Home Insurance in Madison
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Find the Best Home Insurance To Meet Your Needs
Although it's the capital of Wisconsin, politics isn't the only thing that Madison has to offer. Surrounded by five lakes, it also has over 200 miles of biking trails, a vibrant downtown area, and plenty of attractions for everyone. Average daily temperatures in Madison can range from 71 degrees in the summer to 38 degrees in the winter. However, regardless of the weather, there are always plenty of indoor and outdoor activities to choose from.
As a current resident and homeowner, you have the best of both worlds. You can enjoy the city whenever you like and go back to your beautiful house at the end of each day. To protect your family and your property, you should have the best home insurance in Madison that will meet your needs.
Madison Demographics
Located on an isthmus in the southern part of the state, there are more than 265,000 residents living in the city, some of whom own homes with a median value of $407,251. The majority of the population is between the ages of 18 and 54, and over 58% of them are college graduates. With a median household income of $70,466, the top two industries for employment are education and healthcare.
Home Insurance Costs
The annual cost of home insurance for Madison residents is $1,055. This is slightly lower than the state average and much lower than the national average, which is $1,820 per year. In addition to cost, it's important to make sure you have adequate protection and update your policy when needed. VIU by HUB can assist with this and help you compare the best carriers in your area.
Coverage Options
As you review your policy, consider your situation and whether or not you need to add more coverage. If you've made an addition to your home or torn down an old structure, be sure to reflect these changes in your plan so that you are covered. Most policies for home insurance in Madison offer the following protection:
- Dwelling coverage - covers repairs and restoration to the interior and exterior of your home
- Liability protection - covers you if you're sued for causing an injury or property damage
- Personal property - replaces lost, stolen or damaged personal items and household goods
- Loss of use - pays for food and hotel costs when your home is unlivable due to repairs
Any additional coverage, such as flood protection, is an add-on. To determine the best coverage for your home, consider your risks.
Homeownership Risks
As the number of weather-related events continues to increase, the chances of you experiencing property damage go up. More specifically, as a Madison homeowner, over the next 30 years, your property is at risk of the following:
- Flooding: There is a 26% chance that major flooding will occur in your area.
- Heat damage: The number of days over 99 degrees Fahrenheit will increase by 100%.
- Wind damage: An increase in severe wind from extreme storms is also expected
These events are rarely covered under a basic policy, so you will need to add them on. This will provide you with the protection you need to repair your home if any of these risks do occur.
If you want to increase your coverage but are concerned about the added costs, contact VIU by HUB to compare rates. Our expert brokers and online tools can help you find the best home insurance in Madison to protect your home.
This information is intended for general informational purposes only and is not intended to constitute legal advice.