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Idaho Homeowners Insurance

Fran
Fran Majidi December 18, 2020

Homeowners Insurance in Idaho: Complete Consumer Guide

Considering moving to Idaho? Here are some interesting facts about your new home state. The official nickname of Idaho is the Gem State. And 72 different precious and semi-precious gems have been found there. Idaho became the 43rd state in 1890. Hells Canyon in western Idaho is the deepest river gorge in North America. Idaho’s State Capitol Building is heated by geothermal energy. The heat comes from hot springs located 3,000 feet underground. Idaho is famous for its potato crops. The state bird of Idaho is the mountain bluebird. The state flower of Idaho is the syringa. The state tree of Idaho is the Western white pine. And the state gem of idaho is the star garnet. The state capital of Idaho is Boise.

Types of Homeowners Insurance policies in Idaho

What type of homeowners insurance works best for your home? Not sure? Here is a look at the different types of homeowners insurance policies.

HO-1 Known as the “basic form,” the HO-1 form covers the 10 most common perils. But you won’t be able to find this policy everywhere. Some insurance companies do not offer HO-1 forms.

HO-2 Called the “broad form,” the HO-2 form provides more limited coverage. But the HO-2 form still provides more coverage than a HO-1 basic form.

HO-3 This form is the most commonly used and widely purchased type of homeowners insurance. The HO-3 form provides coverage for named perils and personal property. With a HO-3 form, your insurance company will pay to repair or replace belongings damaged by 16 covered perils. These covered perils include hail, explosions, vandalism, theft, falling objects, the weight of ice, snow and sleet, water damage, fire, smoke, lightning and windstorm.

HO-6 The HO-6 form is for condominium units. This type of coverage is usually “walls-in” coverage and may protect the condo unit’s walls, floors and ceilings against 16 perils. The HO-6 form also includes coverage for the condo owner’s personal belongings.

HO-8 The HO-8 form is for older homes and covers 10 perils. The HO-8 form is paid on an actual cash value basis, which is the cost of the home items minus depreciation.

What factors affect rates on homeowners insurance in Idaho?

There are a wide array of factors that affect the rate on a homeowners insurance policy. For example, the construction materials of your home are big factors. And so are other things such as how much it will cost to rebuild your house and replace all your belongings. Whether you have a swimming pool or a trampoline on your home property are factors. Do you have pets? If you have a dog, you’re liable for dog bites and injuries caused by your pet and this affects homeowners insurance rates. Your credit also plays a role. If you have good or excellent credit you will pay a lower homeowners insurance rate than a homeowner with bad credi

Top 5 Disasters in the State of Idaho

Idaho federally declared Fire as the most common disaster with 19 counts since 1953, followed by Flood, Severe Storms, Biological and Drought. Fire or Lightning is one of 16 perils covered on a standard HO-3 homeowners policy. Here are the top 5 federally declared disasters in the state of Idaho:

Rank Declaration Title Disaster Number
1 Fire 19
2 Flood 17
3 Severe Storms 7
4 Biological 2
5 Drought 1

Source: Federal Emergency Management Agency (FEMA)

How much is homeowners insurance in Idaho?

The average cost of homeowners insurance in Idaho is $966 per year.

Source: The average cost of homeowners insurance by state, Business Insider.

Crime Rate: Is Idaho a safe state?

2019 Crime in Idaho Crime Number Crime Rate*
Property Crime 21,793 1,219.5
Burglary 3,927 219.7
Larceny-Theft 16,295 911.8

*Rate per 100,000 inhabitants

Safest Cities in Idaho by Property Crime*

  • Rexburg, ID has a population of 29,109 with a Property Crime rate of 4.2 per 1k. The city average home value is approximately $269,029.
  • Meridian, ID has a population of 111,196 with a Property Crime rate of 10.7 per 1k. The average home value there is about $384,121.
  • Jerome, ID came in third as the safest city in the state of Idaho and has a population of 11,921 with a Property Crime rate of 13.2 per 1k. Its home value averaged at about $245,880.
  • Moscow, ID has a population of 26,018 with a Property Crime rate of 13.3 per 1k. Its average home value is $330,042.
  • Coeur d'Alene, ID has a population of 52,256 with a Property Crime rate of 13.6 per 1k. The city home value averaged $346,947.

*Based on FBI Uniform Crime Reporting 2019, some cities have been eliminated because of changes in the state/local agency's reporting practices and cities with populations under 10,000. Zillow’s State/Cities average home value for a single family home or a condo as of Sept. 2020.

Compare Home Insurance Rates in Idaho

Top homeowners insurance companies in Idaho

Metropolitan Insurance offers affordable home insurance rates and plenty of discounts, including a home safety discount, a multi-policy discount and an employer and membership discount. Metropolitan Insurance also offers a discount for common home safety features such as smoke alarms.

Grange Insurance is well-known for its customer service and for the variety of discounts offered to customers. They offer a range of homeowners insurance coverages based on your needs. Discounts include a multiple policy discount, an advance quote discount, a prompt payer and paid-in-full discount, a home maintenance discount, a smart fire alarm discount and a claim-free discount.

American Family is known for low premiums and online tools. American Family also offers a variety of discounts. These discounts include a safe, secure, smart home discount, an age of home discount, an insurance payment discount, a bundle and save discount, a renovated home discount and a loyalty discount.

Idaho Home Insurance FAQs

When do you pay the deductible for homeowners insurance?

Hopefully, you won’t have to make a deductible payment. When the homeowners insurance company has calculated your claim amount, it will subtract the deductible amount from the claim amount. This new lower amount is your claim payment and the amount of money you will receive for your insurance claim.

Can you waive deductible in homeowners insurance?

You may be able to waive a deductible in homeowners insurance for major losses such as a fire or when a home must be rebuilt. Check for a waiver of deductible clause in your homeowners insurance policy for details.

Do I have to use my insurance company's contractor?

You can choose to select your own contractor to do repair work on your home. You are not required to use the contractor recommended by the insurance company.

Get a Free Home Insurance Quote Online Now.

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