Insurance companies calculate home insurance costs based on the value of your property and by assessing the chances that something bad will happen to it. The more likely it is that a disaster or other damaging event can impact your house and property, the more expensive your home insurance policy will be.
These potential disasters are called "risks” or “exposures.” Let’s take a look at how risky Wisconsin is compared to the rest of the country.
The burglary rate in Wisconsin is higher than the national average. You will want to be sure to protect your property by keeping doors and windows securely locked, keeping all entryways unobstructed and well-lit, and putting lights on timers when you are out of town.
- Average number of burglaries per 1,000 homes in WI: 5.34
- Average number of burglaries per 1,000 homes in the US: 3.76
Frequently, installing a burglar alarm or other security device in your home can earn you discounts on your home insurance costs. Talk to a local independent agent to learn more about this and other potential discounts.
Severe weather, including storms, blizzards, and tornadoes, can wreak havoc on residential properties in this state. Be sure that your home insurance provides all the coverage you need before disaster strikes.
- Number of federally declared disasters since 1953: 54
- Most common cause of disasters in the state: Severe storms, floods, and tornadoes
- Average number of tornadoes per year in the state: 23.5
- Amount paid in home insurance claims in 2016: $585,360,000
It is important to be aware that although floods pose a real risk in Wisconsin, flood damage is not covered by homeowners insurance. Fortunately, a local independent agent can help you supplement your home coverage with an affordable flood insurance policy through the National Flood Insurance Program (NFIP).
The estimated cost to rebuild your home will play a large role in how much your home insurance costs. In Wisconsin, the average home value is a bit lower than the national average. This helps to keep insurance rates affordable despite the weather risks in this state.
- Average home value in WI: $178,900
- Average home value in the US: $188,900
Comparing rates from a few different insurance companies helps you be certain you are getting your coverage at the most competitive price.