In some cases, homeowners insurance is a requirement you have to fulfill to qualify for a mortgage. Other times, it’s a voluntary purchase to add additional protection to your home, family and possessions. Either way, purchasing home insurance in Iowa is a smart investment for both new and long-term homeowners. MoneyGeek is here to help. MoneyGeek ranked Iowa’s best home insurance companies based on three unique factors to provide you with a list of top-quality choices to narrow down your search — whether you need coverage with poor credit or for a high-value property.
The Best Homeowners Insurance Companies and Cheapest Quotes in Iowa for 2021
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The 5 Best Homeowners Insurance Companies in Iowa
To help you find the best home insurance in Iowa, you have to consider various factors like how comprehensive the coverage is, the policy’s cost, the insurer’s ability to pay claims and if they have good customer service. You have to be sure that you can contact an agent if you have to file a claim and that the company will process and pay the covered damages properly.
Using different factors, such as affordability, J.D. Power Customer Satisfaction scores and AM Best’s Financial Stability ratings, MoneyGeek ranked the top five best homeowners insurance companies in Iowa.
1
USAAScore: 97
4.7/5
Affordability
5/5
User Satisfaction
5/5
Financial Stability
2
TravelersScore: 93
5/5
Affordability
3.9/5
User Satisfaction
5/5
Financial Stability
If you are looking for affordable homeowners insurance in Iowa, then Travelers may be a good option. Aside from the standard policy, you can customize your home insurance by adding optional coverages like replacement cost, Valuable Items Plus, identity fraud and personal articles floater, among others. If you own a certified “green home,” you can get coverage for repairing, rebuilding or replacing “green” materials. You can opt to bundle your home and auto insurance policies to save money. Travelers policyholders can pay their bills or make claims online, access various services in a mobile app and check estimated annual premiums using the rate calculator.
Read MoneyGeek's Travelers Home Insurance Review3
State FarmScore: 91
4.6/5
Affordability
4.1/5
User Satisfaction
5/5
Financial Stability
If convenience is one of the factors you are looking for, then State Farm may be a good option. It has a rate calculator, mobile app, online bills payment, online claims application and a household inventory tool. You can access a standard policy or choose comprehensive insurance by adding applicable coverages like expanded replacement cost, inflation protection, water backup, scheduled personal property, equipment breakdown, energy efficiency upgrade, identity theft and loss of use coverage.
Read MoneyGeek's State Farm Home Insurance Review4
FarmersScore: 90
4.8/5
Affordability
4.6/5
User Satisfaction
3.5/5
Financial Stability
Farmers offer customizable plans. Therefore, you can choose what optional coverage to add to a standard policy. You can increase personal property limits or adjust replacement payments. The insurer’s technological features promise convenience. Farmers policyholders cab pay bills and make claims online, estimate their annual premiums using the rate calculator, keep track of their belongings with the household inventory tool and access various services through the Farmers mobile app.
Read MoneyGeek's Farmers Home Insurance Review5
AllstateScore: 89
4.6/5
Affordability
4.2/5
User Satisfaction
4.5/5
Financial Stability
Accessibility and convenience are among the things that Allstate offers. The insurer has a rate calculator, mobile app, household inventory too, and it allows online bills payment and claims application. You can get a standard policy for basic protection or add optional coverage depending on your circumstances. Allstate allows policyholders to stop possible rate hikes due to claims through its Rate Guard feature. The insurance carrier provides discounts for qualified homeowners.
Read MoneyGeek's Allstate Home Insurance ReviewWhat Is the Average Cost of Homeowners Insurance in Iowa?
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$0
home insurance is 0.0% more than the average.
The costs of home insurance vary depending on the location. Homeowners insurance in Iowa for a dwelling coverage baseline amounting to $100,000 may cost an average of $1,242 per year. That is 40.9%, or $861, less than the average cost of home insurance in the United States. Among all states, Iowa ranked 17th in terms of affordability of average annual premium.
Home Insurance Calculator: Estimate the Cost of Homeowners Insurance in Iowa
For more accurate homeowners insurance, providers will consider various factors that may have an impact on the cost of your policy. These include the dwelling value, age, type and material of your home, roof quality, location, proximity to a fire department, your credit score, frequency of claims and deductible chosen, among others.
Home Insurance Calculator
State
Iowa
Dwelling Coverage
$100,000
Deductible
$500
Liability
$300,000
Personal Property
$20,000
Credit Score
Excellent
low end
on average
high end
These are annual estimates. Get a personalized quote to determine your costs.
The Cheapest Homeowners Insurance Quotes in Iowa
To get cheap homeowners insurance in Iowa, you will have to shop around. Compare homeowners insurance quotes from various insurers. Generally, Iowa residents pay lower annual premiums compared to the national average. Therefore, looking for an affordable policy is easy.
However, you have to make sure that the insurance you are getting fits your circumstances. Insurance carriers use various factors to evaluate a homeowners’ coverage requirements and estimate homeowners insurance in Iowa. Among the most important considerations is the dwelling coverage. It refers to the cost of rebuilding or repairing a house in case it incurs damages due to covered perils. The dwelling coverage baseline amount varies per state. For instance, it amounts to $100,000 in Iowa. The cheapest option for this coverage is Travelers, which has an average annual premium of $713. That is $530 less than the state average.
