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Washington ranks as one of the best states to live in or own property in- thanks to its beautiful surroundings, pleasant atmosphere, great job opportunities, and progressive thinking.

There are many valuable homes in the state, and the market for renting your property to others is booming.

Unfortunately, the threat of wildfires and heavy rainstorms has increased in recent years, earning parts of the state a place on the list of at-risk locations.

If you own property in Washington, it is vital to protect your investment with homeowners insurance.

Choosing a homeowners insurance policy can be tricky, especially when there are so many options and variations.

To ease the search, we have put together a list of the five best home insurance companies that operate in Washington- as well as some guidance on how to pick the right policy for you.

An Introduction to Washington Homeowners Insurance

In short, homeowners insurance is the best way to put a safety net between potential disasters and your personal finances.

It covers your property and personal belongings in case of unexpected events such as theft and natural disasters.

Instead of facing the bills alone, your insurance provides coverage for expenses such as repairing and rebuilding property, replacing damaged or stolen belongings, temporary living costs, and personal liability.

The extent of your coverage will depend on your policy and the company you take it out with.

How Much Does Homeowners Insurance Cost in Washington?

Average rates for homeowners insurance in Washington are hard to pinpoint because there are so many influencing factors. Overall, the costs are generally quite low compared to the national average, coming in at around $1200.

That said, your premiums could be very different. Here are a few of the things that impact the cost of insuring a property.

  • Where in Washington it is located (rates tend to be highest in Yakima and Kennewick and lowest in Bellingham and Bremerton)
  • The size, age, and condition of your property
  • How valuable your personal property is
  • Your claims history
  • What extra coverage you need as part of your policy
  • The company you choose to insure your property with
  • Any discounts you qualify for

Homeowners Insurance VS Landlord Insurance

Some property owners may require landlord insurance instead of or as well as homeowners insurance. If you own a property but rent it to others, this could apply to you.

Homeowners insurance is designed to cover dwellings and personal belongings, but it does not cover the additional liabilities and risks involved in having tenants.

Landlord insurance also covers the building but includes different coverage for things such as lost rental income and legal issues.

There are some occasions when someone who owns rental properties may need homeowners insurance instead of landlord insurance. Here are some examples.

  • When a property is vacant
  • In transition times between moves
  • If they are house-sharing

Choosing the Right Homeowners Insurance Company

Narrowing down the search for a home insurance company is a lot easier when you know what to look for.

It is important to choose a policy that meets your requirements as a Washington resident or property investor and a company that is reliable, reputable, and robust.

Let's take a closer look at both sides of the coin and talk about the specifics when assessing the best home insurance company for you.

Special Requirements for Homeowners Insurance in Washington

First, there are some things you particularly want your policy to cover if you live in Washington.

When picking an insurance plan, check what coverage is available for certain incidents and find out what extra endorsements you can add for specific events.

As well as the standard insurance coverage you expect to find with more homeowners insurance companies, these are the things that Washington residents should look for.

Wildfire Coverage

The most predominant threat for Washington property owners is fire.

There have been tens of billions of dollars worth of property damage caused by wildfires in the state over the last two decades- often including the complete destruction of people's homes.

Most home insurance policies cover fire damage. The difference comes in the coverage limits on the cost of rebuilding and replacing destroyed belongings.

It is vital to have a high enough coverage limit to rebuild your property to the same standard- and perhaps a little wiggle room, in case construction costs are higher than expected. Look for a policy with the option of extended replacement cost coverage beyond the policy limit.

Flood Insurance (Private or Through the National Flood Insurance Program)

Another potential risk for Washington homeowners is flood damage. Flooding can cause significant issues for properties- mold and rot being two of them. Most policies list flooding as a specifically excluded event and will not pay out for expenses.

You are likely to need additional flood damage insurance. Some companies provide their own, and others work with the National Flood Insurance Program to help their clients get the coverage they need.

Things to Think About When Assessing Home Insurance Companies

No matter what home insurance company you are considering, they should always meet certain criteria.

The company's financial strength should be without question (check the AM Best Rating), and it is a good idea to look at the customer satisfaction scores and comments online.

Other things to look at when comparing providers include:

  • How the costs compare to other similar plans from other companies
  • What discounts are available to help reduce your costs
  • How easy it is to get support and handle a claim
  • What limits apply to your policies

You can learn a lot about a company by checking them out with the National Association of Insurance Commissioners.

The Five Best Homeowners Insurance Companies in Washington

All things considered, we have chosen the following five homeowners insurance companies as the best in Washington state. They offer the best plans for the area and tick the boxes for reliable and robust coverage.

Let's take a look at each one, the features and coverage options, and the discounts they offer clients.

1: Chubb

Chubb

Chubb is our number-one pick for Washington. Although the policies are designed with high-end properties in mind, they work well for anyone who wants the best coverage and protection for their property investments.

