When it comes to home insurance, Idaho is the place to be. Though the Spud State might be more famous for its premium tubers than its affordable premiums, Idaho home insurance rates are low enough to make just about any other state's residents a little envious. Of course, not every Gem State policy is as affordable as it could be. If you own a house in Idaho, home insurance quotes are one of the most useful tools around for finding the best rates on the coverage you want. Here are a few ways that quotes can help you, as well as a little advice on making already affordable Idaho insurance even more budget-friendly.
Idaho Homeowners Insurance Averages
Just how low are insurance rates in Idaho? Homeowners insurance is sold in standard policy forms throughout most of the country; the most popular of these forms is the HO-3 policy. According to the National Association of Insurance Commissioners, the average cost of an HO-3 policy nationwide is $804 a year; Idaho home insurance providers sell HO-3 policies for an average of $477 a year, the lowest rate in the country. That's a pretty impressive figure.
Determining Factors for Idaho Home Insurance Premiums
There are several reasons why, on average, Idaho homeowners insurance is so affordable. Many of the factors that drive up the cost of home insurance simply aren't present to the same degree in Idaho that they are in other areas of the country. High winds, severe storms, dense populations, high crime rates, and inflated living and medical costs might sometimes be present in the Gem State, but when you compare Idaho to states like Louisiana, California, and Texas, the average Idaho home and household is far less likely to cost an insurance company a ton of money over the life of a policy.
Lowering Rates By Altering a Policy
No matter how low statewide averages are, tight budgets throughout the country have many folks looking to lower the rates of their individual policies. One extremely effective (though possibly risky) way to cut insurance costs quickly is to alter your existing policy. Increasing your deductible (the amount you pay out-of-pocket before insurance money kicks in), lowering your limits (the maximum amount an insurance company can be held responsible for paying out), and reducing your covered perils (the events your policy covers) can each lead to immediate savings. For some people, altering a policy is not an option because a mortgage lender dictates exactly what the minimum amount of coverage needs to be; for others, altering a policy might still be a risky decision because, when and if damage does occur, the out-of-pocket expenses of an altered policy may be too much to bear.
Idaho Home Insurance Discounts
Another way to reduce the cost of Idaho home insurance is to take advantage of discounts. When you lower the risk of an insurance company paying out, the company can, in turn, lower your rates. Discounts are, therefore, made available to those who make their policy less risky in the eyes of their insurance provider. Installing fire safety equipment like smoke detectors, keeping a high credit rating, remaining claim-free for a number of years, installing a monitored alarm system, and taking out multiple policies with the same provider are all examples of things that Idaho insurance providers tend to give discounts for. Since available discounts can vary from company to company (or even year to year) it is important to check with your provider about any discounts you may now be eligible for. You should also speak to your provider before making any major home improvement to see if using a specific material (like metal roofing instead of asphalt shingles) or performing a certain operation (like upgrading an old electrical system) might qualify you for a discount.
The Benefits of Idaho Home Insurance Quotes
In addition to policy alterations and discounts, switching insurance providers may also lead to significant savings for homeowners in Idaho. Homeowners insurance quotes are basically educated estimates based on a few key pieces of information. If the information you give is accurate, quotes are generally pretty close to the mark, and because they are free, you can get as many as you want. If you get multiple quotes before you buy a policy (or even when you already have a policy in place), you can easily compare the rates of one insurance company to another; the more quotes you get, the more likely you are to find a fantastic deal on your insurance.
NetQuote makes finding home insurance quotes easy. Simply fill out a brief online form and NetQuote will find you quotes from several local insurance providers. In some cases, the difference in cost between one company and another is negligible, but in others, the price difference is hundreds of dollars a year. This is why, no matter what part of Idaho you call home, getting multiple quotes can save you money.