Average Cost of Home Insurance in Washington State: 2024 Update

Published:
May 23, 2018
Last updated:
January 12, 2024
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What is the average cost of home insurance in Washington in 2024, and what factors play a role in determining the exact amount you pay?

Most homeowners in Washington have a basic homeowners insurance policy to cover personal property losses related to fire, storm damage, vandalism, and other common risks. The insurance premiums can vary based on several factors.

The average home insurance cost in Washington State is around $1,215 per year as of 2024; this annual rate much lower than the national average of $1,687, which can be surprising to some because of some of the higher-priced housing markets in the nation are located in the state. See the analysis below for more details.

Average Cost of Home Insurance in Washington in 2024

Several companies and organizations track the average cost of homeowners insurance policies in different states. We looked at some of them to gain insight into the cost of homeowners insurance in Washington State and what some are paying for their insurance policies. The good news is that WA has some of the most affordable homeowners premiums.

Average homeowners insurance cost in WA State

At a monthly home insurance premium of $1,215 in Washington State, that rate comes to approximately $101 per month in 2024. This rate puts Washington below the national average homeowners insurance rate for a  policy, making it one of the most affordable states in the country regarding the cost of insurance coverage.

This gives us an idea of what homeowners in Washington are paying, on average, for their home insurance coverage. But how much might you pay for your homeowner’s insurance policy? Here are some factors that determine your specific premium for dwelling coverage.

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Factors That Affect the Price of Homeowners Insurance

Home buyers who apply for a mortgage loan to buy their house are usually required to have home insurance coverage in place before closing day. Several variables can affect the cost of a home insurance policy.

Deductibles:

The home insurance deductible is the amount you (the homeowner) must pay toward a loss before your insurer kicks in to cover the rest. The premium is the amount you pay each year for your policy. There’s usually an inverse relationship between the deductible and the premium.

This relationship means that homeowners in Washington could lower their annual premiums by opting for a higher deductible amount, reducing the overall upfront cost of their home insurance policy. The reverse is also true: you can pay a higher monthly premium and save tens of thousands on your deductible in case of a covered event.

Replacement cost vs. market value:

Replacement cost and market value are other factors that can affect the size of your annual and monthly premiums. Regarding the actual coverage, there are two types of homeowners insurance — replacement cost and market value.

Market value is the price you paid for your house when you bought it. Suppose you insure your home for market value. In that case, those coverage limits could mean you have to pay a lot more to rebuild if materials and labor costs go up between the original build and a catastrophic incident.

Replacement cost is how much it would take to rebuild your house in the same spot and with the same quality of construction at today’s prices. This policy addition can mean paying a little more over time in premiums, but if your house is destroyed, you’ll be able to rebuild it without incurring the cost of inflation.

Other factors that can affect the cost of a homeowners policy in Washington include:

  • Location of the home
  • Any personal liability limits that are in place
  • Presence of a wood-burning stove
  • Size of your home
  • Condition of your home
  • Electrical and plumbing systems
  • Contents of your home
  • Upgrades and renovations
  • History of claims
  • Swimming pool

This list is by no means exhaustive. With so many variables, you can see why the homeowner’s insurance rates can vary from one policy to the next. You can add additional coverage options and homeowners insurance products to deliver extra protection. For example, you may need to protect other structures on the property, increase liability insurance, or upgrade limits with riders that cover high-value items.

You may also need supplemental homeowners insurance policies based on where you live and the risk of natural disasters. In some cases, depending on the flood risk ranking of the zone you are in, you may need to add flood insurance (usually obtainable through the National Flood Insurance Program.) If you are near a fault, you might need earthquake coverage.

Your finances

Insurance companies will look at your credit score and your insurance history for their financial protection. If they see a history of claims paid, your average premiums could be higher, even if a claim was with a car insurance company. Any claim can cause insurance rates to go up across different verticals, affecting your home insurance costs.

Why Do You Need Home Insurance in Washington?

In most cases, you will need to show your lender that the home you are buying can be insured before a mortgage is secured. In a disaster or theft, your lender will want to protect this significant investment.

If you already own a home in Washington State, you’ll want to ensure your home and its belongings are protected in the event the unexpected happens. You never know when disaster may strike.

Types of coverage homeowners insurance companies offer

Whether it’s due to a storm, fire, flooding, theft, or vandalism, a home insurance policy can help you recoup the damages suffered in any of these events. And while you are paying a premium to protect your home, it can certainly come in handy should the unthinkable happen.

Insurance policies come in all shapes and sizes. While the average in the state of Washington may be $1,215, that number can fluctuate significantly based on many factors discussed above. You may qualify for home insurance discounts if you live in a gated community or have a security system.

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Want to Learn More About Mortgages?

If you’re looking for details about mortgages in Washington State, Sammamish Mortgage can help. We are a family-owned Mortgage Company based in Bellevue, Washington serving the Pacific Northwest since 1992. We lend in all of Washington, Oregon, Idaho, and Colorado and provide many mortgage programs with flexible qualification criteria. Call our friendly and knowledgeable staff today!

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