6 Best Homeowners Insurance Companies in Idaho 2023
Achieving the dream of homeownership is essential for many Americans and is part of their definition of success.
Idaho homeowners must protect themselves by purchasing a homeowners insurance policy to protect them from the state’s storms and harsh weather and from natural disasters, wildfires, and other events.
Whether your home is in a major city such as Boise or Coeur d’Alene or one of Idaho’s many small towns such as Fruitland or Soda Springs, purchasing a homeowners insurance policy can provide you with the peace of mind you need.
Here at PropertyNest, we want every homeowner in the Gem State to have a smooth experience shopping for and buying homeowners insurance, and that’s why we have researched for you and chosen the best homeowners insurance companies in Idaho.
While there’s no Idaho law requiring the purchase of homeowners insurance, all home lenders require proof of insurance before the closing can take place.
The average cost of homeowners insurance in Idaho is $1,200 per year, which works out to $100 per month.
Best Homeowners Insurance Companies in Idaho
- State Farm: Best for Inflation Protection
- Allstate: Best for FEMA Coordination of Flood Claims
- Travelers: Best for Green Homes
- Nationwide: Best for Discounts
- American Family: Best for Add-Ons
- Mutual of Enumclaw: Best for Affordable Coverage
State Farm: Best for Inflation Protection
State Farm is one of the best-known and most respected insurance companies in the US.
State Farm stands out for its top-notch customer service, and we also like that homeowners with expensive properties can purchase high policy limits to protect themselves.
We chose State Farm for our list because they are the best choice for homeowners who want to protect themselves against the risk of high inflation.
The average annual premium for State Farm homeowners coverage in Idaho is $1,415, which is slightly higher than the state average; however, you can reduce your costs by bundling.
Read a full State Farm homeowners insurance review.
| J.D. Power (out of 1,000) | 829 |
|---|---|
| A.M. Best - Financial Strength Rating | A++ |
| BBB | A+ |
| NAIC Complaint Index | 1.77 |
Allstate: Best for FEMA Coordination of Flood Claims
Allstate Insurance is one of the largest insurance companies in the United States, with decades of experience helping homeowners.
Since flooding is a concern for any Idaho resident who lives near a body of water, we chose them for our list because they can help you facilitate a flood claim with FEMA.
We also want to point out Allstate’s user-friendly website, which makes filing and tracking claims easy and hassle-free.
Allstate’s average monthly cost for homeowners insurance is $1,345, which is slightly higher than the Idaho state average.
Most Idaho homeowners can reduce their premiums by layering two or more discounts.
Read a full Allstate homeowners insurance review.
| J.D. Power (out of 1,000) | 815 |
|---|---|
| A.M. Best - Financial Strength Rating | A+ |
| NAIC Complaint Index | 2.05 |
| BBB | A- |
Travelers: Best for Green Homes
- Multi-Policy Discount.
- Loss-Free Discount.
- Protective Device Discount.
Travelers Insurance is the oldest company on our list, having issued its first policy 165 years ago.
We like Travelers for its strong ratings and excellent customer service.
We chose them for our list because, in addition to providing affordable coverage, they also offer some unique benefits for people who are interested in green housing or sustainable building.
The average cost of Travelers homeowners insurance in Iowa is just $760 per year, making it one of the most affordable companies on our list.
| J.D. Power (out of 1,000) | 794 |
|---|---|
| A.M. Best - Financial Strength Rating | A++ |
| BBB | A |
| NAIC Complaint Index | 3.88 |
American Family: Best for Add-Ons
American Family may not have the same name recognition as some of the other companies on our list, but they have a long history of providing reliable coverage in 44 states, including Idaho.
We like American Family for its well-designed mobile app that can be used to compare or change coverage or to file and monitor claims.
We chose them for our list because they offer a wide array of add-on coverages that make it easy to customize your policy to suit your needs.
If you want to customize your policy, you’ll need to work with a designated agent since some customization options aren’t available with online quoting.
The average cost of homeowners insurance in Idaho with American Family is just $1,110, which is below the state average.
| J.D. Power (out of 1,000) | 842 |
|---|---|
| A.M. Best - Financial Strength Rating | A+ |
| BBB | A+ |
| NAIC Complaint Index | 0.25 |
Nationwide: Best for Discounts
Nationwide Insurance is one of the largest insurance companies in the United States, having gotten its start in 1925 offering car insurance to Ohio farmers.
We chose Nationwide for our list of the best insurance companies in Idaho because of its impressive list of available discounts that help reduce homeowners insurance costs.
We also appreciate that Nationwide offers discounts that aren’t offered by any other company on our list, including discounts for people who buy fixer-uppers or flip houses.
In Idaho, Nationwide’s average cost of homeowners insurance is just $815, which is about 30% less than the overall state average.
| J.D. Power (out of 1,000) | 816 |
|---|---|
| A.M. Best - Financial Strength Rating | A+ |
| BBB | A+ |
| NAIC Complaint Index | 0.88 |
Mutual of Enumclaw: Best for Affordable Coverage
Mutual of Enumclaw is a regional insurance company in the Pacific Northwest, serving customers in Washington and Idaho, among other states.
While their coverage area is not as broad as other companies on our list, we included them because they have the lowest average premium.
We also like that they offer a unique membership program that offers Idaho residents savings on everything from takeout food to online learning.
| A.M. Best - Financial Strength Rating | A- |
| BBB | A- |
How We Selected Homeowners Insurance Companies for Idaho
Shopping for homeowners insurance can be time-consuming because there are many options to choose from, and not all companies offer the same coverage.
