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Edited by John Leach
Last Updated February 28, 2022
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Boise, ID Homeowners Insurance
Idaho ’s capital and the most populous city is Boise, with around 240,000 residents. Situated along the Boise River, the Idaho capital is close to both the Oregon and Nevada borders. Boise is nicknamed the City of Trees due to the many forested areas found around the area.
In recent years, Boise has become one of the fastest-growing cities in the United States. West Coast transplants are flocking to the best place for millennials to live in the United States. And most of them are buying up property over time. The reason may be the dense suburban feel that the city invites. But it could be the many bars, coffee shops, and parks that offer families and young professionals activities to do in Boise. The lower living expenses compared to the national average are undoubtedly attractive, too.
Since most residents in Boise own homes, keeping the house protected is vital for the city residents. Wildfires, earthquakes, and flooding are common natural disasters in Boise. The more the risk of these natural disasters, the more Idahoans need home insurance.
Find the best and most affordable homeowners insurance for your property in Boise, Idaho, using Insurify. Insurify helps you compare and save. There’s no better time than now to start saving. Get a quote for free today!
Cheapest Home Insurance Companies in Boise
For homeowners in Boise, it's important that you evaluate all of your potential insurance options to ensure you are finding the best rate. Comparing the right insurance companies will allow you to get the best possible insurance rate for your home.
To simplify comparing companies, Insurify has analyzed rates from top insurance providers in Boise. The following are the best insurance rates from carriers that offer homeowners insurance in Boise.
How to Find Cheap Home Insurance in Boise
Currently, the housing market in Boise, Idaho, is booming. 2020 showed a record in price gains, as prices rose over 20 percent for single-family homes. That figure explains the very competitive housing market, with homes pending sales in as little as six days. The hottest homes sell at three percent over the list price and go pending in just three days. Have you recently bought a house in Boise? Or are you looking for a new home? It’s not easy in this kind of market. There are a few considerations you should think about.
The most important is the risk. Buying a home may be one of the largest financial investments of your lifetime. With investment, inevitably, comes risk. However, there are steps homeowners can take to minimize risk and protect their investment.
The first step to protecting your property in Boise is homeowners insurance. Though not required by law, home insurance provides financial liability for your property and personal belongings from natural disasters and theft under a covered loss. Different coverage options are available for various property types, locations, and other factors. And there is additional coverage available. You might want to consider add-ons like extra fire or earthquake insurance for even more protection.
Keep reading for a full guide on Boise home insurance.
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Cheapest Home Insurance in Boise by Company
Homeowners insurance rates aren’t always designed with savings in mind. That’s where Insurify comes in. Our free home insurance comparison tool allows you to find the best policy for the best rate fast. And your information stays private and protected.
As of 2020, the average home insurance premium in the Boise area costs $1,226 annually, and the median home value is $391,754.
Boise, Idaho, has the convenience of living expenses 12 percent lower than the national average. Utility prices are even lower at 14 percent lower than the national average, and grocery prices are 10 percent lower. The average annual premium can be lower than the national average, but it will vary depending on the insurance carrier you choose. Insurance companies like State Farm and Allstate have different pricing on their home insurance. That means that if you’re looking for a home insurance policy in Boise, you should compare homeowners insurance companies. Use Insurify to compare home insurance rates by getting a quote now. It’s simple, fast, and easy!
Check out the average cost of homeowners insurance in Boise, Idaho, below.
|Average Home Cost in Boise||Average Annual Insurance Premium in Boise|
Average Annual Home Insurance Premium in Boise by Company
Average prices for standard homeowners insurance for a 7-15 year old home, $200,000 in coverage
Cheapest ZIP Codes in Boise for Home Insurance
Living in the Gem State means paying less. But home insurance rates will vary. That means if your family in Meridian pays one price, your other friends in Idaho Falls and Nampa will pay different prices.
Like property costs, home insurance varies in price from city to city. Pricing is determined by ZIP code–specific variables, such as the volume of claims filed nearby, crime rates, and property costs, and risk variables, such as natural disaster frequency. Even your specific neighborhood may determine if you pay more or less on your annual premiums.
Rates in Boise can be relatively high or low compared to the national average; it all depends on which area you live in.
Home Insurance Coverage Types in Boise
There are several types of home insurance. Specific terms of insurance policies may vary by city, but in general, the standard policy types are as follows:
The simplest and least comprehensive type of homeowners insurance
Provides coverage for a handful of potential problems, including
- Dwelling coverage for damages from some natural disasters (storms, fires, wind, lightning, volcanic eruption),
- damage from vehicles,
- or civil commotion.
Broad form homeowners insurance policies include all basic form coverage, plus protection from:
- falling objects,
- damage from the weight of ice, snow, or sleet,
- freezing of household systems including HVAC and pipes,
- sudden and accidental damage to pipes and other household systems from artificially generated electrical current,
- accidental discharge or overflow of water or steam,
- sudden and accidental damage.
HO-2 policies typically cover both dwelling protection and personal property.
In some cases, broad form coverage may also include liability coverage. However, it still only covers the specific damages listed in the policy.
The most common form of homeowners insurance is known as a “special form” policy.
