Average Cost of Home Insurance in Washington State: 2022 Update

Published:
May 23, 2018
Last updated:
December 10, 2021
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What is the average cost of home insurance in Washington in 2022, and what factors play a role in determining the exact amount that you pay?

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

The average home insurance cost in Washington State is around $1,234 per year, as of 2022, This is much lower than the national average of $1,680, according to Value Penguin, 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 2022

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

Average homeowners insurance cost in WA State

At a monthly home insurance premium of $1,234 in Washington State, that comes to approximately $102 per month in 2022. This puts Washington below the national average cost for a homeowners policy, making it one of the most affordable states in the country when it comes to home insurance coverage.

This gives us some idea as to what homeowners in Washington are paying, on average, for their home insurance coverage. But how much might you pay for your own homeowners insurance policy? Here are some factors that might 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. There are several variables that 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 means that homeowners in Washington could lower their annual premiums by opting for a higher deductible amount, lowering the overall upfront cost of your 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:

This is another factor that can affect the size of your annual and monthly premiums. When it comes to the actual coverage, there are basically two types of homeowners insurance — replacement cost and market value.

Market value is the price you paid for your house when you bought it. If you insure your home for market value, those coverage limits could mean you end up having to pay a lot more to rebuild if materials and labor costs go up in the time 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 costs. This can mean paying a little more over time in premiums, but if your house is totally destroyed, you’ll be able to have it rebuilt 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 begin to see why the actual homeowners insurance rates can vary from one policy to the next. You can typically 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 as well, for their own 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 sort of 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 is able to be insured before a mortgage is secured. In the event of a disaster or theft, your lender will want to make sure that this large investment is protected.

If you already own a home in Washington State, then you’ll want to make sure your home and its belongings are protected in the event that the unexpected happens. You just 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 one of these events. And while you are paying a premium to have your home protected, 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 $955, that number can fluctuate a great deal based on any number of factors discussed above. If you live in a gated community or have a security system, you may qualify for home insurance discounts.

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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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