Milwaukee is a lively Midwestern city that has a lot to offer its residents. With its lakefront festivals, scenic views and vibrant nightlife, this city has something for everyone. Great schools and affordable housing make this an ideal city in which to purchase a home. If you have recently bought or are considering buying a home here in the Brew City, you will want to protect your investment with a comprehensive Milwaukee, WI homeowners insurance policy.
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Cost of Homeowners Insurance in Wisconsin
- Average yearly premium average: $1,034
- Wisconsin yearly premium average: $631
- 48th most expensive premium in the US
Is Milwaukee Homeowners Insurance Necessary?
Homeowners insurance policies protect you from financial loss that can accompany property crimes, weather damage, fire and liability claims. If you have a mortgage on your home, your mortgage lender will require you to carry a homeowners insurance policy. Once you own your home outright, this insurance coverage becomes optional, but with so much invested in your home, it would be foolish to forego it.
You can rest assured that your homeowners insurance policy will help you weather the financial costs associated with the loss of property and the repair of damage.
Basic Homeowners Coverage that You Should Have
You should make sure that you have at least the following types of homeowners insurance coverage:
- Building property coverage: Pays to repair the structure of your home and other structures like garages and fences after a disaster
- Home contents coverage: Pays to replace your stolen or damaged clothes, furniture and electronics
- Liability insurance: Pays medical expenses and court costs for bodily injury and property damage claims if you are at fault or someone sues you due to injury or property damage while they are on your premises
- Relocation assistance or “loss of use”: Provides temporary lodging if the home is rendered uninhabitable because of a covered incident
Theft in Wisconsin:
- National average for burglaries: 37,814
- Wisconsin number of burglaries: 24,347
Although the state has a lower-than-average burglary rate, residents of Milwaukee would be wise to ensure they are protected from incidents of crime. Residents are advised to have and use deadbolt locks on all outside doors and, when possible, to secure their homes with a burglar alarm system.
Milwaukee Weather Can Cause Property Damage
Weather and natural disasters can lead to significant property damage to your home. Milwaukee’s residents do not face very many weather-related risks. You are most likely to experience property damage due to heavy snow, freezing temperatures, hailstorms and flooding. Your homeowners insurance can provide compensation for this type of damage in all cases except flooding. For that, you will need an NFIP-backed flood insurance policy.
Number of Catastrophes in Wisconsin and the US
- National number of catastrophes: 19,033
- Number of catastrophes in Wisconsin: 324
- National number of tornadoes: 1,233
- Number of tornadoes in Wisconsin: 20
- National property damage from weather: $5,511,270,000
- Property damage from weather in Wisconsin: $51,070,000
Wisconsin experiences catastrophes, and tornadoes in particular, at a rate that is lower than the national average, but resident of Milwaukee still need to be aware of natural events that can strike.
Milwaukee’s winters can sometimes be brutal. The city gets an average of 46 inches of snow each year, and when it comes quickly, the heavy snow can weigh down and damage roofs. Furthermore, when temperatures drop below 0 degrees, pipes can freeze and burst, and this can lead to water damage in your home.
The spring and summer bring hail and floods. Most hailstorms in this city produce hail that is less than 1 inch in diameter, but occasionally hailstones are larger than 1 inch, which can cause a lot of damage to windows, roofs and crops. With snowmelts and heavy rains in the spring, the water levels in Lake Michigan and area rivers can rise and lead to flood damage in area homes. A comprehensive homeowners policy coupled with flood insurance can shield residents from these catastrophes.
Get Milwaukee Homeowners Insurance at an Ideal Rate
Homeowners insurance policy rates can vary significantly from one insurer to another. You can make certain that you are getting your policy at a great price by first obtaining a minimum of three insurance quotes and comparing the policies. While one policy may cost less than another, you may have to purchase endorsements with the cheaper policy that the more expensive policy does not require. This is why working with a Trusted Choice® network agent can be so helpful.
Your local member agent can provide you with a variety of competitively priced policies and review with you the coverage offered by each. Contact a local representative for your Milwaukee home insurance quotes today.