The current homeownership rate in Washington DC is 41.6%, well below the national average of 65.8%. The cost of homeowners insurance in Washington, DC is also lower than that found throughout the country. A policy with $250,000 in homeowners coverage averages $902 annually for DC residents, well below the national rate of $1,477. The best homeowners insurance company in Washington DC for your situation can be found by comparing multiple carriers and understanding what particular coverages might be needed for your property.
The best home insurance companies in Washington, DC
To find out what might be the best home insurance companies in Washington DC, Aseguranzas para Negocios compared several companies and how each compares to third-party rating agencies and other variables. Ratings from JD Power’s 2020 customer satisfaction studies and financial stability studies were considered, in addition to hedging and discount options and digital assets that were reviewed.
Your choice of the best home insurance company may depend on the same criteria or something more tailored to your circumstances. Comparing multiple providers is the most recommended way to receive the best rates and confirm you’re getting the exact coverage you need.
While Allstate’s average premiums for Washington, DC are slightly higher than the state average, the rates are below the national average for a 250K home. Plus, the customer service ratings and policy customization options are strong. Allstate offers a wide range of policy add-ons, including coverage options for your sports equipment, yard and garden, and identity theft protection.
Chubb is the world’s largest publicly traded insurer and this size translates into advantages for homeowners in Washington DC In addition to the lowest rates among providers evaluated, Chubb offers unique coverage options such as replacement cost extended. This pays what it costs to rebuild your home at the current cost, even if it exceeds your policy limits. Other benefits include the HomeScan service, which checks your home for leaks, wiring faults, or other potential hazards.
State Farm scores 883 out of 1,000 points in the 2020 JD Power Customer Satisfaction Study, which is slightly below the industry average of 881. However, State Farm earns an A++ (Superior) AM Best rating, which indicates the exceptional financial stability and health of the bearer. While State Farm offers the standard homeowner’s policy options you’ve come to expect (dwelling, personal property, and liability coverage), the associated discounts and potential savings can have a significant impact on the affordability of your rates. According to the State Farm website, you could save up to $965 simply by combining home and auto policies. Other discounts that may be easy to obtain include the installation of smoke detectors and alarm systems.
Travelers also earn an exceptional rating from A++ AM Best, indicating strong financial strength for this airline. Travelers offer multiple coverage options for a homeowners policy, including Special Property Coverage, which offers broader coverage than a typical policy. You can also insure your jewelry, cutlery, and furs with a high-value cover, or with personal items float if you have specific items that need extra protection.
USAA earns the highest scores among vendors tested for customer service, with 909 out of 1,000 points from JD Power, though limited eligibility makes USAA technically ineligible. While rates for homeowners insurance in Washington DC are also competitive, USAA has strict eligibility requirements. You must be an active member of the armed forces, an immediate family member, or a veteran to qualify for coverage. If you meet these requirements, you’ll have access to a multitude of military-friendly policy options, including replacement cost, loss-of-use reimbursement for living expenses, and identity theft coverage.
The average cost of home insurance in Washington, DC
The average annual cost of homeowners insurance in Washington DC is $902, significantly less than the national average of $1,477. Washington DC is prone to natural disasters, such as storms and hail, similar to other states in the mid-Atlantic region. However, Washington DC has a lower average cost compared to its neighbors. For example, Virginia averages $1,013 a year; Maryland is even more expensive, averaging $1,113 per year.
Home Insurance Considerations in Washington, DC
Before making a decision regarding your homeowner’s insurance in Washington, DC, consider the following factors and coverages that can benefit homeowners in this state. Volatile weather, flooding, and higher crime rates could influence how much coverage you need for your policy.
Washington, DC Common Causes of Loss
Since 1953, FEMA has declared 20 disasters in the Washington DC area. Understanding which disasters occurred can help guide your insurance policy to suit your circumstances. Common disasters in the area include:
- Severe storms
In addition to these natural disasters or dangerous conditions, other factors, such as higher crime rates, can affect the number of losses in the area.
Recommended Coverages in Washington, DC
Your Washington DC homeowners policy will have specific types of coverages designed to address potential common damages or losses. While some are standard, others may need to be added to provide you with a more complete policy.
- Homeowners Coverage: This rebuilds your home for damage due to common causes, such as fire, wind, smoke, hail, storms, vandalism, and other circumstances. Depending on your preferences and risk concerns, higher levels of homeowners coverage may need to be discussed with your insurer.
- Other Structures – If you have additional structures on your property, such as a tool shed or detached garage, this policy option will provide coverage for these items.
- Personal Property Protection: This covers items you own inside your home, such as furniture, clothing, electronics, and other items. This coverage provides reimbursement if these items are damaged or lost due to a covered peril, such as theft or fire. Discuss the limits with your insurer to determine how much is necessary for your peace of mind.
- Flood Insurance – You may need a separate flood insurance policy, as Washington DC has areas at potential risk of flooding. You can use online tools to determine if your neighborhood is affected by higher flood rates, or work with a licensed home insurance agent to discuss appropriate coverage.
How do I find affordable home insurance in Washington DC?
To find the cheapest homeowners insurance in Washington DC, it can be helpful to compare several companies and get quotes from each. Rates from carrier to carrier vary greatly. Another option is to review all available discounts you may qualify for with each carrier to make sure he’s taking advantage of each one.
What is the best home insurance in Washington DC?
Several factors are reviewed to determine which carrier offers the best home insurance in Washington DC, not only for competitive rates, but also for customer satisfaction, digital tools, and financial strength. These providers can give you a starting point to compare prices, but the best provider for each homeowner is subjective to their coverage needs and provider preferences.
Business Insurance uses Quadrant Information Services to analyze 2021 rates for all zip codes and carriers in all 50 states and Washington, DC Rates quoted are based on 40-year-old male and female homeowners with clean claims history, good credit, and the following coverage limits:
- Coverage A, Home: $250,000
- Coverage B, other structures: $25,000
- Coverage C, personal property: $125,000
- Coverage D, loss of use: $50,000
- Coverage E, liability: $300,000
- Coverage F, medical payments: $1,000
Homeowners also have a $1,000 deductible and a separate deductible for wind and hail (if required). These are sample rates and should be used for comparison purposes only. Your quotes will be different.