How much is homeowners insurance in Idaho?
“Before owning a home in Idaho, it’s helpful to know the specific factors that affect the state’s average home insurance rate,” says Matt Roberts, home insurance expert and co-founder of My Choice Financial.
A high risk of natural disasters, such as wildfires and floods, can significantly affect your house insurance rates. But the type of policy you choose and the value of your personal belongings can also play a role in your premium costs.
How your policy choices affect home insurance rates in Idaho
Several factors can influence how policy choices affect home insurance rates in Idaho.
Your policy form
Home insurance comes in several forms. The most common is HO-3, according to the National Association of Insurance Commissioners (NAIC). Other forms include HO-1, HO-2, and HO-5. The difference is the perils each form covers. A peril is something that causes damage or loss to your property, like natural disasters, theft, or fire.
Some forms provide comprehensive coverage, while others only cover specific perils. This coverage variation will influence the price of your home insurance policy: The more hazards a policy covers, the more it’ll cost. Be sure that your policy covers the perils you expect before purchasing to ensure you have enough protection.
Your coverage level
Coverage levels in home insurance are the maximum amount an insurance company will pay for a covered claim. Higher levels mean the insurer is taking on more risk, which leads to higher premiums. Here’s an example of how your premium costs can differ based on the coverage amounts you choose.
|Dwelling Coverage Amount||Average Annual Premium|
Home insurance policies often require you to pay a deductible before they kick in and cover the remaining claim costs. For example, if you have a $1,000 deductible and file a claim for $5,000 in damages, you’ll need to pay the first $1,000 and your insurance company will cover the remaining $4,000.
With a low deductible, you’ll pay less out of pocket if you need to file a claim, but you’ll also pay higher premiums. A higher deductible often means lower premiums, but it has a downside: You pay more up front before your insurance coverage kicks in.
How location affects home insurance rates in Idaho
The price of home insurance can vary depending on the area, including varying rates between states and even ZIP codes. Natural disasters such as wildfires, flooding, and hurricanes, as well as higher crime rates, proximity to a fire station, building codes, and demographics, can influence home insurance rates.
“Some of the most common causes of loss in Idaho involve natural disasters, such as flooding and storms,” Roberts says. “The state is also at extreme risk of wildfires, and the northern area of Idaho is susceptible to severe winter storms that can lead to snow or hail damage to your home. The melting snow can also lead to flooding.”
Here’s a look at the average monthly quote for home insurance in a few different cities in Idaho.
|City||Average Monthly Quote|
Table data sourced from real-time quotes from Insurify’s partner insurance providers and quote estimates from Quadrant Information Services. Actual quotes may vary based on the policy buyer’s unique profile.