Home Insurance in Washington

As a homeowner, you know that a comprehensive insurance policy is a must-have, but finding the right policy can be difficult. With Obrella, however, shopping for and choosing home insurance is a cinch. Obrella connects you with our friendly and knowledgeable insurance experts, whose expertise in Washington home insurance coverage makes it easy to find the best policy for you. They can identify your needs, help you sort through your options, and get you set up with the best policy for you.

Homeowners in Washington

Washington homeowners pay an average of $648 each year in home insurance premiums. This places Washington as the fifth least expensive state in regard to money spent on annual home insurance premiums. The national average is $1,034 per year, which is almost $400 more than you spend as a Washington homeowner.

• Median Home Value: 270,600
• Household Income: 59,068
• % of Income on Home Ownership: 34.10%

Washington homeowners spend just over 34% of their total household income (average of $58,405) on home ownership, so we imagine you take that investment seriously. Especially considering this great state has a median home value of $262,100. Washington comes in as the 11th most expensive state when it comes to home ownership costs. As a Washington homeowner, you know the value of your investment and understand that home insurance is important. Let an insurance expert run a policy rate comparison to help you determine if your homeowners insurance is providing everything you need at the best price.

Calculating Premiums for Home Insurance in Washington

Insurance companies calculate the cost of your home insurance policy by considering various factors. These factors include everything from the size and age of your home to neighborhood housing prices and crime rates. Premiums can also be affected by the likelihood of natural disasters such as tornadoes, floods, and earthquakes. A range of other factors can also impact your insurance premiums—like whether you have a swimming pool or guest house and even your credit score.

Why do these aspects matter? Each of these factors contributes to the amount of risk the insurance company will take on when issuing you a homeowners insurance policy. The higher the risk, the higher your premium. You do have some control over these risks, however. For instance, installing extra security measures like motion-sensor lights, security systems, or surveillance cameras makes it less likely that your insurance company will have to reimburse you for stolen property, which in turn results in lower premiums for you.

Washington Homeowners Insurance

Many home insurance companies in Washington give you a range of coverage options to choose from; here are a few examples:

• HO-1: Limited Coverage
  • An HO-1 policy offers coverage in the event of any of the first 10 classified disasters: fire or lighting, windstorms or hail, explosions, riots, damage caused by aircraft, damage caused by vehicles, smoke, vandalism, theft, and volcanic eruption. However, this basic policy is no longer available in most states.
• HO-2: Basic Policy
  • HO-2 policies are designed to provide coverage in the event that your home is affected by any of the 16 classified disasters.
• HO-3: Standard, most popular
  • Aside from minor exclusions, this basic policy provides comprehensive coverage for your home.
• HO-8: Older Home
  • To protect against depreciation, this policy will usually reimburse homeowners for damage on an actual cash value basis, though some older homes may not qualify for full replacement cost policies.

Standard Washington Homeowners Insurance Coverage

Home insurance policies usually dictate specific situations that grant you coverage for damages. If a situation is not explicitly covered in your policy, your homeowners insurance will not reimburse you for damages resulting from that situation. So, if your home is damaged in an earthquake, you’ll only be covered if your policy specifies that you have earthquake coverage. To find out more about the coverages available, check out some of the most common home insurance coverage definitions below:

• Coverage A – Dwelling
  • Coverage A deals with damage to the home itself, to any structures attached to the home, and to the home’s plumbing, heating, permanent air-conditioning system, or wiring.
• Coverage B – Other Structures
  • Other Structures coverage insures any structures that are not connected to the house, such as tool sheds, guest homes, free-standing garages, and fences.
• Coverage C – Personal Property
  • In the event of damage or loss of personal possessions, Personal Property coverage will compensate the homeowner for the value of the item—be it clothing, furniture, electronics, or jewelry. Personal Property coverage even covers damage to or loss of personal belongings if the theft, loss, or damage occurs outside the home—meaning any items kept in a storage unit are covered as well.
• Coverage D – Loss of Use
  • If home repairs prevent you from inhabiting your house, Loss of Use coverage can help. This coverage reimburses the homeowner for their living expenses for as long as they are unable to live in their home.
• Coverage E – Personal Liability
  • If a homeowner is sued and found legally responsible for damages or injuries to another person, Personal Liability will cover the homeowner’s financial loss.
• Coverage F – Medical Payments to Others
  • In the event that someone is hurt on your property or by your pet, this coverage will take care of any resulting medical bills.

Washington Insurance Resources

The Washington State Office of the Insurance Commissioner oversees the insurance industry and protects insurance consumers. The office makes sure insurance companies abide by all rules and regulations in the state, and help you get the coverage you pay for. On an annual basis, the office investigates problems and answers questions for over 100,000 Washington residents.