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Best cheap home insurance in Madison in 2024
Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
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.
Bankrate Score
Avg. annual premium
$300K dwelling coverage
JD Power
Allstate offers some of the cheapest home insurance in Madison. Plus, the company is highly rated for customer satisfaction and offers useful discounts for homeowners. Allstate is known to reward homeowners with no claims with its claim-free rewards program, which offers a discount for each year you do not file a claim. Allstate also has a claim rate guard system that helps keep your rate from increasing even if you do file a claim. However, the company is rated slightly below average for claims satisfaction by J.D. Power.
| Bankrate Score | 4.2 |
| J.D. Power | 631/1,000 |
| AM Best Rating | A+ |
Bankrate Score
Avg. annual premium
$300K dwelling coverage
JD Power
Not rated
Wisconsin Mutual Insurance offers an array of homeowners insurance coverage options for residents of Madison. This includes several packages that allow you to choose the level of coverage you need based on both your budget and home type. The company also offers packages geared toward secondary homes, hobby farms and newer construction homes. In addition to these packages, Wisconsin Mutual also offers a blanket valuable protection option, increased liability and cybersecurity coverage for a more robust policy. However, Wisconsin Mutual does not offer a mobile app for claims filing or policy management, so it may not be the best fit if you prefer to make claims or manage your policy on the go.
| Bankrate Score | 3.2 |
| J.D. Power | |
| AM Best Rating |
Bankrate Score
Avg. annual premium
$300K dwelling coverage
Not available
JD Power
When you have a homeowners insurance policy with Travelers, there are many coverage options available, such as contents replacement cost, water backup and additional replacement cost protection. These coverage types may be added to your policy as needed. Even though Travelers’ average rates are below the citywide average rates for homeowners insurance, there are still plenty of discount opportunities available through the insurer, including multi-policy, green home and loss-free discounts. However, one of the downsides of Travelers is that it’s rated below average for customer satisfaction.
| Bankrate Score | 4.1 |
| J.D. Power | 609/1,000 |
| AM Best Rating | A++ |
Bankrate Score
Avg. annual premium
$300K dwelling coverage
JD Power
USAA is not available for every homeowner, as it is specifically for active members of the military, veterans and eligible immediate family members. However, if you do qualify for USAA insurance, it is one of the best cheap homeowners insurance options in Madison. A USAA policy covers your personal belongings at their current replacement cost with no depreciation. USAA also offers unique coverage options that are tailored specifically toward military members, such as coverage for uniforms if they’re damaged by a covered peril.
| Bankrate Score | 4.7 |
| J.D. Power | 737/1,000 |
| AM Best Rating | A++ |
Bankrate Score
Avg. annual premium
$300K dwelling coverage
Not available
JD Power
If you’re looking for the best cheap homeowners insurance in Madison, Erie may be an insurance company to consider. Erie’s standard homeowners policy includes theft coverage, pet insurance and guaranteed replacement cost protection. Depending on your location and needs, you may also have the option to add flood insurance and water and sewer backup protection. However, Erie doesn’t offer as many discounts as some of the other insurance companies in Madison, and average rates tend to be higher than the citywide average.
| Bankrate Score | 4.4 |
| J.D. Power | 674/1,000 |
| AM Best Rating | A+ |
Bankrate's trusted insurance industry expertise
Read our full methodologyBankrate collects the latest home insurance premium data by ZIP code from Quadrant Information Services. Our team updates the rates published here monthly to provide the most accurate and relevant analysis with the goal of helping homeowners find affordable home insurance in Madison.
46
years of industry experience
122
carriers reviewed
34.5K
ZIP codes examined
1.2M
quotes analyzed
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.
|
|
|
|
|---|---|---|
|
Rockford Mutual
|
$69
|
$830
|
|
$66
|
$791
|
|
|
$72
|
$863
|
|
|
Hastings Mutual
|
$85
|
$1,015
|
|
|
|
|
|---|---|---|
|
Rockford Mutual
|
$65
|
$830
|
|
$73
|
$791
|
|
|
$77
|
$863
|
|
|
Hastings Mutual
|
$81
|
$1,015
|
|
|
|
|
|---|---|---|
|
$86
|
$1,030
|
|
|
$86
|
$1,037
|
|
|
Rockford Mutual
|
$95
|
$1,137
|
|
$98
|
$1,177
|
|
|
|
|
|---|---|---|
|
Wisconsin Mutual
|
$102
|
$1,225
|
|
$119
|
$1,432
|
|
|
$120
|
$1,436
|
|
|
Rockford Mutual
|
$121
|
$1,457
|
Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Compare home insurance rates
Answer a few questions to see personalized rates from top carriers.
Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
How much is home insurance in Madison, Wisconsin?
The average cost of homeowners insurance in Madison is $1,102 per year for $300,000 in dwelling coverage. This is 7 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.
|
|
|
|
|
|
|---|---|---|---|---|
|
$1,320
|
$844
|
$791
|
$707
|
|
|
Rockford Mutual
|
$1,656
|
$943
|
$830
|
$704
|
|
$1,463
|
$938
|
$863
|
$736
|
|
|
West Bend
|
$1,884
|
$991
|
$889
|
$796
|
|
Rural Mutual
|
$1,472
|
$982
|
$901
|
$772
|
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.
|
|
|
|
|
|
|
|---|---|---|---|---|---|
|
$1,140
|
$1,180
|
$1,188
|
$987
|
$670
|
|
|
Rockford Mutual
|
$940
|
$940
|
$940
|
$922
|
$711
|
|
$945
|
$924
|
$931
|
$1,028
|
$665
|
|
|
West Bend
|
$1,071
|
$1,068
|
$1,059
|
$1,026
|
$752
|
|
Rural Mutual
|
$957
|
$957
|
$957
|
$957
|
$827
|
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.
|
|
|
|
|
|---|---|---|---|
|
$785
|
$780
|
$758
|
|
|
Rockford Mutual
|
$811
|
$792
|
$714
|
|
$818
|
$780
|
$629
|
|
|
West Bend
|
$848
|
$796
|
$601
|
|
Rural Mutual
|
$901
|
$810
|
$731
|
Frequently asked questions
Methodology
Bankrate utilizes Quadrant Information Services to analyze November 2024 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 2024 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.
-
Cost & ratings 50%
-
Coverage & savings 30%
-
Support 20%
- 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.
