Iowa Homeowners Insurance Guide
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Iowa Homeowners Insurance
Explore Iowa Homeowners Insurance State Guides, Laws and Regulations before You Buy Insurance
The Hawkeye State is perhaps best known for its great Midwestern charm and rolling plains. Plains that make Iowa the largest corn producer in the country. Nestled between the Missouri and Mississippi Rivers, Iowans and its visitors are presented with beautiful landscapes everywhere they turn. Whether it’s the Maquoketa Caves or visiting the Bridges of Madison County, the Hawkeye State provides a plethora of outdoor activities. In addition to the picturesque landscapes, the state also offers Iowans the semblance of city-life with cities such as Des Moines and Cedar Rapids.
Iowa is completely landlocked, thus property owners in the state are fairly insulated from several natural disasters. However, due to its climate, inland position, and the two large rivers that border it, the disasters that cause the most havoc are typically floods, tornadoes, and severe winter storms.
What Does Homeowners and Renters Insurance Cover, and How Much Does it Cost?
Iowans pay reasonably low rates for homeowners and renters insurance. In fact, the Hawkeye State has the sixth lowest renters insurance premium in the country. So, although property owners periodically must cope with flooding or damage from high winds and snow, the resulting loss isn’t typically catastrophic for insurance carriers.
Average Homeowners and Renters Insurance Premium
| State | Homeowners | Renters |
| Iowa | $964 | $144 |
| USA | $1,211 | $180 |
Source: Insurance Information Institute (2017)
Thankfully, the traditional property insurance policy covers damage resulting from wind or snow, as well as other more typical perils such as theft, vandalism and liability. Flood is usually excluded from the standard homeowners and renters policy. Thus, property owners should engage the National Flood Insurance Program (NFIP) to add a flood insurance policy to their overall property insurance package.
Which Property Insurance Carrier Should I Choose?
The homeowners insurance market in Iowa is fairly competitive outside of the largest carrier. The largest carrier in the region, measured by market share, controls over 25% of the market, which is more than twice as much as the second largest. In addition, the market is heavily saturated with regional carriers. As such, when analyzing which property insurance carrier you should partner with, make sure to include a good sample of national and regional carriers. Given property insurance rates are generally low in the Iowa market, include factors such as claims handling reputation and financial stability when reviewing carriers’ respective packages.
Top 5 Home Insurance Carriers in Iowa
| Company | Market Share |
| State Farm | 25.5% |
| Nationwide Mutual Group | 11.9% |
| American Family Insurance Group | 8.9% |
| Farm Bureau Financial Services | 8.5% |
| Auto-Owners Insurance Co. | 4.9% |
Source: Insurance Information Institute (2019)
Situated in the middle of the country, the plainlands that make up Iowa are picturesque and peaceful. Needless to say, this is one the state’s attributes that draws visitors to the Hawkeye State, and keeps Iowans that already call it home, there. An added bonus is that the homeowners and renters insurance rates in the state are relatively low.
Iowa Regulating Agencies And References
