The Cheapest and Best Homeowners Insurance in Wichita
The Cheapest Home Insurance Companies in Wichita
Finding cheap homeowners insurance requires looking no further than the cost, as many policies have the same coverages at different price points.
On average, the companies offering cheap homeowners insurance in Wichita with the baseline dwelling coverage of $250,000 include:
- USAA: $3,190 per year (available only for current and former military members and their families)
- Travelers: $3,251 per year
The appropriate dwelling coverage can change depending on the value of the home. The more expensive a home is, the higher the coverage limit that is needed. These companies, on average, offer the cheapest homeowners insurance with $2 million in dwelling coverage:
- Farmers: $11,774 per year
- Allstate: $12,468 per year
The table below shows how annual premiums can change based on varying dwelling coverage limits.
The Cheapest Home Insurance in Wichita, Ranked
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Rates for policies with the baseline dwelling coverage came with $100,000 in personal property limits, while policies with $2 million in dwelling coverage came with $800,000 in personal property limits. Regardless of dwelling coverage limits, all prices came with $100,000 in liability coverage.
Homeowners with properties elsewhere in the state can also check out MoneyGeek’s analysis on the cheapest homeowners insurance in Kansas.
The Average Cost of Homeowners Insurance in Wichita for 2021
Wichita residents pay an average of $4,940 per year for homeowners insurance, which is higher than the state average of $2,878 and higher than the national average of $2,103. This shows how drastically the average cost of home insurance can vary from city to city and state to state.
Calculate the Cost of Home Insurance in Wichita
Annual premiums for home insurance can vary based on a number of factors. Common industry-standard factors include location, dwelling and personal property coverage, credit score and more. Some home insurance companies may also have their own unique determining factors. To compare home insurance quotes, Wichita homeowners can use MoneyGeek’s calculator to determine a rough estimate of their annual premiums.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Wichita
Beyond cost, customer service experience and the company’s financial stability are important factors to consider to find the best homeowners insurance. Great customer service means claims will be stress and hassle-free, which is crucial as claims are often made during difficult times.
MoneyGeek found that the best homeowners insurance in Wichita is offered by these companies:
- Best Overall: USAA (only available for current and former military members)
- Runner-up: Farmers
These companies were examined based on the company’s affordability, user satisfaction and financial stability.
USAA has a long-standing reputation for being affordable and having great customer service. They offer unique coverages such as their home-sharing coverage, which protects homeowners against the cost of being a landlord. Policyholders who are claims-free and have a security system installed at home can even get additional discounts on their policies.
MoneyGeek’s top pick is USAA, as it scores well across categories, achieving perfect marks in both customer satisfaction and affordability. Note, however, that their policies are only available for current and former military members.Read MoneyGeek's USAA home Insurance Review
Farmers policyholders get to enjoy unique and affordable coverages from the company while remaining confident with their customer service. For one, homeowners who make no claims for five years are rewarded by waiving the penalty of higher rates when a claim is made. Policyholders can also add to their policies with Farmers’ Identity Shield, which helps cover expenses should a homeowner’s identity be stolen.
Farmers is MoneyGeek’s runner-up that not only scores well across categories but is also more accessible compared to USAA. All of their policies include a declining deductible, which means policyholder’s deductibles will fall by $50 each year a policy is held.Read MoneyGeek's Farmers home Insurance Review
Cheapest Home Insurance Companies in Wichita for Newly Constructed Homes
Newly-constructed homes made with modern materials are cheaper to insure due to how easy it is to replace the material and how they are more resistant to damage. Homes in Wichita that have been recently built cost an average of $3,054 per year to insure, while it costs $4,940 to insure homes built in 2000.
On average, the cheapest home insurance policies for those with newly-constructed homes in Wichita include the following:
- USAA: $1,585 per year
- Allstate: $2,053 per year
The Cheapest Home Insurance in Wichita for New Homes, Ranked
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Cheapest Home Insurance Companies in Wichita if You Have a Lot of Personal Property
With home insurance comes personal property coverage. This protects the personal items that are in the home. For those with high-value personal property, a higher limit may be appropriate, but note that it can cost more.
To get personal property limits of $250,000 in Wichita, it costs an average of $5,224. This is $248 more than the $4,940 for personal property limits of $100,000.
On average, the companies offering cheap homeowners insurance in Wichita with personal property limits of $250,000 include:
- Travelers: $3,325 per year
- USAA: $3,341 per year (available only for current and former military members and their families)
Cheap Companies in Wichita for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Wichita for High Deductibles
Deductibles are also a factor that can considerably impact the cost of annual premiums. This is the money out-of-pocket that policyholders have to pay before an insurer covers a claim.
A higher deductible leads to a more expensive premium. Policies with a $2,000 deductible cost $4,440 per year compared to $4,940 for a $1,000 deductible.
The companies offering the cheapest homeowners insurance in Wichita with a $2,000 deductible, on average, include:
- Travelers: $2,518 per year
- USAA: $2,711 per year
The Cheapest Companies in Wichita for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Wichita if You Have Poor Credit
Insurers in the state of Kansas factor in credit scores when determining a homeowner’s annual premium. A poor credit score will lead to a higher annual premium, while those with good credit scores can enjoy lower rates.
Homeowners insurance in Wichita costs an average of $8,051 per year for those with poor credit, while those with a decent credit standing pay an average of $4,940 annually.
On average, companies that offer the cheapest homeowners insurance in Wichita for those with poor credit include:
- Travelers: $4,418 per year
- USAA: $4,485 per year (only available for current or former military members)
The Cheapest Companies in Wichita for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Wichita
Before getting home insurance quotes, Wichita homeowners need to prepare some information for insurers to assess a rough estimate of the annual premiums. This includes, but is not limited to, the following:
- The replacement cost of your home: Rather than the actual value of the home, insurers want to know the cost to replace it. This is because they’ll be the ones covering for it in case of a valid claim. Building professionals can often help get this cost.
- The value of your personal property: The value of personal items helps determine the personal property coverage limits.
- Personal information: Insurers will also ask for the home’s address, information about who lives there, past insurance details or history and other details.
- Information about your house: Insurers will also ask about the technical details of the house, such as when it was built, the size of the house and security systems or other miscellaneous items installed.
Homeowners Insurance in Wichita Analysis: Methodology
MoneyGeek gathered data and examined nine insurers from Wichita, Kansas using a sample homeowners profile. It included a 2000-built home with 2,500 square feet of space. The desired homeowners insurance included $250,000 in dwelling coverage, $100,000 in personal property and liability coverage and a $1,000 deductible.
Prices were also gathered to accommodate different circumstances, such as homeowners who have newly constructed homes, those who have poor credit, higher dwelling or personal property limits and higher deductibles.
MoneyGeek gathered data in partnership with Quadrant on varying coverage levels to calculate affordability scores. J.D. Power surveys also provided information on customer satisfaction.
About Mark Fitzpatrick