We used the following criteria to select the best homeowners insurance companies in Idaho to ensure that you have the information you need to make the right choice for your needs.
Average Premium
Homeowner insurance costs depend on your home's value, location, and many other factors.
We focused on companies that offer the best value when compared to the Idaho state average and the national average to help you save money.
Coverage
Choosing the right coverage for your home is just as important as choosing the right insurance company, particularly since some carriers offer more (or different) coverage than others.
We chose companies for our list that offer an array of customization options and riders, as well as a variety of policy limits, to help you get the protection you need.
Discounts
If you qualify for homeowners insurance discounts, they can help you reduce your premium–something that’s important to every Idaho homeowner.
We focused on companies that offer at least three homeowners insurance discounts or had the lowest premiums to keep your costs down.
Customer Support
There’s no way to overstate the importance of quality customer support, especially in the world of insurance when filing a claim can be stressful and time-consuming.
We prioritized insurance companies with good customer support ratings and reviews, especially those that offer support online and around the clock.
Technology
Many of today’s consumers prefer to conduct business online using a mobile device or computer and not every company has optimized their technology
We selected companies that have user-friendly websites, well-received mobile apps, and online support and resources for policyholders.
What Factors Impact the Cost of Homeowners Insurance?
It’s not possible for us to tell you how much you’ll pay for homeowners insurance because we don’t know the details of your home; that’s why we have used state averages for comparison.
Here are some of the factors that can impact how much you pay for your homeowners insurance policy.
Deductible
One of the most important choices you’ll make buying homeowners insurance is how much your deductible is
You’ll pay more if you choose a low deductible policy than you would if you opted for a high deductible because a high deductible increases the insurer’s risk.
Policy Limits
Your homeowners insurance should have a policy limit high enough to rebuild your home if it’s destroyed and some people also purchase additional protection.
If you own a high-value home or want a high limit for your personal liability, your costs are likely higher than the Idaho state average.
Endorsements and Riders
A standard homeowners insurance policy protects your house and other structures on your property and provides protection for your personal liability.
If you decide to augment your coverage with endorsements and riders, you should know that each addition to your coverage will add to your total cost.
Location
Finally, the location of your home may impact your cost because the location may affect the insurer’s risk.
For example, homes that are far from a firehouse, close to water, or in an area with a high crime rate cost more to insure than homes that have less risk.
How Much Homeowners Insurance Do You Need?
One of the most common questions we hear about homeowners insurance is about the amount of coverage to buy.
You can determine how much coverage you need by using the estimated cost to rebuild your home as a guide.
- Dwelling coverage represents the bulk of your coverage and needs to be high enough to pay to completely rebuild your home from the ground up if it is destroyed.
- Other structures coverage pays for the damage or destruction of outbuildings and other structures on your property, including fences and detached garages, and should be about 10% of your dwelling coverage.
- Personal property coverage pays to replace your personal belongings in the event that they’re stolen or destroyed in a covered event, and should total between 50% and 70% of your dwelling coverage.
- Liability coverage protects you if a guest in your home is hurt or their property is damaged, and your total coverage should be a minimum of $100,000 to $500,000.
- Guest medical payments coverage pays for a portion of medical expenses if a guest is injured on your property, and most policies provide between $1,000 and $5,000 per guest.
- Additional living expenses coverage pays for you and other members of your household to stay in a hotel or make alternative living arrangements if your home should become uninhabitable.
Adding up these numbers, you can see that you will need about twice the replacement value of your home as a total coverage limit, which does not include the limits for personal liability and guest medical coverage.
Please note that these figures do not include coverage for endorsements and riders, such as scheduled high-value items or add-on coverage.
What’s Covered by Homeowners Insurance (and What Isn’t)
While your homeowners insurance policy protects you against many of the risks associated with owning a home, it doesn’t cover everything.
These are the things you should expect to be covered by a standard homeowners policy.
- Your house and all other structures located on your property, including detached garages, fences, sheds, and barns.
- All personal belongings for you and other occupants of the home, whether the belongings are in your home when they are destroyed or stolen or not.
- Damage to your property caused by events covered by the policy.
- Your personal liability related to guest injuries or damage to guests’ property.
- Guest medical expenses.
Each coverage will be paid according to your policy’s deductible and your chosen coverage limits.
Here are some things that are not usually covered by homeowners insurance.
- Earthquake damage
- Flood damage
- Pest infestation and damage
- Power failure
- Neglect
- Government action
- Nuclear hazard
The first four items on this list may be remedied by either adding a rider to your policy or purchasing an additional one, such as buying flood insurance from FEMA.
The last three items may not be remedied because neglect is within your control, and the final two items are extremely unlikely but listed as exceptions to protect the insurance company.
Synopsis
At PropertyNest, we want every Idaho homeowner to be armed with the information and guidance they need to protect themselves and their families if their home or their personal belongings should be damaged or destroyed.
When you shop for insurance, keep in mind the factors we’ve mentioned here that can impact your cost, including the cost to rebuild your home, the value of your personal belongings, and the location of your home.
We recommend getting a minimum of three quotes from three different homeowners insurance carriers to compare your costs and coverage before you commit to a policy.
You should also ask about any available discounts and take advantage of any that apply to you to help reduce the premium you’re required to pay.
