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Part of the home-buying process involves landing the right homeowners insurance. Homeowners insurance is what stands between you and the financial hardship of paying for repairs or replacement of your home if peril strikes. Here, we'll help you identify the best homeowners insurance in Idaho, get the cheapest policies in the state, and outline key factors to look for in choosing an Idaho home insurance policy.
With competitively low rates, these companies offer cheap homeowners insurance in Idaho:
There are many exciting things about moving into a new home, not the least of which is learning that homeowners insurance is discounted. Insurance companies see new homes as low risk because everything is brand new and not likely to break down soon. The expected savings get passed on to the homeowner in the way of lower insurance premiums. Here are the three least expensive Idaho home insurance providers for newly built homes:
Older homes are chock full of history and character. However, older homes are more likely to have issues like dry rot, mold, and leaks. For that reason, they can cost a bit more to insure. Here are three insurers that have kept insurance prices low:
When peril hits, the right insurance policy may be all that stands between the homeowner and financial hardship. For that reason alone, a comprehensive policy is worth its weight in gold. However, when a homeowner makes a claim, they can expect the homeowners insurance premium to increase for a time. For an Idaho homeowner who has made a claim, these three insurance companies offer the lowest rates in the state:
The average cost of homeowners insurance in Idaho is $1,056, nearly 39% lower than the national average of $1,725.
|Average Rate Category||Idaho||National Average|
|New home construction||$577||$943|
|When making a claim||$1,178||$1,803|
The best homeowners insurance in Idaho is a mix of low price and comprehensive coverage. Homeowners need to know they will have the coverage they need without paying an arm and a leg.
Homeowners coverage is never a one-size-fits-all proposition. Insurance companies typically offer six types of policies designed to cover traditional (non-mobile) homes. Policies range from basic coverage to policies with all the bells and whistles. The best homeowners insurance companies offer them all.
While it's true that some insurance is better than none, a bare-bones policy may not fully cover all losses. The best move is to shop for a level of coverage that does not require the homeowner to provide a large sum of money following a perilous event.
When a homeowner makes a claim, they typically pay a deductible toward the cost of repair or replacement. Let's say there's a small fire and the cost of repair is $12,000. If there's a $500 deductible on the policy, the homeowner pays the contractor $500, and the insurance company covers the remaining $11,500. The lower the homeowner’s deductible, the higher the policy premium. One way of keeping costs low is to choose a higher deductible.
One of the best ways to land cheap homeowners insurance in Idaho is to take advantage of all discounts. Before deciding which policy is best, it pays to know how much each policy costs after discounts are factored in. Nearly all insurance companies offer home insurance discounts, for factors ranging from whether a home has an alarm system to whether a homeowner bundles auto and home policies.
Identifying the most common Idaho home insurance claims can help a homeowner build a policy that makes them more secure.
According to State Farm Insurance, windstorms are one of the most common reasons for claims in Idaho. Strong winds lead to blowing objects, falling trees, damaged roofs, and other calamities.
Nationally, lightning strikes and fire accounted for 25% of all homeowners insurance claims in 2019. Idaho is no exception. Fires are not the top claim in the state, but are one of the most expensive issues insurance companies deal with.
On average, Idaho gets 47 inches of snow each year. That alone helps explain the number of insurance claims for damage due to ice dams, leaky roofs, and frozen pipes. There's also the risk of water damage caused by plumbing issues, broken pipes, and malfunctioning appliances.
The best homeowners insurance in Idaho provides a high level of coverage at an affordable price.
Here's how the eight types of homeowners insurance break down. The type a homeowner buys depends on two things: The type of dwelling they need to cover, and the level of coverage they seek.
A comprehensive policy may also include coverage for luxuries such as inlaid wood floors, upgraded building materials, or specialty rooms (like a wine cellar or home theater). A homeowner can also buy coverage for valuable items like rare coins, fine art, or expensive jewelry.
Finding inexpensive homeowners insurance in Idaho depends, in part, on claiming as many discounts as possible. Discount options vary by insurance company. Here's a sampling of the most common:
GOT A CAR? Check out The Ascent's list of the best auto insurance in Idaho.
Insurance companies take many factors into account as they determine premiums. They include things like:
Here are the five cheapest cities in Idaho for homeowners insurance:
|City Name||Average Home Insurance Rate|
Here are the five most expensive cities in the Gem State for homeowners insurance:
|City Name||Average Home Insurance Rate|
The best homeowners insurance in Idaho is designed to protect one of the largest financial assets most people will ever own. Taking the time to find the best coverage is a smart financial move.
Our Insurance Expert
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
The data found on this page is a combination of publicly available quote data obtained directly from the carrier as well as insurance rate data from Quadrant Information Services. These rates were publicly sourced from the top ten (10) to fifteen (15) carrier markets, within each state, based on annual written premium and should be used for comparative purposes only -- your own quotes may be different.
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