Although it is not required by law, many insurance experts advise getting homeowners insurance to protect one of your biggest assets financially. Thankfully, there are businesses that might provide the coverage you require at a cost you can bear. The typical annual cost of home insurance in Spokane, Washington, is $847 for a $250K dwelling coverage. That is a little less than the average cost for the same coverage in Washington State, which is $899 annually.
If you’re looking for inexpensive homeowners insurance in Spokane, Bankrate has examined and contrasted dozens of insurers and has identified five that you might want to take into account. According to our analysis, PEMCO, Travelers, and USAA are the top three cheapest carriers.
Best affordable home insurance firms in Spokane
PEMCO, Travelers, and USAA are a few of the top and most affordable home insurance providers in Spokane, according to rate information from Quadrant Information Services. When selecting our choices, we took availability, coverage alternatives, incentives, and digital tools into account in addition to affordable prices. Additionally, we used ratings from AM Best and the 2022 J.D. Power Home Insurance Study as the foundation for our suggestions.
We calculated a Bankrate Score for each carrier based on these criteria. This Score, which is based on a 5-point scale, may assist homeowners in swiftly comparing businesses to focus their search. Get a quote from one of these providers if you’re looking for the best affordable homeowners insurance in Spokane:
| Home insurance company | Bankrate Score | Average annual premium for $250K dwelling coverage | J.D. Power score |
|---|---|---|---|
| PEMCO | 5.0 | $393 | Not rated |
| Travelers | 3.7 | $614 | 794/1,000 |
| USAA* | 4.8 | $616 | 884/1,000 |
| Nationwide | 4.0 | $619 | 816/1,000 |
| Grange | 3.0 | $665 | Not rated |
PEMCO
Residents of Oregon and Washington can purchase products from Seattle-based PEMCO Insurance. Its homeowners insurance policy offers the bare minimum of protection, with the choice to add replacement coverage for possessions, furniture, and appliances. The carrier also provides homes in fire-prone areas with wildfire risk mitigation services. PEMCO has among of the most affordable rates on our list, and customers may be eligible for further discounts for combining policies, avoiding claims, installing sprinkler systems, and other factors. Additionally, it offers discounts to teachers. PEMCO has an AM Best financial strength grade of B++ (Good), however J.D. Power does not rate it.
Travelers
Residents in Spokane who care about the environment might wish to consider Travelers insurance. The company provides green home coverage to rebuild your house using green materials following a covered loss and a discount for LEED-certified homes. A personal articles floater, water backup coverage, and identity fraud coverage are further endorsements. Travelers provides five highlighted discounts that can let you to reduce your rate, however the company had a below-average J.D. Power rating, suggesting that some clients might not be happy with the insurer.
USAA
USAA is renowned for its affordable rates and consistently high customer satisfaction. The carrier frequently leads J.D. Power’s ranking even though eligibility limits prevent it from being listed. Only active military personnel, veterans, and qualifying family members are eligible for coverage. Military uniforms are covered by USAA house insurance policies, along with optional extras including home sharing coverage, flood insurance, and earthquake coverage. Although bundling policies, installing safety equipment, and avoiding claims can all help policyholders save money, this carrier does not provide as many discounts as some of the other carriers on this list.
Nationwide
Owners of freshly built houses or first-time homeowners may find Nationwide to be a wise choice. For new construction, recently remodeled residences, and homeowners who bought their property within the previous year, the insurance provider may offer discounts. Additionally, Nationwide provides a wide range of alternatives for customizing policies, including as identity theft protection, Valuables Plus, earthquake insurance, flood insurance, and water backup protection. J.D. Power gave Nationwide a score for customer satisfaction that was below average, while the National Association of Insurance Commissioners’ complaint index for the company is higher than usual (NAIC).
Grange
Depending on the type of policy, Grange is a local insurance provider that only writes policies in 13 states. Despite having an average NAIC complaint index and an AM Best financial strength grade of A (Excellent), the carrier did not place in J.D. Power’s analysis. Grange can be an excellent choice for homeowners who want to tailor their coverage. The insurance provider provides add-ons including cyber insurance and assisted living care coverage. Despite the fact that the average price for Grange is among the highest on this list, policyholders may be able to get a better deal by bundling policies, performing routine home maintenance, and seeking a quote early.
Options for homeowners insurance in Spokane
Washington does not require homeowners insurance, but if you have a mortgage, your lender might. It’s possible that a typical homes insurance policy won’t provide you with the kind of protection you need. In order to customize your policy to meet your specific needs, you can add optional coverages known as policy endorsements. Some frequent recommendations include:
- Standard homeowner’s insurance policies do not provide coverage for flood damage. Consider buying a flood insurance policy from your insurance provider or via the National Flood Insurance Plan if you reside in a flood-prone location (NFIP). Your lender can need it if your house is in a high-risk neighborhood.
