Best Home Insurance Rates In Idaho

On average, your neighbors pay $49 a month.

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Compare Homeowners Insurance 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

How much is home insurance in Idaho? The second lowest homeowners insurance rates in the country are in Idaho. The average cost of homeowners insurance in Idaho is $692. That's well below the national average of $1,173.

Idaho Average Annual Homeowners Insurance Rates
  2013 2014 2015
Idaho Annual Average $561 $590 $692
Idaho Price Per Month $47 $49 $57
US Annual Average $1,096 $1,132 $1,173
US Cost Per Month $91 $94 $98
National Rank 51 50 49
Source: Facts + Statistics: Homeowners insurance

The graph below shows the change in average Idaho home insurance rates from 2011 to 2015, the most recent year the data is available. According to the III, Idaho homeowners insurance rates increased from $518 in 2011 to $692 in 2015, a jump of $174 dollars, or 33.59 percent.

Idaho average homeowners insurance rates

Choosing a homeowners insurance company in Idaho should be easier. Actually, it’s already easy. The key to finding the best homeowners rate is to get a homeowners insurance quotes comparison in Idaho from multiple companies.

Most Popular 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
  2. Farmers
  3. GEICO
  4. Progressive
  5. Liberty Mutual
  6. American Family
  7. Safeco
  8. MetLife
  9. USAA
  10. Nationwide
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Best Homeowners Insurance Companies in Idaho

The above list shows the most popular home insurers in Idaho according to our users. But popular doesn’t always mean best.

Our study on the Best Homeowners Insurance Companies focuses on top of the line companies. In no particular order, these companies stand out among the rest:

  1. Amica: Best Overall
  2. MetLife: Best for Bundling
  3. Allstate: Best for Local Agents
  4. Hartford: Best for Seniors
  5. State Farm: Best for Pet Owners
  6. Travelers: Best for Flexible Policies
  7. Nationwide: Best Replacement Coverage
  8. Farmers: Best for Eco-Friendly Homes
  9. Liberty Mutual: Best for Quick and Easy Quotes
  10. Auto Owners Insurance: Best Claims Experience
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Top Idaho Home Insurance Company Market Share

Source: Insurance Information Institute
Rank Company Financial Rating Market Share
1 Farmers Insurance Group A 13.3%
2 Liberty Mutual A 11.2%
3 Allstate A+ 9.9%
4 Farm Bureau Mutual Insurance A+ 8.9%
5 USAA Insurance A++ 5.2%
6 United Heritage Mutual Holding A- 4.8%
7 Travelers Companies A++ 3.4%
8 American Family Mutual A 3.4%
9 Nationwide A+ 2.7%
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Idaho Home Insurance Rate Factors

How much does a home insurance policy cost in Idaho? Insurers looks at a lot of different factors when pricing your policy Some center on you and your house, but others are based on where you live.

Your Personal Rate Factors

Your House

The quality of your home’s structure and how well it’s been taken care of is the key factor in your insurance rate. The main things your insurer will look at are:

Age of the house

Simply put the older the house, the higher the premium. As a house ages, the chance of needing a major repair increases. And major repairs often require a home insurance claim.  That’s why insurers charge higher rates to cover old homes. If the house hasn’t been properly taken care, of the chances of a claim occurring jump even higher.

21.9 percent of houses in Idaho were built between 2000 and 2009. New houses will have minimal claims, if any, as long as the house has been properly built and maintained. On the other end of the spectrum, 19.3 percent of the homes built in Idaho are at least 60 years old. Houses in this age range will probably cost more to insure.

Roof quality

The roof is the shield of the home. It’s the first line of defense from bad weather. As such, your insurance company will be very interested in its condition. If your roof is near or past its expiration date, even a medium-sized snowstorm could do a lot of expensive damage. You’ll pay quite a bit more to insure a home with an old roof.

Idaho gets a lot of snow during the winter. Overall, metal roofing is one of the best choices for snowy climates. Its smooth surface keeps snow from gripping, so it slides off easier. Also, metal roofing doesn’t have to generate a lot of heat to melt snow as it drops. And it can handle the weight that comes with heavy snowpack. No matter what type of roof you have, make sure it’s properly cared for and within its lifespan.

Replacement Cost

A large part of your premium centers around your plan’s dwelling/structure coverage amount. The amount of dwelling coverage you need should equal your home’s replacement cost. This is the dollar amount required to rebuild your home from the ground up.

Keep in mind that replacement cost is different from your home’s market value. Replacement cost doesn’t account for a home’s land value. That’s why it’s possible for a $155,000 home in Pocatello to cost more to replace than a $240,000 home in Rexburg.

Claims history

If you have made a home insurance claim in recent years, expect higher premiums. Home insurance claims stay on your record for about five to seven years. Any other claims you make within that time will result in another large rate hike. You may even have trouble getting a company to insure you with multiple claims under your belt.

Before you make any claim on your home insurance, do the math and see if it’s worth it. If the claim amount is less than, equal to, or just a little above your deductible amount, it’s probably not worth filing a claim. Paying out of pocket is a better route at that point.

Pets

70 percent of Idaho households own a pet. If you are a dog owner in Idaho, be aware that some breeds are considered high-risk. How insurance companies deal with homes with high-risk breeds vary. Not every insurance company asks about your dog breed. But some will charge a higher premium and others may even deny coverage altogether.

Credit score

It’s a simple equation: bad credit scores mean higher insurance rates. The average credit score in Idaho is 694. This is well above than the national credit rating average of 687.

Idaho Rate Factors

Weather

Extreme weather is a substantial threat to your house. And if you live in an area with a propensity for natural disasters, you’re likely going to pay more for insurance. Fortunately, Idaho isn’t too prone to natural disasters.

That doesn’t mean it’s all sunshine and roses, though. Parts of Idaho see up to 135.7 inches of snow annually. This is way above the national average of 26 inches, and it comes with insurance risks. A massive snowpack can severely damage a roof. Long-term freezing weather can also damage your piping.

Crime

If your home is in a part of Idaho with a lot of crime, it can affect your rates. Much like weather, crime increases insurance premiums in your whole area. Meridian’s average property crime rate is 14.90 per 1,000 residents. Sandpoint, on the other hand has a property crime rate of 36.11 per 1,000 residents. Based on this data, Sandpoint will see the higher home insurance rates.

Types of Homes Insurance Policies

  • HO-1: This is the minimum home insurance available. It covers loss against the ten named perils including fire, theft, and windstorms.
  • HO-2: Covers the same as the HO-2, but includes other perils such as falling objects, damage from artificial electric current, and lightning.
  • HO-3: This is the most comprehensive and common home insurance available. Unless the policy explicitly excludes something, it’s covered.
  • HO-5: Has the same open peril coverage as the HO-3 with fewer exclusions.
  • HO-6: This provides coverage for condos, including liability, condo interior, and personal property.
  • HO-7: Mobile and manufactured homes are not covered by standard home insurance policies. The HO-7 provides HO-3 level protection for these home types.
  • HO-8:  This coverage type is designed to cover older homes such as vintage or landmark homes. Homes of the age range can often cost more to cover due to the uncommon, older materials used. The HO-8 is an adapted HO-3 policy that makes coverage for older homes affordable

Idaho Department of Insurance

Website:
Homepage
Insurance Commissioner:
Dean L. Cameron
Insurance Hotline:
(800) 721 – 3272
Office Hours:
Monday - Friday
8:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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