Best cheap home insurance in Spokane in 2024

The best home insurance companies in Spokane

Bankrate’s insurance editorial team knows that cost isn’t the only thing to consider when choosing a home insurance company. While our team did consider average premiums sourced from Quadrant Information Services, we also examined other factors like financial strength and customer satisfaction. We looked at ratings from AM Best (and other companies) and scores from J.D. Power, a leading consumer insights provider. We also considered discount opportunities and coverage choices. Based on those factors, Nationwide, Allstate, State Farm, PEMCO and Granwest offer some of the best home insurance in Spokane, Washington.

The cheapest home insurance companies in Spokane

Although the cost of homeowners insurance in Spokane Valley is 44 percent less than the national average cost of home insurance, that doesn’t mean every provider will offer affordable rates. To help you find the cheapest home insurance in Spokane, Bankrate’s insurance editorial team found the most budget-friendly home insurance companies. Our team knows that some homeowners need higher dwelling coverage, so we included average rates for a variety of dwelling limits.

How much is home insurance in Spokane, Washington?

Homeowners insurance in Spokane costs an average of $1,259 per year, or $105 per month, for a policy with a $300K dwelling limit. This is 6 percent less than Washington’s average cost of home insurance, which is $1,259 per year. However, these are average rates for our base profile, which is for a $1,000 deductible policy and a homeowner with good credit and a home built in 2016. Your personal rating factors may be different, which can affect home insurance costs.

Spokane rates by credit tier

In the state of Washington, home insurance companies may look at your credit-based insurance score when determining your home insurance rate. Homeowners with good or excellent credit tend to get the cheapest rates, while homeowners in average or poor credit tiers tend to pay more. Homeowners with bad credit are statistically proven to be more likely to file claims, which can cost insurance companies more money in the long run. You can see how credit affects rates for the top five cheap home insurance companies in Spokane in the table below.

Spokane rates by home age

Spokane property owners may pay more for home insurance than those with new builds. Older homes can pose a greater financial risk to an insurance company because it could cost more to bring them up to building codes after a covered loss. Plus, older homes could be built with materials that are more expensive to find if the home needs to be repaired or rebuilt. The table below compares rates among the cheapest home insurance companies in Spokane for different construction years.

Spokane rates by deductible amount

A quick and relatively easy way to get cheaper home insurance is to choose a high-deductible home insurance policy. A home insurance deductible represents your level of financial responsibility in the event of a covered claim. A higher deductible usually results in a lower premium, but be careful not to raise your deductible to a level you cannot afford.

Frequently asked questions

Methodology

Bankrate utilizes Quadrant Information Services to analyze July 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
• Coverage C, Personal Property: $150,000
• Coverage D, Loss of Use: $60,000
• 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, 2015 (base) and 2020.

Bankrate Score

Our 2024 Bankrate Score considers variables our insurance editorial team determined impact 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, 2023 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.