The Cheapest and Best Homeowners Insurance in Milwaukee
The Cheapest Home Insurance Companies in Milwaukee
Homeowners looking for cheap home insurance merely need to look at the cost, as there are multiple companies that offer policies with the same core coverages.
On average, the cheapest homeowners insurance companies in Milwaukee for home insurance with the baseline of $250,000 in dwelling coverage are:
- Erie: $551 annually
- Allstate: $1,038 annually
The prices change when you adjust your dwelling coverage, as more expensive homes should have higher limits. On average, the cheapest homeowners insurance in Milwaukee with $2 million in dwelling coverage are:
- Allied: $3,561 annually
- Erie: $3,836 annually
Check the table below to see how different dwelling coverage limits can change the rates of your home insurance premiums.
The Cheapest Home Insurance in Milwaukee, Ranked
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All home insurance policies with the initial baseline dwelling coverage of $250,000 have personal property limits of $100,000. Policies with $2 million in dwelling coverage have personal property limits of $800,000. All home insurance policies, regardless of the dwelling coverage limit, have $100,000 in liability coverage.
For homeowners who live elsewhere in the state, you can check out MoneyGeek’s ranking of the best and cheapest homeowners insurance in Wisconsin.
The Average Cost of Homeowners Insurance in Milwaukee for 2022
The average cost of homeowners insurance varies from state to state and city to city. In Milwaukee, the average cost of home insurance is $1,370, which is slightly above the state average of $1,257. This is also significantly lower than the national average, which is $2,103. This means that residents of Milwaukee pay approximately $733 less than the rest of the nation.
Calculate the Cost of Home Insurance in Milwaukee
Where you live is a major factor in determining the cost of home insurance. However, you also need to account for how much dwelling and personal property coverage you need as well as your credit score and other factors. To find the best option for you, you can compare quotes using MoneyGeek’s home insurance calculator.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Milwaukee
When choosing a home insurance policy, you should not only look at the cost, but you should also consider the feedback on their response time, customer service and financial stability. This can help you determine if you’ll be provided with prompt assistance and good customer service when you are filing a claim.
Based on MoneyGeek’s findings, the best homeowners insurance companies in Milwaukee are:
- Best Overall: Erie
- Runner-up: USAA (only available for military families)
MoneyGeek ranked home insurance companies in Milwaukee based on affordability, user satisfaction and financial stability.
Not only is it the most affordable insurer in Milwaukee, but all of Erie’s insurance policies have guaranteed replacement cost coverage for your dwelling. This means that they won’t value your home at a lower rate due to depreciation. Erie policyholders can opt for an add-on for both water backup and sump overflow protection and service line protection. These are coverages for items that are not covered in a standard home insurance policy.
MoneyGeek’s top pick in Milwaukee is Erie, scoring well across categories and achieving a perfect score when it comes to affordability. Additionally, you can add identity recovery to your Erie policy to cover against the costs of identity theft or fraud.Read MoneyGeek's Erie home Insurance Review
USAA is the best option in terms of its customer service and financial stability in Milwaukee. If you are a current or former member of the military, you will be able to enjoy special and affordable rates as well as unique benefits. For example, you can get discounts for having protective security systems and by remaining claims-free.
MoneyGeek’s runner-up in Milwaukee is USAA. They have a perfect score when it comes to customer service and financial stability. However, their policies are only offered to current and former members of the military.Read MoneyGeek's USAA home Insurance Review
Cheapest Home Insurance Companies in Milwaukee for Newly Constructed Homes
Generally, homeowners in Milwaukee with newly constructed homes may have an easier time finding affordable home insurance policies. Newly constructed houses are built with modern materials that are more resistant to damage, resulting in homeowners who are less likely to file a claim. New and modern materials are easier to replace, making them more affordable.
Homes that were built recently in Milwaukee cost an average of $1,054 annually to insure, which is $316 less than the cost to insure houses that were built in 2000.
On average, MoneyGeek’s study found that the following insurance companies offer the cheapest insurance for newly constructed homes in Milwaukee:
- Erie: $463 per year
- Travelers: $757 per year
The Cheapest Home Insurance in Milwaukee for New Homes, Ranked
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Cheapest Home Insurance Companies in Milwaukee if You Have a Lot of Personal Property
Home insurance policies include personal property coverage, which pays for your personal belongings within your house in the event that they get damaged. If you have high-value items, you may want to opt for more coverage. However, this costs more.
Case in point, in Milwaukee, getting personal property limits of $250,000 costs an average of $1,525 per year. This is only $155 more expensive compared to the average cost for a policy with a $100,000 limit.
According to MoneyGeek’s findings, on average, these insurers are the best and most affordable options if you want higher personal property coverage:
- Erie: $860 per year
- Allstate: $1,052 per year
Cheap Companies in Milwaukee for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Milwaukee for High Deductibles
Deductibles impact the cost of home insurance. A deductible is an out-of-pocket expense that you have to shoulder when you are filing a claim. Having a higher deductible often leads to cheaper premiums.
In Milwaukee, it costs an average of $1,196 per year if your chosen policy has a deductible of $2,000. This is roughly $174 less than a policy that has a $1,000 deductible.
For homeowners that want to have lower monthly premiums at the expense of having a higher deductible, MoneyGeek’s study shows that, on average, these insurers offer the most affordable options:
- Erie: $330 per year
- Allstate: $918 per year
The Cheapest Companies in Milwaukee for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Milwaukee if You Have Poor Credit
Insurers in Milwaukee take your credit score into consideration when they are conducting an assessment for your personalized quote. The lower your credit score, the higher the monthly premium.
Home insurance costs an average of $2,952 per year in Milwaukee if you have a low credit score. That is $1,582 more expensive than the average monthly premiums of homeowners with good credit.
MoneyGeek found that, on average, these insurance companies to be the most affordable option for those with low credit scores in Milwaukee:
- Auto-Owners Insurance Co: $1,647 per year
- Allied: $2,008 per year
The Cheapest Companies in Milwaukee for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Milwaukee
Before collecting home insurance quotes, Milwaukee residents should have the following information at hand:
- The replacement cost of your home: You must be able to provide an estimate of how much it would cost to rebuild your home. This determines the appropriate dwelling coverage for your home. You can consult construction professionals for an estimate.
- The value of your personal property: You should know the value of your personal property as the insurer needs this to determine how much personal property coverage is appropriate for you.
- Personal information: This is basic information about you, such as your date of birth, address and even your Social Security number. You will also be asked about your past insurance history and who and how many are living in your household.
- Information about your house: Insurers will need details about your house, such as when it was built, its floor and lot area and if there are any security or other systems installed.
Homeowners Insurance in Milwaukee Analysis: Methodology
MoneyGeek analyzed ten different home insurance companies in Milwaukee for rates and data. All the premiums provided were generated with a base profile of a homeowner in Milwaukee that has a 2,500 square foot home built in 2000 with a dwelling coverage of $250,000, a personal property limit of $100,000 and a liability limit of $100,000. All policies have a $1,000 deductible.
Quotes were also gathered for homeowners with newly constructed homes, increased dwelling coverage or personal property coverage, higher deductibles and low credit scores.
MoneyGeek’s study was conducted in partnership with Quadrant, and a wide range of quotes were gathered in order to calculate affordability scores. Additionally, customer satisfaction ratings were derived from J.D Power surveys.
About Mark Fitzpatrick