A Guide to Home Insurance in Wisconsin (WI)

Whether you have a home in Milwaukee, Madison, Green Bay or somewhere else in America’s Dairyland it is important that you protect it with comprehensive Wisconsin Home Insurance.

The difficulty sometimes with homeowners insurance can be in choosing exactly the right policy for you, because it can sometimes feel like there is simply too much choice.  This is especially the case when you look at the advertising that is often used with selling home insurance, because whilst it is often high on emotion, it can be low on facts, and it is the facts and the detail of a policy that are ultimately of most importance when deciding on which policy you should buy.

The Types of Wisconsin Home Insurance Cover That Are Available

Home insurance will not cover you for flooding, or many other kinds of water related damage. But it will usually cover you for all of these different perils, offering what is known as HO-2 coverage:

Smoke Damage
Fire Damage
Glass Breakages
Building Collapse
Weight of snow, ice or sleet
Falling Objects
Rupture or a Burst of Steam in a Hot Water Heating System

In some Wisconsin Home Insurance policies that you can buy, HO-3 coverage will be offered, and this is an ‘all-risks’ type policy that provides coverage for the building that is comprehensive with the exception of specifically named exclusion’s such as flooding and earthquake’s, but still covers the personal property in the home for all of the specified perils in HO-2.

The Four Basic Coverage’s included in Wisconsin Home Insurance Plans

There are four basic types of cover which are included in home insurance policies in Wisconsin, and these are:

1/ Buildings Cover and Personal Property Cover

This is cover that protects the physical building itself as well as your personal possessions that are held in the home.

In the event that any of the perils listed in HO-2 occur, then you are able to make a claim on your homeowners insurance.

Additionally, this also covers outbuildings such as garages and sheds, albeit for an amount that is considerably less than that for the main dwelling (typically it is for 10% of the houses cover limit).

With the personal possessions cover you may wish to consider taking out extra cover for any ‘Valuables’ that you have such as coin collections, antiques or fur coats, as these are generally specifically limited in terms of claims, unless an additional premium is paid.

2/ Personal Liability Cover

This acts as a safety net for your legal costs in cases where someone has been injured in your home, and they then choose to sue you for damages.

In most policies this is standardized at $100,000, but it is possible to increase this by paying an additional premium.

3/ Medical Expenses Cover

If someone who is not a family member is hurt in your home, then this portion of most Wisconsin Home Insurance Plans will help to pay for medical expenses.

It usually provides for up to $1000, which should be plenty for most minor accidents. But again, this limit can be increased if you so choose.

4/ Additional Living Expenses

If your home is damaged by a fire or a storm, then it may be uninhabitable. This portion of the homeowners insurance means that you can stay in a hotel whilst the damage is being rectified, and pay for necessary meals etc.

What is the Average Cost of Wisconsin Home Insurance?

The US Government carries statistics of different types of insurance and how much on average they cost in the different states.

The average cost of home insurance in Wisconsin is $503, which is far less than the national average of $791 and means that Wisconsin is the 5th cheapest state in which to buy home insurance in the United States.

Clearly, where you live, the crime rate, your credit score and your personal circumstances will all play a big part in deciding how much you end up paying for cover. But it is well worth seeking out a selection of Wisconsin Home Insurance Quotes so that you can see what is available and possibly either get a new policy, or try to negotiate a better one with your existing insurance company.


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