Insurance
Washington Home Insurance Calculator: Free Cost Estimator (2024)
Updated: November 21, 2024
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MoneyGeek’s home insurance calculator will give you a ballpark estimate of your cost — it’s free, no personal information required, no spam.
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Dec 22, 2024
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MONEYGEEK EXPERT TIP
MoneyGeek looked at a range of homeowner profiles to find the cheapest homeowners insurance in Washington. We found that Travelers has the lowest prices in the state.
To find the best home insurance providers in Washington, we looked at various insurance firms and compared their premiums, deductibles and other policy options. In general, the ideal insurance for you depends on your particular requirements.
How to Estimate the Cost of Your Homeowners Insurance Policy in Washington
Homeowners pay varying amounts for home insurance. Your premiums are determined by a number of factors, including your deductible, the coverage you have on your house, the personal property you own, your credit score and your home’s location.
The table below lists the average cost of home insurance in Washington by dwelling coverage.
Washington
Where you live has a substantial impact on your homeowner's insurance premiums. Insurers evaluate the risk associated with insuring your house. Thus, those who reside in regions prone to natural disasters or with high crime rates typically pay higher premiums.
Dwelling Coverage
Homeowners insurance helps pay to repair or rebuild the physical structure of your home. The amount of dwelling coverage will impact your homeowners insurance cost. A professional home appraiser or your insurance carrier can help you determine the proper dwelling coverage for your home. In Washington, the average dwelling coverage amount is $250K.
Deductible
The amount of money you are willing to pay out of pocket for a covered claim is known as the deductible. Selecting a higher deductible results in a cheaper monthly premium. Let's assume you have a deductible of $2,000, and you file a claim for a peril that has a coverage amount of $20,000. Since you pay the initial $2,000, the remaining $18,000 is the insurance provider’s responsibility.
Liability
If a third person is harmed or their property is damaged due to your negligence, liability coverage shields you against the associated costs. It pays for any legal bills, expenditures associated with pain and suffering, replacement expenditures, medical benefits and death benefits. Given that it only costs you a few dollars a month to raise your liability limits by tens of thousands of dollars, it can be a wise investment.
Personal Property
Aside from the structure of your home, personal property refers to all your possessions, whether they are within or outside your house. These include electronics, furniture and clothing. Use MoneyGeek's calculator to determine how much personal property insurance you require. You want to avoid having excessive or inadequate coverage.
Credit Score
When calculating premiums, insurance carriers also consider your credit score. If you have good credit, you will likely pay lower premiums. Persons with poor credit are more likely to file a claim and are deemed risky to cover. Consequently, insurance companies typically charge them higher premiums.
Personal Property Coverage Calculator
When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.
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Average Cost of Home Insurance in Washington
When it comes to the cost of homeowners insurance, Washington is one of the cheapest states, ranking tenth overall. Homeowners in Washington pay approximately $1,270 annually for a policy that provides $250K in dwelling coverage. This rate is 47% cheaper than the national average.
Refer to the table below for the average home insurance cost in Washington to determine if you require more or less dwelling coverage. This may give you a general sense of how much you should set aside each month for payments.
Average Annual Premium in Washington for Homeowners Insurance
| $100,000 | $855 |
| $250,000 | $1,271 |
| $500,000 | $2,633 |
| $750,000 | $3,896 |
| $1,000,000 | $5,189 |
| $2,000,000 | $10,981 |
| $3,000,000 | $16,954 |
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The dwelling coverage you select should be sufficient to pay for the expense of reconstructing your house. Therefore, it is essential to estimate the cost of reconstruction before purchasing homeowners insurance. Consult your insurance provider or a certified house appraiser for an exact estimate.
Average Cost of Home Insurance in Washington Cities
Just as rates for homeowners insurance vary by state, they also vary by city. As a result, the city you live in affects the cost of your homeowners insurance in Washington. The following table provides a rough estimate of the cost of homeowner's insurance in various Washington cities.
Average Annual Premium in Washington Cities for Homeowners Insurance
| Seattle | $833 | $1,207 |
| Spokane | $812 | $1,385 |
| Tacoma | $953 | $1,643 |
MONEYGEEK EXPERT TIP
According to MoneyGeek's research, Allstate provides the best homeowners insurance in Washington. It offers a decent balance between customer service and affordability.
However, the ideal policy will depend on your needs. Consequently, MoneyGeek has listed the best-performing home insurance providers to help you make an informed decision.
Frequently Asked Questions About Home Insurance in Washington
Shopping around for and buying homeowners insurance in Washington can be a stressful experience for first-time homeowners, given the numerous factors you need to consider. MoneyGeek responded to some frequently asked questions to assist you in getting started.
How much does homeowners insurance cost in Washington?
In Washington, a $250K policy will cost you an average of $1,270 per year. Washington's premiums are 47% less expensive than the national average, ranking it as the 10th cheapest state for homeowners insurance.
How do I know how much dwelling coverage to get?
Washington's minimum dwelling coverage is $250,000. Ultimately, the most appropriate amount for you will depend on the cost to reconstruct your home. Consider the cost of building materials and labor. Consult an appraiser or your insurer for an estimate.
Insurance
Methodology
To determine the average cost of homeowners insurance in Washington, MoneyGeek sourced pricing data from Quadrant Information Services.
MoneyGeek chose a standard home profile to provide the most reliable and relevant data for developing a thorough analysis of homeowners insurance. This standard home profile consists of the following attributes:
- Construction year: 2000
- Construction type: Frame
- Composition roof
- Three-mile radius from the fire department
- Assumed value of other structures on the property: 10% of the dwelling coverage
- Personal property coverage: 40% of the dwelling coverage
- Liability limit: $100,000
- Deductible: $1,000
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.