Insurance with Chubb costs a little more than the average Washington policy, but if you have the extra to spare, it is well worth it for what you get in return.

Coverage and Features

One of the main reasons Chubb is our top pick is the excellent coverage options for property restoration.

You can opt for a policy that pays to restore your home to its original quality without limiting the cost coverage.

In general, the policy features offer generous, comprehensive coverage options for every situation- and it is one of the very few insurance providers that offers a cash settlement to the policy's value if your home is destroyed and you choose not to rebuild.

Here are some of the other notable features.

  • Storm and earthquake insurance
  • High-risk home monitoring service
  • Tree removal
  • Electrical system reparation insurance
  • Risk consultation services for fires and flooding
  • Water backup cover
  • Lock repair
  • High-limit liability coverage (up to $100 million)
  • Counselling costs after major incidents

Discounts

  • You generally receive lower rates if your property is new or has been newly refurbished.
  • Discounts are given to homeowners who use monitored security systems in their properties.
  • Costs are reduced if your property has fire-resistant features such as an automatic interior sprinkler system.
  • Bundling discounts are available when you take out multiple policies with Chubb.
  • Properties located in gated communities often get discounts on their policies.

2: State Farm

State Farm

State Farm is one of the most reputable insurance companies in the USA. It has a financial stability rating of A++ and offers high-limit, customizable insurance plans at reasonable prices.

Customer service is another area where State Farm excels- thanks to its network of local agents who work with clients to make the claims process more efficient and manageable.

Coverage and Features

One of the things that makes State Farm a great choice for Washington homeowners is the excellent flood insurance coverage included in the premiums.

The property repair coverage is also very generous, which is highly beneficial in case of catastrophic damage caused by wildfires.

State Farm offers an impressive selection of add-ons and extra endorsements that help Washington homeowners feel secure no matter what happens.

Here are some of the best features offered by State Farm that make it one of the most trusted insurance providers in the USA.

  • Sewer, drain, and water backup insurance
  • Flood Insurance
  • HVAC and water heating system coverage (including upgrades)
  • Excellent water damage insurance
  • Business insurance (incidental)
  • Extended dwelling and foundation coverage
  • Liability coverage for personal injuries

Discounts

  • Multi-policy discounts apply when you bundle your home and car insurance through State Farm.
  • State Farm offers lower rates for homes with monitoring systems and security features, such as smoke detectors, fire-resistant systems, and burglar alarms.
  • You can earn a no-claims bonus if you go several years without making any claims on your policy.
  • Some property owners may qualify for a reduced insurance premium when they upgrade their major utilities, such as electrical systems and HVAC units.
  • Installing a new roof or having a roof made using impact-resistant materials can save you money on your State Farm homeowners insurance.
  • If you make efforts to mitigate wind risks, you may also qualify for a discount.

3: Country Financial

Country Financial

Country Financial may be a smaller insurance company than some of the others on our list, but it is right up there with the best for policy options and customer service.

It only operates in 19 states, but luckily, Washington is included.

The company offers three policies that each offer excellent protection in a different way. It makes it easier to find a plan that works with your budget, and you can personalize it with various add-ons, enhanced limits, and extra endorsements.

Coverage and Features

The standard plan is the value-for-money option. It provides reasonably priced protection for general damage and expenses. However, it does not include coverage for extreme weather events.

Washington property owners may be better off choosing the premier plan since it covers damage repairs in any disaster- including wildfires and floods.

Here are some of the possible inclusions and add-ons you can have as part of a Country Financial insurance plan.

  • Flood damage coverage through the National Flood Insurance Program
  • Full replacement cost coverage to the original value of stolen or damaged items
  • Extended replacement cost coverage for rebuilding a property with no limit (unlike the plans, which are capped at 20% extra)
  • Personal injury and medical payments insurance
  • Water backup and sump pump insurance

Discounts

  • Enrolling in Autopay or agreeing to pay your annual premium in full generally earns you a discount on your payment.
  • Newer homes usually have lower insurance costs through Country Financial.
  • You can also expect a reduced rate if your property has a new roof or an updated electrical system.
  • Wind mitigation efforts made by homeowners in Washington generally earn lower insurance rates.
  • Having equipment and systems in your home designed for fire and theft prevention can also mean a reduction in cost.
  • Your policy rates go down if you hold a Country Financial policy for a while, and you can save even more if you stay claim-free for multiple years.
  • Save money by bundling your Country Financial home insurance with car insurance.

4: Farmers

Farmers

Our next pick for Washington property owners is Farmers. Some of the things we love the most about Farmers homeowners insurance are the generous replacement cost coverage and extended repair insurance options.

It is on the slightly higher end of the scale for premium costs, but the policies are excellent value for money when you look at what they include.

Farmers is a great choice for anyone who wants to secure their peace of mind knowing they are covered in case of extreme Washington weather events.

