Insurance companies base their home insurance rates on the value of your property and how likely it is that something bad will happen to it. The higher the probability that your house and property will be lost or damaged, the more expensive your home insurance policy will be. We call these potential damaging events "risks” or “exposures.”
Let’s take a look at how risky Washington, DC is compared to the rest of the Unites States.
The burglary rate in Washington, DC is lower than the national average. This has a positive influence on homeowners insurance rates in the area.
- Average number of burglaries per 1,000 homes in the U.S.: 3.76
- Average number of burglaries per 1,000 homes in DC: 2.55
Several insurance companies offer policy discounts to homeowners who have a burglar alarm, deadbolt locks, and other security features installed in their homes. Talk to a local independent agent to learn whether you qualify for this or any other discounts.
Severe weather events such as hailstorms and heavy winds can wreak havoc on residential properties in this city. Be sure that your home insurance provides all the coverage you need before disaster strikes.
Statistics in the District of Columbia
- Number of federally declared disasters since 1953: 22
- Most common causes of disasters: Severe Storms, Hurricanes, and Snow
- Average number of tornadoes per year: 0.8
- Amount paid out in home insurance claims in in 2019: $61,472,000
A local independent insurance agent can help you be sure that your coverage levels are high enough to enable you to completely rebuild and replace in the event of a total loss due to a disaster like a fire.
- Average home value in the US: $188,900
- Average home value in DC: $607,200