Home Insurance in Iowa
Not to sound corny, but there’s a lot to like about Iowa, including the 2.5 billion bushels of the crop produced in the state every year.
Iowa is the birthplace of more than 20 Olympic athletes, Johnny Carson, former President Herbert Hoover, Donna Reed and even Captain James T. Kirk from “Star Trek.” It’s also home to the house that inspired the famous “American Gothic” painting, a 15-foot fiberglass strawberry and more chickens than residents of the United Kingdom.
To say Iowa is unique is an understatement. With so much farming, sightseeing and exploring to be done, Iowans shouldn’t have to wonder whether their homes will be protected in the event of a storm or other catastrophe. Read on for more information about home insurance in Iowa.
What is the average cost of homeowners insurance in Iowa?
Home insurance in Iowa costs about $1,083 per year, just under the national average of $1,200. Like many states in the Midwest, Iowa is known for its rolling hills and large cornfields. With long, humid summers and dry, windy winters, Iowa’s weather patterns are almost as laid back as the residents who live in the state, which means home insurance premiums are right around average.
What factors influence my home insurance rates?
Home insurance rates are impacted by extreme weather events, your home’s age and size, and the number of claims in your area. With a crime rate of 18% below the national average and patterns of extreme weather that are consistent throughout the year, Iowans can expect to be right on target with the national average.
How much is homeowners insurance in Iowa monthly?
If you chose to pay monthly, your insurance would cost you about $91 per month, though your premium may be higher if you go this route. Some people may choose to pay for their home insurance in monthly installments rather than an annual lump sum because doing so allows you to make smaller payments each time. So even though you may be paying a higher premium overall, you’re paying it in smaller doses. This trade-off is a better option financially for some homeowners who prefer the smaller payments to a large annual one.
Iowa Home Insurance Premiums
What does Iowa home insurance cover?
A typical home insurance policy covers dwelling, personal liability and personal property. Essentially, this means all of the structures on your property and belongings inside your home will be covered. It also means that any accidental damage to your home/property, or accidental damage on someone else’s property that is your fault will be covered.
Since Iowa is prone to tornadoes, floods and winter storm damage, Iowans may choose to add additional coverage onto their policy for wind damage and flooding.
Iowa Insurance Coverage Options
Traditional coverage
Physical Structure
Living Expenses
Liability Protection
Additional Structures
Personal Possessions
Supplemental coverage
Fire
Earthquake
Flood
Tips for lowing your home insurance premium
There are many hidden costs when you own a home, so it makes sense that homeowners want to pay as little as possible for home insurance. Though it’s worth it to get the coverage you need from a trusted provider, there are ways you can lower your premium.
For example, did you know you can ask for a discount? You read that right: purchasing a fire extinguisher that costs about $40 could save you 10% on your premium. Discounts are available for bundled policies, smart home upgrades, owning a fire extinguisher and being in a community with an HOA.
You can also lower your premium by raising your deductible, buying a newer home or purchasing a home out of flood or tornado zones and closer to first responder stations.
Iowa homeinsurance resources
There are many resources for Iowans looking to learn more about home insurance, including the Iowa Insurance Division (IID). The IID’s site provides a comprehensive overview of home insurance in the Hawkeye State so residents can make informed decisions about their coverage.
National Flood Insurance Program
With frequent flooding among river towns, Iowans will want flood coverage for their homes. The NFIP is a government program that aims to help Americans secure this coverage. Participating communities must adopt and enforce floodplain management practices; in return, the NFIP provides federally backed flood insurance to residents. You can check if your community participates in the Iowa NFIP program by visiting the Community Status Book.
IFPA
For Iowans unable to secure home insurance through a traditional route, the Iowa FAIR Plan Association can help. The IFPA provides basic dwelling, home and farm insurance to those who cannot receive it through the voluntary market.
Otto Rohwedder, the inventor of sliced bread, was born in Des Moines. And we like to think Hippo is going to be the best thing to happen since then. That’s why we’re so excited to start providing home insurance to Iowans. Stay tuned!