Coverage and Features

Farmers offers three types of home insurance coverage. The Standard plan covers all the basics, such as dwelling coverage, stolen or damaged property, liability insurance, and cover for any additional structures on your property.

By bundling your home insurance with car insurance, you move up to the Enhanced tier. It has all the same coverage but with the added bonus of covering your car for a lower rate.

Lastly, the Premier plan is designed for high-value properties or homes in high-risk locations that need higher policy limits in case of significant damage.

No matter what plan you choose, Farmers offers robust homeowners insurance with generous limits- including guaranteed replacement cost coverage that insures 100% of the rebuild expenses if your property is destroyed.

Here are some of the coverage options and features offered by Farmers in the various homeowners insurance policies.

  • $25,000 on top of your limit if you rebuild using green materials
  • Breakdown cover for washing machines, HVAC systems, water heating, and other utilities
  • Generous additional temporary living expenses
  • Water backup and pump failure coverage
  • Brand-new item replacement for stolen or damaged personal belongings
  • Injury liability insurance
  • Medical expenses for injuries sustained on your property
  • Public service line (sewer, electric, etc.) damage coverage
  • Optional home share insurance

Discounts

  • If you make no claims in three years of having a Farmers policy, your premiums are reduced.
  • Policy rates are secured after five years, regardless of whether or not you make a claim.
  • If there are no smokers in your home (and hasn't been for at least two years) you may be eligible for cheaper rates.
  • Combining your home and car insurance coverage gets you a great bundling discount.
  • Homes built within the last 14 years- or renovated substantially within 14 years- are generally eligible for lower premiums with Farmers homeowners insurance.
  • Special rates are given to teachers, firefighters, and doctors (even if they are retired)- and some other professions may also qualify.
  • If you agree to pay your annual rate in full or sign up for automatic payments through Autopay, you are rewarded with a discount on the overall cost.
  • You can also earn rewards for consistently paying your insurance bills on time or having a history of early payments.
  • Farmers offers discounts to homeowners on their insurance if their property has a green certification from EPA, Energy Star, or LEED.
  • Washington homes that have fortified windows, foundations, roofs, or walls are often eligible for lower insurance premiums.

5: Nationwide

Nationwide

Nationwide is another one of the largest home insurance companies in America and is known for having excellent rates and robust coverage options.

It also has a solid reputation for being trustworthy, having excellent financial strength and stability, and providing a high standard of customer service.

There are a few policies to choose from, as well as various additional features that add extra benefits for property owners in Washington.

The generous coverage limits for damage and rebuilding make this company stand out, as do the optional add-ons for flood coverage and extended replacement cost insurance.

Coverage and Features

The coverage and features options offered at Nationwide go beyond expectation- ticking all the must-have boxes for dwelling coverage, personal property damage, liability insurance, and additional structures.

Property owners can personalize their plans to enhance their protection in case of extreme Washington weather events using the robust selection of additional endorsements.

Here are a few of the standout policy features and options available if you insure your property with Nationwide.

  • Enhanced roof replacement and repairs using better materials
  • Water backup and pump failure insurance
  • Public service line coverage for sewers, pipes, electrics, and more
  • Replacement of stolen or damaged personal belongings with brand-new items without value depreciation
  • Medical expenses and liability coverage for residents and guests
  • Partnership with the National Flood Insurance Program
  • Extended rebuilding insurance with high limits
  • Local agents and an online management app for policies and claims

Discounts

  • There is a cost bonus available for homeowners who bought their property within 12 months of taking out their Nationwide insurance policy.
  • You might be eligible for a discounted rate if your property has a roof made from qualifying materials or has had repairs done recently.
  • Smart home technology and security features such as smoke detectors, interior sprinklers, and burglar alarms could reduce your insurance premiums.
  • Discounts are usually given for properties located within gated communities.
  • If you stay claim-free for several years after taking out your policy, your annual premium costs will reduce over time.
  • Insuring your home and car together through Nationwide earns you a generous bundling discount.
  • Updating your heating, plumbing, or cooling systems can also earn you a reduction in your policy cost.

Other Notable Washington Homeowners Insurance Providers

  • Amica
  • USAA
  • Allstate

Conclusion

There are many perks to owning property in Washington, but it is vital to properly protect your investment from the dangers of natural disasters, theft, and other unforeseen challenges.

Any of the five companies mentioned on our list would make an excellent choice, but always remember to assess the policy options and find the one that works best for you.

To see what DoorLoop can do for you, schedule a free demo today!

David is the co-founder & CMO of DoorLoop, a best-selling author, legal CLE speaker, and real estate investor. When he's not hanging with his three children, he's writing articles here!

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The information on this website is from public sources, for informational purposes only and not intended for legal or accounting advice. DoorLoop does not guarantee its accuracy and is not liable for any damages or inaccuracies.

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