- How much is home insurance in Madison, WI?
- How do deductibles affect home insurance rates in Madison?
- Who has the cheapest homeowners insurance in Madison?
- How does credit affect homeowners insurance in Madison?
- How can you save on homeowners insurance in Madison?
- Methodology
- Compare homeowners insurance rates by city in Wisconsin
How much is home insurance in Madison, WI?
The average cost of homeowners insurance in Madison varies depending on the coverage level you choose. Homeowners insurance costs $1,275 per year for dwelling coverage of $200,000 and $1,673 for $300,000 of dwelling coverage.
Below are the average annual and monthly Madison home insurance rates for different amounts of dwelling coverage.
| Coverage level | Average annual rate | Average monthly rate |
|---|---|---|
| $200,000 | $1,275 | $106 |
| $300,000 | $1,673 | $139 |
| $400,000 | $2,059 | $172 |
| $600,000 | $2,910 | $242 |
| $1,000,000 | $4,049 | $337 |
Note: For the above rates, the deductible amount is $1,000 and liability protection is $100,000.
How do deductibles affect home insurance rates in Madison?
Home insurance rates in Madison vary based on the deductible you choose. If you pick a higher deductible, your monthly insurance premium will be lower, while a lower deductible, means lower premiums because the insurance company will pay more if you file a claim, and the odds of you filing a smaller claim are higher.
The table below lists the home insurance rates by deductible in Madison.
| Deductible | Company | Average annual premium | Average monthly premium |
|---|---|---|---|
| $500 | Secura Insurance | $1,376 | $115 |
| $500 | Allstate | $1,449 | $121 |
| $500 | Auto-Owners | $1,915 | $160 |
| $500 | Farmers | $1,919 | $160 |
| $500 | State Farm | $1,969 | $164 |
| $500 | West Bend Insurance Company | $2,144 | $179 |
| $500 | Acuity Insurance | $2,242 | $187 |
| $2,000 | Secura Insurance | $1,244 | $104 |
| $2,000 | Allstate | $1,379 | $115 |
| $2,000 | West Bend Insurance Company | $1,633 | $136 |
| $2,000 | Farmers | $1,674 | $140 |
| $2,000 | Nationwide | $1,696 | $141 |
| $2,000 | Auto-Owners | $1,745 | $145 |
| $2,000 | State Farm | $1,765 | $147 |
| $2,000 | Acuity Insurance | $1,872 | $156 |
| $2,000 | American Family | $3,104 | $259 |
| $2,500 | Secura Insurance | $1,226 | $102 |
| $2,500 | Allstate | $1,358 | $113 |
| $2,500 | West Bend Insurance Company | $1,555 | $130 |
| $2,500 | Farmers | $1,674 | $140 |
| $2,500 | Nationwide | $1,696 | $141 |
| $2,500 | State Farm | $1,714 | $143 |
| $2,500 | Auto-Owners | $1,735 | $145 |
| $2,500 | Acuity Insurance | $1,801 | $150 |
| $2,500 | American Family | $3,088 | $257 |
| $3,000 | Secura Insurance | $1,107 | $92 |
| $3,000 | Allstate | $1,337 | $111 |
| $3,000 | West Bend Insurance Company | $1,555 | $130 |
| $3,000 | Farmers | $1,623 | $135 |
| $3,000 | State Farm | $1,671 | $139 |
| $3,000 | Nationwide | $1,696 | $141 |
| $3,000 | Auto-Owners | $1,735 | $145 |
| $3,000 | Acuity Insurance | $1,878 | $157 |
| $3,000 | American Family | $3,078 | $257 |
| $4,000 | Secura Insurance | $1,170 | $98 |
| $4,000 | Allstate | $1,264 | $105 |
| $4,000 | Farmers | $1,340 | $112 |
| $4,000 | West Bend Insurance Company | $1,369 | $114 |
| $4,000 | Nationwide | $1,513 | $126 |
| $4,000 | State Farm | $1,601 | $133 |
| $4,000 | Auto-Owners | $1,712 | $143 |
| $4,000 | Acuity Insurance | $1,775 | $148 |
| $4,000 | American Family | $3,017 | $251 |
| $5,000 | Secura Insurance | $1,170 | $98 |
| $5,000 | Allstate | $1,264 | $105 |
| $5,000 | Farmers | $1,294 | $108 |
| $5,000 | West Bend Insurance Company | $1,369 | $114 |
| $5,000 | Nationwide | $1,513 | $126 |
| $5,000 | State Farm | $1,528 | $127 |
| $5,000 | Acuity Insurance | $1,530 | $128 |
| $5,000 | Auto-Owners | $1,712 | $143 |
| $5,000 | American Family | $3,017 | $251 |
| $500 | USAA | $1,933 | $161 |
| $2,000 | USAA | $1,544 | $129 |
| $2,500 | USAA | $1,544 | $129 |
| $3,000 | USAA | $1,464 | $122 |
| $4,000 | USAA | $1,232 | $103 |
| $5,000 | USAA | $1,232 | $103 |
Who has the cheapest homeowners insurance in Madison?
