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Affordable Home Insurance

February 25, 2021 By Monte Burstad

Upscale Living Room

Your home may be the biggest investment you ever make, so it makes sense to protect it with home insurance. In many cases, homeowners insurance is required under the terms of a mortgage. Regardless, home insurance is also a sound investment that will keep your family afloat if you ever have a fire, theft, or other covered loss. At the same time, it can be a major expense. Keep reading to learn how to find affordable home insurance in Wisconsin.

Homeowners Insurance Basics: What’s Covered?

Home insurance policies vary, but a standard homeowners insurance policy will cover the following:

  • Your home’s structure. This can include the house as well as other structures on your property, such as a garage or shed.
  • Your personal belongings. The average family accumulates a substantial value in personal belongings, including furniture, clothes, electronics, and more. Coverage may apply to certain losses that occur outside of the home, for example, if your laptop is stolen while you are traveling.
  • Personal liability protection. Homeowners insurance typically provides some personal liability protection. This coverage may apply if a guest is injured on your property, for example, or if your dog injures someone.
  • Additional living expenses. If your home is uninhabitable, additional living expenses (ALE) coverage can pay for your hotel and other associated fees.

Homeowners Insurance: Named Perils versus All Risk

A homeowners insurance policy can operate on a named-perils or all-risk basis.

  • A named-perils home insurance policy lists the types of losses that are covered. Losses that are not listed are not covered.
  • An all-risk home insurance policy lists the losses that are excluded from coverage. Losses that are not excluded are covered. Despite the name, all-risk home insurance policies don’t really cover all risks – they just cover all risks that aren’t specifically excluded.

Whether you go with a named-perils or all-risk homeowners insurance policy, some losses will typically be excluded. For example, standard homeowners insurance policies do not cover flood or earthquake damage, but these coverages can be purchased separately. Standard homeowners insurance policies also typically exclude damage caused by wear and tear or the homeowners negligence – the homeowner is responsible for regular maintenance. Other losses may also be excluded, and coverage may vary from policy to policy.

In addition to the exclusions, you also need to pay attention to the limits in your homeowners insurance policy. Insurance companies will only pay claims up to the limit of the policy, so it’s important to make sure your limits are high enough to cover your expenses if you experience a total loss, such as a fire that destroys your home. Many home insurance policies also include a coinsurance clause that can penalize the policyholder for underinsuring a home, even if the claim is lower than the limit. If the value of your home changes, you will need to update your limits occasionally.

Choosing the Right Affordable Home Insurance

The terms HO-2, HO-3, HO-5, etc. are often used to describe different types of homeowners insurance policies. HO-3 home insurance is common, but HO-5 home insurance can provide more robust coverage. HO-2 home insurance, on the other hand, provides less coverage and may not be accepted by mortgage providers. Other types of home insurance fill different needs, such as insurance for renters.

If you’re looking for cheap homeowners insurance, you might be interested in a bare HO-3 policy with only standard homeowners insurance coverage. However, the cheapest homeowners insurance isn’t always the best homeowners insurance. If a loss occurs, you may not have the coverage you need, and that’s not a situation you want to find yourself in.

Build the Homeowners Insurance Coverage You Need

Instead of going with the minimum home insurance possible, consider adding home endorsements that give you exactly what you need.

Popular Wisconsin home insurance endorsements and options include the following:

  • Replacement cost coverage. Homeowners insurance policies can pay claims based on either the actual cash value or the replacement cost. Because the actual cash value can be less than the replacement cost – due in part to depreciation – this can leave you with less money than you need to recover. Replacement cost coverage addresses this issue.
  • Water backup and sewer. Many homeowners insurance policies exclude damage caused by water backup and sewer issues. These losses are fairly common and can be devastating, so consider a policy that includes coverage for these losses.
  • Personal injury. Homeowners insurance policies don’t typically provide coverage for personal injury claims, but this coverage can be added through an endorsement.
  • Scheduled personal property. Separate limits may apply to home insurance coverage for personal belongings. High-value items, such as jewelry, antiques, and fine art, may need to be scheduled separately to make sure you have sufficient coverage.
  • Home-based business. Although homeowners insurance provides some coverage for both belongings and liabilities, business losses may be excluded. If you work from home, you may need additional coverage to cover your home-based business.

