Milwaukee, Wisconsin, homeowners can qualify for lower home insurance rates. Here’s how!
By: Ajay kumar Medagani October, 10, 2019
According to a Gavop analysis, homeowners in Milwaukee, Wisconsin, pay an average homeowner’s insurance rate of $819 per annum. This is because the crime rate in Milwaukee is considerably higher than the national average in America. The city annually reports about 2,940 robberies and over 23,131 property crimes. In fact, a resident of Milwaukee has a 1 in 18 chance of becoming a victim of a violent or property crime. However, metropolitan areas in Milwaukee have a much lower property crime rate. Reasons for this include better education rates, quicker response times by the police departments, and higher standards of living.
According to the year-end crime statistics, Milwaukee reported 119 murders in 2018. Violent crime statistics significantly vary by neighborhood. Areas that are economically developed and with higher education levels tend to report lower crime rates than those in other neighborhoods. Milwaukee’s crime rate, however, is 98% higher than the crime rates reported for Wisconsin’s other cities and towns.
Downer Woods, Fernwood, and Read Oak Heights have been identified as the safest neighborhoods to live in the city. Triangle North, on the other hand, is said to be one of the most unsafe neighborhoods in Milwaukee. The typical home value and replacement value in Triangle North are $72,000 and $60,000.
Among the three safest neighborhoods, Downer Woods has the highest safety levels. The community of Whitefish Bay has the best education rate, with about 72% of the population possessing a bachelor’s or higher degree. West Milwaukee, however, reports the lowest education rate: only 19% of its residents have a bachelor’s degree or higher education.
The neighborhood of Taylor Ranch has the lowest home values and replacement costs at $203,600 and 193,420. In contrast,Long Branch Creek reports the highest home values and replacement costs at $503,000 and $462,760 respectively.
A Gavop study reveals that enhancing safety features on properties can help Milwaukee homeowners lower their homeowner’s insurance costs in addition to making homeowners feel safer. For example, installing deadbolt locks can earn Milwaukee homeowners a discount of $63 on their homeowner's insurance. Burglar alarms (e.g., smart alarm sensors, indoor and outdoor cameras, smart locks, and sky control panel) fetch an additional discount of $50. Homes with fire extinguishers are given a discount of about $75.
ABOUT THE AUTHOR
Ajay Kumar Medagani
Ajay Kumar works as a data analyst with Gavop. A (software) engineer by profession, he utilizes his well-established programming skills in big data, to derive insights from a wide variety of data sets. A engineering graduate from JNTU his passion involves analyzing raw data, infographics and other visual aids for research.
