Homeowners Insurance in Iowa (2022)
Farmers offers the cheapest price on homeowners insurance in several cities across Iowa, according to QuoteWizard’s latest rate analysis for the Hawkeye State. Here’s a look at how the rates stack up and other key things to know about homeowners insurance in Iowa.
In this article:
What is the average cost of homeowners insurance in Iowa?
The average cost of homeowners insurance for a typical home in Iowa is $1,779 a year, or $148 a month, based on our review of rates available from eight of the state’s largest carriers. Farmers offers the best rate, $94 per month, followed by IMT, $103, and Nationwide, $126.
| Company | Average annual rate | Average monthly rate |
|---|---|---|
| Farmers | $1,124 | $94 |
| IMT | $1,240 | $103 |
| Nationwide | $1,517 | $126 |
| USAA | $1,578 | $132 |
| Allstate | $1,818 | $152 |
| State Farm | $2,201 | $183 |
| Farm Bureau | $2,223 | $185 |
| American Family | $2,531 | $211 |
| State average | $1,779 | $148 |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | ||
These rates are based on the cost of insuring an average home with a standard policy. There are a number of rate factors that can enable you to receive a lower (or higher) price with any particular company, including the following:
- The location of your home. Insurance companies tend to charge more in ZIP codes with more claims than they do in those with fewer claims. If you live in an area that is not prone to natural disasters and has a low crime rate, you’re likely to get a better rate.
- Your home’s construction style. Custom homes built with premium materials cost more to rebuild than standard homes, and this makes them more costly to insure. However, not all upgrades lead to higher insurance prices. You can often get a discount by installing a new roof, particularly one that is resistant to damage from fire, wind and hail.
- Your credit and insurance history. Insurance companies tend to offer better rates to those with good credit and few or no prior claims. The fact that your credit history can affect your insurance rates is one more reason to monitor your credit score for accuracy.
Since location matters for insurance rates, we also took a closer look at the best available rates in the state’s major cities.
Who offers the best homeowners insurance rates in Iowa’s cities?
Farmers offers the best rates on homeowners insurance in several major cities across Iowa, including Des Moines, Cedar Rapids, Davenport, Iowa City and Waterloo. Allstate is tied with Farmers for the best average rate in Ankeny, while American Family offers the best average rate in Sioux City.
Best homeowners insurance rates in Des Moines
Farmers ($98 per month) offers the best average homeowners insurance rate in Des Moines, followed by Allstate ($104) and American Family ($107).
| Company | Average annual rate | Average monthly rate |
|---|---|---|
| Farmers | $1,180 | $98 |
| Allstate | $1,251 | $104 |
| American Family | $1,282 | $107 |
| IMT | $1,353 | $113 |
| USAA | $1,625 | $135 |
| Nationwide | $1,940 | $162 |
| State Farm | $2,067 | $172 |
| Farm Bureau | $2,333 | $194 |
| Des Moines average | $1,629 | $136 |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | ||
Cheapest homeowners insurance in Cedar Rapids
Farmers ($95 a month) also offers the cheapest home insurance in Cedar Rapids, followed by American Family ($107) and IMT ($109).
| Company | Average annual rate | Average monthly rate |
|---|---|---|
| Farmers | $1,143 | $95 |
| American Family | $1,282 | $107 |
| IMT | $1,310 | $109 |
| Allstate | $1,360 | $113 |
| USAA | $1,382 | $115 |
| Nationwide | $1,667 | $139 |
| State Farm | $2,006 | $167 |
| Farm Bureau | $2,372 | $198 |
| Cedar Rapids average | $1,565 | $130 |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | ||
Best homeowners insurance rates in Davenport
In Davenport, Farmers' ($86 per month) average homeowners insurance rate beats American Family ($107) by more than $20 a month, and IMT ($115) by nearly $30.
