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Compare Homeowners Insurance In Iowa
The Hawkeye State is the birthplace of President Herbert Hoover and five Nobel Prize winners. However, America’s largest corn producer is also the home of some significant homeowners insurance hazards.
Average Iowa Homeowners Insurance Rates
How much is home insurance in Iowa? Homeowners insurance rates in Iowa are higher than the rest of the US. The average cost of home insurance in the state of Iowa was $919. That's much lower than the national average of $1,173. Only 14 states have lower average home insurance rates than Iowa.
| 2013 | 2014 | 2015 | |
|---|---|---|---|
| Iowa Annual Average | $832 | $853 | $919 |
| Iowa Price Per Month | $69 | $71 | $76 |
| US Annual Average | $1,096 | $1,132 | $1,173 |
| US Cost Per Month | $91 | $94 | $98 |
| National Rank | 40 | 40 | 37 |
| Source: Facts + Statistics: Homeowners insurance | |||
The graph below shows the change in average Iowa home insurance rates from 2011 to 2015, the most recent year the data is available. According to the III, Iowa homeowners insurance rates increased from $713 in 2011 to $919 in 2015, a jump of $206 dollars, or 28.89 percent.
Choosing a homeowners insurance company in Iowa should be easier. Actually, it’s already easy. The key to finding the best homeowners rates is to get a homeowners insurance quote comparison in Iowa from multiple companies.
Most Popular Iowa Home Insurance Companies
Last year, these were the 10 most common home insurance companies reported by QuoteWizard users living in the state of Iowa. Out of the 7,768 Iowa homeowners that used QuoteWizard to request insurance quotes last year, 429 had no home insurance.
- Progressive
- Allstate
- American Family
- Farmers
- Nationwide
- Geico
- Liberty Mutual
- AAA
- Country Financial
- MetLife
Best Homeowners Insurance Companies in Iowa
The above list shows the most popular home insurers in Iowa according to our users. But popular doesn’t always mean best.
Our study on the best home insurance companies focuses on top of the line companies. In no particular order, these companies stand out among the rest:
- Amica: Best Overall
- MetLife: Best for Bundling
- Allstate: Best for Local Agents
- Hartford: Best for Seniors
- State Farm: Best for Pet Owners
- Travelers: Best for Flexible Policies
- Nationwide: Best Replacement Coverage
- Farmers: Best for Eco-Friendly Homes
- Liberty Mutual: Best for Quick and Easy Quotes
- Auto Owners Insurance: Best Claims Experience
Top Iowa Home Insurance Company Market Share
| Rank | Company | Financial Rating | Market Share |
|---|---|---|---|
| 1 | Nationwide | A+ | 8.0% |
| 2 | Iowa Farm Bureau | A | 6.0% |
| 3 | Ace American Insurance | A++ | 4.4% |
| 4 | Progressive Group | A+ | 4.1% |
| 5 | EMC Insurance | A | 3.3% |
| 6 | Farmers Mutual Insurance | A | 3.2% |
| 7 | Travelers Companies | A++ | 3.0% |
| 8 | American Family Insurance | A | 2.9% |
| 9 | QBE Insurance Group | A | 2.8% |
Iowa Home Insurance Rate Factors
How much will a home insurance policy cost you in Iowa? A lot goes into answering this question. Insurers consider many different factors, both personal and regional, when calculating your rate.
Your Personal Rate Factors
Your House
The size, quality, and condition of your home is one of the main gauges to determine your premium. There are three home details that insurers focus on:
Age of house
As a standing rule, the older your house is, the more it will cost to insure. The reason for this is simple: as your house gets on in years, your likelihood of filing a claim increase. The odds increase even more if the house has not been properly maintained.
A whopping 26.1 percent of Iowa homes were built before 1939. Once a house gets into this age range, the chances of filing claims jump quite a bit. If you own one of Iowa’s older homes, expect increased insurance rates.
Roof quality
Since your roof a home’s first layer of defense from bad weather, insurers pay close attention to its condition. Homes with old or improperly maintained roofs are much more likely to need a claim filed should a storm or other peril occur. These homes, in turn, face higher insurance rates.
Iowa gets chilling cold winters and blazing hot summers. Dramatic weather swings like this can take their toll on a roof. Choosing the best roofing material is crucial for keeping the elements at bay.