- Scheduled personal property: Scheduled personal property insurance may be a good idea if you have expensive possessions in your house. A typical homeowners policy will only provide a certain amount of coverage for personal property, which may not be adequate if you possess a number of expensive items.
- Sump pump failures and other sorts of sewer or water damage might not be covered under your insurance if you don’t have water backup coverage. If you’re concerned about water damage, have trees in your yard that could harm underground pipes, or have a sump pump in your property, adding this endorsement could be beneficial.
Spokane offers on home insurance
Even after you have located a provider that gives the rates you require, you might be able to further reduce the cost of your house insurance by looking at the discounts that the insurance provider offers. Typical price reductions that could be applied to your statement include:
- Buying house and auto insurance from the same insurance provider will drastically reduce your prices.
- Smart home: Some insurance providers offer discounts for claim-reducing features like smart alarms and automatic indoor sprinklers.
- Claims-free: For clients who have not made a claim within a predetermined time frame, often three to five years, some insurance providers may offer a discount.
- Credits for new construction or remodeling: You may be eligible for a discount on a newly constructed or renovated home. Modern electrical systems and materials may lessen the likelihood of fires, which may contribute to this in part.
- Although the reduction percentages may differ depending on the insurance carrier, bundling your home and auto insurance may have the biggest influence on your insurance prices. You might be able to learn about any reductions you qualify for by speaking with your insurance representative.
A lot of people have questions
What is Spokane’s top house insurance provider?
Every person may have a different favorite house insurance provider. You might obtain the best rates by shopping around and comparing quotes from various companies for the same coverage options. To learn more about specialized coverage options and accessible discounts that are suitable for your needs, it may also be good to speak with a qualified insurance agent at the businesses you are interested in.
How much does Spokane home insurance cost?
For a $250K annual dwelling coverage, Spokane homeowners insurance costs on average $847. This is much less than the national average of $1,383 and lower than the Washington average of $899. The age and state of your home are two variables that may affect your real rate.
How frequently do houses burn down in Spokane?
Over 50 structural fires have been reported by the Spokane Fire Department so far in 2022. While home fires don’t seem to be overly frequent in Spokane, wildfires pose a serious hazard to the city. According to a 2016 study, the greater Spokane area has more than half of the residences in Washington that are most at danger of wildfire.
What is Spokane, Washington’s typical home price?
The median home price in Spokane, Washington, as of September 2022, is $380,000.
Methodology
In order to examine 2022 current rates for all carriers in all 50 states and Washington, D.C., Bankrate uses Quadrant Information Services. Based on the population density of each geographical area, rates are weighted. The quoted rates are based on homeowners who are 40 years old, both male and female, have a good credit history, no recent claims, and the following coverage limits:
- $250,000 for Coverage A, Dwelling
- $25,000 for Coverage B, Other Structures
- $125,000 for Coverage C, Personal Property
- $50,000 for Coverage D, Loss of Use
- Coverage E, $300,000 in Liability
- $1,000 for Coverage F, Medical Payments
- The homeowners also have a separate $1,000 wind and hail deductible (if required).
Only use these rates for comparison since they are sample rates. Your quotations will vary.
Bankrate Rating
The five-point scale used to construct Bankrate Scores includes a study of quoted annual premiums from Quadrant Information Services, covering all 50 states and Washington, D.C., as well as a weighted ranking of industry-standard ratings for financial strength and customer experience. We are aware that it’s critical for homeowners to feel secure in the knowledge that their financial protection accounts for the most likely risks, is reasonably priced, and is offered by a financially stable business with a track record of providing excellent customer service.
The Bankrate Scores of the companies were most heavily influenced by third-party agency ratings from J.D. Power, AM Best, S&P, NAIC, and Moody’s in order to assess how effectively the best home insurance providers met these goals. We examined quoted premiums based on 40-year-old male and female homeowners with a house policy that provided $250,000 in dwelling coverage because cost is a common factor for homeowners. This profile, which was evaluated over almost 35,000 ZIP codes in the U.S., provided a framework for homeowners to contrast various service providers.
Bankrate looked studied each insurer’s online and mobile facilities for managing policies and dealing with claims, even though coverage options, insurer accessibility, cost, and customer experience are frequently the top considerations. These factors also played a role in generating Bankrate Scores because insurance is rapidly modernizing to stay up with our digital age.
