The average homeowner’s insurance premiums in your state are $387, which less than half the national average of $791.00. But being cheaper does not mean that you are getting less. For your benefit, take a look at the parts of a home insurance policy and then get familiar with the perils you may face in your area. You may find out that the insurance you thought had you covered only leaves you hanging when the chips are down.
The dwelling is almost always the portion of the home used for living arrangements. In addition to providing the home for your family, the dwelling is also the place where a majority of your personal property is stored, but personal property is not included in the dwelling portion of your policy because there is a section devoted to personal property alone.
- Other Structures
Any other buildings on the insured property fall into this category. A free-standing utility shed is an “other” structure, and so is a guest cottage or privacy fence. Determining whether a building is classified as an “other” structure is simple: if it is not permanently attached to the dwelling, it is an “other” structure.
- Personal Property
Your personal property is everything you own. Your music and video collection are part of your personal property, along with your entertainment center and other furniture, exercise equipment, tools and your interior decorations. Update your home inventory often to make sure everything is included, and increase your personal property coverage as needed.
- Loss of Use
Expenses related to being unable to use all or part of your home fall under the loss of use portion of your home insurance policy. If you cannot use the kitchen, for example, then you can claim your meals at restaurants as a loss of use. Be sure to save the receipts that you want to turn in, and write a brief note on each one to describe how it is covered by loss of use.
Average Idaho Homeowner Insurance Rates vs. US
Cheaper Idaho Home Insurance
Just because you are paying more than $387, the average cost of insurance in your state, you are not necessarily paying more than you have to. If your home is larger than the average home, then your premiums are going to be higher as well, because home insurance is based on the square footage of the home. With that in mind, here are some useful tips that will help everyone save money on their home insurance regardless of the size of the home being insured.
- Avoid Unnecessary Claims
Each time you file an insurance claim, it is added into a national database. And each new claim causes your risk assessment to go up just a little more. If you can afford to pay for the repairs yourself instead of having the insurance pay for you, the result will be a savings on your insurance.
- Smoke and Home Insurance
Statistics show that cigarette smoking is a major cause of home fires. What this means to you is that by quitting smoking you can reduce the risk of fire in your home and thereby gain a discount on your home insurance.
- Credit Score and Insurance Risk
Insurance companies decide how much of a risk you are personally by looking at your credit score. As strange as it may sound, there is a link between a person with a high credit score and a person who can be counted on pay their bills on time and manage their property responsibly.
Home Characteristics Affecting Idaho Insurance Rates
Idaho is one of the few states that experience relatively frequent earthquakes, although most are not considered more than tremors. Other factors that might influence your premiums include the age of the home and the materials it is made from.
Defending Your Home Against Crime & Vandalism
In Idaho, the crime rate is 4.15 per 1000 people, much lower than the national average. But just because the crime rate is low does not mean you have nothing to worry about. The best course of action is to install a monitored alarm system at the very least. Besides, installing security devices like an alarm will help you earn discounts on your insurance premiums.
Local Natural Disasters Idaho Homeowners Should Consider Protecting Against
Idaho experiences floods, severe weather and winter storms. Most of the perils faced in your state are covered under a standard home insurance policy, but it is still important to make sure that you have all the bases covered, and that you have the limits set high enough to replace your property if it is stolen or destroyed.
Ranked at 6 out of 51, which means that earthquakes are likely even if they are few and far between. Make sure that your policy does not exclude movements of the earth.
In 2009, Idaho residents filed 18 claims. This indicates that flooding is possible, but only on rare occasions. The problem is, you can’t have flood insurance part of the time, and it is far more affordable to purchase the coverage than to be caught without it.
Hail is considered part of your standard coverage, under the wind storms portion. Most policies include this coverage without a problem, but you should check your policy to make sure that hail is not specifically excluded.
Idaho does not experience hurricanes, but the state is subject to blizzards, which are the winter equivalent. As long as you are covered for wind and water damage, you should be okay without adding any new coverage.
Idaho does experience tornadoes, but only on very rare occasions. As long as your policy does not name tornadoes as a specific exclusion, your standard policy should have you covered.
Around 74,749 wildfires occur every year in this country, and Idaho does get their share. Fires are part of a standard policy though, so you will not need to add any additional coverage.
Idaho Homeowners Insurance Optional Coverage
One area where most home insurance policies fall short is in the area of personal property. Check your policy to find out what the limit of your personal property protection is, and increase the limit if necessary. You should also make sure that your policy specifically states that repairs and replacements will be made under the “full replacement value” option rather than “actual cash value.”
Important Contact Information
Idaho Department of Insurance
700 West State Street
P.O. Box 83720
Boise, ID 83720-0043
Phone: (208) 334-4250
Home Insurance Guides for Nearby States
- Montana Homeowners Insurance
- Nevada Homeowners Insurance
- Oregon Homeowners Insurance
- Utah Homeowners Insurance
- Washington Homeowners Insurance
- Wyoming Homeowners Insurance
Idaho Insurance Agents
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