Getting Home Insurance in Milwaukee
Homeowner’s insurance in Milwaukee, Wisconsin covers damage to a home, and damage to its contents from severe weather, fire, and burglary. Home insurance policies exclude damages from earthquakes and flooding, so be sure to check your policy for what is included and what is excluded. Home insurance also covers liability in the event that someone is injured or someone’s property is damaged due to your negligence. In the event that you are displaced from your home due to damages, insurance will provide for temporary housing, food, and storage.
If someone outside of your household is injured at your Milwaukee home, regardless of fault, medical payments coverage in the homeowner’s insurance policy will cover medical expenses incurred within one year from the date of loss. The homeowner’s form 2 policy in Wisconsin provides dwelling coverage for $60,000, personal property coverage for $30,000, additional living expenses for $12,000, personal liability for $100,000, and medical payments for $1,000. The average homeowner’s insurance rate in Wisconsin was $542 in 2009, which was lower than the national average of $880, according to the Insurance Information Institute.
Factors of Home Insurance Rates in Milwaukee
Insurance companies determine your homeowner’s insurance premium by your house’s cost of replacement, how old your home is, what materials your home is constructed from, its distance from local fire protection, its location, the population, your claims history, and your credit score. The crime rate in your area will also affect the cost of insurance. The U.S. Federal Bureau of Investigation reported 5,235 property crime offenses per 100,000 inhabitants in Milwaukee as of 2010, which is higher than the national figure, which reported 2,941.9 property crime offenses per 100,000 inhabitants.
Your credit score, which encompasses your past payment history, the length of your credit history, credit inquiries, how many open lines of credit you have, the type of credit in use, and any outstanding debt you have may also affect your insurance premium. Insurers in Milwaukee will consider this information when determining whether or not to issue you a new policy, renew your existing one, or to adjust the cost of your premium. Homeowners can manage their credit history by paying at least the minimum balance on bills, by paying on time, and by paying down their balances. Limit the number of new credit accounts to improve your credit rating. If the insurer chooses to take an adverse action due to your credit score, they must notify you before doing so.