Spokane, located in eastern Washington, has lower home insurance premiums compared to Seattle, but is still influenced by factors such as weather, wildfire risk, and property crime. The average cost for home insurance in Spokane is $1,280 per year, which is below the national average of $1,428. Local risks such as harsh winters and wildfires contribute to home insurance premiums in specific areas of Spokane.
Local Factors Impacting Home Insurance Costs in Spokane
Harsh Winters: Spokane experiences heavy snowfall and freezing temperatures during winter, increasing the risk of damage to roofs and pipes.
Wildfire Risk: Homes near forested areas or on the outskirts of Spokane may be at higher risk of wildfires, especially during the dry season.
Flooding: Spokane experiences seasonal flooding, particularly near rivers or low-lying areas, increasing the need for flood insurance.
Property Crime: Certain neighborhoods in Spokane have higher property crime rates, which can raise insurance premiums in those areas.
Home Insurance Rates by Home Age in Spokane
The age of a home is a major factor in determining insurance premiums in Spokane. Older homes often have higher premiums due to outdated materials, while newer homes benefit from modern construction standards.
Home Age
Average Annual Premium
0-10 years
$1,230
11-25 years
$1,280
26-50 years
$1,340
51+ years
$1,420
Home Insurance Rates by Credit Tier in Spokane
Your credit score has a significant impact on your home insurance premiums. Below is a breakdown of how different credit tiers affect insurance costs in Spokane:
Excellent Credit (750+): $1,220 per year
Good Credit (700-749): $1,280 per year
Fair Credit (650-699): $1,390 per year
Poor Credit (Below 650): $1,550 per year
Cheapest Home Insurance Providers in Spokane
Despite the risks posed by weather and wildfire, several insurance providers offer affordable options for homeowners in Spokane. Here are the cheapest home insurance providers:
Provider
Average Annual Premium
State Farm
$1,250
Allstate
$1,280
Liberty Mutual
$1,300
Farmers
$1,270
Home Insurance Rates by Deductible Amount in Spokane
Choosing a higher deductible can help lower your premium, but it increases out-of-pocket expenses when filing a claim. Here’s how different deductibles affect home insurance premiums in Spokane:
$500 deductible: $1,400 per year
$1,000 deductible: $1,280 per year
$2,500 deductible: $1,170 per year
Types of Homeowners Insurance in Spokane
HO-3: The standard homeowners insurance policy that covers the structure, personal belongings, and liability.
HO-5: A premium policy offering broader coverage for high-value homes and personal property.
HO-4: Renters insurance for tenants, covering personal belongings and liability.
Additional Coverage Options
Wildfire Insurance: Homes near forested areas or in wildfire-prone zones should consider wildfire coverage to protect against fire damage.
Flood Insurance: Flood insurance is important for homes near rivers or in low-lying areas, as standard policies do not cover flood damage.
Water Backup Insurance: This coverage protects homes from water damage caused by backed-up drains or sewers, particularly useful for older homes.
Frequently Asked Questions (FAQs) about Home Insurance in Spokane
Is wildfire insurance necessary in Spokane? Yes, homes near forested areas or in wildfire-prone zones should consider wildfire insurance to protect against potential fire damage.
How do Spokane’s winters impact home insurance premiums? The heavy snowfall and freezing temperatures can cause damage to homes, increasing insurance premiums due to the risk of roof and water damage.
Comparison of Home Insurance in Seattle vs. Spokane
Seattle: $1,350 average annual premium
Spokane: $1,280 average annual premium
Seattle’s home insurance costs are higher due to its coastal location, frequent rainfall, and earthquake risk, while Spokane’s lower premiums reflect its inland location and lower flood risks. However, Spokane’s wildfire risk and harsh winters contribute to higher premiums in certain areas, making additional coverage like wildfire and water backup insurance essential for homeowners.