Living in Wisconsin offers numerous financial advantages for residents. Firstly, the cost of living in many parts of the state is relatively low compared to national averages, allowing for more affordable housing and everyday expenses. Secondly, Wisconsin boasts a diverse and robust economy, providing ample job opportunities across various industries, from manufacturing to agriculture. Lastly, the state offers several tax incentives and programs to support small businesses and entrepreneurs, fostering economic growth and innovation.
Geographically, Wisconsin presents a wealth of benefits to its inhabitants. The state's abundant natural resources, including vast forests and numerous lakes, provide endless opportunities for outdoor recreation and tourism. Additionally, Wisconsin's central location in the Midwest offers convenient access to major metropolitan areas like Chicago and Minneapolis, while still maintaining a more relaxed pace of life. Finally, the state's four distinct seasons allow residents to enjoy a wide range of activities throughout the year, from summer water sports to winter skiing.
Wisconsin's homeowners and auto insurance market is characterized by a diverse range of providers, offering coverage to protect residents against various risks. The state is home to numerous insurance companies, with over 150 licensed insurers writing homeowners policies and more than 200 offering auto insurance. This competitive landscape allows consumers to shop around for the best coverage and rates tailored to their specific needs.
Weather-related risks play a significant role in shaping Wisconsin's insurance market. The state experiences a range of severe weather events, including tornadoes, thunderstorms, and winter storms. In 2020, Wisconsin recorded 18 tornadoes, while the average number of tornadoes per year from 1991 to 2010 was 23. Additionally, the state faces flood risks, with approximately 120,000 properties at substantial risk of flooding. These weather-related hazards underscore the importance of comprehensive homeowners insurance coverage for Wisconsin residents.
Major insurance events have impacted the Wisconsin market in recent years. In 2020, the state experienced severe storms and straight-line winds that resulted in over $1.7 billion in insured losses. This event highlighted the critical role of insurance in helping homeowners and businesses recover from natural disasters. Furthermore, the COVID-19 pandemic has influenced the auto insurance market, with many insurers offering premium refunds or credits due to reduced driving during lockdowns. According to the Wisconsin Office of the Commissioner of Insurance, these refunds amounted to over $135 million in savings for Wisconsin policyholders in 2020.
Wisconsin's auto insurance market has seen notable changes in recent years. In 2009, the state implemented a mandatory auto insurance law, requiring all drivers to carry minimum liability coverage. This change led to an increase in the number of insured drivers, with the uninsured motorist rate dropping from 15% in 2009 to approximately 13% in 2019. Additionally, Wisconsin has experienced a rise in distracted driving incidents, with 22,632 crashes attributed to distracted driving in 2019. These factors contribute to the ongoing evolution of the auto insurance landscape in the state, emphasizing the need for consumers to stay informed about their coverage options and requirements.
| Provider | Average Insurance Rate | Open Quote Rating | |
|---|---|---|---|
| State Farm | $1814 | rating |
