Idaho Homeowners Insurance

Last Updated on September 29, 2020 by Andrew Lee

Owning a home has such a huge psychological impact on people: it gives them joy and satisfaction, knowing that their hard work has produced something valuable and tangible. However, being a homeowner also comes with a multitude of responsibilities, and because this piece of property is most likely the largest, most expensive investment you have, you should do everything in your power to protect it.

A robust Idaho homeowners insurance policy provides you with one of the most practical ways to keep potential financial disasters relating to property damage/loss at bay.

Average premiums for homeowners and renters insurance in Idaho

According to a recent report issued by the National Association of Insurance Commissioners (NAIC), the average homeowners and renters insurance premium in the United States is $1,096.

Homeowners paid an average of $561 making Idaho with the lowest average of insurance premiums

Renters, on the other hand, had a median expenditure of $155 putting Idaho at the 38th place in the same ranking

Another similar study, this one from the financial resource firm ValuePenguin, revealed that the average monthly homeowners insurance premium in Idaho amounts to $44.47.

In comparison with the national average, there is quite a considerable difference of .51%.

Insurance coverage: How much you should invest in

Both homeowners and renters need insurance so that they can protect themselves from any legal liabilities from accidents that cause damage to other’s property or injuries to other people.

The amount of insurance coverage you should purchase depends on a variety of factors, but it’s a must you meet the required minimums.

  • Property Protection – The greater amount of coverage you get, the less out of pocket expenditures you have to worry about in the event a disaster hits your home and damages it or its contents.
  • Self-Protection – Maintaining sufficient liability coverage will protect you from lawsuits and claims that arise from your own negligence. This part of your policy takes effect when someone gets injured or another person’s property sustains damages while being in your home.
  • Mortgage Lender Regulations – Most mortgage companies require their borrowers to purchase homeowners insurance. The coverage you need to get depends on your insurer, but you don’t have to obtain it from the company they recommend.
  • Policy Requirements – Insurance companies sometimes require their policyholders to fulfill policy requirements related to replacement cost protection.

Key Facts and Market Trends in Idaho: In another study from the NAIC, it took a closer look at the total number of insurance companies in all of the states. As for Idaho, the count for domestic insurers reached 14. The total for both domestic licensed foreign companies is 1,453.

Idaho insurance company settlements: The waiting period

Another crucial piece of information you should know of is the length of time you need to wait for your insurance company to settle with you. Major damages or losses can take anywhere from 18 to 24 months, as the United Policyholders cited, so make sure you have your expectations set when filing a claim.

You never know when a disaster will hit, so it pays to be fully prepared for the worst. Purchase an Idaho homeowners insurance policy now to protect your home and its contents at all times.

Why homeowners in Idaho need this type of insurance

As Idaho’s Department of Insurance cited, most homeowners in the state insure their houses in order to protect not just the building itself, but its contents as well. Renters can also purchase insurance to protect their personal property and furniture.

Both homeowners and renters also need this insurance so that they can protect themselves from any legal liabilities that may arise from accidents that cause damage to other’s property or injuries to other people.