Insurance Idaho: A Guide to Auto & Home Coverage
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Over 1.9 million people call the Gem State home. Many own their own homes and have multiple vehicles in their name. These assets are not small investments. In 2024, the average home value in the state was over $450,000. The average cost of a used car was over $37,000.
So, how do you protect your house and car without risking significant financial losses? The answer is Idaho insurance.
Homeowners insurance and car insurance help you protect your assets against damage and you from financial losses. Depending on the level of coverage you choose, monthly premiums can range from the low to mid-hundreds. It's essential to note that not all insurance is optional. This guide covers the state insurance requirements and offers tips on finding affordable insurance policies in Idaho.
Introduction to Idaho Insurance
Insurance in Idaho is like other states. Insurance carriers must have a state license and offer mandated minimums. Idaho doesn't set mandatory minimums for homeowners insurance; it only requires minimums for auto policies.
Regardless of minimum requirements, you still have some level of control over the insurance coverage you purchase. Most companies offer customized insurance solutions, which allow you to lower the monthly cost of your policy. To learn more about customization, consider talking to an insurance agent.
Understanding Idaho's Mandatory Car Insurance Requirements
As with most states, car insurance in Idaho is mandatory. The state requires every vehicle owner to maintain specific levels of bodily injury liability and property damage liability coverage for each vehicle. A mandatory Idaho insurance policy must cover a minimum of:
- $25,000 per person
- $50,000 per accident in bodily injury protection
- $15,000 for property damage per accident
The mandatory minimums reflect the maximum an insurer must pay to another person on your behalf. If bodily injuries or property damage exceed these limits, you are financially liable, so it's advisable to purchase higher limits when you can afford them.
You might also consider investing in underinsured or uninsured motorist coverage. While the state doesn't require you to carry the policy, Idaho insurance companies must offer it. These policies protect you and your vehicle if you are in an accident with someone who is at fault and doesn't have proper and mandatory coverage.
Review the insurance requirements of your state:
Home Insurance in Idaho: Preparing for Natural Disasters
Shifting focus from cars to houses, Idaho has no laws mandating homeowners insurance. Still, it's a wise investment when you live in the state.
While severe winds and storms like tornadoes are uncommon in the state, natural disasters still occur. For example, in 2024, Boise experienced a 4.9-magnitude earthquake, and in 2021, the Boundary Fire caused significant destruction. Also, on average, the Boise River reaches a flood stage every five years.
Idaho insurance and riders or add-ons can help you protect your home and finances. However, it's important to review the policy's covered perils, especially when considering flood, earthquake, or fire damage.
Requirements for Homeowners Insurance in Idaho
Homeowners insurance in Idaho isn't required, meaning you are not obligated to purchase home insurance, and insurers aren't obligated to offer or approve a policy.
An Idaho insurance company has every right to deny a policy application. They typically won't turn people away, but if an individual's credit, history of claims, or the location or condition of the house make it too risky, it's a possibility.
There are ways to improve your chances of approval when filling out an insurance application. First, check your credit report and make sure there are no errors. Second, consider upgrading your security systems and preventative measures if your home is in a high-risk area for crime or natural disasters. Finally, double-check that you've provided all the requested information. Too many people get turned down because they accidentally left part of the application incomplete.
How To Compare Insurance Policies in Idaho
When looking for cheap insurance in Idaho, it's essential to compare policies. An insurance company might offer fair accident insurance compared to other affordable insurance companies, but its premiums might be slightly higher. You can find similar differences between home policies.
EverQuote can help you identify the differences in insurance quotes by providing a side-by-side comparison. You can see a breakdown of each insurer's offerings to ensure you get the most value for your money.
Tips for Finding Affordable Insurance in Idaho
It's not enough to say you want cheap car insurance in Idaho. Cheap doesn't always get you what you actually want. Affordable auto insurance should meet your budgetary means, comply with state minimums, and offer more protection whenever possible.
To improve Idaho insurance affordability, shop around and compare policies. And take advantage of discounts, like bundling your home and auto. You can also increase your deductible to lower monthly premiums.
Finally, consider your coverage needs. Talk to your insurance agent to learn about your coverage and what you need and don't need.
Idaho-Specific Regulations You Need To Understand
Idaho only mandates a specific level of auto insurance coverage. The state doesn't require home insurance for its residents, but most mortgage lenders do. Even if you own your home outright, homeowners insurance is important, especially since the state often experiences natural disasters and flooding.
Visit the Department of Insurance website for more information about Idaho insurance requirements and types of policies. You can also speak to a licensed insurance agent.
Get the Right Car Insurance Today: Protect Your Vehicle!
Houses and cars are expensive. Idaho insurance is essential for protecting your assets and limiting your financial risks. When you're ready for a new policy, check out EverQuote and compare multiple insurance quotes simultaneously.