Whether you’re about to go through the process of buying a house in Idaho, or you’ve already got the wheels in motion, it is important that you begin to make some preparations for homeowners insurance. Although this isn’t a legal requirement at a state or federal level, if you’re purchasing a house with a mortgage, you’ll need it per the terms of the loan.
Even if it’s not legally required, you should still consider obtaining homeowners insurance on your Idaho home to prepare for the unforeseen.
Idaho residents are accustomed to significantly lower prices for homeowners insurance in comparison to the national average. In fact, according to independent platform Reviews.com, while U.S. residents pay an average of $1,173 for a typical HO-3 policy, those based in Idaho pay an average of just $692.
Nevertheless, it’s still crucial to shop around to ensure that the underlying terms and conditions of the homeowner insurance policy in question are suitable for your individual needs.
The key reason for this is that Idaho homeowners insurance providers base their pricing on a number of key factors, such as the size of your home and your net assets.
Top 5 Homeowners Insurance Providers in Idaho
While it is advised that you spend some time researching potential policies yourself, here’s five of the best homeowners insurance providers in Idaho.
- State Farm: According to consumer rankings, which awards the provider with a J.D Power satisfaction score of 825, State Farm is the number one homeowner’s insurance provider currently servicing those based in Idaho. Interestingly, although State Farm also scores really high for the simplicity of its claims payout process, their plans are not the most competitively priced.However, the good thing about getting homeowners insurance with State Farm is that you can obtain a range of discounts if you meet certain criteria. This includes installing burglar alarms or combining your homeowner’s insurance plan with that of your car insurance.
- Liberty Mutual: If you’re looking for an established homeowners insurance provider that offers highly competitive rates, then it might be worth taking a closer look at Liberty Mutual.The provider has a unique feature that offers a discounted rate if you insure your home to 100% of its market value. Moreover, policies also include Inflation Protection, which is something that the other providers on our list don’t offer.
- Allstate: Allstate offers some of the lowest prices in the state of Idaho, with residents based in Meridian accustomed to rates as low as $334 per year. In comparison to the national average of $1,173, that’s a significant savings.Although the provider is one of the lowest in terms of cost, it is important to note that J.D Power awarded Allstate a 3/5 score on its end-to-end claims experience. Moreover, Consumer Reports gave the provider a “Good” rating for total payouts. Even though you might save with Allstate, it’s not the best-rated.
- Farmers Insurance: While Farmers Insurance is arguably one of the more expensive providers from our list, they do score very well for their claims handling process, both in terms of simplicity of the amounts paid out.As such, if your main priority when looking for homeowners insurance in Idaho is peace of mind, then Farmers Insurance is a noteworthy contender. Just be prepared to pay more for the protection.
- Farm Bureau Mutual of Idaho: If you’d prefer to keep your homeowner’s insurance local to the state of Idaho, then you might want to consider Farm Bureau Mutual of Idaho.The organization does not feature on any of the J.D. Power ratings, nor is there sufficient information available via its online website. As such, you’ll need to contact the team at Farm Bureau Mutual of Idaho directly.
Other Key Considerations When Selecting a Home Insurance Policy
If the Idaho house purchase process wasn’t stressful enough, you also need to ensure that you make some key considerations when selecting a home insurance policy.
First and foremost, April and May are notorious months for certain parts of Idaho, not least because of its history with flooding. This is especially true for those based near the North Central and Southeast, which often experienced flash floods during this particular time of the year.
For those unaware, standard homeowners insurance policies rarely cover claims pertaining to floods, meaning you’ll need to obtain this elsewhere. The best resource in this respect is the National Flood Insurance Program (NFIP).
The NFIP is a government-backed institution that offers flood insurance policies specific to your location. Although this is likely to cost you an additional $700 per year, you need to ask yourself whether or not you want to take the risk in an area of the U.S. that is prone to annual floods.
Finally, we should also add that in the unfortunate event that you have any issues with your Idaho homeowners insurance provider, you can make a direct complaint with the Idaho Department of Insurance. The organization also provides some really useful guidance note on homeowners insurance, which you can check out via their online platform.
Homeowners Insurance and Real Estate Estate Agents
Although the aforementioned information might be a lot to take in at first glance, it is important to recognize why using an experienced real estate agent based in the Idaho area is crucial when buying a home. Regarding homeowners insurance, they’ll be able to guide you through the process, not least because they’ll have knowledge of the best providers servicing Idaho, as well as with respect to flooding concerns.
On a broader level, an Idaho real estate agent will also have the capacity to negotiate the best deal possible for you. They’ll have extensive knowledge of the wider Idaho housing market and thus, you’ll be accustomed to a seamless 360-degree service.
However, and perhaps most importantly, established Idaho real estate agents that are partnered with Clever have all agreed to implement our industry-leading pricing structure. Furthermore, Clever Partner Agents have also agreed to offer our home buyer rebate program, which could get you $1,000 back.
If you want to find out how an Idaho-based real estate agent can guide you through the end-to-end purchasing process, including that of the homeowner’s insurance stage, be sure to read more here.