The Cheapest and Best Homeowners Insurance in Tacoma
The Cheapest Home Insurance Companies in Tacoma
When picking a homeowners insurance policy in Tacoma, it is important to compare costs since most insurers offer similar coverages to homeowners.
For the average homeowner with a $250,000 dwelling coverage limit, the cheapest insurance companies in Tacoma for home insurance are:
- Travelers: $707 per year
- Allstate: $870 per year
The cheapest homeowners insurance companies in Tacoma for expensive homes with $2,000,000 in dwelling coverage are:
- Allstate: $4,078 per year
- Travelers: $5,054 per year
You can adjust your dwelling coverages to see how the pricing changes using the table below.
The Cheapest Home Insurance in Tacoma, Ranked
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All the policies with the initial baseline dwelling coverage of $250,000 have personal property limits of $100,000, while all policies with dwelling coverage of $2 million have personal property limits of $800,000. The liability coverage for all the policies is $100,000.
If you live in other parts of Washington, you can compare rates for the state as a whole to find the best rates for your city.
The Average Cost of Homeowners Insurance in Tacoma for 2022
At $1,247 per year, home insurance rates in Tacoma are marginally higher than the average rate for the state, which is $1,106 per annum. However, compared to the national average of $2,103 per year, Tacoma residents pay up to $856 less yearly for home insurance.
Calculate the Cost of Home Insurance in Tacoma
Location, credit score, dwelling coverage limits and personal property value to be covered are the key factors that impact homeowners insurance costs in Tacoma. Unfortunately, this means that average rates vary significantly based on these factors and some homeowners will pay substantially more in premiums due to poor credit scores.
You can use MoneyGeek’s home insurance calculator to compare quotes from different home insurance companies in your state.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Tacoma
When you file a home insurance claim, you need an insurer who will settle it efficiently. This means that other than the cost, it is also important to consider an insurer’s performance in customer satisfaction and financial stability.
Based on MoneyGeek’s ranking system, the best homeowners insurance companies in Tacoma are:
- Best Overall: Travelers
- Runner-up: Allstate
MoneyGeek used a unique ranking system that incorporates affordability, customer satisfaction ratings from J.D. Power and financial stability ratings from A.M. Best.
Homeowners who purchase a Travelers policy can opt for an identity fraud cover of up to $25,000. This policy also comes with optional eco-friendly coverage for people who may choose to rebuild their homes with environmentally friendly materials. These optional coverage ensure that the homeowner gets sufficient protection for their home, including additional replacement cost coverage to cover the difference if your dwelling cost limit ends up being lower than the replacement cost.
MoneyGeek picked Travelers as the best overall since it had the highest affordability scores and financial stability scores. Travelers offer homeowners the best combination of coverage and cost in Tacoma.Read MoneyGeek's Travelers home Insurance Review
If you want a home insurance policy that will not increase in price every time you file a claim, Allstate is the ideal option. This policy comes with an optional claim rate guard, which keeps your premiums consistent. Allstate also offers its policyholders a host of discounts, such as claim-free discounts, making this policy even more affordable for homeowners in Tacoma.
Allstate is our runner-up pick because of its high scores on all three key rating categories, including customer satisfaction, affordability and financial stability. This insurer also offers homeowners unique coverage benefits.Read MoneyGeek's Allstate home Insurance Review
Cheapest Home Insurance Companies in Tacoma for Newly Constructed Homes
In Tacoma, homeowners with newly constructed homes pay significantly less for home insurance than those with older homes. This is because modern construction materials are less prone to damage and in case they need to be replaced, they are readily available. As a result, it will cost you an average of $889 per year to insure a newly constructed home in Tacoma, while those with older homes built in 2000 will pay an average of $1,247 yearly.
For newly constructed homes with a $250,000 dwelling coverage limit, the cheapest home insurance companies in Tacoma are:
- Travelers: $504 per year
- Allstate: $620 per year
The Cheapest Home Insurance in Tacoma for New Homes, Ranked
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Cheapest Home Insurance Companies in Tacoma if You Have a Lot of Personal Property
In Tacoma, home insurance rates increase with the value of the personal property that you want to cover. Homeowners with less property pay lower premiums for their home insurance. A home insurance policy with high personal property limits of $250,000 will cost you $1,351 yearly compared to the $1,247 per year you would pay for personal property limits of $100,000.
In Tacoma, the cheapest home insurance companies for homeowners with personal property coverage limits of $250,000 are:
- Travelers: $766 per year
- Allstate: $943 per year
Cheap Companies in Tacoma for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Tacoma for High Deductibles
A deductible can have a considerable effect on the cost of home insurance in Tacoma. Policies with lower deductibles attract higher premiums compared to policies with higher deductibles. However, the out-of-pocket costs for a policy with a high deductible are usually higher. For example, in Tacoma, a home insurance policy with a $2,000 deductible will cost you $1,102 per year, while a $1,000 deductible costs $1,247 per year.
In Tacoma, the cheapest insurance companies for home insurance policies with $2,000 deductibles are:
- Travelers: $625 per year
- Allstate: $769 per year
The Cheapest Companies in Tacoma for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Tacoma if You Have Poor Credit
Your credit score is one of the factors that impact your home insurance premiums. When calculating rates, insurers use credit score as a rating factor, meaning that the poorer your credit score is, the more you will pay for home insurance. For example, Tacoma homeowners with a poor credit score will pay an average of $2,039 yearly for home insurance, while those with good credit scores pay $1,247 annually.
In Tacoma, the cheapest home insurance companies for those with poor credit are:
- Allstate: $1,523 per year
- Allied: $1,639 per year
The Cheapest Companies in Tacoma for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Tacoma
If you want to get a quote online for your home in Tacoma, you will need to provide specific details to the insurer so they can calculate the cost. Some of the information required by insurers includes:
- Personal information: Personal information such as your address, who you live with and your insurance history will be required.
- The specifications of your house: To calculate the cost of home insurance, the insurer needs to know how big your house is when it was constructed and any specialized equipment installed to enhance safety.
- Replacement cost of your house: The cost of rebuilding your house is one of the key determinants of home insurance costs. This cost is different from the market value of your home. You can get an estimate of the replacement cost from a construction specialist.
- Personal property value: One of the core coverages provided under home insurance is personal property coverage. The value of the property to be covered will be used to calculate your home insurance rates.
Homeowners Insurance in Tacoma Analysis: Methodology
MoneyGeek’s study analyzed home insurance premiums from nine companies in Tacoma. The data used was provided in partnership with Quadrant. The customer satisfaction ratings used in this analysis were drawn from J.D. Power surveys and the affordability scores were calculated by collecting quotes for a home with varying coverage levels.
The base profile used in this analysis was for a homeowner with a 2,500 square feet home, built in 2000, with a dwelling coverage limit of $250,000. The personal property limit used was $100,000 and liability coverage of $100,000. The deductible for these policies was $1,000.
MoneyGeek also collected quotes for homeowners with newly constructed homes, increased dwelling or personal property coverage, higher deductibles and poor credit scores.
About Mark Fitzpatrick