Best cheap home insurance in Madison in 2025

The best home insurance companies in Madison

Bankrate’s insurance editorial team, which includes licensed agents, reviewed several of the most prominent carriers in Madison, Wisconsin to determine the best cheap home insurance companies. While price is an important factor for many consumers, our analysis goes further in an effort to direct homeowners toward providers known for offering high-quality coverage at affordable rates.

We considered not only average premiums sourced from Quadrant Information Services but also customer satisfaction ratings from J.D. Power’s 2023 U.S. Home Insurance Study and 2024 U.S. Property Claims Satisfaction Study, as well as other metrics. We used this information to assign a Bankrate Score to each carrier based on a five-point scale. When comparing the cheapest home insurance companies, Bankrate Scores can help you make a quick comparison among carriers.

The following companies offer some of the best homeowners insurance in Wisconsin.

The cheapest home insurance companies in Madison

Finding cheap home insurance companies in Madison requires considering various factors, such as your home's age, location and your personal claim history. Insurance premiums can vary widely based on these factors, so it's essential to compare quotes from multiple providers to find the most affordable option that still offers comprehensive coverage. By evaluating average rate data and considering customer satisfaction, financial strength and available discounts, we have identified the top five carriers offering the cheapest rates in Madison among four different dwelling coverage amounts.

How much is home insurance in Madison, Wisconsin?

The average cost of homeowners insurance in Madison is $1,121 per year for $300,000 in dwelling coverage. This is 8 percent less than the Wisconsin state average. The cost of your homeowners insurance policy will likely vary, though, as rates are based on numerous personal factors, such as any prior homeowners claims, your ZIP code, the age of the property and the total value of the home. Comparing quotes can help you find the cheapest policy for your situation.

Madison rates by credit tier

Credit can significantly impact home insurance premiums in Madison. Insurers generally view homeowners with worse credit as higher risk, which can lead to higher premiums. Conversely, those with better credit might enjoy lower rates. Improving your credit over time can be a beneficial strategy to help reduce your home insurance costs. Below, we’ve listed the top five cheapest carriers for $300,000 in dwelling coverage, highlighting how premiums can vary based on credit tier.

Madison rates by home age

The age of your home can also significantly impact home insurance premiums in Madison. Older homes often have outdated electrical systems, plumbing and building materials, which can increase the risk of damage and the cost of repairs, leading to higher insurance rates. Conversely, newer homes might benefit from modern building codes and materials, potentially resulting in lower premiums. Below, we’ve listed the top five cheapest carriers for $300,000 in dwelling coverage, showing how premiums can vary based on the age of the home.

Madison rates by deductible amount

The deductible you select can greatly influence the cost of your home insurance premiums in Madison. A higher deductible typically means you will pay more out of pocket in the event of a claim, but it also generally results in lower annual premiums. Conversely, a lower deductible decreases your out-of-pocket costs in the event of a claim but usually leads to higher premiums. Finding the right balance between deductible and premium can help you manage your home insurance costs effectively. Below, we’ve listed the top five cheapest carriers for $300,000 in dwelling coverage, showing how premiums can vary based on the deductible amount.

Frequently asked questions

Methodology

Bankrate utilizes Quadrant Information Services to analyze February 2025 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on married male and female homeowners with a clean claim history, good credit and the following coverage limits:

• Coverage A, Dwelling: $300,000, $350,000, $450,000, $750,000
• Coverage B, Other Structures: $30,000, $35,000, $45,000, $75,000
• Coverage C, Personal Property: $150,000, $175,000, $225,000, $375,000
• Coverage D, Loss of Use: $60,000, $70,000, $90,000, $150,000
• Coverage E, Liability: $500,000
• Coverage F, Medical Payments: $1,000

The homeowners also have a $1,000, $1,500, $2,000 or $5,000 deductible, a $500 hail deductible and a 2 percent hurricane deductible (or the next closest deductible amounts that are available) where separate deductibles apply.

These are sample rates and should be used for comparative purposes only. Your quotes will differ.

Credit: Rates were calculated based on the following insurance credit tiers assigned to our homeowners: “poor, average, good (base) and excellent.” Insurance credit tiers factor in your official credit scores but are not dependent on that variable alone. The following states do not allow credit to be a factor in determining home insurance rates: California, Maryland, Massachusetts.

Year built: Rates were calculated based on the following years built for homes and assigned to our homeowners: “1959, 1982, 1992, 2010, 2016 (base) and 2020.”

Bankrate Score

Our Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.

Each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlighting where they fall short.

• Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, average quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best, Demotech and the NAIC, were analyzed.
• Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
• Tier 3 (Support): To encompass the many ways a home insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.