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Idaho is a state with cheaper real estate as compared to other coastal states. There are not many natural disasters either, so it has one of the lowest home insurance rates. The rates stayed low even when catastrophic wildfires damaged a lot of homes in northern parts of the state. The reason is that wildfires are rare and more controllable as compared to the unstoppable natural disasters that occur on the Gulf states.
Even if the rates are low, it is important to research the best insurance companies, weigh the pros and cons of each and then decide which insurer gives you the best deal.
There are many providers out there in Idaho, popular homeowners insurance companies based on their market share holdings in the state are State Farm, Liberty and Farmers, to name a few.
While insurance premiums are on the rise each year, currently, the average annual insurance home premium an Idaho homeowner pays is only $692, according to III, which amounts to $58 per month. Compared to the national average of $1,173, it is nearly $481 cheaper than the amount the average American pays for their home insurance per year making Idaho one of the cheapest states to insure a home in the U.S. These numbers are important to note while shopping and comparing for rates even though your own quote may fall below or above ID’s average. Premiums are calculated on an individual basis so there is no set number to go by as the location of your home and the conditions in which this location is subjected to will most likely impact your quote.
It’s good to know though, that in 2015 (latest available data by III) the average homeowners insurance premium was at $692, so if your quote falls above this number, it’s time to question why it is higher. For example, it may be that you are in a high-risk area that has a history of multiple claims due to disastrous events or more simply, the insurer isn’t giving you a good enough deal.
|National annual average||$1,132||$1,173|
To select a provider which gives you the exact coverage you need and that will pay when time comes that a claim is filed, you need to look for financial stability, endorsements, claims payout history, coverage options and add-ons. Customer support, online tools for quote search and agent availability are also important factors. We listed three insurance companies in Idaho that we’ve researched to have great record in terms of the mentioned factors above. We are not able to review all home insurers in Idaho so it’s possible that a company not mentioned in this article will be better suited for your needs in terms of price and coverage. Doing a little research will go a long way, read up on your prospective insurers before committing.
Allstate, along with State Farm, is present in many states across the US and has a huge market share in the entire country. The biggest advantage that keeps it at top of the insurance game is its discounts and affordability. From our research, Allstate offers a good bargain, at as little as $334, which is excellent considering the competition whose usual quotes are around the state average of $700.
There are many discounts you can get with Allstate such as a claim-free customer discount, first-timer discount and autopay. There is a bundling discount as well, which goes as high as 30 percent if you go for both auto insurance and home insurance.
You also get quite a handful of coverage options to choose from such as water backup coverage for water damages, green improvement to cover costs for upgrading to energy-efficient systems and identity theft coverage in the form of legal fees and document replacements.
Its website contains tools that provide auto loan calculation, link you to contractors and other features which assist you in getting a quote.
With a score of 80/100 from Consumer Reports and 3 (About average) out of 5 Power Circle Ratings from JD Power, you can trust Allstate for the most part.
State Farm has consistently been one of the best insurance providers in the country, keeping a hold on the largest home insurance market share in Idaho. It covers a wide variety of homes such as condos, mobile homes and apartments. On top of that, it offers an excellent number of add-ons for specific home types that are common in Idaho.
It boasts a rating of A++ (Superior) from AM Best, which is their highest possible rating for financial strength. This means that you can always expect a reasonable claim to be paid, which is arguably the most important factor when looking for an insurer for your home.
The website structure can be better. The HomeIndex Inventory tool, for example, is not easily accessible on the website, even though it is crucial for finding a good quote. The tool lets you see all coverage options you have selected in a quote. Each coverage option has a claim option, which you can select to instantly file a claim without any need to contact a hotline.
The JD Power Circle Ratings given to State Farm is a 3 (About average), taken from their 2018 U.S. Home Insurance Study, they’ve averaged out results based on consumer satisfaction regarding policy coverage, affordability, customer service, etc. The live chat with a company representative is informative and guides you through the different policies and coverages.
Being the third highest market share holder in Idaho, Farmers is popular because of an extensive range of coverage options and endorsements. It provides special coverages for specific groups such as military personnel and other professional groups.
Its prices are rather expensive compared to Allstate and State Farm, going as high as $850. However, the real value lies in the Farmers Smart Homeowners Policy. It is an extended policy that, along with providing basic home insurance, gives you benefits such as claim forgiveness (removing a surcharge if no claim has been made for six or more years) and cosmetic damage coverage (covering costs of cosmetic fixes if you file for functional damage). You can add some separate coverages as well such as identity theft coverage (credit monitoring and document replacement) through Identity Shield.
The website is not the best at meeting a potential customer’s information requirement as evident from the JD Power rating of 3 “About average.” You cannot find a quote tool on the website, and you will have to connect to an agent to get quotes and policy information. AM Best gave Farmers an A (Excellent) rating, which indicates decent financial strength to support claims.
|Rank||Insurer||Market share %||AM Best||S&P||JD Power|
|4||Farm Bureau Mutual Insurance Company of Idaho||9.5||A||NR||NR|
|10||Mutual of Enumclaw||2.8||A-||NR||NR|
With an annual average home insurance premium rate of $692, Idaho homeowners enjoys one of the cheapest in the United States. Nationwide, the average premium rate is $1,173. 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.
The companies we listed are some of the best in Idaho according to parameters that we deem are crucial for insurers to perform well in, the most important of which is claims payout abilities and affordability.
For more assistance, please contact your local state department of insurance:
Idaho Department of Insurance