| Company | Average annual rate | Average monthly rate |
|---|---|---|
| Farmers | $1,029 | $86 |
| American Family | $1,282 | $107 |
| IMT | $1,379 | $115 |
| Allstate | $1,432 | $119 |
| Nationwide | $1,433 | $119 |
| USAA | $1,462 | $122 |
| State Farm | $2,020 | $168 |
| Farm Bureau | $2,268 | $189 |
| Davenport average | $1,538 | $128 |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | ||
Cheapest homeowners insurance in Sioux City
American Family ($107 per month) offers the cheapest average rate on homeowners insurance in Sioux City, followed by IMT ($115) and Allstate ($118).
| Company | Average annual rate | Average monthly rate |
|---|---|---|
| American Family | $1,282 | $107 |
| IMT | $1,375 | $115 |
| Allstate | $1,411 | $118 |
| Farmers | $1,447 | $121 |
| USAA | $1,770 | $148 |
| State Farm | $2,117 | $176 |
| Nationwide | $2,182 | $182 |
| Farm Bureau | $2,305 | $192 |
| Sioux City average | $1,736 | $145 |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | ||
Best homeowners insurance rates in Iowa City
In Iowa City, Farmers ($83 per month) offers the best average homeowners insurance rate, followed by IMT ($103) and American Family ($107).
| Company | Average annual rate | Average monthly rate |
|---|---|---|
| Farmers | $991 | $83 |
| IMT | $1,232 | $103 |
| American Family | $1,282 | $107 |
| USAA | $1,386 | $116 |
| Nationwide | $1,556 | $130 |
| Allstate | $1,588 | $132 |
| State Farm | $2,089 | $174 |
| Farm Bureau | $2,109 | $176 |
| Iowa City average | $1,529 | $127 |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | ||
Cheapest homeowners insurance in Ankeny
Allstate ($95 a month) and Farmers ($95) tie for the cheapest home insurance in Ankeny, followed by IMT ($107) and American Family ($107).
| Company | Average annual rate | Average monthly rate |
|---|---|---|
| Allstate | $1,143 | $95 |
| Farmers | $1,143 | $95 |
| IMT | $1,279 | $107 |
| American Family | $1,282 | $107 |
| USAA | $1,546 | $129 |
| Nationwide | $1,658 | $138 |
| Farm Bureau | $2,096 | $175 |
| State Farm | $2,114 | $176 |
| Ankeny average | $1,533 | $128 |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | ||
Best homeowners insurance rates in Waterloo
In Waterloo, Farmers ($100 a month) has the best average home insurance rate, with the next best rates available from American Family ($107) and IMT ($117).
| Company | Average annual rate | Average monthly rate |
|---|---|---|
| Farmers | $1,198 | $100 |
| American Family | $1,282 | $107 |
| IMT | $1,399 | $117 |
| USAA | $1,495 | $125 |
| Allstate | $1,672 | $139 |
| Nationwide | $1,810 | $151 |
| State Farm | $2,164 | $180 |
| Farm Bureau | $2,470 | $206 |
| Waterloo average | $1,686 | $141 |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | ||
Customer service ratings for Iowa home insurance companies
Price matters for homeowners insurance, but so does customer service. An attentive and responsive insurance agency should make sure your coverage matches your needs and any claims are paid in a fair and timely manner.
Below is a look at two key customer service metrics for the insurance companies included in our analysis.
Satisfaction scores are based on a 1,000-point scale and show the results of J.D. Power’s survey of insurance customers, who rated their insurance company for interaction, policy offerings, price, billing process, policy information and claims.
USAA, State Farm, American Family and Allstate each exceeded the average score. Farm Bureau and IMT are not included in J.D. Power’s report.
Complaint Index compares insurance companies based on the number of confirmed complaints it received. A confirmed complaint is one in which an investigation determines that a violation has occurred. The National Complaint Index is 1.0. A 2.0 score reflects twice as many confirmed complaints as expected for a company of its size. A 0.5 score means the company had half as many confirmed complaints as expected. In other words, lower is better.
