Iowa Homeowners Insurance

Fran
Fran Majidi
December 18, 2020

Homeowners Insurance in Iowa: Complete Consumer Guide

Thinking of moving to Iowa? Here are some interesting facts about your new home state? Iowa became the 29th state on December 28, 1846. In Iowa, married women received property rights in 1851 and in 1869 the Iowa Supreme Court ruled that women should be allowed to practice law. Iowa is known for its rolling plains and farmland. More than 25 percent of Iowa’s electricity comes from wind power. The University of Iowa has hosted the Iowa Writers’ Workshop, a graduate level creative writing program for almost 80 years. Alumni and faculty include John Irving, Flannery O’Connor, Robert Frost and Kurt Vonnegut. The state flower of Iowa is the wild rose. The state bird of Iowa is the American goldfinch. And the state tree of Iowa is the bur oak. The capital of Iowa is Des Moines.

Types of Homeowners Insurance policies in Iowa

What type of homeowners insurance policy do you need for your house? Not sure? Here is a look at the different types of home insurance policies.

HO-1 Called a “basic form,” this insurance policy covers the 10 most common perils. But you won’t find these insurance policies everywhere. Some insurance companies do not offer HO-1 forms.

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

HO-3 This insurance policy is the most widely purchased type of home 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 snow, sleet and ice, water damage, fire, smoke, lightning and windstorm.

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

There are several different factors that come into play when determining the rate for a homeowners insurance policy. Let’s look at a few. The construction materials on your home are big factors. So are other things such as how much it will cost to rebuild the home and replace all your belongings. Whether you have a swimming pool or a trampoline also affects home insurance rates. Do you have dogs? You’re liable for dog bites and injuries caused by your pet and this impacts your home insurance rates. Your credit also plays a factor. If you have good or excellent credit you will pay a lower rate on your home insurance than a homeowner with bad credit. Other things like location and the size of your home will matter too. It all depends on how your insurer rates consumers.

Top 5 Disasters in the State of Iowa

Iowa federally declared Severe Storms as the most common disaster with 30 counts since 1953, followed by Flood, Tornado, Biological, and Severe Ice Storm disasters. Here are the top 5 federally declared disasters in the state of Iowa:

Rank Declaration Title Disaster Number
1 Severe Storms 30
2 Flood 29
3 Tornado 4
4 Biological 3
5 Severe Ice Storm 2

Source: Federal Emergency Management Agency (FEMA)

How much is homeowners insurance in Iowa?

The average cost of homeowners insurance in Iowa is $918.

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

Crime Rate: Is Iowa a safe state?

2019 Crime in Iowa Crime Number Crime Rate*
Property Crime 54,699 1,733.7
Burglary 11,710 371.1
Larceny-Theft 37,847 1,199.6

*Rate per 100,000 inhabitants

Safest Cities in Iowa by Property Crime*

  • North Liberty, IA has a population of 20,086 with a Property Crime rate of 6 per 1k. The city average home value is approximately $260,471.
  • Clive, IA has a population of 17,305 with a Property Crime rate of 7 per 1k. The average home value there is about $306,837.
  • Norwalk, IA came in third as the safest city in the state of Iowa and has a population of 11,871 with a Property Crime rate of 7.5 per 1k. Its home value averaged at about $247,391.
  • Waukee, IA has a population of 24,255 with a Property Crime rate of 7.6 per 1k. Its average home value is $273,696.
  • Urbandale, IA has a population of 44,541 with a Property Crime rate of 10.2 per 1k. The city home value averaged $261,495.

*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 Iowa

Top homeowners insurance companies in Iowa

Allstate is well-known for its customer service, its affordable home insurance premiums and its wide range of coverage options. Many discounts are available. These include an easy pay plan discount, a multi-policy discount, a claims-free discount, a 55+ retired discount, a protective device discount and an early signing discount.

American Family offers good customer service that is available 24 hours a day and 7 days a week and provides coverage for natural disasters. Discounts include a safe, secure, smart home discount, a bundle and save discount, an insurance payment discount, a loyalty discount, an age of home discount and a renovated home discount.

Farmers is known for its discounts and affordable home insurance options. Customers have three tiers of insurance coverage to choose from for their home insurance needs. Discounts include a multiple policy discount, a non-smoker discount, a home renovation discount, a new home discount, an approved roofing discount, a home safety discount and a rent-to-own discount.

Iowa Home Insurance FAQs

Does Geico offer home insurance in Iowa?

Yes, Geico offers home insurance in Iowa and there are Geico agents in most towns and cities.

How to get a discount on homeowners insurance in Iowa?

Bundle your homeowners insurance policy with another insurance policy from the same insurance company and you’ll receive a discount on your homeowners insurance. You may also get a discount for having security equipment or devices in your home. If you maintain your home, your rates will stay low.

Is debris removal covered in homeowner insurance?

Most homeowners insurance policies include payments for debris removal in a section called “additional coverage.” As long as the damage was caused by a covered loss, your insurance company will pay your expenses to remove the debris.

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