does not require homeowners insurance, but most lenders require you to carry coverage for the duration of your mortgage. Shop for homeowners insurance by comparing quotes and choosing the policy with the coverage you need.

If you purchased a home in Wisconsin, you’ll need homeowners insurance to protect your home from fire, hailstorms, theft, and other perils. Every state has different events that cause widespread property damage, so it’s important to understand what could put your home at risk in your state to build a policy that’s right for you.

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What is homeowners insurance?

Homeowners insurance is a type of property insurance that covers damages to your home and its contents in the event of a covered disaster.

The standard homeowners insurance policy provides coverage to repair or rebuild your home, additional living expenses, and legal fees if someone is injured on your property.

Basic components of homeowners insurance

Here are the five elements of coverage included in a homeowners insurance policy:

Structure (Coverage A): Pays to repair or replace damage to the interior or exterior of your house caused by covered disasters like fire, lightning, windstorms, and vandalism.

Additional structures (Coverage B): Damages to freestanding garages, sheds, fences, or other structures on your property caused by disasters will also be covered by homeowners insurance.

Personal property (Coverage C): Provides financial compensation for personal belongings destroyed in an insured disaster. From clothing and jewelry to furniture and appliances, your homeowners insurance policy will cover most of the contents of your home.

Personal liability (Coverage D): Liability coverage protects you from possible lawsuits for bodily injury or property damage that occur on your property.

Additional living expenses (Coverage E): Reimburses you for rent, hotel rooms, meals, and any other temporary living expenses incurred while you are waiting for your home to be repaired.

There are three levels of coverage you can choose when you purchase a homeowners insurance policy. Your most basic coverage covers the actual cash value (ACV), which is the cost of your home and its belongings at the time of its loss.

The replacement cost is the amount it would cost to repair your home and replace its contents up to your coverage limit, while the guaranteed or extended replacement cost pays for the cost to rebuild your home at current prices, even if it exceeds your liability limit.

Key Takeaway In the event of a covered disaster or lawsuit, your home insurance will provide financial stability and legal protection.

MORE: How to choose the right kind of home insurance for you

Named perils

Your homeowners insurance will only cover the named perils detailed in the policy. The standard policy covers:

Fire

Smoke

Lightening

Windstorm or hail

Volcanic eruption

Weight of ice, snow, and sleet

Freezing of a plumbing

Falling objects

Explosion

Vandalism, malicious mischief, and theft

Riot or civil commotion

Accidental discharge or overflow of water steam

Accidental tearing, cracking, burning, or bulging

Sudden and accidental damage from artificially generated electrical current

Read your policy before you sign to be aware of perils your policy does not cover but are causes of property damage in your state.

Key Takeaway Homeowners insurance does not cover damage due to negligence.

MORE: Does home insurance cover flooded basements?

Is homeowners insurance required in Wisconsin?

Wisconsin does not require homeowners insurance. However, most lenders will require you to purchase a homeowners insurance policy and carry coverage for the duration of your mortgage.

How to get homeowners insurance

Shopping for home insurance is similar to how you shop for car insurance. You’ll start shopping for homeowners insurance by comparing quotes from several companies online. Insurance premium quotes vary between providers for the same coverage, so don’t settle for the first one.

Not sure where to begin? Get a quote from your car insurance provider to bundle your home and auto policies. If you aren’t satisfied with your initial quote, most insurance companies offer bundling discounts that save you between 5% and 15% on both policies.

Save time and money by shopping for home insurance with

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Recommended home insurance coverage in Wisconsin

The most common causes of loss in Wisconsin are snowfall, windstorms, and sinkholes.

While the first two natural disasters are covered, the typical homeowners insurance policy excludes earth movement which includes sinkholes. Wisconsin sinkholes can range between 20 and 30 feet in diameter and are 10 feet deep.

If you live in the eastern, southern, or western part of Wisconsin that has dolomite and limestone beneath the surface, you’ll want to purchase sinkhole insurance to protect your home from sinkhole damage.

How much does homeowners insurance cost in Wisconsin?

Homeowners in Wisconsin can expect to pay less than the national average cost of homeowners insurance.

The average cost of homeowners insurance in Wisconsin is $986 per year, while the national average cost is $1,477 annually. However, there are several factors that can impact the cost of your homeowners insurance premium.

Claims history

Your home insurance premium will be higher if you’ve recently filed a claim because you are more likely to file another. The insurance provider raises your insurance premium to compensate for future claim payouts.

The amount your insurance rate increases will depend on the type of claim you file and the extent of the damage.

Older homes

If your home is older, then your insurance premium will be higher than the house that was recently built down the street. Insurance companies see older homes as a greater risk for a property damage claim and raise premiums to prepare for potential costs.

Homeowners insurance discounts in Wisconsin

Insurance companies offer a variety of discounts for homeowners, but they differ between providers. The table below features the common discounts you’ll see when shopping for homeowners insurance:

Discount	How to get it
Bundling	Bundling home and auto insurance could earn you a 5% to 10% discount on your policies
First-time homeowner	If it’s your first time purchasing a home most insurance companies will offer you a discount.
Claims-free	If you haven’t filed a claim in the last 2 to 3 years, you may receive a discounted rate.
Storm proofing	If you live in an area prone to natural disaster, upgrading your roof or installing weather-related safety measures could earn you a discount on your homeowners policy.
Security system	Set up a security system to prevent theft and you may be eligible for a discounted insurance rate.
Upgraded fire alarm	Setting up your fire alarm to contact the fire department directly could earn you a discount.

How to save on home and auto insurance

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FAQs

Is sinkhole insurance required in Wisconsin?

Standard home insurance policies don’t include coverage for sinkholes. Depending on where you live, your lender or mortgage company may require additional coverage for sinkholes.

What is the average cost of homeowners insurance in Wisconsin?

The cost of home insurance varies depending on your location, but the average cost of home insurance in Wisconsin is less than the national average. You can expect to pay $986 per year or $82 a month.

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