Do you own a home in Idaho? You may soon be paying more for insurance. Much more. This is the reason [The Idaho Statesman] – InsuranceNewsNet

When it comes to growth in 2022 Idaho there is little competition. Ranking first in the country in terms of the rate of increase in homeowners’ insurance prices is one of the most expensive results.

According to analysts from QuoteWizard, an online insurance market, the average cost of homeowners’ insurance has risen by 34% in Idaho in the last year the largest percentage increase in United States.

The average annual rate has risen $ 358to $ 1418 from $ 1060.

In contrast, the average increase in premiums across the country since 2021 is less than one-fifteenth of that of Idaho, at just 2%.

The rapidly rising costs of home replacement and repairs mean that your existing insurance plan may not fully cover your home today.

“Although there is room in your insurance policies to drive up the price of inflation, the cost of replacing houses and house prices has changed so quickly that it has burned through just that.” Nick WinZantsaid the senior analyst at QuoteWizard Stateman of Idaho by phone. It’s over this moving room now.

The average increase in the prices of housing insurance for each country was established by comparing the tariffs of all available insurance carriers in United States as part of a home insurance survey conducted by QuoteWizard.

The same study found that the main reason for the jump in insurance costs was the recent rise in house prices. According to VinZant, housing prices in Idaho have increased by 57% since 2020 compared to 32% across the country.

The average price of housing in Idaho it was $ 300,310 in 2020. This climbed to $ 470,489 according to the study in 2022

“Home insurance is not directly linked to the price of housing, but it reflects the price of housing,” said VinZant. “As you see that house prices are rising, the price of home insurance will also rise. This is one of the reasons we are seeing such a large increase Idaho only in the last year. “

With certain parts of Idaho creating more demand for housing than others, the 34% increase comes mostly in major Idaho cities, while the rest is filtered across the state.

“Although we are witnessing a 34% increase across the country, I would expect it to be significantly higher within Boys myself, “said VinZant.

In addition to being exponentially higher than the national average, the increase also exceeds the country’s historical records.

“It has never been anything close to what it was this year,” said VinZant. “You usually talk about percentage points, you know, single-digit percentage points. Not 34% ”

But there is also silver: the average Idaho rate for 2022 $ 1418 is still lower than the national average, which is located at $ 1766.

Existing insurance plans may no longer cover your home

VinZant is proposing that homeowners review their existing policies to determine what changes are needed to keep up with rising prices, instead of finding out if their home is fully insured when it is too late.

“If you had $ 500,000 policy a few years ago and something is happening to your house, well, (under) normal circumstances this $ 500,000 politics will replace your home and everything in it, ”said VinZant. “It will not happen again. Now replacing your home and everything in it can cost money $ 600,000 or $ 700,000.

“I had an interview recently Phoenix, Arizonawhere someone’s house had burned down and they didn’t have insurance to cover it because of that kind of thing, “said VinZant. “It’s certainly something I don’t think people want to happen to them.”

The most common claims for property damage are wind and hail damage (34% of claims), followed by water damage (29%) and fire and lightning (25%). Only 3% are liability claims, according to QuoteWizard.

Although the prices of home insurance across the country Idaho have observed increases regardless of the company, the study shows that choosing the right insurance provider can change $ 1088 for Idaho homeowners.

The cheapest home insurance offered by an Idaho the carrier is specified in $ 1014with the most expensive cost $ 2102.

“There can be a lot of money that can be saved by just shopping around,” said VinZant. “… although the plan is exactly the same. It covers exactly the same things. ”

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