Homeowners insurance premiums are rising across the country, and Wisconsin policy holders are seeing increases of 10% to 15% or more. Additionally, insurance companies are tightening their underwriting, with home condition playing a larger role in pricing.
Insurance companies are using satellite imagery, GIS mapping, public records and local inspection agents to determine risk factors such as:
- Exterior condition of the home, including the roof, gutters, siding and windows.
- Proximity of large trees to the home and any other structures.
- Age of the home.
- Number of miles between the home and the nearest fire department.
- Any delinquencies on mortgage payments, property taxes, water bills, etc.
- Any code violations or zoning violations.
Other risk factors include the presence of a pool, trampoline, or large dogs. In short, the insurance industry is looking at more details than you may realize! There are a few things you can do to lower your costs:
- Keep your home in the best possible condition.
- Stay current on all home-related bills and obligations.
- Maintain a good credit score.
- Remove hazards from your property – trim back overgrown trees, etc.
- Shop around for insurance coverage. Typically, insurance companies offer their best rates to new customers.
On the bright side, Wisconsin has some of the most affordable insurance coverage in the nation! While no area in the country is free of risk, Wisconsin and other Midwest states have fewer disaster incidents, and lower premium costs, than many other areas.
When you are ready to buy or sell Northwestern Wisconsin real estate, we’re here to help you! Six Lakes Realty is a locally owned family business with over 45 years of experience. Contact us today for friendly, hometown service!
John Flor
Managing Broker
Six Lakes Realty
Office: (715) 924-4806
Email: john@sixlakesrealty.com