Madison is the state capital and the second-largest city in the state of Wisconsin. With a metropolitan population of over 650,000, Madison area residents enjoy many outdoor and indoor activities. That’s because the city is central to four lakes—Lake Mendota, Lake Monona, Lake Kegonsa, and Lake Waubesa—and is full of trails and parks. The city is also the well-known home to the University of Wisconsin–Madison and its mascot, Bucky Badger. Nearby, students and full-time residents love to eat and drink. They take in local beers and eat Winsconsin’s famous cheese curds at the bars in downtown Madison throughout the year.
Madison’s homeowners know that the brutal below-freezing temperatures and heavy snowfall can be a drag come winter. The snow and cold can damage any property’s structure and can be costly. Thankfully, there’s home insurance in Madison, Wisconsin, to provide significant protection on your home.
Use Insurify to compare and save on homeowners insurance in Madison, WI. It’s simple, fast, and easy to get started. Check us out now!
Overpaying for Madison homeowners insurance?
How to Find Cheap Home Insurance in Madison
The housing market in Madison, Wisconsin, is very competitive. Quality of life is so high in Madison that homeowners are not as likely to sell and move. On top of that, newly built homes in the area are few and far between. So, if you recently bought or are buying a home, you know that your new home is worth a lot to you. You may wonder what the best ways are to protect a home without being financially burdened by risks.
It would help if you started by finding the proper homeowners insurance for your home in Madison. Risks like theft, vandalism, and natural disasters happen. Home insurance gives you financial liability for your property and personal belongings from the dangers. There are coverage options available depending on your property’s type, its location, and other factors. There’s also additional coverage to meet your needs if you need it. Having everything you need from home insurance while saving money in the long run? It’s possible!
Keep reading for a full guide on Madison home insurance.
MORE ON TEXAS HOME INSURANCE
For general information on Texas home insurance, check out our guide to the best homeowners insurance in Wisconsin. For more city-specific information, here are our guide to Miluwakee homeowners insurance.
Cheapest Home Insurance in Madison by Company
Homeowners insurance rates aren’t always designed with savings in mind. That’s where Insurify comes in.
As of 2021, the average home insurance premium in the Madison area costs $1,358 annually, and the median home value is $295,114.
Madison has relatively higher living expenses at around seven percent above the national average. That’s a massive contrast to Milwaukee, Wisconsin, which ranks as one of the most affordable cities to live in. That means that the cost of homeowners insurance in Madison should come at a lower price.
It would be best if you started to compare home insurance companies. Several factors calculate insurance rates. It’s a lot like how pricing varies depending on your property and location. When you get a quote, you’ll soon see that insurance providers like Nationwide and State Farm differ in pricing, too.
See below, and you’ll find the average cost of homeowners insurance in Madison, WI.
|Average Home Cost in Madison||Average Annual Insurance Premium in Madison|
Cheapest ZIP Codes in Madison for Home Insurance
Pricing on Madison home insurance will vary. So you could be spending less on the cost of insurance by Lake Mendota than your friend downtown.
Like property costs, home insurance varies in price from city to city. Pricing is determined by ZIP code–specific variables, such as the volume of claims filed nearby, crime rates, and property costs, and risk variables, such as natural disaster frequency. Even your specific neighborhood may determine if you pay more or less on your annual premiums.
Rates in Madison can be relatively high or low compared to the national average; it all depends on which area you live in. Here are the most and least expensive ZIP codes in Madison for home insurance.
|Most Expensive Real Estate in Madison||Cheapest Real Estate in Madison|
|Highlands Community||$968,668||Sherman Village||$236,345|
|Stonefield Woods- Ridge||$525,287||Meadowood||$259,460|
|Woodland Hills||$273,678||Prairie Hill||$265,249|
Home value data from zillow.com
Cut Madison Home Insurance Costs
Home Insurance Coverage Types in Madison
There are several types of home insurance. Specific terms of insurance policies may vary by city, but in general, the standard policy types are as follows:
Mobile Home Form
Natural Disasters and Madison, Wisconsin, Home Insurance
If you’ve lived in Madison for a long time, you know that the winters are long, cold, and snowy. If you’re new to Madison or the Badger State, you’ll soon find out. Wisconsin has a humid continental climate. That climate brings variable weather patterns and seasonal temperatures alike. Winters often fall below freezing with moderate to heavy snowfall. A typical winter morning in Madison can be as low as 0°F. Temperatures in the summer average in the lower 80s. But temperatures can also reach around 90°F with lots of rainfall.
Common natural disasters in Madison include winter storms, landslides, tornadoes, earthquakes, and floods. Homeowners insurance in Madison covers fires, wind, and hail damage as a result of weather events. However, property damage as a result of flooding is not included. Thankfully, you can purchase separate flood insurance through the National Flood Insurance Program. You can get flood insurance coverage anywhere. So, whether you buy homeowners coverage through American Family or Allstate, your insurance agent can assist you. Policyholders who suffer a covered loss often end up paying way less in the long run when something happens. This is a way better option than being left without flood insurance.
How to Get the Best Homeowners Insurance Rates in Madison
Home insurance companies love when customers bundle multiple insurance products. As a result, most homeowners insurance companies will give you a discount or deal with bundling. You can combine home insurance with auto insurance and life insurance and save a ton.
Next, you can lower your premium with other discounts like being loyal to the same insurer, being claims-free, or paying in full. You can also set your deductible a little higher to lower your premium. But make sure your deductible isn’t too high. You wouldn’t want to be stuck paying a high deductible if you file a claim.
Finally, you can get a quote after comparing some of the best homeowners insurance companies on the market. Find out if you need additional coverage, higher personal liability limits, and more. Just go to our website, fill everything out, and there you have it! We’ll deliver your home insurance quote straight to you in an instant. It takes very little time, and you get the best rates provided to you for free. Try it out now!
Buying a home is stressful enough—don’t let insuring it get in the way of enjoying your new property.
Frequently Asked Questions - Madison Homeowners Insurance
How do I find Wisconsin homeowners insurance with the best financial strength ratings?
A financial strength rating tells you how likely an insurance company can pay out a claim under a covered loss. You can find home insurance companies with the best financial strength ratings by looking them up. Search on reputable rating agency websites like A.M. Best or Moody’s.
Does my credit score affect my home insurance rate?
Insurance companies cannot deny you coverage because of your credit score. But your credit score will tell the insurance company how likely you are to file claims. And as a perk, an excellent credit score may help you score a discount.
Is flood insurance included with a standard Madison home insurance policy?
No, flood insurance is not included with a home insurance policy in Madison. You will have to purchase a separate flood insurance policy. Ask your insurance agent for more.
Is bundling home and auto policies in Madison possible?
Bundling home and car insurance in Madison is possible! Most insurers offer discounts and deals as a perk. Get a quote or ask your agent for pricing information.
Conclusion: How to Find the Cheapest Home Insurance in Madison
Madison, Wisconsin, may be known for beautiful outdoors, fantastic food, and a top university, but the quality of life is even higher overall when you have peace of mind knowing your home is protected from the unknown. Finding the cheapest home insurance in Madison doesn’t have to be complicated.