Compare Homeowners Insurance Quotes In Iowa

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Best Home Insurance Rates 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

Iowa has low average home insurance rates relative to the rest of the US. According to data from the Insurance Information Institute, in 2014, the average cost of home insurance in the state of Iowa was $853, much lower than the national average of $1,132. Only 11 states have lower average home insurance rates than Iowa.

Iowa Average Annual Homeowners Insurance Rates
  2012 2013 2014
Iowa Annual Average $779 $832 $853
Iowa Price Per Month $65 $69 $71
US Annual Average $1,034 $1,096 $1,132
US Cost Per Month $86 $91 $94
National Rank 40 40 40
Source: http://www.iii.org/fact-statistic/homeowners-and-renters-insurance

Choosing a homeowners insurance company in Iowa 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 rates is to get a homeowners insurance quote comparison in Iowa from multiple companies.

Best 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.

  1. Progressive Casualty
  2. Allstate Insurance
  3. American Family
  4. Farmers
  5. Nationwide
  6. Geico
  7. Liberty Mutual
  8. AAA Insurance Co.
  9. Country Financial
  10. MetLife
Get a quote from some of these top rated insurers! Request Quote Get a Quote From Top Insurers

Why contact every individual company in Iowa 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 Iowa Home Insurance Company Market Share

Source: Insurance Information Institute
Rank Company Direct Premiums Written (in thousands) Market Share
1 Nationwide Mutual Insurance Co. $480,45 8.0%
2 Iowa Farm Bureau Group $358,282 6.0%
3 Ace American Insurance Co. $265,315 4.4%
4 Progressive Group $243,912 4.1%
5 EMC Insurance Co. $197,596 3.3%
6 Farmers Mutual Insurance Group $191,927 3.2%
7 Travelers Companies Inc. $180,239 3.0%
8 American Family Insurance Group $176,786 2.9%
9 QBE Insurance Group $173,476 2.8%

Financial Strength Ratings of Top Iowa Home Insurers

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

  • Nationwide Mutual Insurance Co.: A+
  • Iowa Farm Bureau Group: A
  • Ace American Insurance Co.: A++
  • Progressive Group: A+
  • EMC Insurance Co.: A
  • Farmers Mutual Insurance Group: A
  • Travelers Companies Inc.: A++
  • QBE Insurance Group: A
Get a quote from some of these top rated insurers! Request Quote Get a Quote From Top Insurers

Rating Guide

Iowa Property & Casualty* Insurance Company Market Share

Source: National Association of Insurance Commissioners
Rank Company Direct Premiums Written (in thousands) Market Share
1 Nationwide Mutual Group $480,451 8.0%
2 Iowa Farm Bureau Group $358,282 6.0%
3 ACE Limited Group $265,315 4.4%
4 Progressive Group $243,912 4.1%
5 EMC Insurance Co. $197,596 3.3%
6 Farmers Insurance Group of Cos. $191,927 3.2%
7 Travelers Companies Inc. $180,239 3.0%
8 American Family Insurance Group $176,786 2.9%
9 QBE Insurance Group $173,476 2.9%
*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 Iowa.

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 Iowa, the average listing price is $175,757 as of July 2015, much 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, Iowa’s average burglary rate was 513.5 per 100,000 people, which is a bit 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 Iowa, there are 29.8 law enforcement personnel per 100,000 total citizens, which is just slightly lower than the national median of 32 per 100,000.

Home Insurance Hazards

Iowa, like much of the Midwest, is known for extreme weather. The largely humid climate gives way to  hot and humid summers, cold, snowy winters, and thunderstorms in the spring—all of which can be homeowners insurance hazards.

Cold winters: Iowa’s winters are stereotypically cold. As a state that experiences all four seasons, winter generally begins in December and lasts until March. January, the coldest month of the year, sees temperatures far below freezing. The average January high is 29.5 degrees, and the average low is 11 degrees. This extreme cold is coupled with heavy snowfall. Iowa winters average 33 inches of snow annually, and snow can fall as late as April. Temperature and snowfall are somewhat uniform throughout Iowa, although further north, it tends to be colder.

A cold and snowy winter can be an insurance hazard for a number of reasons. When temperatures drop, people crank the furnace, causing a spike in energy costs and trapping in moisture that may lead to mold development. In freezing temperatures, pipes can crack and leak due to extreme cold.

Thunderstorms: The same humid climate that produces heavy snow in the winter and humidity levels around 75% in the summer is also responsible for extreme weather, most of which occurs in spring and summer. As such, Iowa averages 50 days per year of thunderstorms, 85% of which occur between April and June. The mostly flat terrain allows these destructive storms to spread quickly, but western and northern parts of the state receive much less rain than the rest of the state. Southeast Iowa is the rainiest part, averaging about 39 inches of rain per year, compared to northwest Iowa, where they only average about 26 inches of rain.

Heavy spring rains with lightning can pose a serious safety hazard, and can cause hail, wildfire, flash floods, and even tornadoes. Floods are extremely dangerous, and occur every few years. Floods are most common in June, as it is the rainiest month. They are also probable in March, as the snow melts at the end of winter. While standard home insurance policies cover damage from severe thunderstorms, the only way to obtain flood insurance is through the National Flood Insurance Program. Learn more about the NFIP here.

Tornadoes: Tornadoes are the most violent kind of storm, involving high winds that can cause considerable damage to property. They often accompany other storms, usually occurring alongside thunderstorms that can bring about heavy rain, strong winds, lightning, hail, and floods. Tornadoes are highly localized and extremely destructive. According to the National Oceanic and Atmospheric Administration, Iowa averages 35 tornadoes per year, and the National Weather Service ranked Iowa as the #7 most tornado-prone state in 2012.

Iowa Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Nick Gerhart
Insurance Hotline:
(515) 281 - 5705
Office Hours:
Monday - Friday
9:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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