Home Insurance in Milwaukee
Compare, shop and customize quotes from top-rated insurance carriers.
Protect Your Residence With Home Insurance in Milwaukee
Sitting on the shores of Lake Michigan, Milwaukee earns its nickname of Brew City from its world-famous breweries. However, its more than 555,000 residents know that the town offers far more than that. From major league sports to historical sites and state parks, this city has plenty of options to entertain its residents and visitors.
While homeowners in Milwaukee get to experience all four seasons, its geographic location means that winters can be severe. The snowy season lasts from mid-November to early April, and January typically sees an average snowfall of 4.3 inches. This winter weather can cause damage to a home, underscoring the need for a quality home insurance policy. VIU by HUB can assist with finding a local quote to obtain affordable coverage.
While the city is steeped in history, Milwaukee's population is fairly young, with a median resident age of 32.3 years. These residents are early in their careers, impacting Milwaukee's median household income of $46,637, which is well below the state average of $67,125. For these individuals, the cost of home ownership represents a significant investment, highlighting the importance of safeguarding its value with a good home insurance policy.
Why You Need Home Insurance in Milwaukee
The average cost of a home in the Milwaukee area is $193,061. which represents an increase of nearly 8% over the last year. Home ownership is likely the largest financial investment a Milwaukee resident will undertake, and it is subject to numerous risks.
Property Crime
As a city, Milwaukee is only considered safer than 1% of other U.S. neighborhoods. Residents are particularly at risk for property crime, with a 1 in 23 chance of becoming a victim. compared to the 1 in 65 Wisconsin state average.
Natural Disasters
Milwaukee is also at an elevated risk of natural disasters. The county has experienced 19 federal disasters due to storms, floods and severe winter weather. This is a higher rate of disasters than the U.S. average of 15.
Older Homes
The median age of the 257,267 housing units in the Milwaukee area is 70 years old. Older houses constitute an insurance risk for numerous reasons. Wiring issues are common in older homes, making them more susceptible to fires. Lack of regular maintenance on older homes may also impact the structure, rendering the home more prone to damage from weather and other environmental issues.
Risks Covered by Homeowners Insurance
A typical home insurance policy typically protects against damages from storms, fire, theft, and other accidents, with some exclusions. A standard policy usually includes the following types of coverage:
- Dwelling: pays to repair damages to the home and attached structures
- Personal property: pays to replace personal belongings like appliances, jewelry, clothing, furniture and other similar items
- Additional living expenses: pays for costs of hotel bills, meals, laundry services and related items if the home is rendered temporarily uninhabitable due to a covered peril
- Liability: pays for damage or injury the policyholder causes to others
- Others' medical payments: pays for medical claims made to individuals outside the policyholder's household
Costs of Milwaukee Home Insurance
Home insurance in Milwaukee costs an average of $1,235 annually for $300,000 in coverage, which is approximately 7% over the state of Wisconsin average. However, Milwaukee residents still pay 30% less than the average U.S. citizen pays for their home insurance policy. Due to the risks associated with the elevated crime rate, weather-related risks and advanced age of homes in the area, Milwaukee residents should do some shopping around to find the best and most affordable insurance policy possible. VIU by HUB can assist with quote comparison from area providers.
This information is intended for general informational purposes only and is not intended to constitute legal advice.