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Average Cost Of Home Insurance In Washington State: 2020 Update

Average Cost of Home Insurance in Washington State: 2020 Update

Summary: The average cost of home insurance in Washington is $822 per year, as of 2020. But there are many factors that compel into play that determine the exact amount that you pay. This article will detail why Washington State home insurance rates are where they are based on the factors that affect this rate.

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 $822 per year as of 2020, according to the National Association of Insurance Commissioners (NAIC). Interestingly, this is much lower than the national average of $1,192, which may be surprising to some because of some of the higher-priced housing markets in the state. 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 some of them, along with information from the NAIC, 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.

Did you know? Home buyers who use mortgage loans are usually required to have a standard homeowners policy in place before closing day.

At a monthly home insurance premium of $822 in Washington State, that comes to approximately $27 per month in 2020. 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.

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.

View Washington State Mortgage Rates Jun, 05, Fri, 2020

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:

  • Location of the home
  • Any 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. There are several variables that affect an insurance premium, and these are just some examples. With so many variables, you can begin to see why the actual cost can vary from one policy to the next.

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. 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 $822, that number can fluctuate a great deal based on any number of factors discussed above.

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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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