With such a wide spectrum of weather effects to deal with, metal roofing is one of your best bets. In hot weather, metal roofing includes an integrated airspace that acts as a thermal barrier. This blocks heat transference. It is also resistant to the cracking and weakening that other roofing types can suffer in the heat over time. Metal roofing can also handle snow. Snow has a hard time gripping onto metal surfaces so it doesn’t stick easily, and metal roofs can handle the weight of built-up snow.
Regardless of your home’s roof material type, one thing is certain. You need to maintain it and replace it when it exceeds its lifespan. Otherwise, you’ll face higher insurance rates.
Replacement Cost
A large part of your premium centers around dwelling or structure coverage for your home. The amount of dwelling coverage you need should equal your home’s replacement cost. What’s replacement cost? It’s the dollar amount needed to rebuild your home from the ground up.
It’s important to know the difference between replacement cost and market value. A home’s real estate value is not a good indicator of how much it would cost to rebuild it. Replacement cost accounts for a home’s size, construction style, finish quality, and more. It doesn’t account for the land’s value, though. As such, it is possible for a $130,000 home in Cedar Rapids to cost more to replace than a $250,000 home in Ankeny.
Claims history
People with recent home insurance claims on their record pay higher premiums. A claim stays on your record for an average of five to seven years. If you make any other claims occur during that time, your rates will increase even more. Filing multiple claims can lead to policy cancelation. Make sure it’s worth it if you make a claim. If the cost of repairs is less than or just around your deductible price, you’re better off paying out of pocket.
Pets
If you’re a dog owner in Iowa, it’s important to know that some insurers consider certain breeds of dog to be high risk. Owning one of these breeds can result in higher rates, or even policy cancellation.
Credit score
It’s a guarantee that your insurance company will look at your credit score. Unfortunately, people with bad credit pay more for home insurance. The average credit score in Iowa is 708. Iowa has the eighth highest average credit rating in the country.
Iowa Rate Factors
Weather
If you live in an area that has extreme weather, you’ll pay more for insurance. Bad weather impacts rates for all residents. And according to World Atlas, Iowa has the 21st most natural disasters in America.
Iowa gets hit a couple feet of snow per year on average. Heavy snows and high winds are serious threats to a house. Make sure your roof and siding are properly weatherproofed. Also, have your windows inspected and shuttered. Windows damaged in a storm are covered by your policy, but you’d rather not have to deal with a broken window during a blizzard. Inspect and take care of your plumbing also. Frozen or burst pipes lead to more problems than just the immediate ones.
Crime
If your house is in a part of Iowa with a high property crime rate, you may have to pay more for insurance. But property crime rates vary from city to city. Dubuque, for example, has an average property crime rate of 27.65 per 1,000. Council Bluff has an average property crime rate of 59.65 per 1,000.
The best way to personally keep rates as low as possible is prevention. Installing a home security system helps provide peace of mind while helping to reduce your premium.
Types of Home Insurance Policies
- HO-1: This is a bare bones insurance policy. It covers catastrophic loss against common named perils such as theft, fire, and hail.
- HO-2: This broad-form policy covers the HO-1 named perils as well others such as cracked pipes, accidental water discharge and falling objects.
- HO-3: This policy is the most commonly seen due to its comprehensive coverage. If something isn’t explicitly excluded, it’s covered.
- HO-5: This premium policy covers the same as the HO-3 with fewer exclusions
- HO-6: This is home coverage is specifically for condo owners. It covers the structure, your liability and your belongings.
- HO-7: This provides HO-3 class coverage for mobile and manufactured homes, which are not covered by standard policies.
- HO-8: This is a policy designed for much older homes. It covers like the HO-3 but insures at actual market value in order for repairs and replacements to be affordable.
Iowa Insurance Division
- Website:
- Homepage
- Insurance Commissioner:
- Doug Ommen
- Insurance Hotline:
- (515) 281 - 5705
- Office Hours:
- Monday - Friday
8:00 am to 4:30 pm
- File a Consumer Insurance Complaint
- Complaint Page
Sources:
- A.M. Best Insurance Carrier Ratings
- NAIC--Home Insurance Market Share in Iowa
- Average Home Insurance Rates in Iowa
- Average Home Listing Price in Iowa
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