There are many other endorsements available. Your agent can help you determine which endorsements meet your needs.

Take Advantage of Common Home Insurance Discounts

Getting the best homeowners insurance coverage shouldn’t require paying an arm and a leg. Common home insurance discounts can help you find affordable coverage that still meets your needs.

Homeowners insurance companies often offer the following home insurance discounts:

  • Package/bundling discounts for homeowners who also purchase other types of insurance, such as auto insurance and umbrella insurance.
  • Loyalty/renewal discounts for long-term homeowners insurance policyholders.
  • Claim-free discounts for homeowners insurance policyholders who have not had to file claims.

Navigate Options from Different Homeowners Insurance Companies

Finding the best coverage can be difficult, especially when different insurance companies offer different coverages and rates.

Independent insurance agents contract with multiple insurance carriers, giving you many insurance companies and policy types to choose from. In addition to helping you compare insurance companies, an independent insurance agent can also help you choose the right limits, deductibles, and optional coverage types to fit your needs. For help finding affordable home insurance in Wisconsin, give us a call.

Filed Under: Home

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I really appreciate their friendly, prompt and knowledgeable assistance. We have been with them for years, and are consistently happy with their service.
Jeanne R.
Jeanne R.
17:46 14 Dec 22
Valorie provided excellent service and quickly found us the best insurance policy and rates available. Thank you, Burstad Insurance!
Roxanne S.
Roxanne S.
00:39 28 Aug 22
Family and Burstad worked their magic and found insurance even cheaper than what I was paying. They are very responsive when adding or changing things to a policy and they stick up for their customers when a bank may try to manipulate the home insurance for no apparent reason. Well done Burstad. I highly recommend.
Mindy A.
Mindy A.
09:30 24 May 22
Good service they work at finding you the best insurance
Jason W.
Jason W.
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Easy to work with
Dale B.
Dale B.
00:39 08 Apr 22
Good insurance company
Carla O.
Carla O.
18:49 31 Mar 22
Easy to work with and great rates. Sent a lot of friends here. All are happy with it!
Happy Home I.
Happy Home I.
16:05 29 Mar 22
Melissa and her staff have always treated me right! Often finding better rates for me! Thanks
Dave T.
Dave T.
22:06 11 Jan 22
They are very responsive in addressing all of my insurance needs, and I always feel they are doing what's in my best interests.
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Kevin J.
02:40 11 Jan 22
Great place
Peter T.
Peter T.
20:32 10 Oct 21
Monte and his team are great to work with. They were extremely helpful in getting our business up off the ground and getting the needed items to be successful. I would highly recommend them for your business!
Jeremy M.
Jeremy M.
13:57 29 Apr 21
Great to work with!
Denise V.
Denise V.
18:57 12 Mar 21
Everyone here has been very helpful, knowledgeable and friendly! Whenever I contact them, they get back to me quickly and are sure to get me the best rates possible. Thank you! The Baldwins
Dawn B
Dawn B
23:02 30 Jan 21
Have had my insurance for different vehicles and homes for many years, always friendly and am very satisfied.
Randy Chico J.
Randy Chico J.
16:48 25 Aug 20
Great response time, #1 in the area
Joshua E.
Joshua E.
15:50 22 Jul 20
good business and friendly service. highly recommend giving them a call to see what they can do for you.
Dustin W.
Dustin W.
14:51 21 Jul 20
Very responsive all around good business and friendly service. Highly recommend.
Wedam Enterprises L.
Wedam Enterprises L.
14:49 21 Jul 20
Excellent customer serviceKent Elkin goes above and beyondAlso the rest of the staff is very accommodating
Lee B.
Lee B.
23:08 20 Jul 20
Prompt and courteous service. The good people at New Richmond have always replied to my queries and helped solve my problems. Thanks for seven years of good service.
