Compare Homeowners Insurance Quotes In Idaho

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Best Home Insurance Rates In Idaho

Idaho is probably best known for its famous potatoes and beautiful nature preserves. Idaho is the home state of Philo Farnsworth, inventor of the television, and Edgar Rice Burroughs, creator of Tarzan. However, The Gem State is also home to several homeowners insurance risks.

Average Idaho Homeowners Insurance Rates

Idaho has the second lowest average home insurance rates in the country. According to the most recent available data from the Insurance Information Institute, in 2014, the average cost of homeowners insurance in the state of Idaho was $590, about half the national average of $1,132.

Idaho Average Annual Homeowners Insurance Rates
  2012 2013 2014
Idaho Annual Average $538 $561 $590
Idaho Price Per Month $45 $47 $49
US Annual Average $1,034 $1,096 $1,132
US Cost Per Month $86 $91 $94
National Rank 51 51 50
Source: http://www.iii.org/fact-statistic/homeowners-and-renters-insurance

Choosing a homeowners insurance company in Idaho should be easier. Actually, it’s already easy; you could just go with whichever company your mortgage lender recommends, but you probably won’t get the best rates that way. The key to finding the best homeowners rate is to get a homeowners insurance quotes comparison in Idaho from multiple companies.

Best Idaho Home Insurance Companies

Last year, these were the 10 most common home insurance companies reported by QuoteWizard users living in the state of Idaho. Out of the 3,321 Idaho homeowners that used QuoteWizard to request insurance quotes last year, 157 had no home insurance.

  1. Allstate Insurance
  2. Farmers
  3. Geico
  4. Progressive Casualty
  5. Liberty Mutual
  6. American Family
  7. Safeco
  8. MetLife
  9. USAA
  10. Nationwide
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Why contact every individual company in Idaho that you want a homeowners quote from when you can just answer a few questions about your home and desired coverage, and get competing quotes from agents? Save time and money with QuoteWizard.

Top 10 Idaho Home Insurance Company Market Share

Source: Insurance Information Institute
Rank Company Direct Premiums Written (in thousands) Market Share
1 Farmers Insurance Group of Cos. $37,838 13.3%
2 Liberty Mutual $32,005 11.2%
3 Allstate $28,125 9.9%
4 Farm Bureau Mutual Insurance Co. of ID $25,333 8.9%
5 USAA Insurance Group $14,826 5.2%
6 United Heritage Mutual Holding Co. $13,788 4.8%
7 Travelers Companies Inc. $9,699 3.4%
8 American Family Mutual $9,662 3.4%
9 Nationwide Mutual Group $7,579 2.7%

Financial Strength Ratings of Top Idaho Home Insurers

Source: A.M. Best (Ratings as of 8/23/2015)

  • Farmers Insurance Group of Cos.: A
  • Liberty Mutual: A
  • Allstate: A+
  • Farm Bureau Mutual Insurance Co. of Idaho: A+
  • USAA Insurance Group: A++
  • United Heritage Mutual Holding Co.: A-
  • Travelers Companies Inc.: A++
  • American Family Mutual: A
  • Nationwide Mutual Group: A+
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Rating Guide

Idaho Property & Casualty* Insurance Company Market Share

Source: National Association of Insurance Commissioners
Rank Company Direct Premiums Written (in thousands) Market Share
1 Idaho State Insurance Fund $195,299 8.9%
2 Liberty Mutual $193,867 8.8%
3 Farm Bureau Mutual Insurance Co. $161,499 7.3%
4 Farmers Insurance Group of Cos. $144,061 6.5%
5 Allstate $101,889 4.6%
6 Progressive Group $72,834 3.3%
7 Travelers Companies Inc. $72,202 3.3%
8 Geico $69,521 3.2%
9 Nationwide Mutual Group $55,918 2.5%
*Represents both home and auto insurance

Home Insurance Rate Factors

Many different factors come into play when insurance companies calculate the cost of homeowners insurance. Some, like the age of your home, are within your control. Others, like crime rates or natural disasters, are beyond your control. Here are some of the factors that affect the cost of homeowners insurance in Idaho.

Average Home Listing Prices

Home prices can greatly affect the cost of insurance in any given state. A higher average home price generally means higher premiums in that state. For Idaho, the average listing price is $260,880 as of July 2015, slightly lower than the national average of $284,748.

Average Burglary Rates

Burglary is a serious and sometimes violent property crime. States with higher average burglary rates generally have higher average home insurance premiums, because the likelihood that someone will need to file a claim is higher. According to data from the FBI Uniform Crime Report, in 2013, Idaho’s average burglary rate was 411.9 per 100,000 people, which is significantly lower than the national average of 610.0 per 100,000.

States with more law enforcement per capita tend to be safer than states with fewer policemen and women. In Idaho, there are 27.8 law enforcement personnel per 100,000 total citizens, which is slightly lower than the national median of 32 per 100,000.

Home Insurance Hazards

Idaho’s climate varies greatly from one end of the state to the other. Whether in the north or south, east or west, of the state, this variable climate poses some homeowners insurance hazards to keep in mind.

Hot, dry summers: During the summer, the entire state heats up, though the southwestern and northernmost regions get the hottest. These regions average about 90 degrees in the summer, and during this time precipitation comes to a halt. July is the hottest month of the year, with average highs at 91 degrees in Boise and 89 degrees in Lewiston.

Dry summer heat occasionally gives way to droughts, which can be quite severe. As of July 2015, the US Drought Monitor released that 100% of Idaho was experiencing some level of drought. The USDM ranks drought conditions from D0 (abnormally dry) to D4 (exceptional drought), and Idaho is 52% D2 (severe drought) or above. Heat can act as a home insurance hazard because it often leads to power outages, as people turn the A/C up high. It can also cause heat stroke or heat exhaustion, especially to young children and adults over 65. Drought can harm land, crops, and cause economic loss.

Thunderstorms:  Thunder, rain, and lightning are common throughout Idaho, especially in the eastern regions. Though Idaho averages only about 19 inches of rain per year, thunderstorms are of serious concern, especially in summer months. June, July, and August see the most thunderstorms, contributing greatly to the average of 18 days per year of thunderstorms. Lightning can cause physical danger, destruction to homes, and wildfires, especially due to dry conditions. If the rain is severe enough, it can lead to mudslides and even flooding. It is important to note that the only way to obtain flood insurance is through the National Flood Insurance Program. Learn more about the NFIP here.

Snowy winters:  Cold and snowy winters are common in Idaho, especially in the central and east regions of the state. In these areas, the average low temperatures during the winter are close to 15 degrees. In other parts, such as the famous Sun Valley ski resort, below-freezing temperatures are less common. Idaho snowstorms can be powerful, and these regions average over 75 inches of snow per year. In January 2015, a particularly strong snowstorm left many without power for almost a day. With or without snow, exceptionally cold winters can bring about a number of home insurance risks, affecting both yourself and your home. People crank the furnace up when temperatures drop, causing a spike in energy use and trapping in moisture that may cause mold. In freezing temperatures, pipes can crack and leak, and other structures can become stiff and brittle as they contract in the cold.

Idaho Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Dean L. Cameron
Insurance Hotline:
(800) 721 – 3272
Office Hours:
Monday - Friday
8:00 am to 4:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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