Homeowners Insurance Quotes in Spokane, WA

What You Should Know About Home Insurance in Spokane

The backdrop of Spokane is filled with natural beauty, including Mount Spokane National Park and Riverside State Park, two large swaths of preserved land that are just a short drive from the city. But Spokane has its own charm despite much of the municipality being urban in nature. Located along the Spokane River, there are many eateries with outdoor seating and green areas with wildlife right in the middle of the city.

Riverfront Park was the site of the 1974 World’s Fair and has had several facelifts over the years. Many events, parades, and light shows take place here throughout the year. Known as The Lilac City, the Lilac Festival has been a mainstay in town since 1938. The annual Spokane Hoopfest is one of the most famous 3-on-3 basketball tournaments in the world. Although urban waterfalls are fairly uncommon, the magnificent Spokane Falls in the downtown adds a majestic touch to the city.

Spokane is part of an economically strong metro area with many job opportunities for local citizens. The city also has its own system of community colleges, as well as Washington State University, Eastern Washington University, Whitworth University, and Gonzaga, home of the NCAA Bulldogs, or the Zags, as the locals fondly refer to them. An expert agent can help you ensure you have the best homeowners insurance at the most affordable prices in Washington so you can feel confident that your home in this great Northwest Pacific city has adequate coverage.

How Much Does a Homeowners Insurance Policy Typically Cost in Spokane?

Washington generally has low insurance rates. While Spokane might not be on the low end for the state, it is still well below the national average, as indicated in the table below:

Dwelling Insurance Total	Average Annual Cost in Spokane	Average Annual Cost Nationwide
$300K	$1,588	$2,582
$600K	$2,756	$4,140
$1 million	$4,284	$7,380

We arrived at these numbers by using the cost of dwelling coverage, a $100,000 liability and a standard $1,000 deductible.

How Do Home Insurance Deductibles Change Insurance Rates in Spokane?

Your deductible is an amount of money you are willing to allow your insurer to deduct every time they have to make a payout. You may agree to a low deductible of $500, a much higher one of $5,000, or a number in between the two. But say you choose $5,000. Your insurer would not have to pay any money for claims that are below that amount, and if you file a $6,000 claim, they would only have to pay $1,000.

Insurers partially set their rates based on how much they would have to pay for claims. Because they pay less when you have a high deductible, they charge you lower premiums. The opposite is true for low deductibles — since your insurer pays more toward your damages, they set higher rates for your policy.

Is Home Insurance Tax Deductible in Spokane?

There are some instances where you may be able to get a deduction for your homeowners premiums. For example, if you rent part of your home to tenants or use a room as a work office, you might be eligible to deduct a proportional portion of your premiums on your tax return. If you use the entire home for business or rental income, all of your premiums may be deductible. If these or similar scenarios pertain to you, it is worthwhile to have a conversation with your tax preparer to see if you can save on your taxes by deducting your home insurance payments.

Does Spokane Have the 80% Homeowners Insurance Rule?

You will have to decide how much replacement cost coverage you want when you sign up for a policy. The amount can be equal to, lower than, or higher than the actual price of rebuilding your house if it is ever damaged beyond repair. However, you will have to obtain coverage for at least 80% of the replacement cost, not by law but due to an industry standard called the 80% rule. That means you would need $320,000 of coverage if it costs $400,000 to rebuild your house, regardless of the market value of your property.

Bundling Home and Auto Insurance in Spokane

You can enjoy even lower rates on your homeowners coverage if you get your car insurance from the same provider. Obtaining more than one policy from the same company is called bundling, and companies reward their customers by trimming as much as 25% off their rates when you sign multiple policies with them. Another advantage of bundling your home and auto coverage is that you only deal with one company when you sign up, pay your bills, and deal with any issues.

The white-glove experience you get from InsureOne agents really shines through when you bundle. Instead of you having to compare quotes from various carriers and then bundling discounts they offer, your agent will do all of that for you and then deliver a package of policies that meet your unique requirements.

How Does Home Composition Impact Insurance Rates?

Calculating premiums involves complicated algorithms that are based on the basic principle of ensuring that insurers are profitable. A portion of that includes estimating the replacement cost and protection levels of the construction materials that make up the frame, siding, foundation, roof, and everything in between. Steel is more costly to replace than wood, but provides better protection. The same is true when you compare aluminum to vinyl or poured concrete to cinder blocks. Insurers estimate these costs and protection levels to determine the likelihood of you filing a claim and how much they would have to pay to replace part or all of your home, and generate a quote based on those conclusions.

What Are the Different Types of Homeowners Coverage Offered in Spokane?

Insurance is very personalized. Your agent will help you choose from different types of homeowners policies based on the unit you own (or rent) and the level of coverage you desire. The following are some of the policies they may recommend, depending on your scenario and desired protection levels:

• HO-1 policy: This is the most basic policy type. If you have a mortgage, many banks would require better coverage. It only covers a short list of perils and does not provide protection for liability or your belongings.
• HO-3: This policy covers you for several more perils than the HO-1 and also offers liability coverage and reimbursement for damaged possessions. The HO-3 is considered the most popular policy type.
• HO-5 policy: The most comprehensive policy available, the HO-5 covers all perils, unless it is on a short list of exclusions. It offers liability and content coverage and pays you replacement cost rather than actual value.
• HO-8 policy: If you own an older home, it may cost you well above its market value to replace the house if it is ever damaged beyond repair. The HO-8 covers this type of scenario and provides similar coverage to the HO-3.

What Is the Most Common Type of Home Purchased in Spokane?

Although Spokane is considered urban, nearly 65% of its housing is made up of single-family detached homes. Given the cold temperatures and significant snowfall in the winter months in Spokane, it is worth researching essential winter maintenance tips for homeowners. You can learn about keeping your systems intact and your home warm, protecting against the elements, and keeping your property safe, which might also prevent you from having to file claims through your homeowners insurance coverage policy.

Which Common Natural Disasters Are Covered by Home Insurance in Spokane?

One of the reasons why Spokane’s insurance rates are lower than the national average is that it is not very prone to natural disasters. However, the following do occur, and you need to discuss them with your agent to ensure that your policy covers them:

• Earthquakes: Between 6 and 12 earthquakes hit the Spokane region yearly. Though they are minor in nature, they may cause some damage.
• Snowstorms: The city gets about 44 inches of snow yearly. As sitting snow melts, it can seep through roofs and damage homes and their contents.
• Wildfires: These are not too common, but around 37% of the homes in Spokane County have at least a moderate risk of getting damaged by a wildfire.