Insurance companies base their home insurance rates on the value of your property and how likely it is that something bad will happen. The higher the probability that a damaging event will affect your property, the more expensive your home insurance policy will be. These potentially damaging events are called "risks” or “exposures.”
Let’s take a look at how Iowa compares to the rest of the United States.
The burglary rate in Iowa is slightly lower than the national average. Insurance companies will look at crime rates in your particular ZIP code when determining how high your premiums will be.
- Average number of burglaries per 1,000 homes in the US: 3.76
- Average number of burglaries per 1,000 homes in IA: 3.53
Several insurance companies offer policy discounts to homeowners who have burglar alarms, deadbolt locks, and other security features installed in their homes. Talk to a local independent agent to learn whether you qualify for this discount.
Severe weather events, including hailstorms and heavy winds, can wreak havoc on residential properties in this state. Be sure that your home insurance provides all the coverage you need before disaster strikes.
- Number of federally declared disasters since 1953: 71
- Most common causes of disasters in the state: Floods, severe storms, and tornadoes
- Average number of tornadoes per year in the state: 49.2
- Amount paid in home insurance claims in 2016: $291,074,000
The size of your home can affect your home insurance rates, since larger homes tend to have more personal property inside them. The estimated cost to rebuild your home will also play a large role in how much your home insurance costs.
In Iowa, the average home value is lower than the national average. This helps to keep insurance costs manageable in this state, despite its severe weather risks.
- Average home value in the US: $188,900
- Average home value in IA: $149,100