Homeowners Insurance in Idaho


Making it easy to find the best homeowners insurance in Idaho





Finding the Best Homeowners Insurance in Idaho



Living in one of the most picturesque states in the country and being surrounded by acres upon acres of stunning natural wilderness and jaw-dropping landscapes certainly comes with its benefits, one of which is relatively cheap homeowners insurance — good news for the nearly 70% of Idahoans who own their own homes. Despite the comparatively lower real estate and cheaper insurance prices, however, finding the best homeowners insurance in Idaho can be somewhat overwhelming to first-time buyers faced with thousands of companies all fighting over their business. This is especially true when you consider that cheap doesn’t necessarily mean better in terms of homeowners insurance. With so many variables affecting homeowners insurance prices in Idaho and all the different ways insurance companies price their policies, it’s essential that you take your time and put an effort into finding both an insurer and a coverage plan that you’ll be comfortable with for years to come. First thing’s first, you’re going to need to take some time to think about what kind of coverage you need, as this is the number one factor that influences Idaho insurance quotes. Next comes the challenge of narrowing down and comparing your options, but we’ll get to that later. For now, let’s take a closer look at some of the other aspects and important details you need to consider when looking for the best homeowners insurance in Idaho.
Idaho Homeowners Insurance Cost Broken DownCosts
Yearly Cost of Homeowners Insurance in Idaho$1,255.00
Costs Per Month for Homeowners Insurance in Idaho$104.58


How Much is Homeowners Insurance in Idaho

Like we mentioned earlier, homeowners insurance in the Gem State is cheaper than in other parts of the country. To give you a better idea of how cheap, Idaho currently ranks as the 49th most expensive state for homeowners insurance with Idahoans spending an average of $730 a year on their premiums — well below the national average of $1,211. Despite these averages, however, factors like where you live can also affect how much you pay for your homeowners insurance. For example, living in a city that experiences crime rates higher than the state average raises your premiums. In the same way, as beautiful or romantic as it may be, living in a remote town could also result in higher insurance prices — especially if you live in an area prone to flooding or wildfires. However, this doesn’t mean that you should consider moving since there are a few ways you can lower your homeowners insurance rates and ensure you’re getting the best deal, and we’ll be getting to this later on. Another, more controllable factor that plays a major part in how much your homeowners insurance policy will cost is your credit rating. While it’s always good to keep it in check, maintaining a high credit rating proves to the insurance company that you’re likely to pay your premiums on time, meaning that they’ll be more willing to offer a lower rate to attract your business. On the other hand, people with lower credit scores are deemed to be riskier to insure and are therefore quoted higher rates.



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Idaho Homeowners Insurance Laws

Although homeowners insurance is not required by law in Idaho, many, if not most, mortgage providers and lenders will require you to take out homeowners insurance for at least the duration of your mortgage. Either way, carrying homeowners insurance in Idaho is a good idea, especially if you live in an area susceptible to natural disasters or harsh weather conditions. Speaking of which, the most common type of policy offered by homeowners insurance companies in Idaho, the HO-3 policy, thankfully covers hail damage, damage from snow or felled trees, and a few other consequences of extreme weather, but it’s worth taking a closer look at the extent of the coverage offered. For instance, while an HO-3 policy may cover most structural damage, your personal belongings, and your liability, it typically won’t cover flood damage or damage caused by standing water, so it’s worth purchasing extra coverage if you live in a flood-prone town. You might also want to purchase a separate fire insurance policy to supplement the standard coverage if you live in an area prone to wildfires, and coverage for mudslides or landslides if you live in a mountainous part of the state. While floods, wildfires, mudslides, and landslides might be rare where you live, the benefits of being covered against any costly repair bills far outweigh the comparatively smaller monthly or annual premiums for these extra endorsements.

