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Find the Best Homeowners Insurance in Madison, WI

Homeowners insurance isn't the most exciting part about owning a house, but it protects your property when you need it most. Madison.com has partnered with ConsumerAffairs to create this guide by comparing national ratings and local customer reviews of 36 businesses and choosing five favorites from the top home insurance companies in Madison.

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What to know about homeowners insurance in Madison

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Homeowners insurance covers the rebuilding of your home and other physical structures on your property and pays for replacing personal possessions after loss or damage due to events, or “perils,” such as a fire, lightning strikes, windstorms, theft, vandalism and more. Wisconsin doesn’t require homeowners to purchase homeowners insurance, but if you have a mortgage, chances are your lender requires coverage.

  • What homeowners insurance covers: Basic homeowners insurance policies include five types of coverage: dwelling, personal property, liability, additional living expenses and medical payments. These coverages apply after damage or loss due to certain perils, such as fire, lightning, tornado, water damage, glass breakage, hail, windstorm, explosion, vandalism and theft. Coverages have limits up to certain dollar amounts, and policyholders have a deductible to meet before the insurance company pays.
  • What homeowners insurance doesn’t cover: Standard home insurance policies don’t cover water damage caused by flooding or sewer or drain backup. They also don’t cover damage or loss resulting from earth movement, power failure, nuclear accident or war. Additionally, homeowners insurance doesn’t cover damage from pests.

Average home insurance costs in Madison

The average cost for homeowners insurance in Madison is about $1,000 per year, or about $85 per month. Homeowners insurance in Wisconsin is relatively cheap compared with other states in the U.S.

The amount of your premium, or what you pay for homeowners insurance, depends on a variety of factors, including the type of home construction, the location of the home in the Madison area and how much coverage you purchase.

How to save on homeowners insurance in Madison

You can save money and get cheaper homeowners insurance in Madison by taking the following steps:

  • Compare multiple quotes. Ask for free quotes from different home insurance companies (but make sure you are comparing prices for similar coverage with the same deductible). You may be surprised at how much prices vary from company to company, even for similar policies.
  • Explore discounts. You can usually save money by bundling your homeowners insurance with auto insurance. Insurance companies also commonly offer discounts for having smoke detectors or a security system, being claims-free, switching from a different provider or having a nonsmoking household.
  • Raise your deductible. The higher your deductible is, the less the cost of homeowners insurance.
  • Improve your credit score. Your credit score is one of the factors that insurance providers consider when calculating your rates. The Wisconsin Office of the Commissioner of Insurance recommends asking an insurance company how it uses your credit information and if improving your credit score can have a positive effect on your rates.

Madison homeowners insurance FAQ

How are homeowners insurance companies regulated in Madison?

The Office of the Commissioner of Insurance regulates insurance companies in Madison. It does this by reviewing policies to make sure they meet Wisconsin law, monitoring companies’ financial health, issuing licenses and assisting state consumers with problems.

What are the different types of homeowners insurance?

There are several types of homeowners insurance in Wisconsin, with each differing based on the type of home it insures and the coverage. The most common include HO-2 (broad form), which lists the specific perils that are covered; HO-3 (special form), which covers your dwelling and other structures against all perils except those named, and covers personal property against named perils; and HO-5 (comprehensive form), which only lists excluded perils.

Can I buy homeowners insurance online?

Yes, you can buy homeowners insurance online.

How are homeowners insurance claims paid?

It depends on factors like the type of claim and whether you have a mortgage. The payment may go directly to you, to both you and your lender, or to a contractor who’s making repairs to your home.

Do home insurance premiums go up every year?

Sometimes. Factors like number of claims filed, a higher cost of building materials or the financial health of the insurer could lead to a rise in your premium. Insurers in Wisconsin must give you 60 days of notice before renewing your policy with a higher premium.

Can you change insurance agents within the same company?

Yes, you can change insurance agents within the same company.

Madison home insurance company information

Allstate

Allstate has been in business over 85 years and protects people across the U.S. with over 113 million policies. Madison residents can work with an agent to design coverage specifically for their home. Optional coverage is available for water backup, scheduled personal property, yard and garden, and electronic data. The Claim Rateguard feature protects your rate from increasing when you file a claim. Allstate lists a number of agents in Madison, including Susan Kempfer-Weeks, who is located at 555 D’onofrio Drive, Ste. 102, Madison, WI 53719.

Allstate

Nationwide

Basic homeowners insurance from Nationwide includes dwelling, contents, personal liability, medical payments, other structures and credit card coverage. Madison residents can buy optional coverage for water backup, flooding and high-value belongings. The company’s annual On Your Side review keeps your policy up to date and ensures you’re benefiting from all available discounts. Go to Nationwide’s website to get a quote or find an agent in Madison.

Nationwide

Liberty Mutual

Liberty Mutual is a national insurance company offering customized homeowners insurance in Madison. Every policy comes standard with coverage for wind and hail. Customers can file a claim over the phone, online or using the company app. Online purchase may qualify for instant savings. Liberty Mutual serves Madison, Fitchburg, Middleton, Sun Prairie and Verona. Its office is at 1600 Aspen Commons, Ste. 270, Middleton, WI 53562.

Liberty Mutual

State Farm

State Farm is one of the leading insurers in the U.S. Its homeowners insurance protects Madison residents from nature, random acts and other causes of damage or loss. Discounts are available for having multiple policies, installing a home monitoring system or using impact-resistant roofing materials. There are dozens of State Farm agents in Madison, including Patrick Marsden, located at 14 N. Carroll St., Madison, WI 53703.

State Farm

American Family Insurance

American Family Insurance is a Madison-based insurer and one of the state’s largest companies. Madison customers get opportunities for multiple discounts, 24/7 claims support and access to the MyAmFam app. Quotes are available online or through an agent. American Family Insurance is based at 6000 American Parkway, Madison, WI 53783.

American Family Insurance