Stats in Your State
Part of knowing whether or not you’re receiving the best possible health insurance coverage is doing the necessary research. Below you’ll find a series of charts, graphs, and statistics that explain how Idaho home insurance compares to other states.
Homeowner Insurance Premiums
Home insurance premiums are extremely affordable in Idaho, especially compared to other states. According to the U.S. Census Bureau, the 2008 home insurance rate is estimated at nearly $400 a year. States like Florida ($1,390), Connecticut ($980), and Texas ($1,460) experience significantly higher rates.
Renter Insurance Premiums
Similar to home insurance premiums, renters insurance premium prices are also relatively low compared to the other forty-nine states. Priced at $152 a year, renters insurance is a highly accessible commodity for Idaho renters.
Existing Home Sales
Much like the rest of the U.S., Idaho experienced a home sales dip from 2006 to 2008; since then, home sales have been slowly rebounding and climbing again. As of 2010, home sales were estimated at around 38,000; this rate is similar to Idaho’s 2004 estimate.
Flood Insurance in Region
From Oct 1, 2011-Sept 30, 2012, there were a total of 29 flood insurance claims in Idaho. These claims totaled $241 in payments. Idaho’s flood insurance claims ran relatively low, compared to more flood-vulnerable states like California and Mississippi.
According to the U.S. Census Bureau, less than 10% of homes in Idaho were built after the year 2005. In fact, most homes in Idaho were built between 1970 and 2004. Keep in mind that the cost of insuring older homes is inevitably more due to their susceptibility to more age-related wear and tear.
Rules in Your State
Familiarizing yourself with the rules, regulations, and laws surrounding home insurance, especially if you’re looking to invest in a new policy or even a policy for the first time, is of the utmost importance. The Simple Dollar has featured a few outlined regulations regarding home insurance practices in Idaho.
Representatives & Resources in Your State
With so much change taking place in the insurance industry, it’s important to be aware of how your home or renters insurance policy will evolve in the years to come. The Simple Dollar has featured a handful of trusted resources you can use in your hunt for home and renters insurance information.
Idaho Department of Insurance
700 West State Street
P.O. Box 83720
Boise, ID 83720-0043
If you want to file a complaint regarding your home or renters insurance policy, see this link.
Home Insurance Coverage Guide from the Department of Insurance