What Does Homeowners Insurance Cover in Idaho

While homeowners insurance policies don’t typically cover extraordinary events like land movements and floods, or smaller things like property neglect or wear and tear, the standard HO-3 policy most insurers base their standard coverage plans on is fairly comprehensive. As a minimum, homeowners insurance in Idaho covers dwelling damage (damage to your home), personal property, and personal liability. Dwelling damage coverage covers damage to your home’s structure and any permanent fixtures and fittings and can sometimes be extended to any additional structures on your property, like a deck, pool, garage, or shed. Personal property protection covers personal belongings lost or damaged in a covered event, though coverage is often limited to a certain amount so you may want to consider purchasing additional coverage for jewelry or high-value electronics. As its name implies, personal liability coverage covers you if someone is unintentionally injured, or their personal property is damaged inside your home and you’re held liable. Furthermore, some insurance companies may even offer loss of use coverage as standard, which covers any additional living expenses, like hotel and food costs, you may be subject to if your home is damaged in a covered event and you’re not able to live there while it's being repaired.



Top Rated Homeowners Insurance Companies in Idaho Based on Ratings

Finding the best homeowners insurance companies in Idaho is a bit more complicated than simply picking the provider offering the most attractive price. For starters, you’ll want to make sure the company you choose is reputable and respected by its clients. A great place to start your search is the Idaho Department of Insurance website, where you’ll find a comprehensive list of insurance companies licensed to offer homeowners insurance in the state, as well as other important information like whether they have a history of complaints filed against them. On that note, be sure to take advantage of the data collected by prominent organizations like JD Power and the NAIC on homeowners insurance in Idaho. As one of the oldest and most reputable homeowners insurance providers in the country, USAA was rated a 5 out of 5 by JD Power for their coverage options and overall customer satisfaction. Moreover, USAA maintains a super low NAIC complaint index of 0.14, making it the top-rated homeowners insurance company in Idaho. With a JD Power score of 4 out of 5 and an NAIC complaint index of 0.19, State Farm, another leading insurance provider, came in as a close second while the worst-rated insurance companies in Idaho based on consumer ratings are American Family Insurance and Farmers Insurance, both scoring JD Power scores 3 out of 5 and receiving NAIC complaint indexes of 0.65 and 0.37 respectively. To help you find out more about the best homeowners insurance companies in Idaho, we’ve listed some of the leading companies offering homeowners insurance in Idaho, as well as their ratings, in the table below.



How to Lower Homeowners Insurance in Idaho

No matter where you are, homeowners insurance prices are always relative to property values, since the more a home costs, the more an insurance company has to pay out in a claim. Despite having some of the cheapest property and homeowners insurance prices in the country, property values, and subsequently homeowners insurance rates, in Idaho have increased by nearly 10% in 2020 alone. While prices are expected to decrease slightly in 2021, many Idahoans still manage to find ways to lower their homeowners insurance premiums, so why shouldn’t you? Taking advantage of the various discounts offered by insurance companies is a great way to save on your homeowners insurance and practically all insurers offer at least a few discounts. When looking for homeowners insurance in Idaho, it pays to do your homework and ask prospective insurance companies about any discounts they’re currently offering. While most offer multi-policy discounts, no claims discounts, and senior discounts as standard, some offer additional ones like new homeowner discounts and referral discounts that could potentially save you upwards of 20% on your premiums. Another way you could lower your homeowners insurance rates is to raise your deductible. Generally, the higher your deductible, the lower your premium, but it’s important to carefully consider whether you can afford to pay any expenses below the deductible out of pocket before going this route. In any case, the best way (by far) to lower your homeowners insurance in Idaho is to compare homeowners insurance plans and companies before making your decision.


Compare Homeowners Insurance in Idaho Before Buying

As we touched upon above, the first thing you should be doing when looking for affordable homeowners insurance in Idaho is to decide what type of coverage you need. Next, you can begin shopping for homeowners insurance quotes. You’ll want to gather quotes from a minimum of three or four companies. Once you’ve gathered your quotes, take a closer look at what other homeowners have to say about each company and shortlist the ones that offer the best customer experience. Lastly, consider the financial strength of each company. Make sure you’re purchasing homeowners insurance from a reputable company that can afford to and won’t give you any trouble when it comes to paying out. When comparing homeowners in Idaho, have as much information on both yourself and your home to hand as possible, since the more information you give, the more accurate of a quote you’ll be given back. When all’s said and done, comparing homeowners insurance is about more than just prices and quotes, it’s about finding the best and most affordable protection for the home you’ve worked so hard to build. Armed with these tips, you should have no trouble at all finding the best homeowners insurance in Idaho for your needs, but don’t hesitate to get in touch should you need a helping hand.