Homeowners Insurance in Brookfield, WI
Experts break down home insurance costs, coverages, companies, and more for property owners in Brookfield, Wisconsin.
The city of Brookfield, Wisconsin is home to around 41,000 people. Residents of this Milwaukee suburb enjoy exceptional schools, a low crime rate, and a high quality of life. If you have purchased a house in this city, homeowners insurance can protect the investment you have made in it.
When you are looking for the right coverage for your Brookfield home, a local independent agent can help. These agents can shop around to find you the best and most affordable policy. Contact an independent insurance agent near you to start comparing customized home insurance quotes.
What Is Homeowners Insurance, and Is It Required in Brookfield, WI?
Homeowners insurance is a policy designed to cover loss or damage to your house and property and shield you from liabilities.
If you are still paying for your house or have taken out a home equity loan or line of credit, your lender is likely to require you to carry this coverage. Otherwise, it is optional but highly recommended, considering how much you have invested in your home.
How Much Does Homeowners Insurance Cost in Brookfield, WI?
Wisconsin's average homeowners insurance rate is much lower than the national average.
- National average yearly premium: $1,211
- Wisconsin average yearly premium: $779
In Brookfield, where property values are higher than throughout much of the state, you can expect rates to exceed the state average. Insurance companies base your rates on factors such as:
- The type of home you are insuring (e.g., single-family detached house, townhome, condo, investment rental property, etc.)
- The year your house was built, its size in square feet, and its rebuild value
- The estimated value of your personal property
- The crime rate and weather risks where your house is located
- Your claims history and credit score
- The size of your deductible
Every insurance company has a different method for calculating rates. Reviewing a variety of customized homeowners insurance quotes lets you choose the policy that offers the coverage you want at the most affordable price. This has the potential to save you hundreds of dollars a year.
You can save even more money if you bundle your homeowners insurance with another policy like car insurance or boat insurance. Learn more about this and other potential home insurance discounts by talking to an independent insurance agent.
What Does Homeowners Insurance Cover in Brookfield, WI?
Your homeowners insurance policy is designed to protect you against significant financial losses in three fundamental ways:
- By covering the investment you have made in your property
- By reimbursing you for costs related to displacement
- By shielding you from losses related to liability lawsuits
Read on to learn more about each of these three coverage types.
How Does Homeowners Insurance Provide Coverage for your Property in Brookfield, WI?
Homeowners insurance can cover damage to your property with three types of coverage:
- Dwelling insurance (Coverage A): This covers damage to the structure of your home and built-in appliances like your hot water heater and furnace.
- Other structures insurance (Coverage B): This covers damage to other structures on your property like detached garages, sheds, and fences.
- Contents insurance (Coverage C): This covers loss or damage to your personal property like furniture, electronics, and clothing.
Each of these coverage types covers against most of the damaging risks you are likely to face as a homeowner in Brookfield. Covered hazards include:
- Property crimes
- Fires and explosions
- Falling objects
- Severe weather events like thunderstorms, windstorms, winter storms, and tornadoes
You will want to make sure that your coverage limits are high enough to enable you to fully rebuild your house and replace all of your personal property if a catastrophic event like a fire destroys your home.
How Does Homeowners Insurance Cover against Displacement in Brookfield, WI?
Brookfield has a moderate risk for tornado activity. Hazards like tornadoes and accidental fires can do more than damage your property. They can also render your house uninhabitable until repairs are made. That is why your home insurance policy includes:
- Loss of use insurance (Coverage D): This can cover your extra living expenses if you are displaced from your home due to damage caused by a covered event.
If needed, your loss of use insurance can pay for things like:
- A hotel or temporary rental home
- Meals and groceries
- Laundry and dry cleaning costs
- Moving and storage fees
- Mileage reimbursement if you must drive further to get to work
- Pet boarding
Loss of use coverage can continue until your house is safe to move back into or until you have purchased or built a replacement home.
How Does Homeowners Insurance Cover Against Liability Lawsuits in Brookfield, WI?
Anyone can find themselves on the wrong end of an expensive liability lawsuit. All it takes is a momentary lapse of judgment, and you could cause significant harm to someone else. Fortunately, in addition to covering your house and property, your home insurance policy provides you with:
- Homeowners liability insurance (Coverage E): This covers the costs associated with a liability lawsuit if you or someone in your household is unintentionally responsible for inflicting harm on others.
Homeowners liability insurance can pay for your court costs, legal fees, mediation costs, settlements, judgments, and other related expenses.
Most home insurance policies max out at between $250,000 and $500,000 in liability protection. You can also purchase an umbrella insurance policy if you want more liability coverage than your home insurance offers.
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What about Coverage against Floods in Brookfield, WI?
Although homeowners insurance coverage is pretty comprehensive, it does not cover every hazard that threatens property owners in Brookfield. Specifically, you should not expect your policy to cover damage caused by floods.
Fortunately, the risk of flooding is minor in Brookfield. Fewer than 1,000 homes in this city have at least a 26% chance of sustaining flood damage over the next 30 years.
Flood damage to your home can be costly. According to FEMA, just one inch of rainwater in your home can cause as much as $25,000 in property damage. Therefore, if your property is among those at risk, it may be a good idea to supplement your home coverage with flood insurance.
Affordable coverage is available through the National Flood Insurance Program (NFIP), administered by FEMA. A local independent agent can help you obtain a policy at your request.
Does Brookfield, WI Have a High Risk for Burglary?
The burglary rate in Wisconsin is lower than the national rate, and Brookfield's rate is even lower. This is not to say the risk does not exist in this city. Brookfield residents report around 75 burglaries a year.
- Number of burglaries per 1,000 residents in the US: 3.76
- Number of burglaries per 1,000 residents in Wisconsin: 2.43
- Number of burglaries per 1,000 residents in Brookfield: 1.85
If you discover that your home has been burglarized, make sure that you and your family are safe, and then call the authorities. It may comfort you to know that your home insurance can reimburse you for your lost property as well as for any damage the burglar may have done to your house.
Where Can I Find Cheap Homeowners Insurance Near Me?
Independent agents help you find the policy that offers the best value for your hard-earned money. This does not necessarily mean that the cheapest policy is the best choice. As the adage goes, "You get what you pay for."
The cheapest policies are often so inexpensive because they come with very high deductibles and actual cash value coverage instead of replacement cost coverage. This means that if a disaster impacts your home, you may be unable to collect sufficient compensation to cover your losses.
Independent agents can help you compare rates for comprehensive policies written by reputable insurance companies. That way, you can be confident you are choosing a good policy at a competitive price.
What Are the Best Homeowners Insurance Companies in Brookfield, Wisconsin?
The most highly rated homeowners insurance companies are the ones that have proven themselves in terms of consistent reliability, responsive customer service, and competitive rates.
Independent agents in Brookfield have partnerships with some of the best homeowners insurance companies in Wisconsin, so they can help their clients find suitable yet affordable coverage.
Why Work with an Independent Insurance Agent in Brookfield, WI?
Local independent agents make it easy to find the best and most affordable homeowners insurance policy. These agents can answer your coverage-related questions and save you time and money by doing the comparison shopping legwork on your behalf.
Arrange an obligation-free consultation with an independent insurance agent near you to start comparing customized home insurance quotes.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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