Idaho Homeowners Insurance Guide
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Idaho Homeowners Insurance
Explore Idaho Homeowners Insurance State Guides, Laws and Regulations before You Buy Insurance
The Gem State is nestled in the northwest of the United States. Although its not as densely populated as other states, its riddled with beautiful landscapes and wilderness. Idahoans get to enjoy the Rocky Mountains, Yellowstone National Park, and an assortment of rivers and lakes. No wonder why the state is known for its abundance of outdoor activities. Visitors come from afar to fish or raft in Idaho’s bodies of water.
Completely landlocked, Idaho isn’t often impacted by natural disasters. Property owners in the Gem State sometimes endure floods and wildfires, but typically not to a catastrophic extent. In fact, due to its relatively low population, when a disaster does touch ground in Idaho, the impact is muted given its low population density.
What Does Homeowners and Renters Insurance Cover, and How Much Does it Cost?
Idahoans enjoy a generous homeowners insurance rate; paying the third lowest premium within the country. Renters insurance rates are relatively low when compared to other states as well. The landlock nature of the state reduces the risk of property loss from a catastrophic natural disaster, which in turns reduces property insurance rates. As a result, property owners in Idaho enjoy some of the best rates offered in the country.
Average Homeowners and Renters Insurance Premium
| State | Homeowners | Renters |
| Idaho | $730 | $153 |
| USA | $1,211 | $180 |
Source: Insurance Information Institute (2017)
The mountainous terrain, and snowy climate make parts of Idaho ripe for flooding. This is in addition to the rivers and dams that are often prone to flood. Although these events don’t typically result in significant loss, Idahoans should still reach out to the National Flood Insurance Program (NFIP) for coverage. Due to the amount of outdoor, undeveloped land in Idaho, wildfire is another natural disaster that Idahoans should prepare for. Fortunately, the standard homeowners or renters insurance policy covers damage resulting from this type of disaster.
Which Property Insurance Carrier Should I Choose?
There’s quite a bit of competition among homeowners insurance carriers in the Gem State. The lack of risk as it relates to absorbing a catastrophic loss due to a natural disaster, makes insuring property in Idaho a great investment for carriers. As a result, property owners within the region get to enjoy great homeowners and renters insurance packages at affordable rates.
Top 5 Home Insurance Carriers in Idaho
| Company | Market Share |
| State Farm | 14.8% |
| Liberty Mutual | 14.5% |
| Farmers Insurance Group | 10.5% |
| Farmer Bureau Mutual Insurance Co. of Idaho | 9.7% |
| USAA Insurance Group | 8.1% |
Source: Insurance Information Institute (2019)
When comparing which insurance carrier and package to partner with to protect your property, make sure to consider both regional and national companies. Typically, regional carriers don’t possess the level of financial backing national carriers do. However, because the risk of enduring a significant property loss in Idaho is relatively low, this factor should be discounted during your decision process.
The Gem State is a dream come true for most outdoor enthusiast. Its undeveloped, natural beauty entrances many who visit, and those that are lucky enough to call it home. In addition to these qualities, Idaho affords property owners great homeowners and renters insurance coverage at relatively low rates.
Idaho Regulating Agencies And References
