Wisconsin is known for summer tornados and winter storms,
which is why it is so important to buy good homeowners
insurance. But that doesn’t mean paying an arm and a
leg for coverage! With a little knowledge and
some great insurance company recommendations,
Insurance-Rates-Online makes it easy to find affordable
Basics of Wisconsin Home
When purchasing a home insurance policy, start by
deciding between replacement coverage or actual cash value
coverage. Replacement coverage provides funds to repair or
replace the damage, while actual cash value coverage deducts
depreciation first. Replacement coverage is slightly more
expensive, but if a serious incident occurs, the difference
could cost a homeowner thousands of dollars out-of-pocket to
Home insurance actually consists of
several types of coverage combined into one policy. Each
segment of the policy covers specific items and has
pre-determined payout limits.
- Dwelling & Personal Property – Covers the house and
- Additional Liability Expenses – Provides money to live
away from the home temporarily during repairs of a covered
- Personal Liability – Pays for legal defense if sued
because someone was injured or property was damaged due to
- Medical Payments – Allows for medical expenses if
someone is injured on the property or by a resident of the
Affecting Wisconsin Home Insurance
Insurance companies take a huge number of factors into
account when calculating the cost of premiums for a home. It is
important to know as much as possible about these factors to
keep rates low.
- Location of the home – is the area known for severe
weather conditions, like tornados or ice storms, or is it
in a high-crime area?
- Fire Protection – Each fire department has a rating on
a scale of 1-10; the lower the rating, the better the fire
department. The quality of the fire department, proximity
of the home to the station, and distance from a fire
hydrant are all considered.
- Physical Condition – has the home been properly
maintained? Remember, home insurance will not cover repairs
due to neglect.
Endorsements for Wisconsin Homeowners Insurance
While every policy covers things like fire, theft or
vandalism, there are many other things which may not be covered
depending on the insurance company. It is important to read
each policy thoroughly to make sure that it contains everything
needed to fully protect the home. Some of the items to ask
- Personal Property – most policies limit the coverage
amount on certain types of items, and limit the entire
personal property amount to 50% of the dwelling limit.
Homeowners with expensive antiques, computers, or jewelry
should purchase extra coverage on those items.
- Ordinance and Law Coverage – when a home is being
repaired, the changes must be up to the latest code. This
could mean that undamaged parts of the home may have to be
replaced as well. Without this type of protection, the
homeowner could be liable for these extra costs.
- Watercraft/Recreational Vehicle Endorsement – many
policies have very strict limits on boats, ATV’s or
campers. Make sure to buy whatever protection fits the
- Ice & Snow – Read the policy carefully to make sure
that ice, snow and sleet damage, such as collapse of the
building or roof repairs, are covered.
Money on Wisconsin Home Insurance
Fortunately there are many ways to save money on a
home insurance policy in Wisconsin. Sometimes,
simply by asking or making the insurance company aware of any
- Increase the deductible – Raising the policy deductible
slightly, even from just $250 to $500, can save a lot of
- Insure only the home – remember, only the home and
contents need to be insured, not the land.
- Security devices – installing deadbolt locks, fire
extinguishers and smoke detectors usually result in a
discount on premiums.
- Upgrading the systems – one other benefit of replacing
old electric, plumbing or heating systems is lower
insurance premiums; make sure to let the insurance company
know when making these types of changes.
Biggest Way to Save on Wisconsin Home
The top thing a homeowner can do to lower the cost of
insurance is to shop around. Get several free quotes and
compare them closely to find the best deal. Luckily this can
also be the easiest part of the job. Just click on the “Get
Quote” button below to instantly see a list of top insurance
companies offering coverage in Wisconsin. Make sure to request
at least four quotes to truly shop for the best deal. Don’t
waste another dollar on home insurance – click on the button
below and Start Now!
For more suggestions on ways to reduce home insurance costs,
Money On Home Insurance
Information on flood insurance is available through the
National Flood Insurance Program.