Iowa Homeowners Insurance

Last Updated on September 29, 2020 by Andrew Lee

There are many different types of disasters that can hit the home (and its contents) of Iowa’s residents. The insurance industry call these as “perils,” and can either take the form of natural phenomena or human-caused destruction. Any of these, however, can severely damage your residence and your personal belongings, or can even result in their loss.

Fortunately, you can protect these things you have worked so hard for through a robust Iowa homeowners insurance policy. Investing in this type of insurance gives you peace of mind, knowing that you have protection not only against seriously high out of pocket expenses, but also legal liabilities in the event someone files a lawsuit against you for negligence.

Average premiums for homeowners and renters insurance in Iowa

The National Association of Insurance Commissioners (NAIC) recently gathered information relating to the average homeowners insurance premiums the citizens of the United States pay every year. The report lists the national average at $1,096.

Homeowners paid an average of $832 placing Iowa on the 40th spot of all the states from those with the highest average premiums

Renters, on the other hand, had a median expenditure of $147 putting it at 43rd place in a similar ranking

ValuePenguin, a financial resource expert, also conducted a study on the monthly per-state average payments homeowners in the country make towards their insurance policies. The organization listed Iowa’s at $61.20.

Homeowners insurance form in Iowa: Coverage 101

According to the Iowa Insurance Consumer Advocate Bureau, homeowners insurance policies in the state typically consist of two sections. Section I includes coverage for the following: the dwelling itself (called Coverage A), appurtenant structure (Coverage B), unscheduled personal property (Coverage C), and additional living expenses (Coverage D). Deductible provisions apply to the losses for the things included in this section.

Under Section II of your policy, you’ll find personal liability and medical payments. These apply to bodily injuries, property damage, and medical expenses involving other individuals.

Key Facts and Market Trends in Iowa: NAIC found out that there is a considerable number of insurance companies in Iowa. The number of local insurers total to 221. With licensed foreign insurers included in the count, this number goes up to 1,592.

The Iowa householder pays an average of $61.20 per month for home insurance.

Perils and property that policies don’t cover

There are many different types of perils and personal property excluded from coverage. In most cases, basic homeowners insurance forms don’t provide coverage for vehicles, business property, and animals. They also typically don’t apply to damages or losses caused by nuclear damage, flooding, sewer backups, and other similar problems caused by malfunctioning plumbing systems, as well as earthquakes.

Neighbor negligence resulting in damage to your property

It’s important you also educate yourself about liabilities your neighbors have in the event they cause damage to your property due to negligence. For instance, a tree in your neighbor’s yard fell in the aftermath of a storm, leading to the destruction of your fence or other structural property components. In this case, your insurer should cover the cost of repairing, rebuilding or replacing it.

Determining these properties you have insured

Because you don’t want to find yourself in a situation that will require you to spend a lot of your own money in property repairs or replacements, you should thoroughly review your policy to find out which perils you have insurance for. Doing this will also help you determine the specific coverage limits you have in your insurance policy.

When disaster strikes, you’ll find your Iowa homeowners insurance policy extremely valuable, as that’ll help you avoid high out of pocket expenses.