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Madison, the capital of Wisconsin, lies just west of Milwaukee and has a population of over 259,000. With around 47% of the population being homeowners, finding the best cheap home insurance in Madison is likely a big business for residents. The average cost of home insurance is $ 851 per year for $ 250,000 in housing coverage according to Bankrate’s 2021 study of average annual premiums cited, well below the national average of $ 1,312 per year. Our research revealed that Erie offers one of the cheapest home insurance policies in town.
With Madison’s property crime rate above the state average and the risk of severe storms, tornadoes, and snowfall, it may be worthwhile to research the best home insurance options in Madison. Bankrate’s Insurance Editorial Team has rounded up the companies with the best home insurance in Madison by market share to rate each for its average premiums and policies.
Best Cheap Home Insurance Companies in Madison
Residents of Madison have many options for home insurance. Using customer satisfaction ratings based on the 2020 JD Power Home Insurance study and 2021 average rates for each company, Bankrate looked at several of the top carriers in Madison, Wisconsin to determine the best ones. cheap home insurance companies.
| Home insurance company | Average annual premium for a home of $ 250,000 | JD Power Score |
|---|---|---|
| Erie | $ 515 | 839/1000 |
| Travelers | $ 718 | 803/1000 |
| At national scale | $ 743 | 808/1000 |
| Allstate | $ 759 | 829/1000 |
| United States | $ 788 | * 889/1000 |
* Due to membership eligibility restrictions, USAA is considered ineligible by JD Power.
Erie
For cheap home insurance in Madison, Erie offers one of the best home insurance options for residents. Erie’s standard home insurance policy includes theft coverage, pet insurance, and guaranteed replacement cost protection. You can also add earthquake insurance, flood insurance, water and sewer backup protection.
Learn more: Erie Insurance Review
Travelers
When you have purchased a home insurance policy with Travelers, there are many coverage options, such as the cost of replacing the contents, the water supply, and additional protection against the replacement cost. These covers can be added to your policy as needed. Even though Madison is below the national average in terms of home insurance cost, there are still many discounts available from the insurer, including multi-policy, green home, and lossless discounts.
Learn more: Traveler insurance review
At national scale
Nationwide standard home insurance coverage includes typical coverage as well as prescription insurance to rebuild your home to code in the event of a covered loss. Extras can be purchased if needed, such as water backup and flood insurance. Discounts for customers include multiple policies, lossless, living in a gated community, and protective devices, such as security systems.
Learn more: National Insurance Review
Allstate
Allstate is one of the best and cheapest home insurance options in Madison. Not only is it highly regarded among customer satisfaction, but it also offers useful discounts to owners. Allstate is known for rewarding No-Claim Homeowners with its No-Claim Rewards Program, which offers a discount for each year you don’t file a claim. However, sometimes complaints are beyond your control. Allstate also has a claim rate monitoring system that helps keep your rate from increasing even if you file a claim.
Learn more: Allstate Insurance Review
United States
USAA is not available to all homeowners, as it is specifically intended for serving members of the military, veterans, and immediate family members. However, if you qualify for USAA insurance, this is one of the best cheap home insurance options in Madison. A USAA policy includes standard coverage and covers your belongings at their current replacement cost without depreciation.
Learn more: USAA Insurance Review
Home insurance coverage options in Madison
Home insurance is not a legal requirement, but may be necessary if you have a mortgage on your home. Home insurance policies are also useful if your home is damaged. Your policy could help you rebuild and repair, and offer protection against serious financial hardship in these circumstances.
The following additional coverages may be of benefit to residents of Madison.
- Water saving: Water saving is an add-on available from some insurance companies. This covers plumbing damage and flooding from burst pipes. This can be especially helpful for residents of Madison during the winter months.
- Personal property float: The property crime rate in Madison is higher than the state average in Wisconsin, so it might not be a bad idea to consider adding extra coverage for items in your home.
- Flood insurance: The most common natural disasters in Wisconsin include severe storms, floods, and tornadoes. Therefore, it is often worth considering purchasing flood insurance in addition to your standard policy.
- Additional living expenses: If it becomes necessary for you to temporarily move to a hotel or apartment due to a covered risk for your home, this supplement will help you cover these costs. However, some policies include it as standard.
Madison Home Insurance Discounts
While average home insurance costs in Madison are significantly lower than in other parts of Wisconsin or the rest of the country, most homeowners want extra savings. There are several common discounts available to residents of Madison. These include:
- Multi-policy: One of the easiest ways to get discounts is to use the same insurance company for your home insurance as you do for your auto insurance or any other insurance policies you may have.
- Security measures: Installing a security device or other protective measures in your home could earn you discounts from your insurer.
- New house: New homes are often eligible for additional discounts from insurers.
- Flame retardant materials: Some home insurance providers offer discounts if flame retardant building materials are used in the construction of your home.
- Lossless: If you’ve had home insurance before and have a loss-free record, this could be to your advantage. If you don’t have a history of home insurance, consider finding an insurer who will reward you for not making any claims in recent years.
Frequently Asked Questions
What is the best home insurance company?
The best home insurance company depends on several factors. The choice of carrier depends on your circumstances, such as location, size of home, and budget.
How much does home insurance cost in Madison?
The average home insurance rate in Madison is $ 851 per year for $ 250,000 in housing coverage. The cost of home insurance will vary depending on personal factors such as your past claims, postal code and the total value of personal effects.
How Much Home Insurance Do I Need in Madison?
The amount of home insurance you need in Madison is largely based on what it would take to rebuild your home in the event of a total loss. It is usually always a good idea to speak with an insurance agent to determine exactly how much coverage you will need to protect your home and property.
Methodology
Bankrate uses Quadrant Information Services to analyze 2021 rates for all postal codes and carriers in all 50 states and Washington, DC Rates shown are based on 40 year old male and female owners with clean claim history , good credit and the following coverage limits:
- Coverage A, Housing: $ 250,000
- Cover B, Other structures: $ 25,000
- Coverage C, Personal Property: $ 125,000
- Coverage D, Loss of use: $ 50,000
- Coverage E, liability: $ 300,000
- Coverage F, Medical Payments: $ 1,000
Homeowners also have a $ 1,000 deductible and a separate wind and hail deductible (if required).
These are sample rates and should only be used for comparison purposes. Your quotes will be different.
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