Home Insurance in Spokane Valley
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Maintain Home Insurance in the Beautiful Spokane Valley
As a suburb of Spokane, Spokane Valley is centrally located in the cultural, financial and retail hub for much of Washington, Idaho and Montana. A population of 107,000 residents call the border of Spokane and Liberty Lake home.
Spokane Valley is known for its family-friendly, relaxing atmosphere, surrounded by an endless array of outdoor opportunities, like hiking, skiing and bicycling. With the Spokane River flowing through the city, residents have access not only to its beauty but to an array of water sports. Located in Eastern Washington, residents enjoy 260 days of sunshine year round, unlike the wetter climates of Western Washington cities.
Cost of Living in Spokane Valley
The average home in Spokane Valley costs approximately $370,600. While this is about 9.6% higher than the national average, it is 30.7% less expensive than the average home in Washington State. To live comfortably in Spokane Valley, individuals need to make about $37,200, whereas a family needs approximately $70,920.
Cost of Home Insurance in Spokane Valley
In the Spokane metropolitan area, the cost of homeowner's insurance is about $893 annually, with about $250,000 worth of dwelling coverage. On average, insurance costs in Spokane Valley are cheaper than most of Washington and cheaper than national averages. However, the cost of insurance does depend heavily on the homeowner's chosen policies and coverages.
Determine Your Home Insurance Needs
While basic coverages are essential to all Washingtonians, specific risks are associated with living in the Pacific Northwest, including wildfires. The Spokane area has a moderate wildfire risk projected for the next 30 years. In addition to wildfires, those who live close to the Spokane River may have a severe flood risk. Fortunately, VIU by HUB can help you figure out your specific risks.
Basic Coverages
Home insurance in Spokane Valley should safeguard your property against damages and losses. Generally, basic coverage will protect against various perils, including:
- Theft
- Explosion
- Fire
- Malicious mischief
When it comes to your primary policies, remember that you still must maintain your home. Homeowners who ignore maintenance may be classified as negligent when filing a claim.
Add-Ons
There are many risks that basic coverage does not cover. The Office of the Insurance Commissioner in Washington State suggests residents carry various add-on policies due to some natural risks associated with living in the Pacific Northwest. These add-ons include:
- Earthquake coverage: While earthquakes are more common in Western Washington, as opposed to Eastern Washington, the risk of a serious earthquake and subsequent damage still exists in Spokane Valley. Earthquake coverage can assist with the repair and replacement of a resident's home.
- Flood coverage: Flood insurance accounts for water damage but can also help cover the costs of flood erosion and mudflow. If you live in a floodplain, you need to have flood insurance.
- Landslide coverage: Most basic policies do not cover landslides. However, given the predominance of hills and mountains, landslides may be a threat for some Spokane Valley residents.
- Volcano coverage: Washington has five major volcanoes that have high threat potential. In the event of a volcanic eruption, homes may face damage from ash.
Obtaining Comprehensive Home Insurance in Spokane Valley
No two homes are the same, and the threats to your home may vary from one resident to another. When looking for home insurance in Spokane Valley, consider the risk factors associated with your property. To determine the right coverage for your home, use VIU by HUB to find the options that fit your needs and keep you under budget.
This information is intended for general informational purposes only and is not intended to constitute legal advice.
Sources
Spokane Valley Economic Development