Washington Homeowners Insurance Guide
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Washington Homeowners Insurance
Explore Washington Homeowners Insurance State Guides, Laws and Regulations before You Buy Insurance
Washington was nicknamed the Evergreen State because of the beautiful and abundant greenery found everywhere within the state. Nestled in the Pacific Northwest, the Evergreen State is bordered by Canada and the Pacific Ocean. The state’s unique topography provides visitors and people that call the state home, views and outdoor activities that are truly one of a kind. From the peaks of Mount Rainier to the bustling streets of Seattle, Washington provides something for just about everyone, regardless of preferences.
The downside to the state’s striking beauty are the natural disasters that come along with it. Due to its mountainous terrain, climate, and proximity to the ocean, people who own property in Washington are often presented with just about every natural disaster possible. The ones that cause the most damage are flooding and wildfires. That said, the state also experiences over a thousand earthquakes a year; they’re simply too faint to be felt or cause any damage.
What Does Homeowners and Renters Insurance Cover, and How Much Does it Cost?
Washington typically experiences a severe flood once every four to five years. Between the snow melting from the mountain ranges, the heavy rainfall the state regularly experiences, and the bodies of water scattered throughout the region, these periodic floods can cause quite a bit of property damage. The other peril that can cause property owners in Washington a bit of heartburn are wildfires. Similar to earthquakes, the Evergreen State experiences over a thousand wildfires a year. They typically fall within the ‘wildfire season’ which begins in April and ends in October. Although Washington is plagued with natural disasters, because the severity of the losses is rarely catastrophic, property owners within the state enjoy some of the best homeowners and renters insurance rates within the country.
Average Homeowners and Renters Insurance Premium
| State | Homeowners | Renters |
| Washington | $854 | $163 |
| USA | $1,211 | $180 |
Source: Insurance Information Institute (2017)
Thankfully, the standard homeowners or renters policy covers any resulting damage from wildfire; in addition to the more common perils such as theft, vandalism, liability and several others. However, in efforts to protect property from any resulting water damage from flooding, property owners in Washington should augment their standard homeowners policies with flood coverage from the National Flood Insurance Program (NFIP).
Which Property Insurance Carrier Should I Choose?
Given homeowners and renters insurance rates are quite favorable in the Evergreen State, property owners should make sure they compare several carriers and their associated packages prior to choosing a partner. Regional carriers should certainly be included in the process of finding a homeowners insurance partner, however, pay close attention to the carrier’s financial stability and track record regarding paying claims. Although Washington historically has not experienced many catastrophic property loss events, because its prone to natural disasters, the possibility of experiencing one does exist. Thus, if that one earthquake or wildfire that typically is nothing to worry about, causes significant damage, you won’t be concerned about your carrier paying your claim.
Top 5 Home Insurance Carriers in Washington
| Company | Market Share |
| State Farm | 16.8% |
| Liberty Mutual | 13.7% |
| Farmers Insurance Group | 11.6% |
| Allstate Corp. | 9.7% |
| USAA Insurance Group | 8.9% |
Source: Insurance Information Institute (2019)
Washington’s picturesque scenery is truly one of kind. Oceans, lakes, mountains, hot springs, cities; you name it and the Evergreen State has it. The fact that property owners can secure good insurance coverage at great rates only adds to the allure of visiting, or even making this great state home.
Washington Regulating Agencies And References
