Wisconsin Homeowners Insurance Guide
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Wisconsin Homeowners Insurance
Explore Wisconsin Homeowners Insurance State Guides, Laws and Regulations before You Buy Insurance
The Badger State is known for its expansive greenery and forests. However, it also has a coastline on two different Great Lakes (Michigan and Superior). Its landscape and fertile land make it a hiking playground for outdoor enthusiast, and a farmer’s dream. In addition, Madison and Milwaukee provide visitors with a taste of the big city, with their bustling bright lights, museums, and seasonal festivals.
Wisconsin is also known to experience all four seasons. Due to this, it experiences its fair share of thunder and snowstorms, and even blizzards, occasionally. Although these natural disasters historically have not caused catastrophic loss, property owners are typically prepared for an occasional flood, or damage resulting from wind or snow.
What Does Homeowners and Renters Insurance Cover, and How Much Does it Cost?
Wisconsin’s relatively tame climate and terrain make the probability of suffering a catastrophic property loss due to a natural disaster, relatively low. As a result, property owners in the Badger State enjoy some of the lowest homeowners and renters insurance rates in the country. In particular, the state boasts the fifth lowest homeowners insurance rates, and the third lowest renters insurance rates when compared to the rest of the country.
Average Homeowners and Renters Insurance Premium
| State | Homeowners | Renters |
| Wisconsin | $779 | $134 |
| USA | $1,211 | $180 |
Source: Insurance Information Institute (2017)
Given the lack of catastrophic property risk in the region, property owners in the Badger State often times are properly covered with a standard homeowners or renters insurance policy, which provides coverage for risks such as vandalism, theft, and liability (among others). That said, property owners in Wisconsin should still look to augment their standard homeowners policy with a flood policy from the National Flood Insurance Program (NFIP). Especially if they’re located in a flood zone.
Which Property Insurance Carrier Should I Choose?
Wisconsin’s homeowners insurance market is fairly concentrated with the top two insurance carriers in the region controlling nearly 38% of the market. Furthermore, close to twelve percentage points separates the second and third largest insurance carriers when comparing market share. Even though there’s not much competition within the homeowners and renters insurance market in the Badger State, property owners should make sure to compare coverage packages when deciding who to partner with for property insurance. Given the lack of risk regarding catastrophic property loss, make sure to include both national and regional carriers in the process of finding a partner.
Top 5 Home Insurance Carriers in Wisconsin
| Company | Market Share |
| American Family Insurance Group | 21.6% |
| State Farm | 16.3% |
| Erie Insurance Group | 4.7% |
| ACUITY | 4.5% |
| Allstate Corp. | 4.3% |
Source: Insurance Information Institute (2019)
For those that enjoy nature, Wisconsin is an absolute dream. From its forests, to its coastal lines, to its farms; the Badger State provides quite a bit to explore. Its mild climate and relatively flat terrain also reduce the probability of experiencing catastrophic property loss. As a result, those property owners located in Wisconsin should take full advantage of the favorable homeowners and renters insurance rates the state enjoys.
Wisconsin Regulating Agencies And References
