Summary: The average cost of home insurance in Washington is $674 per year, as of 2019. But there are many factors that compel into play that determine the exact amount that you pay.
Most homeowners in Washington have a basic homeowners insurance policy in place to cover financial losses related to fire, storm damage, vandalism, etc. But the cost can vary based on a number of factors. The average cost of home insurance in Washington State is around $674 per year, as of 2019. See the analysis below for more details.
Average Cost of Home Insurance in Washington
There are several companies and organizations that track the average cost of home insurance in different states. We looked at two of them — ValuePenguin and Insurance.com — to gain some insight into how much homeowners in Washington State are paying for their insurance policies.
The good news is that ours is one of the most affordable states in the country, where homeowners premiums are concerned.
According to ValuePenguin, the average cost of home insurance premiums in Washington was $695 per year in 2019. That comes to around $59 per month. This puts Washington below the national average cost for a homeowners policy. In fact, it’s one of the most affordable states in the country when it comes to home insurance coverage.
Insurance.com had similar numbers. As of July 2019, the company listed Washington as being the sixth most affordable state in the country for homeowners policies. According to their analysis, the average cost of home insurance in Washington State was around $653 per year. That’s 47% below the national average.
If you average the two figures reported by these sources, you’d get an average cost of $674 per year. So that 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? Here are some factors that might determine that.
Factors That Affect the Price
As mentioned earlier, there are several variables that can affect the cost of a home insurance policy. The size of the deductible and the type of coverage are two factors that have the most influence on the cost. But there are others as well.
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. So this can affect the overall cost of your home insurance policy.
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. 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.
Other factors that can affect the cost of a homeowners policy in Washington include the location of the home, any liability limits that are in place, and even the presence of a wood-burning stove. With so many variables, you can begin to see why the actual cost can vary from one policy to the next.
Need a mortgage?
If you’re considering buying a home sometime soon and are in need of a home loan, Sammamish Mortgage is available to help. We provide loans to buyers in Washington state, Oregon, Colorado, and Idaho, and have been doing so successfully for over 20 years. Contact us today to get an instant quote on mortgage rates in your area.