The average cost of homeowners insurance for Washington, D.C., residents is $1,203 per year, which is below the national average of $2,377.
As a historic area, the District of Columbia has a high concentration of older homes, with many built in the 1920s and earlier. Older homes tend to need more maintenance than new homes and may have roof, wiring, plumbing, or structural problems.
Comparing multiple quotes, researching coverage limits, and deciding on a lower deductible are the easiest ways to find the cheapest homeowners insurance. Keep reading to learn more about home insurance in Washington, D.C.
If you’re looking for the best homeowners insurance in Washington, D.C., you have many high-quality companies to pick from. While the best home insurer for you will vary depending on your specific needs, here are some great homeowners insurance companies to consider in D.C.
Homeowners nationwide are seeing their insurance costs rise, and the average premiums in D.C. could increase by 6% by the end of the year. One of the best ways to save is by shopping around and comparing quotes from different insurers.
USAA is the cheapest overall home insurance company, with an average annual premium of $994. But if you don’t meet the membership requirements, Allstate comes in at a close second, with an annual premium of $999.
The table below shows the average annual rates for insurers in Washington, D.C.
If you take out a $300,000 home insurance policy in D.C., the average homeowners insurance rates are $1,203. This is well below the national average of $2,377 for the same policy type. But the exact cost of your home insurance can vary depending on the following factors:
Construction: The construction of your home can affect how much you pay for insurance. For example, frame houses typically cost more to insure than brick homes.
Age of home: Older homes cost more to insure than newer houses since they’re more likely to need repairs.
Coverage: The more coverage you purchase, the more you’ll pay for homeowners insurance.
Deductible: Choosing a higher deductible will lead to lower insurance premiums and vice versa.
Location: Your ZIP code plays a big role in how much you pay for home insurance. For example, you’ll pay more if you live in an area with high crime rates or a high likelihood of weather-related disasters.
Protective devices: Certain safety features, like a fire alarm, sprinkler system, or security system, can lower the cost of homeowners insurance.
Dwelling coverage pays to repair or replace the structure of your home in the event of a covered peril. It may also cover other structures on your property, like a detached garage or gazebo.
The higher your dwelling coverage is, the more you’ll pay for homeowners insurance. The table below shows what D.C. homeowners pay for different amounts of coverage for policies with a $1,000 deductible.
A deductible is an out-of-pocket expense you pay before your insurance coverage kicks in. If you choose a high deductible, your monthly insurance premiums will be lower since your insurer has to pay less money to cover the claim. If you choose a smaller deductible, your monthly premiums will be more expensive.
Here’s what D.C. homeowners pay for different deductible amounts for policies with $300,000 in dwelling coverage.
Homeowners insurance is an important expense. Here are the best ways for D.C. residents to find cheap homeowners insurance:3
Raise your deductible. One of the easiest ways to lower your insurance costs is by raising your deductible. Just make sure you can afford to pay that deductible if you ever have to file a claim.
Bundle your policies. Most insurance companies will give you a discount for purchasing multiple policies. For example, you could receive a discount for bundling your home, life insurance, and auto insurance policies.
Install a security system. Many insurance companies will offer you a discount if you install a home security system. If you can’t afford a security system, your insurer may offer you a discount for other safety features, like a fire alarm or sprinkler system.
Stay with the same insurer. Once you’ve stayed with the same insurance company for several years, it may offer you a loyalty discount.
Improve your credit. Homeowners insurance companies may look at information on your credit report to help determine your premiums. Improving your credit could help you lower your home insurance costs.
Shop around. When you’re shopping around for homeowners insurance, get quotes from at least three different insurers. Comparing your options will help you find the best price and coverage for your situation.
Unlike car insurance, there’s no legal requirement to purchase homeowners insurance. But if you take out a mortgage on your home, your mortgage lender will require you to purchase a home insurance policy.
Your lender will likely require you to purchase enough home insurance to cover the cost of the mortgage. But depending on your circumstances, that may not be enough coverage.
Start by figuring out how much it would cost to rebuild your home — that’s the amount of dwelling coverage you’ll need to purchase. It’s also a good idea to figure out how much you’d need to pay for additional living expenses if your home became uninhabitable.
Finally, do an audit of your personal possessions to determine how much personal property coverage you need. This inventory will also be helpful if you ever have to file a home insurance claim. Before buying a policy, make sure you understand exactly what it covers so you know if you’re fully protected.
Washington, D.C., has hot, muggy summers and cold, snowy winters. Homeowners should prepare for all kinds of inclement weather in the city. Here are the biggest weather-related threats facing Washington, D.C., homeowners:
Purchasing homeowners insurance is an important financial decision. Here’s some additional information that may help as you research your coverage options.
Home insurance in Washington, D.C., costs $1,203 annually for a $300,000 policy with a $1,000 deductible, according to Insurify data. Your rates will depend on your many factors, including your dwelling coverage, deducible, location, ZIP code, and credit history.
D.C. homeowners can find the cheapest insurance from USAA, at an average annual rate of $994. Other affordable options include Allstate, at $999 per year, and Ace American Pool, at $1,001 per year.
No. Washington, D.C., doesn’t require homeowners to have home insurance. But if you have a mortgage, your lender likely will require you to have a policy.
Even if you don’t have a mortgage, it’s important to cover your home and personal property. In the event of damage to your home, insurance can help you pay for it.
Insuritech Chubb offers the most expensive insurance in Washington, D.C., at an average annual rate of $1,660.
)
)
)