Iowa offers peaceful weather and a number of career opportunities, but, similar to any other area of the country, it faces its share of foul weather and disasters. Educating yourself on the state's home insurance options is a smart decision, regardless of your reason for choosing to live in Iowa.
It's good to know about insurance options if you're moving to Iowa or moving within the state. Being knowledgeable about home insurance options is helpful, as a lack of coverage can put you in financial danger. Conversely, too much coverage could prove to be a waste of money. Iowa is no stranger to natural disasters. It's crucial to know your options.
Comparing Iowa Home Insurance Rates
The cost of insurance in Iowa varies greatly. Several factors go into deciding what your coverage will actually cost. While some of those factors apply to everyone, you should discuss other aspects of coverage with an independent agent. An independent agent typically has no affiliation with any insurance companies and is able to give you an honest projection of your costs and options.
The decision is based on an assessment of your property and the likelihood of damage. If your house has poor wiring or the wood is particularly dry, your rates may be higher than normal. On the other hand, if your home is of new construction and features up-to-date safety features, an agent has a better chance of finding you a deal.
Here are some things to keep in mind while considering Iowa home insurance:
1. You face a lesser monthly payment when you choose a higher deductible. Your choice of deductible should account for your area's risk factor, as well as your ability to pay a large amount out of pocket in the event of a disaster.
2. Iowa home insurance does not cover business property. If you run a business out of your home, be sure to relay this information to your insurer before signing a policy.
3. You are compensated for lost personal property if you can prove the destruction is a result of a covered occurrence.
4. Typical policies cover floods caused by sewer or drain backup.
Floods Are Frequent in Iowa
As stated, the state of Iowa does not provide flood coverage. You should purchase national flood insurance if you live in an area that experiencing flooding. Federal assistance is available in the event of a flood, but this should be a last resort.
If you have not purchased a home or property in Iowa yet, make sure you research the likelihood of a flood in that area. Consider buying somewhere else if it seems like floods will frequently occur on that property. Not only will this save you from potential loss, but it will also ensure that you have lower premiums.
Frequently Asked Questions About Iowa Home Insurance
1. Why would an insurer cancel a policy?
Coverage ceases if you fail to pay your premiums. It can also end if you try to trick your company into thinking your property is worth more than it actually is. Your coverage will also end if it's discovered that you were purposefully trying to cause destruction to your home.
2. Are losses from fire covered?
Most Iowa state insurance companies will compensate you for any items lost in a fire. However, you need to prove ownership of every item. Be sure to take photographs or video of all valuable items and keep it with your policy.
3. Does coverage cancellation take place immediately?
It generally takes 30 days to cancel a homeowners policy. This gives you ample time to adjust to the upcoming changes and potentially shop around for new insurance.
How to Get Great Rates on Iowa Home Insurance
Has it been a while since you shopped for homeowner’s insurance? Is so, loyalty doesn’t always pay because prices vary from insurer to insurer. Another company may offer you a much better deal. Looking for home or renter’s insurance quotes? insuranceQuotes.com can help you find the best homeowner’s or renter’s insurance policy at the best price. Every year, we match 15 million consumers to the nation’s biggest home insurance companies, including Allstate, State Farm and Farmers.
Iowa Home Insurance Resources
IA Insurance Division
The State of Iowa’s site for consumer insurance information