According to the Wisconsin Office of the Commissioner of Insurance, more than 200 Wisconsin home insurance companies sell policies within the state. Sorting through them all to find the one with exactly the coverage you need can be difficult. But it is essential in order to protect your home and its contents.
Your home is most likely the largest investment you will ever make. Read on to find out what you can do to make sure it remains safe.
The Coverage You Need
Four types of coverage are typically contained within one Wisconsin home insurance policy. These include property damage, personal liability, medical payments and additional living expenses.
Outlined here are the details of each type and what they cover:
- Property damage: helps pay for damage to your
home and personal property.
- Personal liability: pays for legal fees and
damages from non-auto-related accidents you or someone in
your family cause.
- Medical payments: pays medical expenses for
anyone outside your own family accidentally injured in
your home.
- Additional living expenses: covers expenses you
incur when your home is damaged and must be repaired, and
you must move into a motel or apartment temporarily.
Before you purchase your Wisconsin homeowner's insurance, MAKE
SURE you have sufficient coverage of each type. This will help
you avert financial disaster before it occurs.
Your Policy Options
Most Wisconsin homeowner's insurance companies offer the
following types of policies:
- Broad Form (HO-2)-offers you coverage
against specifically listed perils.
- Special Form (HO-3)-offers property and
liability coverage for your home and other structures on
your property. Protects against all risks specifically
listed (e.g., fire, windstorm, hail, lightening and
falling objects). Covers more risks than an HO-2 policy.
- Tenants Form (HO-4)-provides coverage
for a renter's personal property and liability against
the property of others ... also pays for additional
living expenses.
- Comprehensive Form (HO-5)-covers your
home and your personal property for everything not
specifically excluded. Provides the broadest coverage,
but is more expensive and not often offered.
- Condominium Form (HO-6)-covers a
condominium owner's personal property, personal
liability, and any items not insured by the association's
policy.
- Modified Coverage Form (HO-8)-provides
coverage for older homes whose replacement cost far
exceeds market value.
State insurers also offer Wisconsin home insurance to those
living in mobile homes or on farms or ranches. A knowledgeable
Wisconsin home insurance provider can answer your questions about
any of these policies, and help you determine what type of
coverage you need in your particular situation.
Replacement Cost vs. Actual Cash Value
Before you make your final decision on which type of Wisconsin
home insurance policy to buy, it is essential to understand the
difference between "replacement cost" and "actual
cash value."
Replacement cost is the amount of money it
would take to rebuild your home or repair any damages with
materials of a similar kind. However, it does not figure
depreciation into the equation when accounting for total cost. In
order to qualify for full replacement cost coverage, your home
must usually be insured at 80 to 90 percent of its replacement
cost.
Actual cash value (ACV) is the value of your
home and property when damaged or destroyed. ACV takes the
replacement cost and deducts from it your home's depreciation.
The final sum is considered the ACV.
Most Wisconsin homeowner's insurance policies contain
replacement cost coverage on the home and ACV on personal
property. However, if you wish to change these standards on your
own Wisconsin home insurance, a licensed state home insurer can
help you do so.
Reducing the Cost of Your Home Insurance
Several discounts are available to help you
keep your Wisconsin home insurance premiums within financial
reach. Ask your insurer about the following money-saving discount
options:
Multiple-policy
If you purchase your home insurance from the same insurer
you buy your car or health insurance from, you are likely to
be eligible for a discount. Many Wisconsin home insurance
companies offer this incentive in order to sell you multiple
policies.
Protection devices
Many insurers offer discounts of two to five percent for
homes containing smoke detectors, burglar alarms and/or
sprinkler systems. However, these systems can be expensive!
Before installing them in your home, find out what they cost
installed vs. the premium amount you will save.
Non-smoker
Some Wisconsin home insurance companies will reduce your
premiums if you don't smoke. However, if any other family
member living with you smokes, you will not qualify for this
discount.
Fire-resistant building materials
Homes made of fire-resistant materials are less likely to
become damaged in the event of a disaster. Therefore, a few
Wisconsin home insurance companies give discounts for this
type of construction.
Long-term policy holders
If you maintain coverage in good standing with some
Wisconsin homeowner's insurance providers, you may qualify
for special consideration and an additional discount. In
fact, long-term policyholders may actually receive a five to
10 percent discount, depending on the length of time they
remain with the company.
Get the Protection You Need
Now that you have the information you need to make an informed decision on your Wisconsin homeowner's insurance, why not put your home investment in the capable hands of InsureMe? We'll get you up to five quotes from insurers in your area willing to compete for your business.
Protect your home and further your investment today! We'll be waiting to hear from you.
State of Wisconsin Facts
| Capital City: |
Madison |
|
| Nickname: |
Badger State / America's Dairyland |
| Motto: |
Forward |
| Statehood: |
May 29, 1848 (30th) |
| Origin of State's Name: |
Based on an Indian word "Ouisconsin" believed to mean "grassy place" in the Chippewa tongue |
| Largest Cities: |
Milwaukee, Madison, Green Bay, Kenosha, Racine |
| Border States: |
Illinois, Iowa, Michigan, Minnesota |
| Land Area: |
54,314 sq.mi., 25th largest |
| State Bird: |
Robin |
| State Flower: |
Wood Violet (viola papilionacea) |
| State Tree: |
Sugar Maple (acer saccharum) |
| State Song: |
On Wisconsin |
| E-mail your Congressperson: |
U.S. House: 110th Congress
U.S. Senate: 110th Congress
Congressional Directory
|
WI Office of the Commissioner of Insurance |
125 S. Webster St. (53702)
P.O. Box 7873
Madison, WI 53707-7873
608-266-0103
Toll free in WI: 1-800-236-8517
Dial 711 and ask for 608-266-3586
Fax: 608-266-9935
Website: oci.wi.gov
|
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