Milwaukee, Wisconsin, is the fifth-largest city in the Midwest. With an estimated metropolitan population of over two million residents, there are many reasons to love living in Brew City. First, there’s a wide range of breweries, entertainment, and sports attractions. Then, there’s the fact that Milwaukee is consistently listed as one of the most affordable cities in the United States. There’s also Milwaukee’s central location. Traveling to other popular cities like Chicago, Madison, and Green Bay is easy. Finally, Milwaukee summers make the city come alive, with patio season and Summerfest, the world’s largest music festival. And winters are like living in a snow globe, with moderate snow and lingering winter days. 

But beyond low living expenses and high quality of life is homeownership. Milwaukee crime can be higher in certain areas, meaning more vandalism and theft. And the varying weather can mount snow on homes, creating property damage over time. The best way to protect your home in Milwaukee, WI? Getting homeowners insurance.

Thankfully, Insurify makes homeownership a lot easier with affordable home insurance. See how easy comparing and saving can be now!

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How to Find Cheap Home Insurance in Milwaukee

In Milwaukee, Wisconsin, you can expect a competitive housing market and rising home prices. Real estate prices have gone up over 20 percent in the last year. So, if you’ve recently bought a home or are planning on buying, the process can look somewhat daunting. You may not know where to start when you first think about protecting your investment. But ease and comfort come from having the right home insurance in Milwaukee. So why not get a homeowners insurance policy from the best insurance company?

Homeowners insurance protects your property and personal belongings from natural disasters and theft. Plus, there are coverage options for everyone and additional coverage when you need it. That way, you can keep saving on home insurance in Milwaukee and keep your home safe at the same time. That’s what we call peace of mind. 

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 Madison homeowners insurance.

Cheapest Home Insurance in Milwaukee 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 Milwaukee area costs $1,358 annually, and the median home value is $140,187. 

Milwaukee, Wisconsin, has low living expenses compared to similar-sized cities in the United States. Home prices are reasonably affordable, which makes it more likely the city’s residents will buy homes. Home insurance there is relatively inexpensive, too. But if you want to, there are even more ways to save on the best Milwaukee home insurance policy to meet your needs. 

You can start by searching for the best rates from the best homeowners insurance companies. Insurance rates vary depending on things like your property’s type and its location. And home insurance companies price the same property differently, too. You will likely get a different quote from Allstate than you will with State Farm, and so on. 

Get started by checking out the average cost of homeowners insurance in Milwaukee, WI, below.

Average Home Cost in Milwaukee Average Annual Insurance Premium in Milwaukee
$140,187 $1,358

Cheapest ZIP Codes in Milwaukee for Home Insurance

Pricing in Milwaukee varies. That means you shouldn’t expect to pay the same in Milwaukee’s North Side as your friend on the South Side. 

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 Milwaukee 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 Milwaukee for home insurance.

Most Expensive Real Estate in Milwaukee Cheapest Real Estate in Milwaukee
Historic Third Ward $367,697 Northridge Lakes $92,766
Golden Gate $223,419 Bradley Estates $94,176
Mack Acres $213,982 Golden Valley $168,776
Home value data from zillow.com 

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Home Insurance Coverage Types in Milwaukee

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:

HO-1

Basic

  • The simplest and least comprehensive type of homeowners insurance
  • Provides coverage for a handful of potential problems, including
    • Dwelling coverage for damages from some natural disasters (storms, fires, wind, lightning, volcanic eruption), 
    • explosions, 
    • theft, 
    • damage from vehicles, 
    • or civil commotion. 
HO-2

Broad Form

  • Broad form homeowners insurance policies include all basic form coverage, plus protection from:
    • falling objects, 
    • damage from the weight of ice, snow, or sleet, 
    • freezing of household systems including HVAC and pipes, 
    • sudden and accidental damage to pipes and other household systems from artificially generated electrical current, 
    • accidental discharge or overflow of water or steam,
    • sudden and accidental damage. 
  • HO-2 policies typically cover both dwelling protection and personal property.
  • In some cases, broad form coverage may also include liability coverage. However, it still only covers the specific damages listed in the policy.
HO-3

Special Form

  • The most common form of homeowners insurance is known as a “special form” policy.
  • While HO-1 and HO-2 policies are “named peril” policies (meaning they only cover dangers that are specifically listed in the policy), HO-3 policies are “open peril” policies meaning they’ll cover all dangers except those specifically excluded in the policy documents.
HO-4

Tenant’s Form

  • HO-4 policies, also known as renters insurance, are for people who lease rather than own their homes. 
  • Tenant’s form policies typically cover all the same dangers as HO-2 policies. 
  • These policies include personal property coverage and liability coverage but don’t cover the physical structure of the house. 
  • Some HO-4 policies may also include loss of use coverage for the tenants.
HO-5

Comprehensive

  • Comprehensive form policies are usually the broadest and provide the highest level of coverage; not surprisingly, they also tend to be the most expensive type of homeowners insurance policies.
  • The biggest difference between HO-3 and HO-5 policies is that most HO-3 policies are “actual cash value” policies, whereas typically HO-5 policies are “replacement cost value” policies.
  • An actual cash value policy will only reimburse you for the actual value of a damaged or destroyed item, while a replacement cost value policy will reimburse you for however much it would cost to completely replace or repair the damaged or destroyed item (up to the coverage limits on the policy). 
  • HO-5 policies also provide personal property coverage against a wider range of dangers than the typical HO-3 policy. Many HO-5 policies also have extra coverage for high-value personal property, such as jewelry and artwork.
HO-6

