Frequent severe weather can be costly

Each Spring, Iowa experiences several days of severe weather, including thunderstorms, an average of 37 tornadoes annually, and flooding. For protection against the elements, Iowa homeowners should consider purchasing some type of home insurance.

How Much Does Iowa Home Insurance Cost?

According to the Insurance Information Institute, in 2010, the average annual premium for homeowners insurance in Indiana was $679. Insurance companies offering home insurance policies consider a number of factors when it comes to determining the total cost of premiums, including the age, location, and construction materials of a home. Even amenities like pools and hot tubs can raise premiums due to the fact that these features increase the potential of bodily harm to others. The amount of coverage you select for your personal property insurance, along with the amount of liability insurance you choose will increase your premium, as well as the deductible amount.

Homeowners should take time to shop around before purchasing a policy in order to get the most practical, comprehensive, and budget-friendly coverage. Iowa homeowners can search for and compare insurance providers and polices using Iowa Insurance Division’s online search tools.

What Does It Cover?

A standard home insurance policy will cover any damage done to the structure of your home as well as the valuables inside including furniture, appliances, rugs, clothing, and personal belongings. A home insurance policy will also help pay for living quarters should any catastrophic damage occur to your home. Most policies include liability coverage, which provides protection from the cost of legal expenses, damages, and medical care if anyone is ever injured on your property as a result of negligence by you or a family member. Policies also usually include a limited amount of coverage for valuables as well, including money, gold, jewelry, and certain collectibles.

Do I Have to Get Home Insurance in Iowa?

Home insurance is not required by law in Indiana. But buying insurance can help protect your house and property against damage from unforeseen circumstances, and liability for accidents that injure other people or damage their property.

Optional Coverage to Consider

  • Flood. Flood insurance is not generally included in basic policies in the state of Iowa. While your lender will not usually require you to purchase flood insurance unless you live in a flood plain, it’s wise for any homeowner to purchase a policy, since no home is truly immune from the threat of flooding. You can learn more about how flooding affects where you live through the Iowa Flood Center’s website. Participating communities can purchase flood insurance through the federally backed by the National Flood Insurance Program.
  • Fire and Lightning. While fire and lightning coverage will generally be included in your general policy, you should ensure that you have the proper amount of coverage. Even small fires can cause severe damage to your home and personal belongings. While a fire may not consume an entire structure, the fire can result in severe smoke damage that can ruin items within the home.
  • Windstorm. Ensuring that you have the proper amount of windstorm coverage in the state of Iowa is absolutely essential. The National Oceanic and Atmospheric Administration reported that Iowa is hit by 51 tornadoes a year on average. Most policies will cover any damage associated with high winds or hail under basic coverage, but certain companies may require the homeowner to purchase a separate rider specifically for tornadoes if the home is located in an area with a high risk of tornado damage.
  • Hazard. Hazard protection will cover your home and personal property if you ever suffer damage as a result of perils like vandalism, fire, or smoke. Because policies will differ, it’s important to find out exactly what is covered so you can know what to expect. Some policies will name covered items specifically, while others only mention specific perils that are not covered.
  • Scheduled Specified Personal Belongings. If your homeowners policy does not adequately insure certain valuables that you have in your home, Iowa residents can schedule these items for additional coverage. These rider policies typically cover items such as cameras, art, certain expensive clothing, jewelry, musical instruments, golf equipment, and even collectibles like stamps or coin collections.

Mobile Home Insurance in Iowa

Often referred to as manufactured home insurance, insurance policies for mobile homes are similar to a traditional homeowner’s insurance policy in Iowa. Typically, the policy will cover the actual structure of your mobile home, the personal items inside, and even other structures like tool sheds that are on your property. Most policies offer coverage for living expenses should you ever be displaced from your mobile home due to extensive damage. Beyond the coverage of the mobile home and personal property, most policies will include a limited amount of liability and guest protection in the event that another person gets injured on your property due to your negligence.

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