Madison Homeowners Insurance

How to find cheap homeowners insurance in Madison


Home insurance is a critical element of homeownership. It covers your dwelling — and the personal property within it — against a variety of perils, including fire, theft, vandalism, or wind damage. With the relative frequency of such events -- along with the high cost of rebuilding or repairing damages to a home -- having a home insurance policy is a smart investment.

The price of a homeowners insurance policy is dependent on a number of factors. These include your dwelling's value, the value of your personal belongings, and the cost of the materials used to build your home. The location of your dwelling can also play a large role in how much you pay for home insurance. Some geographic areas are susceptible to perils such as hail, wildfires, pipe freezes, volcanoes, and other hazards. These perils can lead to more expensive homeowners insurance rates. Learn more information about what a home insurance policy covers.

If you want to find affordable home insurance coverage in Madison, start with looking around and comparing different policies. Check out the below summary of average home insurance premiums in Madison to help you get as much information as possible when you start your search for homeowners insurance. One thing to note is that the yearly cost of homeowners coverage is determined based on your chosen coverage limits as well as a number of other rating factors.


Madison, Wisconsin, home insurance — table of contents:
  1. Rates by company
  2. Rates by coverage level
  3. Rates by neighborhood
  4. Rates by deductible level
  5. Policy bundling discounts

Homeowners insurance in Madison by insurance company

Madison homeowners insurance rates will vary depending on which insurance company you choose. The most inexpensive home insurance in Madison comes from Erie, which offers average annual rates of just $739 per year. This is more favorable than the city’s average homeowners premium of $1,018.

Below you'll find a list of the cheapest home insurance companies in Madison, Wisconsin to help you start your search.


AFFORDABLE HOME INSURANCE COMPANIES IN MADISON
CompanyAverage Annual Rate
Erie$739
Safeco$741
Badger Mutual$755
Rural Mutual Insurance$778
Wisconsin Mutual$854

Average homeowners insurance costs in Madison by coverage limit

How much you pay for home insurance coverage is greatly influenced by the level of coverage you choose. Homeowners in Madison who carry $200K in dwelling coverage pay an average of $765 per year, while those with coverage up to $400K pay around $1,234 per year.


HOMEOWNERS INSURANCE RATES IN MADISON — POPULAR COVERAGE LIMITS
Coverage LevelAverage Annual Rate
$100,000 Dwelling$467
$200,000 Dwelling$765
$250,000 Dwelling$854
$400,000 Dwelling$1,234

Compare Homeowners Insurance Rates

Madison homeowners insurance prices by ZIP code

Not every area of Madison has equal home insurance costs. One of the factors that insurers use when pricing your insurance policy is the number of claims filed in your surrounding area. As such, your neighborhood's location can dramatically affect your home insurance premium.

To find the most affordable home insurance premiums in Madison, look no further than 53716. In the 53716 area, homeowners policies typically cost just $994 per year — a full $24 less than the Madison average. If you’re looking for the areas with the least costly homeowners insurance rates in Madison, have a look at the table below.


AFFORDABLE AREAS FOR HOMEOWNERS INSURANCE IN MADISON
ZIP CodeAverage Annual Home Insurance Rate
53716$994
53704$996
53714$1000

Other areas of Madison, however, face homeowners rates that are higher than the city average . These areas might face a higher risk of perils such as fires or severe weather events. Similarly, they may also have a higher amount of crimes such as burglary or vandalism. With an annual average premium of $1,048, 53792 comes in as the costliest ZIP code in Madison for home insurance.


EXPENSIVE AREAS FOR HOMEOWNERS INSURANCE IN MADISON
ZIP CodeAverage Annual Home Insurance Rate
53792$1,048
53726$1,045
53706$1,042

Home insurance deductibles in Madison

One of the multiple decisions to be made when shopping for homeowners policies is the amount of your deductible. A homeowners deductible is how much your insurance requires you to pay out of pocket toward a claim. Where you set your deductible can be a large factor in determining your insurance premiums.

On the whole, having a lower deductible means that your insurance premiums will be higher. Therefore, it might make sense to set a higher deductible if you aim to lock in lower rates. It's worth mentioning that a homeowners deductible should only be as high as you can reasonably pay in the case of an actual loss.

Have a look at the typical deductibles offered by home insurance companies and an estimate of what you can expect your premiums to be.


HOME INSURANCE PREMIUMS BY DEDUCTIBLE IN MADISON
Deductible LevelAverage Annual Home Insurance Rate
$500$928
$1,000$854
$1,500$815
$2,000$768
$5,000$651

Looking for a money-saving tip for insurance in Madison? Try bundling

One way to save on insurance costs is to think about bundling your homeowners and auto insurance policies through the same company. Bundling your homeowners and auto insurance can be a good money-saving option. In fact, bundling policies in Madison leads to average annual savings of 16%.


CHEAPEST AUTO INSURANCE PREMIUMS WITH A POLICY BUNDLE IN MADISON
CompanyAvg. Annual Auto Insurance Rate (With Bundle)
GEICO$515
State Farm$661
American Family$668
West Bend Mutual$716
Acuity$813

A great way to save on insurance is to bundle your home and auto policies with the same insurance company.


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Ava Lynch LinkedIn

Based in Austin, TX, Ava has been in the insurance industry as a licensed agent for 4-plus years. Ava is currently one of The Zebra’s resident property insurance experts and has been featured in publications such as US News Report, GasBuddy, and Yahoo! Finance.