Washington Homeowners Insurance Rates

Washington homeowners insurance rates can vary greatly. There are many different factors that go into determining homeowners insurance rates in WA. You will find that rates differ greatly from one company to the next. Providing accurate information is very important in getting the best possible insurance rates from your insurer or prospective insurere. It is equally important that you understand what goes into creating Washington home insurance rates.

Factors Used In Determining Washington Homeowners Insurance Rates

Many different factors go into determining Washington homeowners insurance rates.  Some factors are things you have no control over while others are factors you can control.  Understanding the different factors can help you to ensure you are getting the best rate possible.

The main factors that contribute to determining your homeowners insurance rate which you do not have any control over (unless you remodel your home or purchase a new home!) are:

1. Property Location
2. Property Age
3. Type Of Home Construction
4. Size Of Home
5. Foundation
6. Roof Age
7. Type Of Heating
8. Age Of Heating System
9. Age Of Electrical System
10. Age Of Plumbing
11. Alarm/Security System
12. Fire Protection
13. Prior Insurance History
14. Claim History
15. Geographical Location Of Property

Some factors used in determining your WA home insurance rate that you may be able to control include:

1. Your Employment Status And Stability
2. Your Credit Record And Score
3. The Amount Of Coverage
4. The Deductible On The Policy
5. Your Eligibility For Discounts

The insurance company is looking to see that you are going to be reliable in making your payments.  Having a good, steady job, a good credit history and a record of good prior coverage without any claims is going to be very good in your favor and help the company to be able to give you lower rates.

They also look at your property and where it is located to see what risk factors apply, like how long it would take the fire department to respond should there be a fire or if you are in an area that experiences earthquake damage.

The insurance company will take all these factors together to get a rate that offers you a good deal while also ensuring they will not lose out on investing in you.

Laws Regarding Washington Homeowners Insurance Rates

Washington does not require homeowners insurance by law, but they do have certain laws and regulations that govern insurance rates.  The insurance office of the state requires that insurance companies keep them informed about their rates and rate changes.  This helps the office to ensure that coverage is fair and being legally handled.  It is a form of protection for the consumer so that scams and other problems are caught.

Additionally, the Federal government has laws about the use of your credit report in determining Washington homeowners insurance rates. The Fair Credit Reporting Act allows insurance companies to use your credit report as a basis for determining your rates, but also under the act you are permitted to a copy of your credit report so that you may make sure false information is not being reported that could negatively affect a rate quote. The Insurance Commissioner in Washington has gone a step further in favor of the consumer and has limited the use of credit information in determining insurance rates.

Save Money On Washington Homeowners Insurance Rates

The average Washington homeowners insurance rate for a single family home is an annual premium of $589 as reported in 2005. As mentioned, though, there are a range of factors that affect the price of your actual rate. It is your responsibility to try to save as much money as possible.

Here are some things you can do to save money on your Washington homeowners insurance rates:

1. Choose The Highest Deductible You Can Afford.
2. Get Rid Of Or Reduce Any Unnecessary Coverage Options In Your Policy.
3. Check Your Credit Record For Accuracy And Take Care Of Anything Reporting Negatively Or That Is Incorrect.
4. Ask About Possible Discounts.
5. Consider Making Repairs To Old Plumbing, Roofing And Heating.
6. Ask About How You Can Lower Your Rates.
7. Install A Security System

The Best Way To Get Washington Homeowners Insurance Rates

The best way to figure out Washington homeowners insurance rates is to start getting quotes.

You can use our quote tool to get some quotes and get started on figuring out your best homeowners insurance rate.

Get ready to start saving money on Washington home insurance now!