Average Cost of Homeowners Insurance in the Seattle Area

Published:
January 18, 2023
Last updated:
January 18, 2023
Post cover image
In This Article

The average cost of a homeowners insurance policy in the Seattle area is currently around $1,543, according to 2022 data. But that’s just an average taken across all policies, which can vary widely based on home values and other factors.

Here’s a closer look at the average home insurance premium for Seattle, Washington, followed by some strategies you could use to reduce your own costs.

Average Cost of Home Insurance in Seattle

According to the insurance comparison website Insurance.com, the average cost for a standard homeowners insurance policy in Seattle was around $1,543 in late 2022. During that same time, the statewide average for Washington was around $1,659.

So the typical cost for a home insurance policy in the Seattle metro area falls below both the statewide and national averages.

Homeowners insurance is one of the four primary components that make up a monthly mortgage payment. These components are commonly referred to by the acronym “PITI.” This acronym stands for the principal amount borrowed, interest, taxes and insurance.

So by reducing the amount you pay for homeowners insurance, you could also reduce your overall mortgage payment. And that could pay dividends going forward, by putting money back into your pocket.

Today’s Seattle Mortgage Rates

5 Ways to Save on a Homeowners Policy

As a home buyer or homeowner in the Seattle area, there are several things you could do to reduce your annual home insurance premium. Here are five cost-reducing strategies worth considering.

  1. Obtain quotes from multiple insurance companies.

When it comes to your home insurance policy, it pays to shop around. Insurance companies do not use a “one-size-fits-all” formula for determining premiums. It can vary widely from one company to the next, due to a number of factors.

Insurance pricing is all about risk. But different providers calculate risk in different ways. So you might be able to save money on a Seattle home insurance policy by getting multiple quotes from providers.

  1. Raise your deductible.

The deductible is the amount you have to pay on a claim before your insurance kicks in and covers the rest. For example, if you have a $500 deductible on a homeowners claims, you would have to pay $500 of the repairs in order for your insurance provider to cover the rest.

The insurance premium, on the other hand, is the annual cost of your policy. It’s usually paid monthly, as part of the mortgage payment. Insurance premiums and deductibles usually have an inverse relationship. That means you could lower your premiums by increasing the size of your deductible.

For some homeowners in the Seattle area, this is a worthwhile strategy that can help lower costs. After all, you know for certain you’re going to have to pay the premium — but you would only have to pay the deductible in cases of actual damage. Something to consider.

  1. Bundle your home and auto insurance.

If you currently have auto insurance coverage, you might be able to get a good deal on your homeowners policy by using that same insurance provider. This is referred to as “bundling.” So be sure to get a quote from your current provider, in addition to shopping around with other companies.

  1. Ask your provider about discounts.

Different insurance companies offer different types of discounts for homeowners policies. But they don’t always promote them upfront. So you might have to ask for a full list of discounts when obtaining quotes from providers.

There are many different types of discounts relating to homeowners insurance. For instance, some companies might offer discounts for paperless transactions, non-smokers, and homes that have security features installed. Newer homes might qualify for additional discounts.

If you’re able to combine multiple policy discounts, it could significantly reduce your Seattle home insurance costs. So it’s worth looking into it.

  1. Try to avoid making small claims.

If your home receives a small amount of damage for some reason, you might be tempted to file a homeowners claim straightaway. After all, you’re paying for the policy. So why not use it to cover your repair costs?

But there’s a potential downside to making small claims against a home insurance policy. It could increase your deductible, for one thing. Additionally, home insurance companies often give their customers discounts for being “claims-free” for a specific number of years.

So even though your policy probably covers a minor repair, filing such a claim might not be in your best interests. You’ll want to compare (A) the cost of paying out of pocket to (B) the long-term effects the claim might have on your home insurance premiums.

Get an Instant Mortgage Rate Quote Today

Disclaimer: This article explains the average cost of homeowners insurance in the Seattle area, based on data provided by third-party sources. Your policy costs could vary due to a number of factors, including the ones mentioned in this article.

Other Blogs You May Like
A Beginner’s Guide to Homeowners Insurance
April 25, 2022
5 min read
A Beginner’s Guide to Homeowners Insurance
Living in the west region of the United States means getting a dose of nature almost anytime you...
What Emergencies Does Homeowners Insurance Cover?
April 4, 2022
7 min read
What Emergencies Does Homeowners Insurance Cover?
Homeowners insurance is typically be required by mortgage lenders, to ensure they can recoup their...
Show 3 more posts
from this category

Connect with America’s Lending Experts today!

Whether you’re buying a home or ready to refinance, our professionals can help.

Compare Mortgage Rates in Your Area Instantly

No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.