Homeowners who go through their life never using their home insurance are very lucky. Home insurance is often used for more than just a total loss like fire or tornado. Sometimes parts of homes are destroyed by windstorms, or someone falls on your property and needs medical attention. These are both instances where your Iowa homeowners insurance comes in handy.
Even if you never use your home insurance, it provides security in knowing that in the case of a loss, you won’t be homeless. If the home is used as collateral on a mortgage loan, then the homeowner is required by the bank to carry home insurance with a value at least the amount owed on the loan. Home insurance is a lot like life insurance in that it’s something you never want to have to use but something you’re grateful to have when needed.
Surprisingly enough, rates for Iowa homeowner’s insurance are not as high as one would expect. While the highest annual rates for 2014 ($2,055) were found in Florida, the lowest annual rates ($574) were in Oregon. The annual rates for Iowa home insurance in 2014 was $854, which is quite a bit less than the national average of $1,132. Rate information is from the Insurance Information Institute.
We all try to save money any way we can. Here are a few things you can do to get the best possible rates on your Iowa homeowner’s insurance.