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Idaho Homeowners Insurance

top-homeowners-coverageWith an average premium rate of $590, Idaho homeowners insurance is the cheapest in the United States. Nationwide, the average premium rate is $1,132. Approximately 69 percent of homes in Idaho are owner-occupied. That number exceeds the national rate of 63 percent of owner-occupied homes. In this state, 27 percent of mortgaged homeowners spend 30 percent or more on expenses related to home ownership. About 42 percent of renters in Idaho spend 30 percent or more of their income each year on costs associated with rent and utility payments.

Like other states, residents can save money on Idaho home insurance costs. To start, you can choose to increase your deductible, which is the amount you will have to pay in the event of a loss before your insurance takes over. Since Idaho is subject to severe weather year-round, there are several considerations to keep in mind when shopping for home insurance plans. Statewide, wind and hail damage is responsible for the highest rates of loss each year. Loss from water damage and freezing pipes is second, followed by general property damage, theft, and lastly, damage from fires and lightning strikes. You may be able to save some money on your premium by taking measures to reduce the risk of loss associated with these events, such as insulating your pipes and heating your home in the winter. Like some states, insurance providers in Idaho are not required to offer damage protection from flooding. Therefore, you will have to obtain coverage through the National Flood Insurance Program.

home-insurance-quotes-300x200In Idaho, insurance rates usually vary depending on what type of structure you live in. Premiums are typically lower for standard single-family residences than they are for farms, ranches, and manufactured homes. Regardless of dwelling type, however, you will be eligible for discounts by having certain standard safety features and preventative mechanisms in place. Many companies offer discounted rates for policy bundling, which means that you pay a lower premium rate if you use the same company for home and car insurance. If your home has working smoke detectors, a fire extinguisher, and an alarm system to deter thieves, you will likely have a lower premium rate. Idaho insurance companies reward smoke-free homes with reduced premium rates, as residential fires caused by smoking are one of the leading causes of loss in the state and nationwide. You may also qualify for a lower premium rate if you have recently had your home inspected or if you have recently replaced or renovated your roof. Residents are eligible for home insurance rate discounts if they make efforts to reduce their carbon footprint and improve the environment. This is referred to as a “green” home efficiency renovation.

When searching for the best insurance plan that meets your budget and requirements, be sure to ask if certain losses are covered, such as damage from windstorms and hail, frozen pipes, and water damage from plumbing or air conditioning. You can also ask about the extent of coverage for your personal belongings, such as antiques, jewelry, and treasured collectibles.