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Home insurance is a must-have protection for Iowa homeowners, but it often costs thousands of dollars per year. However, savvy shoppers can shave quite a bit off the average rate by focusing their search on the best homeowners insurance in Iowa. Here's a look at which companies offer the cheapest rates for several common scenarios.
Iowa residents pay about $1,713 per year for their home insurance on average. But those who choose West Bend Insurance get the same coverage for about $900 less -- $822 per year.
These companies also offer cheap homeowners insurance in Iowa:
Coverage for new construction in Iowa costs about $879 per year on average. But those who choose Pekin Insurance as their insurance company only pay about $533 annually.
These insurers are also among the best homeowners insurance companies in Iowa for new homes:
Older Iowa houses cost about $1,597 per year to insure. This is based on the profile of a 50-year-old home with no claim history. West Bend is once again the most affordable choice. Its average annual premium for these homeowners is just $885 per year.
These companies also offer affordable Iowa home insurance rates on older homes:
Filing a single home insurance claim raises the average cost of an Iowa home insurance premium to $1,750 per year. But those who go with West Bend Insurance will barely notice a difference to their rates. Its average annual premium for these homeowners is just $837.
Homeowners with a claims history should also get Iowa home insurance quotes from these companies:
Iowa home insurance premiums tend to fall just under the national average. The table below shows how it stacks up to the rest of the country in the four categories discussed above.
But it's important to note these are only averages. Many factors influence home insurance rates, including the size and construction of the home, its ZIP code, the owner's claims history, and more.
|Average Rate Category||Iowa||National Average|
|New home construction||$879||$943|
|When making a claim||$1,750||$1,803|
Here are some things homeowners should know when shopping for Iowa home insurance and trying to find the best home insurance policy:
The average Iowa home costs about $165,955, according to The Ascent's research on average home price by state. That's well under the national average of $293,349. This could work in favor of Iowa homeowners seeking insurance.
A smaller home isn't a guarantee of a lower home insurance premium, but the two often go hand in hand. Smaller homes usually cost less money to rebuild, so homeowners can get by with a lower policy limit. But this also means Iowa homeowners with an above-average home price may see above-average insurance rates.
The five Iowa cities with the most expensive annual home insurance premiums are all located in the Omaha metropolitan area. This isn't that surprising considering home prices tend to be higher in cities than in rural areas.
Iowa homeowners who live around Omaha will have to set aside time to compare quotes from a few different insurers so they can find an affordable rate. Homeowners should get quotes from more than one insurance company to ensure they are receiving a competitive rate and find the best home insurance for them.
Here's a look at some of the most common homeowners insurance claims filed in Iowa:
Iowa's place in Tornado Alley means it sees plenty of strong storms every year. In 2021, it saw a record 61 tornadoes in a single day. While not all of these storms are severe, even a weak tornado can be capable of damaging personal property left outside or taking shingles off a roof. A strong tornado could easily destroy an entire building.
Because these insurance claims can be so costly, many companies now have a separate wind/hail deductible that homeowners must pay before the insurer will pay anything for these types of claims. This deductible is usually higher than the standard home insurance deductible.
Iowa ranks inside the top 10 for states most susceptible to large hail damage, according to the Insurance Information Institute. Hail can also damage roofs, windows, and personal property.
Homeowners can take steps to mitigate these damages by ensuring their roof is in good condition and choosing impact-rated skylights for their home. But it's also important to purchase adequate home insurance coverage in case the worst happens.
Heavy winter storms are a fact of life in the Midwest, and Iowa's no exception. Large snowfalls can put strain on roofs, especially older ones, and cold temperatures can freeze pipes, causing them to burst.
Again, homeowners can take steps to prevent these issues from arising, like wrapping pipes and shoveling roofs, but purchasing enough home insurance is still an important step.
Here's a look at how several common home insurance discounts can affect Iowa's average rates:
It's no surprise in a state plagued by hail and tornadoes that installing a new roof brings big home insurance discounts. A brand-new roof knocks the average Iowa home insurance premium down to $1,321 per year. Homeowners who have recently replaced theirs should reach out to their home insurer to let them know. They may also want to consider shopping around for a better rate elsewhere.
Homes with new electrical, heating, or plumbing systems can also save on home insurance. The average annual Iowa home insurance premium for homes with these upgrades was between $1,560 and $1,570, depending on which system was upgraded. Not all insurers offer discounts for this, so homeowners who make these upgrades should look for a company that will reward them for it.
Homeowners who purchase home and auto insurance through the same company shave over $450 off their average annual home insurance premium. This is the largest single discount most insurers offer, which is why it's almost always a good idea for a homeowner to purchase home and car insurance from a single provider.
These five cities have the cheapest average Iowa home insurance rates:
|City Name||Average Home Insurance Rate|
Residents of these five Iowa cities pay considerably more than the state average for home insurance:
|City Name||Average Home Insurance Rate|
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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