Homeowners Insurance in Idaho
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UPDATED: Jul 19, 2021
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If you’re thinking about buying your first home in Idaho, you’re in for quite a journey. Some of it will be joyful, but there are aspects of it that will be very unpleasant period purchasing a homeowner’s insurance policy will be one of them. But that doesn’t mean you have to let the process be harder than necessary. Protecting yourself financially from natural or other disasters that happen to your property is essential for your financial security. Therefore, it only makes sense to look for the best homeowners insurance policy that you can find in your state.
Within the state of Idaho, an ho 3 policy as one of the best policies you can buy. Add covers the structure of her home, your personal property, any liability expenses you may incur, and also offers protection for medical expenses. Below are suggested coverage limits for a $200,000 home in Idaho. Currently, average homeowners prices in Idaho range between $180,000 and $240,000.
|Type of Coverage||Coverage Amount|
|Replacement Cost (Dwelling)||$200,000|
|Replacement Cost (Contents)||$150,000|
Of course, the table above only discusses average numbers and recommended suggestions. For homes that are worth more than $200,000, you will obviously need to purchase more coverage for replacement costs to your dwelling. The replacement cost to the contents of your home, on the other hand, may require more or less coverage depending on how expensive your assets are. Simply furnished homes may require less, but if you are a gadget man who likes your expensive appliances or even own a hot tub, you may need to raise your replacement cost coverage limits for the contents of your home.
Luckily for most homeowners, the variation between homeowners insurance premiums from one city to another don’t vary all that much. Attributes like property values, crime rates, whether your home is located in an urban or rural area, and even the type of pets you own will influence how much or how little you pay annually for your homeowners insurance premium. This is also true for Homes located in areas that are vulnerable to natural disasters. Living in a woodsy area might make your house more vulnerable to wildfires, whereas living in an area with many lakes and rivers may make your home vulnerable to flooding.
Laws and Requirements
Idaho state laws and regulations do not not require that homeowners purchase a homeowner insurance policy. However, it is very common for your mortgage lender to require this was a part of your home purchase contract. Regardless of the legality, it’s still a good idea to protect yourself from Financial burdens associated with damage to your home or personal property.
Taking a Home Inventory
The first step you must take when buying a homeowners insurance policy – long before you even start looking for providers – it’s to take a home Inventory. You need a home Inventory in order to accurately estimate how much insurance coverage you need at the end of the day. You obviously don’t want to overestimate the value of your home and property comma because you may end up wasting hundreds of dollars or even thousands of dollars for coverage you don’t need. However, if you underestimate the value of your structure and belongings, you may be left holding a larger portion of financial responsibility and the event the disaster causes an expensive amount of damage.
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Choosing What (and How Much) Coverage
Fran ho-3 policy, which is comment on most homeowners insurance companies in Idaho, very certain disasters that they do and do not cover. Open peril coverage is comment damages related to the structure of your home. This means that your insurance policy will cover any sort of damage other than what they explicitly state is excluded and your policy. However, damage to the contents of your home is a different matter. They will only cover damages explicitly listed in your policy, and nothing else. Damages to your home or the contents of your home here may not include any of the following:
- Fires – Fire and smoke damage is not listed as an excluded disaster you are structural coverage. However, it is excluded when it comes to the contents of your property. Purchasing extra coverage for fire or smoke damage to the contents of your home may be very important if you live in a fire prone area. Be sure to ask your insurance agent for more details.
- Floods – Flood insurance is a very common and expensive problem for homeowners all across the country. For this reason, the federal government has teamed up with Idaho insurance agents to offer flood insurance under the NFIP program. Some homeowners insurance companies will offer additional flood insurance along with your homeowners policy. However, other insurance companies may suggest you go to a different agent or underwriter. You’ll have to discuss flood insurance with your insurance agent to know for sure.
- Damage from Winter Storms – Idaho is located in a Northern latitude, and therefore damage from winter storms can be a problem for homeowners. Luckily, damage to the structure of your home is covered under a typical age of 3 policy. But you should check with your insurance agent to make sure the contents of your home are also protected from winter storm damage. Not all policies may cover this.
- Covering Your Property – As far as your homeowners insurance company is concerned, page up on a claim for damage to your property and paying out a claim on damage to your home’s physical structure are two completely different things. Sometimes, natural disasters and other forms of damage that happened to the outside of your home will not cover the contents inside your home. In order to protect all of your property talk to your insurance agent about what coverages your policy includes for the contents of your house and what disasters they would recommend ensuring against.
- Liability Coverage – Liability coverage works similarly to other forms of insurance. If someone is hurt or if their property is damaged while on your land, you could be held liable for their financial expenses. But with a sufficient amount of liability insurance coverage, you won’t have to worry about being responsible for too much of that financial burden.
- Umbrella Coverage – The estimates in our report on Idaho homeowners insurance are for a modest home inhabited by a small family. However, some families may be fortunate enough to own a much larger, more expensive home. Or the contents of their home may be too expensive for most insurance companies to cover adequately. This is where umbrella Insurance steps in to provide additional coverage limits. Extra coverage from an umbrella insurance policy can protect you from financial ruin in the event of a disaster.
Replacement Cost vs. Actual Cash Value
There are two ways your insurance company will pay out on your claim: one is by paying you enough money for the actual replacement cost of the damaged structure or property. The other way is by paying you the actual cash value of your damaged structure or property. Replacement cost payments will cover 100% of the expense to repair or replace whatever was damaged. Actual cash value, on the other hand, only pays for the replacement cost minus depreciation. Any replacement cost coverage you purchase will likely come with higher premiums than an actual cash value policy. However, purchasing a more expensive policy could protect you financially if you ever have to file a major claim.
How Your Credit Score May Influence Your Rate
Using someone’s credit score to determine a final premium as a tricky business in the homeowners insurance industry. Many different forms of insurance will require a hard check on your credit to get your actual credit score as determined by credit ratings agencies. Unfortunately, too many of these hard checks on your credit can result in blemishes that might lower your score and keep you from getting good rates in the future. One good thing about homeowners insurance is that they do use hard checks in order to determine your likely credit rating.
Instead, they use something that’s called a clue report. Your clear report goes back up to 7 years of your credit history with other insurance companies, and rates you on things such as timely payments and the amount of claims filed. So the better your history with previous insurance companies such as your car insurance, will help you get a better rate on your annual homeowners insurance premium. By the way, you do have a legal right to review your clear report before any insurance agency gets to take a look at it. Just contact Idaho’s Department of Insurance for more information.
For more information, feel free to click any of the links you see in this article. They all lead to more detailed information about homeowner’s insurance, specifics on purchasing a policy, and how to find the best deal. You should also contact local resources in your state, such as:
Or contact them directly through the following resources:
Idaho Department of Insurance
700 West State Street, 3rd Floor
P.O. Box 83720
Boise, ID 83720-0043
Phone: 208-334-4250 | Fax: 208-334-4398
Directly Contact the DOI Consumer Affairs Commission via Email