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Last Updated February 28, 2022
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Madison, WI Homeowners Insurance
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!
Cheapest Home Insurance Companies in Madison
For homeowners in Madison, it's important that you evaluate all of your potential insurance options to ensure you are finding the best rate. Comparing the right insurance companies will allow you to get the best possible insurance rate for your home.
To simplify comparing companies, Insurify has analyzed rates from top insurance providers in Madison. The following are the best insurance rates from carriers that offer homeowners insurance in Madison.
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.
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Cheapest Home Insurance in Madison by Company
Homeowners insurance rates aren’t always designed with savings in mind. That’s where Insurify comes in. Our free home insurance comparison tool allows you to find the best policy for the best rate fast. And your information stays private and protected.
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.
|Average Home Cost in Madison||Average Annual Insurance Premium in Madison|
Average Annual Home Insurance Premium in Madison by Company
Average prices for standard homeowners insurance for a 7-15 year old home, $200,000 in coverage
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.
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:
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),
- damage from vehicles,
- or civil commotion.
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.
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 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.
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 policy.
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.
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.
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.
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 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.
The Cheapest 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!
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.
Frequently Asked Questions
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.
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.
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.
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