If you’re like most people, your home is one of your greatest assets. Consequently, it’s important to give your home the best protection you can. Fortunately, there’s a simple way to get the coverage you need. Obrella’s easy-to-use platform helps you get in touch with insurance experts who are familiar with all the ins and outs of home insurance in Idaho. They’ll walk you through options from several providers, answer any questions you have, and can even bind your policy—all over the phone!
Homeowners in Idaho
The average Idaho resident enjoys the lowest cost of home insurance in the nation. At $538 annually, Idaho homeowners pay about half the average national premium of $1,034 per year.
- Median Home Value: 166,800
- Household Income: 53,438
- % of Income on Home Ownership: 29.90%
Compared to most states, a greater percentage of homes in Idaho are occupied by their owners, who spend less of their income on home ownership costs. In fact, owner occupied homes account for nearly 70% of housing in Idaho, while the national rate is 63.5%. On average, Idahoans spend 29.9% of their income on home ownership expenses, with the national average being 31.6%.
The median value of owner occupied homes in the Gem State is $162,100. That’s approximately $15,000 less than the typical American home value of $176,700. Likewise, at $46,783, the median household income is less in Idaho compared to the nation’s norm of $52,250. Every homeowner wants the most comprehensive home insurance policy at the best rate. To find an Idaho homeowners insurance policy that meets your needs and budget, contact an insurance expert to start comparing policies.
What Goes into The Cost of Homeowners Insurance in Idaho?
An insurance company looks at a variety of components to determine the cost of your home insurance premium. They start with information about your home and your area, including local building costs, crime rates, the size of your home, and the year it was built. If you live in an area that experiences a higher-than-average number of natural disasters like earthquakes, floods, or tornadoes, this will impact your rates as well. Even things like your credit score and whether or not you have a swimming pool or a guest house on your property may affect the cost of your annual premium.
Why do these aspects matter? These elements combine to determine the amount of risk the insurance company will take on when issuing you a homeowners insurance policy. The higher the risk, the higher your premium.
Fortunately, though, there are ways to lower these risks. For instance, installing extra security measures like motion-sensor lights, security systems, or surveillance cameras can result in a lower premium because there is less of a chance that your insurance company will have to pay for stolen property.
What Insurance Options Do You Have in Idaho?
The cost of homeowners insurance depends largely on where you live. More specifically, do you live in a single family home, condo, etc. If you live in a condo building, your homeowners association has a master policy to cover the building. Then your policy covers walls in and personal property. If you live in a single family residence, your insurance policy has to cover everything.
- HO-1: Limited Coverage
- While an HO-1 policy will cover your home in the event of the first 10 classified disasters fire or lightning, windstorms or hail, explosions, riots, damage caused by aircrafts, damage caused by vehicles, smoke, vandalism, theft, and volcanic eruption this type of policy is no longer available for purchase in most states.
- HO-2: Basic Policy
- HO-2 is a basic policy that provides protection against all 16 classified disasters. This is a named hazards policy. So if it’s not listed, it won’t be covered.
- HO-3: Standard, most popular
- An HO-3 is an open perils policy. So unless they’ve specifically excluded the hazard, you would be covered for damage incurred. Of course, insurance companies have enough experience that they’ve listed the most common situations they don’t want to cover.
- HO-8: Older Home
- HO-6 policies are only for condo units. They cover walls-in. So your cabinets, floors, and other things built into the unit are covered as is your personal property, liability, and more. The average cost of an HO-6 policy is much lower than other policies.
What Does Standard Idaho Homeowners Insurance Cover?
Many people assume that their insurance will cover everything. In reality, however, you are only covered if the damages to your home are the result of a situation specifically stated in your insurance policy. If your home is damaged by a flood, for instance, you will only be paid for damages if your policy specifically covers flooding or does not exclude flooding. Read on to learn frequently used home insurance coverage terms to help you navigate the specifics of your policy:
- Coverage A – Dwelling
- Covers damages to a home and any structures attached to the home, including damage to plumbing, wiring, heating, and permanent air-conditioning systems.
- Coverage B – Other Structures
- Other Structures coverage insures any structures that are not connected to the house, such as tool sheds, guest homes, free-standing garages, and fences.
- Coverage C – Personal Property
- Personal Property coverage reimburses homeowners for the value of damaged, lost, or stolen belongings, including furniture, clothing, computers, and TVs. This coverage even extends to items that were not lost, stolen, or damaged on the homeowner’s property such as items in a storage unit.
- Coverage D – Loss of Use
- Loss of Use coverage reimburses the homeowner for living expenses during home repairs.
- Coverage E – Personal Liability
- If anyone sustains injuries on your property and files a suit alleging that you’re at fault, Personal Liability covers any financial losses you may sustain.
- Coverage F – Medical Payments to Others
- In the event that someone is hurt on your property or by your pet, this coverage will take care of any resulting medical bills.
Idaho Insurance Resources
The Idaho Department of Insurance: A state of the art consumer protection agency that offers Idaho residents an array of services. One of the most helpful is its online consumer complaint guide. Based on a consumer complaint index, you can compare complaints for one company to others in the same market.
To keep up to date about Idaho insurance news and alerts, you can sign up to receive the Department’s electronic bulletin. The Department offers four convenient locations.
- Boise: 700 West State Street
- Idaho Falls: 1820 E. 17th, Suite 220
- Pocatello: 353 N. 4th Avenue, Suite 200
- Coeur d’Alene:: 2005 Ironwood Parkway St. 143
Where Can You Find The Best Homeowners Insurance Rate for Your Needs?
With all of the available home insurance options, it can be tough to make a decision. Fortunately, there’s Obrella. Connect with an insurance agent to get started with finding the perfect policy for your needs. They’re experienced insurance professionals who are there to help you sort through your possibilities and answer all of your home insurance questions. They can even bind your policy by phone to save you time and stress.
Agents can handle insurance claims later on. You’ll always know you’re working with homeowners insurance companies you can count on. If you find a company you like with an affordable price, you can also get quotes on auto insurance and the savings for bundling.
To better understand your home insurance policy options in Idaho, call and speak with an insurance experts today at [mapi-phone-link /].