More on Home Insurance
More on Home Insurance
The cost of homeowners insurance in Idaho is $826 a year for the average amount of coverage. Idaho residents can compare rates from multiple companies with Policygenius.
Published August 26, 2020|7 min read
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Homeowners insurance is essential financial protection for the 69% of Idaho residents who own a home. When shopping for homeowners insurance, homeowners in The Gem State should keep in mind the state’s penchant for winter storms and wildfires.
The statewide average cost of homeowners insurance in Idaho is $826 per year, but policy premiums can differ greatly based on specific factors related to your home and the details of your policy. Your rates will be directly impacted by your home’s condition and style of build, its location, your credit and claims history, and your policy deductible amount. Rates also vary from company to company for the same level of coverage, which is why it’s so important to compare policies from different companies — that’s where we come in.
To help simplify your shopping experience, Policygenius reviewed the five best homeowners insurance companies in Idaho offered through our website. We also calculated the cheapest and most expensive cities in Idaho for home insurance based on hundreds of submitted quotes.
The average cost of homeowners insurance in Idaho is $826 for $100,000–500,000 in coverage
The cheapest homeowners insurance company in Idaho is Stillwater, according to Policygenius quote data
When deciding on policy coverage, Idaho residents should consider the state’s heavy snowfall and increase in wildfires
Cost is an important factor when shopping for homeowners insurance, but it shouldn’t be the only consideration. Look for an insurance company that not only offers affordable rates, but also good customer service and a reputable claims process.
Stillwater provides the cheapest Idaho home insurance quote of any Policygenius partner carrier. The average quote with Stillwater is $548 for $100,000–500,000 in coverage, which is over $200 cheaper than the statewide average of $826. If you’re a Idaho homeowner looking for a budget pick, Stillwater may be your best bet.
Read our full review of Stillwater here
Idaho homeowners should consider maximizing the dwelling coverage on their home, especially those located in fire-prone areas. Safeco has four comprehensive tiers of coverage, and all include the option to add extended replacement cost, a policy add-on that increases your home’s coverage limits an additional 25% or 50% if rebuild costs exceed your dwelling coverage amount. Safeco’s “Premier Plan”, its highest level of coverage, includes guaranteed replacement cost, which pays for a rebuild of your home regardless of the price. With its excellent replacement cost coverage options, Safeco may be your best bet against severe property damage from wildfires.
Read our full review of Safeco here
Idaho homeowners who are looking to save money on their premiums should consider a company that offers a variety of discounts, such as Nationwide. Nationwide offers a generous multi-policy discount if you bundle your home insurance policy with their auto insurance or another type of property insurance. Nationwide also offers discounts for securing and strengthening your home and roof from break-ins and bad weather. If you haven’t filed a claim in three years or if you recently purchased your home, that can also land you a discount with Nationwide.
Read our full review of Nationwide here.
Encompass offers an extensive amount of coverage and different policy options for homeowners. Encompass has three separate policy tiers that include all of the primary coverages you find in a standard home insurance policy, as well as several coverage enhancements and policy add-ons like replacement cost coverage, water backup protection, identity theft protection, fine art protection, and more.
Read our full review of Encompass here
One important indicator of an insurance company’s ability to pay out claims in an effective and timely manner is their financial stability, and Travelers is among the highest-rated insurers in that area. With an A++ rating, Travelers has the highest score a company can receive with A.M. Best, the leading insurance company credit rating agency. Travelers also has high marks with Standard & Poors, which measures long-term financial stability, as well as Moody’s, which measures what the expected losses would be if a company were to go into default.
Read our full review of Travelers here
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When comparing insurance companies, Idaho residents may find that rates differ greatly from company to company for the same level of coverage. A more expensive policy may provide more coverage add-ons in a basic plan than their competitors, but some companies may simply charge more for coverage in certain areas than others.
After reviewing hundreds of quotes submitted with Policygenius, we found that Stillwater is the cheapest insurance company in Idaho with an average annual premium of $548 for $100,000–500,000 in coverage. MetLife is the most expensive with an average annual premium of $1,233.
The average cost of homeowners insurance in Idaho will also differ considerably based on the amount of insurance you have for your home. Below is the average homeowners insurance quoted rates for five different levels of coverage.
|Coverage Amount||Average Cost|
|Greater than $500,000||$ 1,534|
Insurance companies will also price policies differently based on where you live. We found Coeur d'Alene has the lowest rates in the state with a $565 average annual premium for $100,000-500,000 in coverage. The most expensive area on average is the city of Hailey, located in the Wood River Valley, with an average annual premium of $1,436.
|Coeur d'Alene||$ 565|
|Garden City||$ 991|
|Idaho Falls||$ 795|
|Twin Falls||$ 1,329|
We selected the 20 largest cities in Idaho by population where customers have submitted quotes with Policygenius. Quotes are based on a coverage amount between $100,000 and 500,000.
According to the NOAA, the two most common natural hazards in Idaho are thunderstorms and winter storms. Although homeowners insurance does cover repairs if the weight of snow and ice causes your roof to collapse or damages your foundation, homeowners should try to keep their roofs clear of ice dams and excessive snow.
Like many states located in the Western United States, climate change has led to an increase in wildfires in Idaho. Wildfires are the second most expensive natural hazard for Idaho residents, causing the state $1.2 million in property losses per year. Homeowners insurance does cover fire damage, but if you live in a high fire risk area, you should pay special attention to your home and personal property coverage limits.
Due to the risk of snowfall and widespread wildfires, Idaho residents should consider purchasing a comprehensive replacement cost policy to ensure their home and personal belongings are fully protected.
The most expensive natural hazard in Idaho is flooding, which costs the state on average $6 million in property losses per year. Homeowners insurance does not cover flooding in Idaho or any of the other 49 states. State residents can supplement that gap in coverage by purchasing a flood insurance policy.
Flood insurance can typically be purchased through the same insurance company that insures your home. Most flood policies are sold by private companies but administered by the federal government’s National Flood Insurance Program (NFIP). An NFIP flood policy can cover up to $250,00 for the structure of your home and up to $100,000 for personal belongings.
The Idaho Department of Insurance is a valuable resource both for Idaho homeowners purchasing coverage for the first time or for those who are already insured. The IDI website has helpful information about what to prioritize when selecting your coverage, preparing for natural disasters, and buying flood insurance.
Homeowners insurance companies can cancel your insurance for a number of reasons — maybe the insurance company no longer offers coverage where you live, or maybe they determined your home was too risky to insure after a recent inspection.
Unlike other states, Idaho doesn’t offer a Fair Access to Insurance Requirements Plan (FAIR Plan). If you’re unable to get homeowners insurance with a standard carrier, look into coverage with a surplus or excess lines insurer. Surplus carriers specialize in risks that are typically rejected by traditional insurance companies.
A couple of downsides to getting coverage through a surplus carrier are that it’s typically expensive and the companies aren’t “admitted” with the state, meaning they aren’t subject to the same rules and regulations as traditional insurance companies. But surplus lines coverage is a solid option if you’re an Idaho resident looking for last minute coverage.
Not where you live? We've got you covered, check out our guide to homeowners insurance in your state