According to Insurance.com analysis, Secura Insurance is the most affordable home insurance provider in Madison, with an average yearly cost of $1,300.
Price is a big factor when choosing home insurance, and costs in Madison can vary a lot between companies. While saving money is important, it’s also a good idea to consider each company’s reputation before making a decision.
The table below lists the cheapest home insurance companies in Madison.
| Company | Average annual cost |
|---|---|
| Secura Insurance | $1,300 |
| Allstate | $1,364 |
| Auto-Owners | $1,385 |
| Farmers | $1,551 |
| West Bend Insurance Company | $1,750 |
| Nationwide | $1,843 |
| State Farm | $1,884 |
| Acuity Insurance | $2,048 |
| USAA | $1,768 |
How does credit affect homeowners insurance in Madison?
The average home insurance cost for homeowners with an excellent credit score is $1,336; that’s $2,465 less expensive than the average cost of the same insurance for policyholders with a poor credit score. The table below shows the average annual insurance cost for homeowners with different credit levels.
| Credit score | Average annual cost |
|---|---|
| Excellent | $1,336 |
| Fair | $2,206 |
| Good | $1,673 |
| Poor | $3,801 |
How can you save on homeowners insurance in Madison?
If you’re looking to save on your homeowners insurance, the best way is comparing quotes from multiple insurers. Homeowners insurance companies offer a variety of different discounts to help you lower insurance costs. Here are a few common ones.
Home and auto bundle discount (multi-policy)
One of the easiest ways to get cheaper home insurance in Madison is the multi-policy discount, also known as bundling. If you purchase your home and auto insurance from the same company, you can save an average of $132 a year.
"It’s not always the better option, but more times than not it is because if you bundle usually, you get a 10-20% discount on both policies," says Josiah Hatch, owner and CEO at Bender Hatch Insurance in Boston.
Loyalty discount
Staying with the same insurance company can earn you a loyalty discount, which could save you around $66 annually on your home insurance in Madison.
Security equipment discounts
Insurance companies offer discounts to homeowners for installing safety and security equipment, like a fire alarm or burglar alarm. If you install a fire alarm at your home, you can get a discount of $36 a year on average from your insurer.
New home discount
If you buy new construction, you can get a new home discount of $836 a year on average in Madison.
Methodology
Home insurance averages are based on the following parameters:
- $300,000 in dwelling coverage
- $300,000 in liability coverage
- A $1,000 deductible
- A 2% hurricane deductible in applicable states
- Good credit
Additionally, we receive rates for dwelling coverages of:
- $200,000
- $400,000
- $600,000
- $1,000,000
We also gather data for:
- $100,000 in liability coverage
- Deductibles ranging from $500 to $5,000
- Poor, fair, and excellent credit tiers
Learn more about our data and methodology.
