It’s easy to shop for affordable home insurance in Iowa.
Once you learn the basics about Iowa homeowners insurance,
you’ll be able to easily compare prices and rates to find the
policy which best fits your needs. After all, why
spend more money than you have to on
Iowa home insurance?
Basics of Iowa Home Insurance
Home insurance offers protection from a wide variety of
occurances, like fire or theft, but it also covers things like
burst water pipes, wind or hail damage, even riots. Additional
features include coverage if someone outside your family is
injured on your property by something done by you, your family
or pets, or by something that you own. Home insurance in Iowa
doesn’t cover things like normal wear and tear or damage caused
by negligence (like failure to repair a rotting porch).
There are no regulations in the state requiring home
insurance, but virtually all mortgage companies require that an
Iowa homeowners insurance policy be purchased if a mortgage is
The first decision you need to make is the level of
coverage you want to buy. Your choices include:
- Actual Cash Value - Replacement
cost less depreciation
- Replacement Cost – Pays the full
replacement cost for repairs up to the limit of the
- Guaranteed Replacement Cost –
Pays the full replacement cost for repairs, regardless of
the policy limit.
Actual Cash Value (ACV) is the lowest cost
form of Iowa home insurance, while Guaranteed
Replacement Cost is the most expensive.
If you do choose an ACV policy, remember that you will have to
make up the depreciation amount for your property. In the case
of a large loss, this could be quite a substantial amount of
money. Best advice is to compare the difference in cost between
each type of policy to find the best deal for both your budget
and risk tolerance.
Personal Property Protection
Things like furniture, clothing, appliances, etc, are
covered within the personal property section of your homeowners
policy. Insurance companies have a formula for calculating the
amount of coverage available to replace those items. Frequently
there are limits for specific items, such as computers, musical
instruments or cameras; if this amount is insufficient to
replace your special property, consider buying an endorsement
which increases the coverage on named items. Usually these
types of endorsements only cost a few dollars – much less than
the cost of replacing expensive jewelry or antiques.
Coverage against flood damage is not part of your Iowa home
insurance policy. It is only available through the Floodsmart.gov program. In light of
all the flooding possible after spring rains, make sure to
check the recommendations and cost of flood insurance so you
can make a sound decision on whether to purchase this
Save on Iowa Home Insurance
There are several things you can do to save money on an Iowa
homeowners insurance policy. Many will be easy to do, with
really great results.
- Combine Home and Auto Insurance
Policies – by purchasing both your home and
auto insurance policies from the same company, you can
usually save 10-15% on both policies.
- Increase your deductible –
increasing the deductible on your policy from $250 to $500
or even $1000 will definitely lower the policy cost.
- Ask about discounts – Discounts
are available for smoke detectors, fire extinguishers, dead
bolt locks, and even for having a fire hydrant near your
property. Find out what discounts each company offers.
- Don’t make frivolous claims –
having a history of claims will result in higher insurance
premiums. Your history will follow you, even if you move or
change insurance companies.
- Shop around – Iowa home insurance
rates are not standardized. They are based on each
company’s experience in each neighborhood, so the
difference in premiums between various companies can be
significant. Make sure to get multiple quotes.
For more ways to save on Iowa home insurance, visit our
Insurance Shopping Tips page.
information on Iowa Home Insurance
If you’re having a problem with your insurance company or
have additional questions, contact the Iowa Insurance Division, 330 Maple Street,
DesMoines, IA 50319, 877-955-1212.
Shop for Iowa Home Insurance
Now that you know what type of insurance you need, and how
to save money on your home insurance policy, the next step is
shopping for the best prices and coverage. That part is easy
too. Just enter your zip code in the box below and you’ll
instantly be matched with some of the top Iowa home insurance
companies offering policies in your area. There’s no reason to
keep spending too much on home insurance. Enter
your zip code and start saving now!