USAA, IMT and Farm Bureau have the lowest Complaint Index scores, based on data from 2020.
| Company | Satisfaction score* | Complaint Index** |
|---|---|---|
| Allstate | 829 | 1.00 |
| American Family | 831 | 0.83 |
| Farm Bureau | Not listed | 0.61 |
| Farmers | 813 | 1.27 |
| IMT | Not listed | 0.55 |
| Nationwide | 812 | 0.81 |
| State Farm | 835 | 0.74 |
| USAA | 882 | 0.50 |
| Average/baseline | 825 | 1.00 |
|
*Source: J.D. Power 2021 U.S. Home Insurance Study **Source: National Association of Insurance Commissioners, based on 2020 complaints. |
||
How does home insurance cover floods and tornadoes?
Floods and tornadoes are among the natural disasters that Iowa homeowners face. Here are key things to know about the homeowners insurance protection they require.
Floods
Snowmelt brings the possibility of spring flooding to Iowa each year, and two of the state’s largest floods followed heavy rains in the summer 1993 and late spring 2008. If you finance a home in a federally designated flood zone, your lender may require you to obtain flood insurance. You can also consider flood insurance for a home outside one of these areas.
Most flood insurance is purchased through the government-backed National Flood Insurance Program. However, private insurance companies also offer it as either an alternative to NFIP coverage or an enhancement to federal flood coverage.
In a separate analysis, QuoteWizard discovered that the average cost of NFIP flood insurance in Iowa is $1,143 a year, or $95 a month.
Tornadoes
Iowa averages about 40 tornadoes a year, and the damage they cause to homes is usually covered by standard homeowners insurance policies. However, you should still double check to make sure your policy does not exclude or limit coverage for damage caused by extreme wind.
You can also expedite the process for potential claims by keeping an updated inventory of your personal belongings. If a disaster strikes, it’s much easier to provide an itemized list of your possessions to a claims representative than it is to try to describe them all from memory.
How to save on homeowners insurance
Homeowners insurance may seem expensive, but there are some steps you can take to save on premiums.
Compare quotes from multiple carriers. Whether you're getting ready to close on your home purchase or have owned it for several years, it’s good to compare quotes from multiple insurance companies.
Since each company uses a slightly different formula for setting rates, you are likely to qualify for a considerably better rate with one company than you do with others. And carriers frequently adjust their ratings systems, so you might qualify for a better rate today than you did even just a few years ago with the same company, especially if your credit has improved since then or an accident no longer appears on your driving record.
Ask about discounts. Insurance companies often reward responsible homeowners with discounts to attract or retain your business.
- Nationwide, for example, offers a home renovation credit for upgrading your home’s plumbing, heating, cooling or electrical systems.
- IMT offers a discount for hail-resistant roofs.
- Allstate, Farm Bureau, Farmers, IMT, Nationwide and USAA are among the carriers that offer discounts to those with safety and security features, such as water-leak detectors and monitored home security.
- Some companies also offer discounts to those in certain occupations or groups, such as teachers, health care workers, and current or former members of the military. USAA is only available to current and former members of the military and their families.
Consider increasing your deductible. For a typical Iowa home, the average cost of home insurance drops by $186 a year, or about $15 a month, by increasing the policy’s deductible from $1,000 to $2,000.
| Deductible | Average annual rate | Average monthly rate |
|---|---|---|
| $500 | $1,932 | $161 |
| $1,000 | $1,779 | $148 |
| $1,500 | $1,679 | $140 |
| $2,000 | $1,593 | $133 |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | ||
Methodology
We collected quotes from every ZIP code in Iowa for a standard HO-3 homeowners insurance policy with the following limits and deductible:
- $275,000 dwelling coverage
- $27,500 other structures
- $137,500 personal property
- $55,000 loss of use coverage
- $100,000 liability
- $5,000 medical payments
- $1,000 deductible*
*when not stated otherwise
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