If you have a home in Seattle, Spokane, Tacoma or any of the surrounding regions then arranging affordable Washington Home Insurance should be near to the top of your priority list.
Homeowners insurance is far more than simply protection against fire or theft. Though that is the reputation that it tends to have, and those certainly are covered. The fact is that there are four main elements to a home insurance policy, and these add in considerable extra facilities that you may not be aware of.
The Four Elements of a Washington Home Insurance Policy:
1/ Property Damage Cover
It is under the auspices of Property Damage Cover that the typical ‘Fire and Theft’ take on home insurance is most relevant.
This pays out when your home is damaged, and also for the furnishings that are within the home (such as curtains and carpets), any clothing that you have, and all of the other personal belongings that you have in the home.
It is usually the case that the personal property portion of the cover will be limited to 50% of the limit that is set for the main dwelling, and unless you specifically pay for cover that pays out on a replacement cost basis, you will find that most Washington Home Insurance Cover will pay out on the basis of actual cash value.
There will also be firm limits set on items that the insurance company deems to be ‘Valuables’, such as cash, fur coats and security certificates. You should read your policy document very carefully to see what you company decides these are, as the claim limits for these items is usually very low, and you may well wish to increase this through the payment of an additional premium.
Other outbuildings such as garages and tool sheds will also usually be covered, but these are normally limited to 10% of whatever the cover limit on the main dwelling is.
Pets are generally excluded, and so if you need cover for animals then you may want to explore getting separate pet insurance.
2/ Personal Liability Cover
This covers you for legal expenses up to the policies limits for liability coverage (which is typically $100,000) for the expenses that you may incur if you have to defend yourself from litigation.
This could for example happen if someone was accidentally injured in your home, and then decided to sue you for loss of earnings or pain and discomfort.
3/ Medical Expenses
If someone outside of your family was injured at your home then this portion of most Washington Home Insurance Plans would mean that they would be able to get medical attention to sort out the issue.
This tends to be a relatively low sum of around $1000, because it is really designed to treat minor injuries like a sprained wrist from a fall or similar. But you can get higher limits placed on this if you pay a higher premium.
4/ Additional Living Expenses
This is designed to kick-in if your property has been damaged in some way and as a result you are no longer able to reside in it.
For example, if your home has experienced a fire, then you may have to live elsewhere whilst it was being repaired or rebuilt.
Under this part of the policy you would be able to pay for a local hotel or motel to reside in whilst the work was being carried out.
This is normally restricted to 20% of the policy limit, and is not designed for ‘high living’. You won’t be able to check in to a five star hotel and have the insurance company pick up the tab!
But they will pay for a decent standard hotel and does mean that you can get on with ordinary life whilst your home repairs are being carried out.
What is the Average Cost of Washington Home Insurance?
According to statistics that are available from the US Government, the average cost of home insurance in Washington is $471 a year.
This is actually something of a bargain compared to the rest of the United States, where the average cost is $791.
In terms of the other states, home insurance in Washington is the 4th cheapest behind Utah, Oregon and Idaho leading the pack on $387.
Naturally prices of insurance can and will change over time, and are very dependent on personal factors such as your credit score and actual zip code. So the best way to get a good deal is to seek out a number of Washington Home Insurance Quotes and compare exactly what is available right now.