The Cheapest and Best Homeowners Insurance in Washington
The Cheapest Home Insurance Companies in Washington
In Washington, D.C., many insurers offer the policies with the same core coverages at varying price points, which is why it’s crucial to look at the cost when looking for the most affordable home insurance option for you.
MoneyGeek found that, on average, the companies offering the cheapest homeowners insurance in Washington, D.C. with the baseline dwelling coverage of $500,000 are:
- Allstate: $1,275 per year
- Chubb: $1,330 per year
However, the appropriate dwelling coverage for you can change based on the cost to rebuild your home, and those with more expensive homes may opt for higher limits. On average, the most affordable home insurance policies in Washington D.C. with $2 million in dwelling coverage are offered by:
- Allstate: $3,080 per year
- Chubb: $6,025 per year
To check how prices can change based on your desired dwelling coverage, check out the table below.
The Cheapest Home Insurance in Washington, Ranked
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The policies mentioned with an initial baseline dwelling coverage come with $200,000 in personal property limits. On the other hand, policies with a dwelling coverage limit of $2 million have $800,000 in personal property limits. All policies, regardless of dwelling coverage, have $100,000 in liability limits.
The Average Cost of Homeowners Insurance in Washington for 2022
Home insurance costs can vary based on your location. For instance, Washington, D.C., homeowners pay an average of $1,713 per year for home insurance. This is $390 less than the average cost of home insurance across the nation, which stands at $2,103 per year.
Calculate the Cost of Home Insurance in Washington
Insurers consider a multitude of factors when determining home insurance premiums, from the size and location of your home to your credit score and coverage limits and more. To find the best option for you, compare insurance quotes in Washington, D.C. 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 Washington
Finding the best home insurance company requires looking at factors beyond the cost. Residents should also consider an insurer’s user satisfaction and financial stability. Given how claims are made during times of distress, it’s crucial to work with a company that can efficiently and reliably handle your claim.
MoneyGeek’s study found that the best homeowners insurance in Washington, D.C. is offered by:
- Best Overall: Allstate
- Runner-up: Chubb
Insurers in Washington were ranked based on MoneyGeek’s unique scoring system, which looked at a company’s affordability, user satisfaction and financial stability.
Allstate policyholders benefit not only from their affordable policies but also from their unique add-ons and services. For instance, Allstate agents can help policyholders who are interested in purchasing a policy to cover flood damage through the National Flood Insurance Program (NFIP). Additionally, for each year a policyholder remains claims-free, Allstate will reduce their deductible by $100 annually up to a maximum of $500.
The highest-ranking insurer in the city is Allstate, earning a high score across categories and scoring perfectly in affordability. They even offer discounts to policyholders for being claims-free regardless of whether they come from another insurer or are currently with Allstate.Read MoneyGeek's Allstate home Insurance Review
Aside from offering affordable policies, Chubb’s services have inclusions or features that are beneficial for their clients. For example, a Chubb policyholder whose home is totally damaged can have it rebuilt to its original condition even if it exceeds their policy limits. Alternatively, they also offer the option of a cash settlement, which lets homeowners take money instead of having their house rebuilt.
Chubb is MoneyGeek’s runner-up as it scored well across categories and earned a near-perfect score in affordability. Chubb’s policies do not account for depreciation when it comes to personal property, so policyholders can get new items of equal value or quality to their old ones.Read MoneyGeek's Chubb home Insurance Review
Cheapest Home Insurance Companies in Washington for Newly Constructed Homes
Homes in Washington, D.C. that have been newly constructed cost less to insure. This is because modern materials are more damage-resistant, which reduces the likelihood of a homeowner making a claim. If a claim is made, the materials are easier for insurers to replace.
Newly-built homes in Washington, D.C. cost an average of $1,389 per year to insure. This is $324 less than the cost to insure homes that were built in 2000.
For residents looking for cheap homeowners insurance in Washington, D.C. for new homes, MoneyGeek found that these are the most affordable companies on average:
- Allstate: $940 per year
- Chubb: $1,200 per year
The Cheapest Home Insurance in Washington for New Homes, Ranked
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Cheapest Home Insurance Companies in Washington if You Have a Lot of Personal Property
All home insurance policies come with personal property coverage, which pays for your personal items in case of damage. If you own high-value items, you might want to opt for policies with $250,000 in personal property coverage. These can cost an average of $2,020 per year in Washington, D.C., which is $307 higher than policies with $100,000 in coverage.
On average, the most affordable insurers in Washington, D.C. for policies with $250,000 in personal property coverage include:
- Chubb: $1,753 per year
- Allstate: $1,754 per year
Cheap Companies in Washington for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Washington for High Deductibles
Policy premiums are affected by your deductible, which is how much you pay for out-of-pocket when you make a claim. Deductibles are a way to save on month-to-month costs, as the higher your deductible, the lower your monthly premium.
In Washington, D.C., residents pay an annual average of $1,512 for a policy with a $2,000 deductible, which is $201 less than the average cost of policies with a $1,000 deductible.
The companies that offer the cheapest home insurance policies with a high deductible are:
- Allstate: $1,147 per year
- Chubb: $1,168 per year
The Cheapest Companies in Washington for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Washington if You Have Poor Credit
In Washington, D.C., insurers consider your credit score when computing your premiums. Those with poor credit scores often have pricier premiums.
Case in point, low-credit Washington, D.C. residents pay an average of $3,390 per year. This is a whopping $1,677 more than the cost for those with a decent credit standing.
It’s still possible to find cheap homeowners insurance in Washington, D.C., even with poor credit. MoneyGeek found that these companies offer the most affordable policies on average:
- Chubb: $2,293 per year
- Allstate: $2,653 per year
The Cheapest Companies in Washington for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Washington
Before collecting home insurance quotes, Washington, D.C. residents must prepare a list of information to give to insurers. This includes, but is not limited to, the following details:
- The replacement cost of your home: Insurers will ask for details on how much it costs to rebuild your home to determine the appropriate dwelling coverage your policy needs. If you have no idea how much this is, hire a building contractor or construction professional to get an estimate.
- The value of your personal property: This is an estimate of the value of your personal property that will determine your personal property coverage limits.
- Personal information: This includes information about yourself, such as your birthdate, Social Security number, address and more.
- Information about your house: Technical information about your house, such as any alarm systems installed, the dimensions of it and more, will also be required.
Homeowners Insurance in Washington Analysis: Methodology
To provide a range of home insurance quotes for Washington, D.C. residents, MoneyGeek examined premiums from four insurers. A sample base profile of a Washington, D.C. resident with a 2,500 square foot home built in 2000 was used to get quotes for policies with a dwelling coverage of $500,000, personal property coverage of $200,000 and liability coverage of $100,000. All policies came with a $1,000 deductible.
To provide options for Washington residents, MoneyGeek also collected quotes for homeowners with a newly-built home, different dwelling or personal property coverage, poor credit scores and higher deductibles.
MoneyGeek partnered with Quadrant to gather data, where quotes with varying coverage levels were collected to calculate affordability scores. User satisfaction ratings were taken from J.D. Power surveys.
About Mark Fitzpatrick