Washington State from multiple companies.
Most Popular Home Insurance Companies
Last year, these were the 10 most common home insurance companies reported by QuoteWizard users living in the state of Washington. Out of the 13,406 Washington homeowners that used QuoteWizard to request insurance quotes last year, 677 had no home insurance.
- Allstate
- Farmers
- Geico
- American Family
- Progressive
- Safeco
- Liberty Mutual
- AAA
- USAA
- Hartford
Best Insurance Homeowners Companies in Washington
The above list shows Washington’s most popular home insurers according to our users. But popular doesn’t always mean best.
Our study on the best homeowners insurance companies focuses on top of the line companies. In no particular order, these companies stand out among the rest:
- Amica: Best Overall
- MetLife: Best for Bundling
- Allstate: Best for Local Agents
- Hartford: Best for Seniors
- State Farm: Best for Pet Owners
- Travelers: Best for Flexible Policies
- Nationwide: Best Replacement Coverage
- Farmers: Best for Eco-Friendly Homes
- Liberty Mutual: Best for Quick and Easy Quotes
- Auto Owners Insurance: Best Claims Experience
Washington Home Insurance Company Market Share
| Rank | Company | Financial Rating | Market Share |
|---|---|---|---|
| 1 | Farmers Insurance | A | 13.7% |
| 2 | Liberty Mutual | A | 12.7% |
| 3 | Allstate | A+ | 11.4% |
| 4 | USAA Insurance | A++ | 7.6% |
| 5 | PEMCO Mutual | A- | 5.9% |
| 6 | American Family Mutual | A | 3.5% |
| 7 | Mutual of Enumclaw | A- | 3.3% |
| 8 | Hartford Financial Services | A+ | 3.1% |
| 9 | MetLife Inc. | A+ | 2.7% |
| Ratings Source: A.M. Best Rating Guide | |||
Washington Home Insurance Rate Factors
Your homeowners insurance rates depend on several factors. Some are unique to each person, while others affect all Washington residents.
Your Personal Rate Factors
Your House
Every home has unique insurance risks. Two primary risks come from the home’s age and roof. Older homes usually come with higher premiums because they’re more likely to need major repairs. And certain roof types cost quite a bit more to insure, depending on the regional climate.
Also, the cost to rebuild your home from the ground up, also known as replacement cost, is a major part of your insurance premium. A higher replacement cost leads to higher premiums.
You can do some napkin math to get a rough estimate of your home’s replacement cost value. Multiply your home’s square footage by the average per square foot construction cost in your city. For more information, read our article: ‘How to Calculate Your Home’s Replacement Cost Value.’
Important distinction: replacement cost does not necessarily correlate with a house’s value. A house worth $1 million in Seattle may very well have a lower replacement cost than a house worth $250,000 in Spokane. Thus, that house in Spokane, though it’s much cheaper to buy, could cost more to insure.
Replacement cost generally accounts for these house details:
- General shape and style
- Exterior features and finishes
- Interior features and finishes
Claims History
It’s not rocket science: if you have recently filed claims, expect higher home insurance rates. A claim usually stays on your record for five to seven years. During that time, filing an additional claim can cause your rates to skyrocket. That’s why many homeowners will avoid filing claims when possible.
Pets
Did you know that owning certain dog breeds can raise your rates? Like it or not, some insurance companies believe that specific dog breeds are a greater insurance risk. The same can be said for exotic pets.
According to a study by the American Veterinary Medical Association, Washington has the sixth highest rate pet ownership. Nearly 63 percent of Washington homes have a pet!
Coverage
A comprehensive home insurance policy with bells and whistles will cost more than a bare-bones one. Home insurance policies come with all sorts of coverage options. If you want extra liability protection and more coverage for your belongings, for example, you’re going to pay more.
Credit Score
Insurance companies use your credit score to price your policy. Unfortunately, people with bad credit pay quite a bit more for home insurance than people with good credit. It’s a controversial practice, but it’s very real. Fortunately, Washington has the ninth highest average credit score in America.
Washington Rate Factors
Weather
Insurance companies create risk models by region. They will analyze each region and charge more for houses in areas with above-average risk.
What weather risks do Washington homes face? Well, it depends what part of Washington you live in. The Western half is wet, snowy, and prone to earthquakes. The Eastern half is dry, arid, and suffers from wildfires.
Depending on what area you live in, you can mitigate some of the weather risks. If you live west of the Cascades, make sure your roof can handle constant rains. Keep up your gutters clear and maintained. Lastly, ensure that your windows are properly sealed with weather stripping and caulk. For folks east of the Cascades, follow the suggestions from Washington’s Insurance Commissioner:
- Use fire resistant roofing and building materials. Avoid wood shakes, for example.
- Install a water pump if you don't have access to a nearby water source
- Clear natural firebreaks. Trim trees, bushes, and fields.
If you take steps to stop weather damages before they happen, you may qualify for lower rates.
Property Crime
Are homes in your area more likely to be broken into, vandalized, or burgled? That's a big factor in the price of your policy. Unfortunately, Washington has the second highest property crime rate in America. There are 3,494.1 crimes per 100,000 residents in Washington. Those numbers are likely skewed by Seattle, the city with the country’s ninth highest property crime.
Like bad weather, there are steps you can take to avoid property crime. That includes installing security cameras, alarms, deadbolt locks, burglar bars, and more.
Types of Home Insurance Policies
Homeowners have many policy options when shopping for home insurance. In Washington, homeowners can choose from the following insurance types:
- HO-1: Basic insurance policy. Covers normal damages.
- HO-2: Broad homeowners insurance. Covers everything in HO-1 plus falling objects and damages to AC units, pipes, and other household systems.
- HO-3: Covers damage from all perils unless specifically excluded. Also covers unattached structures.
- HO-5: Comprehensive policy like HO-3, but comes with expanded coverage and less limitations for property claims. This is considered a premium policy.
- HO-6: Covers possessions and provides liability for condo owners.
- HO-7: Similar coverage as HO-3, but for mobile homes.
- HO-8: Designed specifically for older homes. This policy provides similar coverage as HO-3. Customizable to unique needs of older homes.
Washington State Office of the Insurance Commissioner
- Website:
- Homepage
- Insurance Commissioner:
- Mike Kreidler
- Insurance Hotline:
- 800-562-6900
- Office Hours:
- Monday - Friday
8:00 a.m. to 5:00 p.m.
- File a Consumer Insurance Complaint
- Complaint Page
Sources:
- A.M. Best Insurance Carrier Ratings
- Insurance Information Institute – Home Insurance Market Share in Washington State
- US Geological Survey – Most Seismically Active States
- Average Home Listing Price in Washington
- Average Home Insurance Rates by State
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