Average Cost of Home Insurance in Washington State: 2022 Update

what is the average cost of home insurance in washington in 2022 and what factors go into determining the exact amount you pay?

Most homeowners in washington have a basic homeowners insurance policy to cover personal property losses related to fire, storm damage, vandalism, and other common perils. Insurance premiums can vary based on a number of factors.

Reading: How much is home insurance in washington state

the average cost of home insurance in washington state is around $1234 per year, as of 2022, this is much lower than the national average of $1680, according to value penguin, which may surprise some due to some of the higher costs. listed real estate markets in the nation are located in the state. see the discussion below for more details.

average cost of home insurance in washington in 2022

There are several companies and organizations that track the average cost of homeowners insurance policies in different states. We looked at some of them to get an idea of ​​how much homeowners in Washington state pay for their insurance policies. The good news is that WA has some of the most affordable home premiums around.

average cost of homeowners insurance in wa state

with a monthly home insurance premium of $1,234 in washington state, rising to approximately $102 per month in 2022. this puts washington below the national average cost for a homeowners policy, making it makes it one of the most affordable states in the country when it comes to home insurance coverage.

this gives us an idea of ​​what homeowners in washington are paying, on average, for their homeowners insurance coverage. But how much could you pay for your own homeowners insurance policy? Here are some factors that could determine your specific premium for homeowners coverage.

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factors that affect the price of home insurance

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Homebuyers who apply for a mortgage loan to purchase their home generally must have current homeowners insurance coverage prior to closing day. There are several variables that can affect the cost of a home insurance policy.


The homeowners insurance deductible is the amount you (the homeowner) must pay for a loss before your insurer steps in to cover the rest. The premium is the amount you pay each year for your policy. there is usually an inverse relationship between the deductible and the premium.

This means that Washington homeowners could lower their annual premiums by opting for a higher deductible amount, lowering the overall upfront cost of their home insurance policy. The reverse is also true: You can pay a higher monthly premium and save tens of thousands on your deductible in the event of a covered event.

replacement cost vs. market value:

This is another factor that can affect the amount of your annual and monthly premiums. When it comes to actual coverage, there are basically two types of home insurance: replacement cost and market value.

Market value is the price you paid for your home when you bought it. If you insure your home for market value, those coverage limits could mean you’ll have to pay much more to rebuild if material and labor costs increase in the time between original construction and a catastrophic incident.

Replacement cost is how much it would take to rebuild your home in the same location and with the same quality of construction, at today’s costs. This may mean paying a little more over time in premiums, but if your home is totally destroyed, you’ll be able to rebuild it without incurring the cost of inflation.

This list is not exhaustive. With so many variables, you can begin to see why actual homeowners insurance rates can vary from policy to policy. You can usually add additional coverage options and homeowners insurance products to provide additional protection. For example, you may need to protect other structures on the property, increase liability insurance, or update limits with riders covering high-value items.

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You may also need supplemental homeowners insurance policies depending on where you live and the risk of natural disasters. In some cases, depending on the flood risk classification of the area you are in, you may need to add flood insurance (which can usually be obtained through the National Flood Insurance Program). if you’re near a fault, you may need earthquake coverage.

your finances

Insurance companies will also review your credit score and insurance history for your own financial protection. If they see a history of paid claims, your average premiums could be higher, even if the claim was with an auto insurance company. any type of claim can cause insurance rates to go up in different verticals, which affects your home insurance costs.

why do you need home insurance in washington?

In most cases, you’ll need to prove to your lender that the home you’re buying is insured before you get a mortgage. In the event of a disaster or theft, your lender will want to make sure this great investment is protected.

if you already own a home in washington state, you’ll want to make sure your home and belongings are protected in case the unexpected happens. you never know when disaster may strike.

types of coverage offered by homeowners insurance companies

Whether it’s from a storm, fire, flood, theft, or vandalism, a home insurance policy can help you recover for damages sustained in any of these events. And while you’re paying a premium to protect your home, it can certainly come in handy should the unthinkable happen.

Insurance policies come in all shapes and sizes. While the average in Washington State may be $955, that number can fluctuate widely based on a number of factors discussed above. If you live in a gated community or have a security system, you may qualify for home insurance discounts.

get an instant mortgage rate quote today

Do you want to learn more about mortgages?

If you’re looking for details on mortgages in washington state, sammamish mortgages can help. We are a family-owned mortgage company based in Bellevue, Washington, serving the Pacific Northwest since 1992. We lend throughout Washington, Oregon, Idaho and Colorado and offer many mortgage programs with flexible qualifying criteria. Call our friendly and knowledgeable staff today!

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