Spokane’s median home sale price is $368,000. This is a staggering 35% increase from last year. Lumber, which is essential for rebuilding, has also risen. To ensure adequate coverage in case of total loss, homeowners in the city need to keep up to date with the rise in building costs.
Home insurance is optional unless you have mortgage coverage. However, it is cheaper than building a new home or replacing the contents. Spokane’s average annual homeowners insurance rate is $800 for $250K of dwelling coverage. This is lower than the $863 per annum .
Spokane’s best home insurance company
Bankrate ranked the following home-insurance companies among the best in Spokane, based on customer satisfaction, rates, coverage, and discounts. J.D. was used to get an objective view of home insurance customer satisfaction. Power’s annual independent study, which rates regional insurance companies based on responses by policyholders.
Travelers
Spokane residents who prefer to live off-grid or have a sustainable lifestyle may want to consider Travelers insurance. Nationwide offers the lowest rate of $250,000 for dwelling coverage, which is a benefit that not all insurance companies offer. Nationwide also offers green coverage, which is something that not all insurance providers offer.
You can add optional green coverage to your home insurance to allow you to replace or rebuild items in your home using energy-efficient or green materials. This is a great way for your home to become more eco-friendly and efficient.
All over the country
Nationwide’s home insurance rate is $585/year, which is significantly lower than the average in the city. You can be assured that you will be covered for common perils at an affordable rate, with Nationwide’s monthly home insurance rates starting at $60 per month.
Nationwide offers many discounts which are why we think it is a good choice for homeowners insurance in Spokane. Discounts offered by Nationwide include discounts for newly constructed and renovated homes, properties behind gates, and price breaks for homeowners who have purchased their property within the past 12 months.
USAA
USAA is well-known because of its customer satisfaction awards and low rates. J.D. consistently ranks the carrier at the top of its class. Power’s list is based on responses from policyholders about how claims are handled, policies offered, and communication, even though the carrier cannot be officially ranked due to eligibility restrictions.
USAA is not available for all Spokane residents. USAA coverage is not available to Spokane residents unless you are a veteran or active military member, or if you have a family member who is a veteran. One of USAA’s most important free endorsements replacement cost coverage is available to those who are eligible. This covers the cost of a new item, without any deductions for depreciation.
Allstate
Spokane residents may choose Allstate if they value a strong relationship with their local agent. Spokane has eight agents who can assist customers with any aspect of their home insurance, including obtaining a quote and filing a claim.
Spokane residents might also enjoy the unique home insurance plans from Allstate. You can get insurance for snowmobiles, snowboards and hunting gear. You can also get yard and garden insurance to protect your landscaping, tools, and property trees.
State Farm
State Farm will likely have an agent near you if Allstate doesn’t. In Spokane, there are 19 State Farm Agents. Spokane residents may find this insurance company a good choice if they need multiple coverage options or financial services in one location.
The company offers insurance for your home, vehicle, life, and business, as well as retirement planning, investments, and retirement planning. Bundling coverages with State Farm can help you save a lot on your premiums.
Spokane offers a variety of home insurance options
Washington does not require home insurance. However, if your mortgage lender requires it, they will purchase the coverage for you. If you shop around for home insurance, you will be more satisfied with your policy and the price. You should remember that standard home insurance policies may not be sufficient to cover all your needs. These are additional insurance options that you might need depending on your financial situation to protect yourself financially.
- Flood insurance: Standard home policies don’t cover flood damage. You should purchase a flood insurance through an insurance company. Your lender may require you to have it if your home is located in an area at high risk. Flood policies are usually required to be paid in full at the time of purchase.
- Scheduled personal property: If your items exceed $1,000 in value, you might want to buy scheduled personal asset coverage. If you have a lot of high-value items, a standard homeowners policy will limit your coverage on personal property.
- Home fires are the leading cause of loss in Spokane. Guaranteed Replacement Cost Covers rebuilding costs above your policy’s limits by a certain percentage, regardless of the increase in construction and materials costs.
Spokane home insurance discount
You may be able reduce the cost of your home insurance even after you find a carrier offering the rates you want. Take a look at any discounts offered by the insurance company. These discounts could help lower your monthly bill:
- Bundling: Bundling your home and auto insurance can often result in a significant reduction in your premiums.
- You can be a claim-free customer. These discounts are usually reserved for customers who have been with the same company for a long time.
- Credits for new construction or remodel: New-built or remodeled homes are typically constructed to higher standards. Modern electrical systems and fireproof roofing materials are less likely than older ones to set off flames. If you upgrade your furnace or plumbing, you may be eligible for discounts.
- Occupation: Spokane’s largest employers may be able to offer lower rates for those who are first responders, educators, military, or other professionals. To find out if your eligibility, check with your employer.
Talk to a licensed agent from the insurance company you are interested in and ask about any discounts that may be available for your particular situation.
Questions frequently asked
Which is the best Spokane home insurance company?
Everybody is unique in their search for the best home insurer. To get the best rates, compare coverage types from different companies. Talk to a licensed agent to learn more about your options and discounts.
What is the cost of home insurance in Spokane?
Spokane’s homeowners insurance rate is $800 per year for $250,000 of dwelling coverage. This is lower than the $863 Washington average and much lower than the $1,312 national average. Rates will vary depending upon many factors including age and condition of your house.