Cheapest Homeowners Insurance by Dwelling Coverage
Dwelling Coverage:
$100,000
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- CompanyAmountper year
- 1. Travelers$713
- 2. Allied$821
- 3. Farmers$860
- 4. USAA$1,029
- 5. State Farm$1,052
Best Cheap Homeowners Insurance Companies for Expensive Homes
If you have an expensive home, you want to find the best homeowners insurance in Iowa possible Based on MoneyGeek’s study, the most affordable policy comes from Farmers. The average annual premium for a Farmers policy for a $2 million home is $5,336. Other insurers may offer much more expensive average annual premium. For instance, Allstate comes in second place in terms of affordability. A similar policy will cost an average of $7,659 per year.
Cheapest Homeowners Insurance Companies for High-Value Homes
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- CompanyAmountper year
- 1. Farmers$5,336
- 2. Allstate$7,659
- 3. Travelers$9,782
- 4. State Farm$11,420
- 5. USAA$12,204
Best Homeowners Insurance Companies if You Have a Pool
If you have a pool home, you will have different requirements than what a standard policy can cover. This addition to your property will also affect how much your homeowners insurance in Iowa will be. Differences in rates among insurance providers can reach up to thousands. For example, Farmers is the cheapest option. A policy with Farmers for a pool home with dwelling baseline coverage of $100,000 may cost an average of $1,300 per year. But, a similar policy from American policy has an average annual premium of $2,794.
Cheapest Homeowners Insurance for Pool Home
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- CompanyAmountper year
- 1. Farmers$1,300
- 2. Travelers$1,369
- 3. Allstate$1,481
- 4. Allied$1,674
- 5. USAA$1,882
Cheapest Home Insurance in Iowa if You Have Poor Credit
Most insurance carriers check the credit score of an individual to determine the cost of insurance. So, you may want to improve your credit score. Doing this may take some time, but paying off your credit card debts and ensuring that your credit utilization rate is below 30% can help. Travelers offers the cheapest option for Iowa homeowners with poor credit, with an average annual premium of $1,400 for a $100,000 dwelling coverage baseline.
Cheapest Homeowners Insurance for Poor Credit
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- CompanyAmountper year
- 1. Travelers$1,400
- 2. Allied$1,467
- 3. USAA$1,606
- 4. State Farm$2,374
- 5. Auto-Owners Insurance Co$2,525
How to Get Homeowners Insurance Quotes in Iowa
When getting home insurance in Iowa, you will have to provide basic personal information. Insurers may ask for your name, address, contact information and Social Security Number. You may also have to find out how much your house and belongings inside it are worth. The insurance provider will probably ask some relevant questions, so it is best for you to be ready with answers. Using the information they gather from you, they will calculate how much your homeowners insurance in Iowa.
Compare Home Insurance Rates
Ensure you're getting the best rate for your home insurance. Compare quotes from the top insurance companies.
Other Considerations for Homeowners Insurance in Iowa
You also need to take other considerations into account when getting home insurance in Iowa. You may need emergency preparedness for certain hazardous weather conditions that often affect your area. Consider flood and hail insurance. By covering your home for any natural catastrophe that may strike your property, you do not have to worry about looking for funds to cover repair expenses.
Other factors you need to be aware of are the average home value in Iowa and the crime rate in the state. Iowa homes are among the most affordable, with the state having an average home value of $152,885. As for crime rates, the FBI reported 7,893 violent crimes and 53,385 property crimes in Iowa in 2018.
Do You Need Flood Insurance in Iowa?
Iowa is the 9th most at-risk state for flooding. Around 2.1% of properties, or 294,000, are at risk of suffering from flood damage in 2020. To get flood insurance, you have to look for a government-run National Flood Insurance Program (NFIP) policy through various insurance providers.
Do You Need Hail Insurance in Iowa?
Iowa experiences an average of 287 hail events per year. It ranks 12th among all states. So, adding hail insurance to protect your home from possible damages may be a good idea.
Methodology
MoneyGeek analyzed homeowners insurance premiums from 16 of the top insurance companies in Iowa that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Iowa. Quotes were gathered with an average home profile of 2,500 square feet, built in 2000, with an average dwelling coverage value of $100,000, liability coverage of $100,000 and personal property coverage of $100,000.
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sources
- AM Best. "Rating." Accessed July 27, 2020.
- Business Insider. "Here's the typical home price in every state — and what you can actually get for that money." Accessed August 13, 2020.
- FBI. "2018 Crime in the United States." Accessed July 10, 2020.
- First Street Foundation. "The First National Flood Risk Assessment Defining America’s Growing Risk." Accessed July 10, 2020.
- Flood Factor. "Find Your Home’s Flood Factor." Accessed July 10, 2020.
- Insurance Information Institute. "Facts + Statistics: Hail." Accessed July 10, 2020.
- Insurance Information Institute. "Facts + Statistics: Hurricanes." Accessed July 10, 2020.
- Insurance Information Institute. "Facts + Statistics: Wildfires." Accessed July 10, 2020.
- J.D. Power. "Homeowners’ Satisfaction with Property Claims Reaches Record High as Insurers Focus on Relationship Management, J.D. Power Finds." Accessed July 27, 2020.
- Verisk. "Wildfire Risk Analysis." Accessed July 10, 2020.