Gordon D.
Gordon D.
18:25 20 Jul 20
They are professional and responsive
Barbara B.
Barbara B.
00:14 11 Jul 20
EXCELLENT customer service!! Missy Kraemer at the Medford office takes care of absolutely everything for me! No worries and best rates to be found. Highly recommend.
Mary Ellen W.
Mary Ellen W.
15:37 12 May 20
EXCELLENT insurance company! I have my personal and business insurance with Monte and have for over 20 years. When we had the tornado in Colfax in 2014, Monte called me and was at my restaurant door within an hour after it hit. Amazing service.... Thank you Monte, Penny and the whole staff at Burstad Insurance.
Rich J.
Rich J.
11:55 16 Apr 20
New Richmond Insurance consistently saves me money on my policies year after year. Excellent customer service with most of my questions answered the same day.
Valerie C.
Valerie C.
01:57 16 Apr 20
great place and nice service
Li K.
Li K.
20:20 15 Apr 20
Great place. Emily is very helpful as well as all the rest of the people I have encountered there.
Stacy C.
Stacy C.
03:06 04 Jan 20
Best prices. Best customer service!
Bill I.
Bill I.
12:49 16 Nov 19
Top notch service. Will recommend to all.
Steven G.
Steven G.
13:19 01 Nov 19
Yes! I want to tell you something. If you need a car insurance - this is the place where you will find the best offer.Have done car insurance for two trucks. The price was so good, even less than I expected.My agent was Angie. I want to say thank you for caring! She is the nicest and kindest person ever!Definitely will return for the nest year insurance
Ana B.
Ana B.
00:39 29 Aug 19
Excellent rates and service. Friendly staff and helped in a timely manner
Jason L.
Jason L.
03:56 13 Jun 19
Neil is awesome!
Alicia B.
Alicia B.
15:05 23 May 19
Very helpful agents and staff. They got me a great deal on homeowners and auto insurance.
John A.
John A.
12:01 12 May 19
I have had policies thru the Agents, at the Menomonie office.Their prompt response, patience, amazing customer service and thoroughness, is the greatest I have ever had with an agency!
Jody L.
Jody L.
01:29 10 Apr 19
This is my insurance agency. I have been treated very well and my premiums are responsible.
Mitzi M.
Mitzi M.
11:25 25 Jan 19
They are the best I have ever used. Any time you need something, they have your back. Never had an issue with the company , and I would recommend Kent Elkin to any one and everyone. Thank you for all your services New Richmond insurance agency. Been with them for 3 years now.
Natasha R.
Natasha R.
04:28 30 Nov 18
Great staff!
Valorie M.
Valorie M.
20:54 13 May 18
I have been a customer for many years and love the personal customer service experience that they provide. I know that when I call, I will get a real live person! I also know that the person I am working with will have an understanding of my history and my policy. Highly recommend! Thanks and keep up the good work!
Brian H.
Brian H.
18:21 21 Sep 17
I have been a customer for a long time and love the personal customer service experience they provide. I can reach out anytime and know that I will get to talk to a real person that has the background on my policy and will be able to help me. Thanks and keep up the good work!
Brian H.
Brian H.
18:13 21 Sep 17
Corey Burstsad Insurance is great!! Neil always goes out of way for his clients, very trustworthy and efficient.
marcy M.
marcy M.
20:19 13 Jan 17
Very friendly and helpful. Got is a great deal and we were refered there by a good friend after not being able to find what we wanted elsewhere. They made the process very easy and didn't mind us popping by last minute to get the details figured out.
Soleil
Soleil
20:52 05 Jun 16
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Don’t Forget Renters Insurance

To illustrate why one might want to consider renters insurance, we would like to share a short story about a young couple and a recent experience with their apartment. Like most modern couples, this young couple, let’s call them Mike and Mary, got up that morning, had a quick breakfast, and left for work. Shortly …Read More

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