Condo Form

  • Not surprisingly, condo form insurance is for condominium owners. HO-6 policies generally protect against the same types of dangers as HO-3 policies. 
  • They provide dwelling protection coverage with a twist: HO-6 policies cover the walls, floors, and ceiling of the condo unit but not the rest of the building. 
  • These policies also include personal property and liability coverage and may include loss of use coverage.
HO-7

Mobile Home Form

  • If you own a mobile home or manufactured home, you likely have an HO-7 policy. 
  • Mobile home form policies are typically identical to HO-3 policies, except they’re designed specifically for mobile and manufactured homes.
  • Like HO-3 policies, they provide dwelling protection coverage, other structures coverage, personal property coverage, liability coverage, and possibly loss of use coverage as well. 
  • HO-7 policies generally only protect the home when it’s stationary; if you plan to move your mobile or manufactured home, you’ll need to get a special policy to cover it while it’s in transit.
HO-8

Older Home

  • Older homes have generally been built to less stringent code standards than recently built homes, and so insurers have designed a specialized type of homeowners insurance policy for them. 
  • HO-8 policies often only cover the basic perils listed in HO-1 policies and generally apply to homes that are registered landmarks or otherwise deemed historic homes. 
  • Owners of registered landmarks are typically forbidden from making the updates to HVAC, electrical, and other parts of the home that would enable them to qualify for a standard HO-3 policy, so an HO-8 policy is often the only option for them.

Natural Disasters and Homeowners Insurance in Milwaukee

Because Milwaukee is situated on Lake Michigan, the weather can rapidly change. The humid continental climate that comes off the lake produces cold wind and snow in the winter and warm humidity in the summer. Winter temperatures average 22.3 , with moderate snow. And in the summer, the city sees highs around 90 from time to time. The heat also comes with dangerous and damaging thunderstorms that can come and go in an instant. 

Snowstorms and thunderstorms are typical in Milwaukee. And it’s only a matter of time before storms or floods create structural damage or water damage. While homeowners insurance covers you from fires, hail damage, and wind damage resulting from a storm, flooding is not included. You’ll have to purchase a separate flood insurance policy to help pay for water damage from flooding. Flood insurance is a wise choice for saving, as you could be out thousands of dollars due to going without coverage. Ask your insurance agent for more information regarding flood insurance. 

How to Get the Best Homeowners Insurance Quotes in Milwaukee 

It would help if you learned some tips and tricks to get the best home insurance rates in Milwaukee. You can start by bundling home and auto insurance. You can also bundle life insurance. Bundling works by combining multiple insurance products through one insurance company. And insurance companies love when customers bundle. So they typically give out discounts and deals on bundled insurance policies

You can get the best home insurance quotes by comparing different home insurance companies. Comparing helps you find the right insurance policy based on your coverage needs. Start by heading to Insurify’s comparison tool. And then, in just a few minutes, you can have insurance quotes with the best savings in your inbox!

Buying a home is stressful enough—don’t let insuring it get in the way of enjoying your new property.

Frequently Asked Questions - Milwaukee Homeowners Insurance

How does bundling home insurance work in Milwaukee?

Bundling works by combining your home insurance policy with car insurance or life insurance under one insurer. Doing so means you’re loyal to one insurance company. And loyalty makes the insurer happy, so they are likely to give you discounts and deals on insurance rates. 

Does Milwaukee homeowners insurance cover identity theft protection?

Yes, many homeowners insurance companies in Milwaukee offer identity theft protection. Usually, you can add it as additional insurance on your policy. Ask your insurance agent for more information and pricing. 

Do insurance providers cover property damage from flooding in Milwaukee?

Most standard home insurance policies do not offer coverage for flood damage. But your insurance agent will be able to help you purchase separate flood insurance to save money on repairs and damage in the long term.

Is the crime rate high in Milwaukee, Wisconsin?

Milwaukee, Wisconsin, is rated the sixth-highest in crime for big cities in America. But the crime rate is high in individual pockets of the city. A high-crime area can impact your insurance rates if your property is in one. Always make sure you have the proper coverage and talk to your insurance agent about additional insurance if need be. 

Conclusion: How to Find the Cheapest Home Insurance in Milwaukee

Low living expenses and plenty of things to do in Brew City make Milwaukee, Wisconsin, a great place to live. But not having the right protection on your property can make homeownership a headache. When you find the best home insurance in Milwaukee at the best rates, you’ll have the peace of mind to go with your dream home. 

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Browse, compare, and secure home insurance with Insurify today! 

Yep, it’s that easy.  

Updated January 14, 2021

Stephanie Shaykin is a seasoned writer and marketing professional with experience in real estate. With a true passion for brand storytelling and SEO, she breaks down the most complex copy into a pleasant experience for the reader. In her spare time, she enjoys creating art and cooking in her home base of Chicago, Illinois.