Wisconsin Home Insurance

If you are a homeowner in Wisconsin, you need to know about the laws, policies and costs of home owners insurance in your state. Home owners insurance is a type of property insurance that covers your home and personal belongings from damage or loss caused by fire, theft, vandalism, storms and other perils. It also provides liability coverage if someone gets injured on your property or sues you for damages.

Wisconsin law does not require you to have home owners insurance, but most mortgage lenders will ask you to buy it as a condition of your loan. Even if you own your home outright, it is still a good idea to have home owners insurance to protect your investment and avoid financial hardship in case of a disaster.

The cost of home owners insurance in Wisconsin depends on many factors, such as the location, size, age and condition of your home, the amount of coverage you choose, the deductible you pay, and your credit score. According to the National Association of Insurance Commissioners (NAIC), the average annual premium for home owners insurance in Wisconsin was $762 in 2019, which is lower than the national average of $1,249.

There are many types of home owners insurance policies available in Wisconsin, each with different levels of coverage and exclusions. The most common ones are:

- HO-2: This is a basic policy that covers your home and personal property from 16 named perils, such as fire, lightning, windstorm, hail, explosion, smoke, theft and vandalism.

- HO-3: This is a standard policy that covers your home from all perils except those specifically excluded, such as flood, earthquake, war and nuclear hazard. It also covers your personal property from 16 named perils.

- HO-5: This is a comprehensive policy that covers your home and personal property from all perils except those specifically excluded. It offers more protection than HO-3 and has fewer exclusions.

- HO-6: This is a policy designed for condo owners that covers your personal property and liability, as well as any improvements or additions you make to your unit. It also covers your share of the common areas of the condo building.

- HO-8: This is a policy designed for older homes that have historic or architectural value. It covers your home and personal property from 10 named perils and pays for repairs or replacement based on the actual cash value rather than the replacement cost.

To find the best home owners insurance policy for your needs and budget, you should shop around and compare quotes from different insurers. You should also review your policy periodically and update it if there are any changes in your situation or needs. By doing so, you can enjoy peace of mind knowing that your home and belongings are well protected.