While HO-1 and HO-2 policies are “named peril” policies (meaning they only cover dangers that are specifically listed in the policy), HO-3 policies are “open peril” policies meaning they’ll cover all dangers except those specifically excluded in the policy documents.
HO-4 policies, also known as renters insurance, are for people who lease rather than own their homes.
Tenant’s form policies typically cover all the same dangers as HO-2 policies.
These policies include personal property coverage and liability coverage but don’t cover the physical structure of the house.
Some HO-4 policies may also include loss of use coverage for the tenants.
Comprehensive form policies are usually the broadest and provide the highest level of coverage; not surprisingly, they also tend to be the most expensive type of homeowners insurance policy.
The biggest difference between HO-3 and HO-5 policies is that most HO-3 policies are “actual cash value” policies, whereas typically HO-5 policies are “replacement cost value” policies.
An actual cash value policy will only reimburse you for the actual value of a damaged or destroyed item, while a replacement cost value policy will reimburse you for however much it would cost to completely replace or repair the damaged or destroyed item (up to the coverage limits on the policy).
HO-5 policies also provide personal property coverage against a wider range of dangers than the typical HO-3 policy. Many HO-5 policies also have extra coverage for high-value personal property, such as jewelry and artwork.
Not surprisingly, condo form insurance is for condominium owners. HO-6 policies generally protect against the same types of dangers as HO-3 policies.
They provide dwelling protection coverage with a twist: HO-6 policies cover the walls, floors, and ceiling of the condo unit but not the rest of the building.
These policies also include personal property and liability coverage and may include loss of use coverage.
If you own a mobile home or manufactured home, you likely have an HO-7 policy.
Mobile home form policies are typically identical to HO-3 policies, except they’re designed specifically for mobile and manufactured homes.
Like HO-3 policies, they provide dwelling protection coverage, other structures coverage, personal property coverage, liability coverage, and possibly loss of use coverage as well.
HO-7 policies generally only protect the home when it’s stationary; if you plan to move your mobile or manufactured home, you’ll need to get a special policy to cover it while it’s in transit.
Older homes have generally been built to less stringent code standards than recently built homes, and so insurers have designed a specialized type of homeowners insurance policy for them.
HO-8 policies often only cover the basic perils listed in HO-1 policies and generally apply to homes that are registered landmarks or otherwise deemed historic homes.
Owners of registered landmarks are typically forbidden from making the updates to HVAC, electrical, and other parts of the home that would enable them to qualify for a standard HO-3 policy, so an HO-8 policy is often the only option for them.
Natural Disasters and Boise Home Insurance Coverage
When mother nature strikes, Boise residents are not immune to disasters that can impact their Idaho homes. The most noteworthy natural disasters include wildfires, flooding, and earthquakes. Idaho ranks fifth in the country for the most earthquakes per year, with two of the largest earthquakes in the United States seismic history. The state is also subject to flooding, as many have occurred across the Gem State. And wildfires are far too common in the west, but very common in Idaho since it is a very forested state.
Fire, smoke, lightning, and hail are covered with a standard home insurance policy in Boise. But some exclusions come with any policy. Water damage and earthquakes are excluded from a standard homeowners insurance policy. It would help to ask your insurance agent about add-ons like flood insurance and earthquake insurance. Talk to your local agent to determine if you are at risk and what coverage limits are right for your property.
Cheapest Home Insurance in Boise, Idaho
When searching for the best home insurance quotes, you have a few tricks up your sleeve. You can start by combining insurance products. For example, combine home insurance with car insurance under the same insurance company. This practice is known as bundling. Bundling will often get you a discount or deal on homeowners insurance. If you are a current policyholder, ask your local agent about adding on insurance products. and bundling discounts.
Next, you can lower your home insurance premium by raising your deductible. Just remember not to raise it too high. Otherwise, you might be shelling out more cash than you can afford in the event of a claim.
You should always ensure you’re getting the best pricing by getting a quote on home insurance in Boise. You can do this by going to the Insurify website and filling out your information. Then, you can use our insurance comparison tool to compare and save. You’ll get homeowners insurance quotes for free, all in one place. Go ahead and try it now!
How to Find the Cheapest Home Insurance in Boise
Boise, Idaho, is becoming increasingly popular for homebuyers from out of state. Its low living expenses and growing community are attractive to buyers. But remember that homeownership isn’t sunshine all the time. From Pocatello to Boise , every Idahoan needs proper protection on home insurance.
Use Insurify to compare home insurance premiums for your property in Boise.
Frequently Asked Questions
The Idaho Farm Bureau is a helpful grassroots organization. Its mission is to strengthen agriculture and protect members’ rights, properties, families, and neighbors. If you are in ranching, farming, or any other agricultural industry, it’s helpful to join. You could have support if a natural disaster hits.
Due to the plentiful forests and potential drought, the risk of wildfires is increasing. Ensure you have the proper coverage limits on your homeowner insurance to protect your property against wildfires.
You can find the best homeowners insurance companies by looking up customer satisfaction on J.D. Power’s website. J.D. Power awards insurance companies in customer satisfaction annually.
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