Insurance
Iowa Homeowners Insurance Calculator: Free Cost Estimator (2024)
Updated: May 22, 2024
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Jul 26, 2024
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MONEYGEEK EXPERT TIP
MoneyGeek analyzed home insurance costs in Iowa and determined that the most affordable company is Travelers. You can review our recommendations for the cheapest homeowners insurance in Iowa for different baseline dwelling coverages and various types of homes and homeowners.
But if you’re looking to strike a balance between cost and quality service, we found the best homeowners insurance companies in Iowa for various categories.
How to Estimate the Cost of Your Homeowners Insurance Policy in Iowa
Homeowners insurance costs tend to vary greatly from person to person, which is why it helps to get a personalized estimate using the factors below. Use MoneyGeek’s Iowa home insurance calculator for a quick and reliable estimate of your potential policy cost.
Iowa
Homeowners insurance costs tend to vary by city in Iowa. When computing your premium, companies consider how risky it is to insure a property in your location. According to the Iowa Department of Homeland Security and Emergency Management, the state is prone to severe weather, including tornadoes, heavy rains and flooding, blizzards and heavy snow. These hazards contribute to Iowans paying more than others for homeowners insurance.
Dwelling Coverage
In Iowa, the average dwelling coverage amount is $100,000. The dwelling coverage amount in your homeowners insurance policy refers to the amount of money that your insurer will pay to repair or rebuild your home if it is damaged/destroyed by a covered peril. It is, therefore, important that you have an accurate estimate of your home’s value so that you can purchase a policy with a sufficient coverage amount.
Deductible
Your homeowners insurance policy deductible is the amount of money that you have to pay in a covered claim before your insurer pays its share of the expense. The amount usually ranges anywhere from $500 to $2,000, but it could be more. As an example, if you have a $500 deductible and file a claim for $15,000, you need to cover $500 before your insurer pays its $14,500 share.
Liability
Personal liability coverage pays for expenses if someone gets hurt on your property or if their property is damaged because of your negligence. It typically covers legal costs, replacement costs, medical expenses and death benefits. MoneyGeek encourages you to increase your policy’s liability limit by hundreds of thousands of dollars more per year because paying a few extra dollars per month on your premium could mean much more liability protection.
Personal Property
Make sure that you protect the personal items that you have within your home by getting enough personal property coverage. This part of your policy will reimburse you in case your belongings are stolen or damaged. Use MoneyGeek’s calculator below to get a quick estimate of the coverage you need for your personal belongings.
Credit Score
Insurance companies will check your credit score when calculating your homeowners insurance rate in Iowa. Generally, individuals with poor credit are charged a higher premium because they are seen as more likely to file a claim.
Personal Property Coverage Calculator
When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.
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Average Cost of Home Insurance in Iowa
An examination of the average annual premium for a $250K dwelling coverage policy reveals that Iowa is right along the median compared with other states. Its average rate of $2,137 per year for a $250K dwelling coverage amount is cheaper than the national average.
If you prefer to have a different coverage limit, review MoneyGeek’s table below, which shows the average premium for various dwelling coverage amounts in Iowa.
Average Annual Premium in Iowa for Homeowners Insurance
| $100,000 | Average Annual Premium$1,821 |
| $250,000 | Average Annual Premium$2,137 |
| $500,000 | Average Annual Premium$5,227 |
| $750,000 | Average Annual Premium$7,646 |
| $1,000,000 | Average Annual Premium$10,314 |
| $2,000,000 | Average Annual Premium$22,591 |
| $3,000,000 | Average Annual Premium$35,053 |
MONEYGEEK EXPERT TIP
Make sure you’re getting enough protection by choosing a dwelling coverage amount that is sufficient to allow you to reconstruct your home in the event of a total loss.
To do this, you must consider your home’s age, square footage, features and building materials. For instance, you should factor in the building materials that were used in the original construction and whether they are now hard to find and will definitely drive up your costs.
MoneyGeek suggests that you get an accurate estimate of your appropriate dwelling coverage through a professional appraisal of your property. You might also want to consider purchasing extended replacement coverage or inflation guard coverage for added protection.
Frequently Asked Questions About Home Insurance in Iowa
Below are MoneyGeek’s answers to some of the most commonly asked questions about home insurance in Iowa to guide you in estimating your insurance costs.
How much does homeowners insurance cost in Iowa?
In Iowa, a policy with $250K dwelling coverage costs an average of $2,137 per year, which is almost 12% cheaper than the national average of $2,417. That places the state in the top half nationwide in terms of insurance costs with that amount.
How do I know how much dwelling coverage to get?
Depending on the value and features of your home, you may need a higher or lower coverage limit than the average coverage amount in Iowa, which is currently $100,000. To make sure that you’re getting the right dwelling coverage limit, MoneyGeek recommends that you get a professional appraisal of your home.
Insurance
Methodology
To determine the average cost of homeowners insurance in Iowa, MoneyGeek sourced pricing data from Quadrant Information Services.
MoneyGeek chose a standard home profile to provide the most reliable and relevant data for developing a thorough analysis of homeowners insurance. This standard home profile consists of the following attributes:
- Construction year: 2000
- Construction type: Frame
- Composition roof
- Three-mile radius from a fire department
- Assumed value of other structures on the property: 10% of the dwelling coverage
- Personal property coverage: 40% of the dwelling coverage
- Liability limit: $100,000
- Deductible: $1,000
About Mark Fitzpatrick
Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
sources
- Iowa Department of Homeland Security and Emergency Management. "Disasters." Accessed August 25, 2022.