A Washington homeowners insurance policy will protect the home buyer or renter from the financial losses resulting from damage to the insured’s home or contents. In Washington, a homeowners insurance policy can also protect the holder from being held liable for the losses of others suffered while on the insured’s property. Most lenders will not grant a mortgage to a homebuyer in WA unless the buyer purchases homeowners insurance.
Finding the best Washington homeowners insurance policy is not that hard if you do your research. You can save yourself time and money when you shop around for a homeowners policy in Washington by researching to uncover the policy coverage options that best suit your needs before you make your decision to buy. Here is some information that will be helpful to know before you start your search for a homeowner’s insurance policy in the State of Washington.
Washington Homeowners Insurance FAQ: What is basic policy coverage?
Whether you own or rent, there are different packages of Washington home insurance offered to protect your home and belongings. Each package protects against a specified number of events that cause damage to property, for example:
- Fire
- Windstorm
- Theft
In addition, each package policy usually contains four additional types of coverage:
- Property Damage
- Additional Living Expenses
- Personal Liability
- Medical Payments
The most common amount of liability coverage included in a homeowners policy is $100,000, but you may need much more depending on your circumstances.
Washington Homeowners Insurance FAQ: Do I need additional coverage?
In addition to the minimum coverage offered in a basic Washington home insurance package, there are other options that you may need to look into. You shouldn’t automatically assume that anything is covered as variations occur from region to region and from company to company.
Flood Insurance – Normally, Washington homeowner’s insurance policies do not protect against flood damage. While it is a requirement to buy flood insurance if you live in a flood-prone area and/or if you have a mortgage through a federally regulated or insured lender, other mortgage providers frequently avoid this requirement. Also, people who own their homes outright are free to go uninsured even if they initially had to buy this insurance as a condition of their mortgage. Taking these facts into consideration, it will be best to check with your lender to find out if this coverage is needed to secure your mortgage, or to be covered for your own peace of mind.
Washington Homeowners Insurance FAQ: Is it expensive to get homeowners insurance in Washington?
Washington homeowners insurance fell below the national average cost for homeowners insurance in 2003. Homeowners paid on the average $549 for their property damage coverage. The rates rose 20.4% from 2001 to 2003. The rates can rise from year to year depending on how much it cost an insurance provider to previously do business in the state. Although Washington is one of the least expenses state in which to get your homeowners insurance, you’ll still find a huge range of premiums offered. It’s in your own best interest to take action to get the lowest rate you can.
Washington Homeowners Insurance FAQ: How can I save money on my homeowners insurance?
Most homeowners wish to lower their premium rates. As a Washington homeowner, there some things you can do to make sure you are getting the best possible savings.
- Find Out About Discounts – Many WA insurance companies offer discounts if you install alarm systems, deadbolts, and smoke detectors throughout the home. Homeowners can also opt to reduce their premium by raising their deductible. This can significantly reduce the amount of your annual premium.
- Compare Multiple Policies – The Washington homeowners insurance market is very competitive. Comparison shop policies for a number of insurance companies before you buy.
- Look For Multi-Policy Insurance – If your WA homeowners insurance provider also offers car insurance, you can get up to 15% discount if your purchase both policies.
- Re-Evaluate Every Year – Keep your Washington Homeowners policy coverage up to date. It is up to you to make sure you are getting the best value by comparing policies periodically and asking for discounts every 6 month.
Washington Homeowners Insurance FAQ: What Companies Offer Homeowners Insurance in Washington?
Some of the insurers that offer home insurance in Washington State include:
- AAA
- Acceptance Insurance
- AIG
- Allstate
- American Family Insurance
- The Hartford
- Travelers
- Nationwide
- State Farm
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