Idaho landlord insurance is a must have for any landlord wanting to secure a profitable business and minimize liability exposure. When you rent a home to others there is inherit risk added by way of liability to the safety of those renters in addition to the building property you own. If you want to be properly protected against most hazards including hail, fire, wind and tenant liability you need a good landlord insurance policy.
There are numerous home insurance companies that offer landlord policies and we provide a simple way to compare the best carriers in your city. By comparing price, coverage and claims experience with the major carriers it will allow you to make the best choice.
Landlords in Idaho have been using our free online quoting tools and resources for years. Get the information you need to run a profitable rental property business with the least risk. Remember when comparing quotes don't assume the most expensive policy is the best or don't just go with the cheapest policy either. Find out what you want from an insurance policy and how that company will fit into your needs. Many landlords find the perfect fit with a combination of quality customer service and cost of insurance because the only time you use this insurance is when something bad has happened.
Multiple Rental Properties
If you own multiple rental properties in Idaho try to combine the insurance policies with one company. This will make it easier to file a claim and get questions answered about your policy. Many landlords will get the cheapest policy which will usually lead to having two or more insurance companies to deal with. Make it easier on yourself by combining policies even if it is a little more expensive for one property over another company.
Cost of Landlord Insurance in Idaho
The cost to insure your rental property in ID is dependent upon numerous rating factors that home insurance companies use to determine the proper premium. When you own a condo or townhouse the cost of landlord insurance is very minimal because usually you split that cost with the homeowners association which insurers the exterior of your unit. If you insure a single family home or rental complex then your insurance costs are going to be much higher due to the replacement cost of the building is solely your responsibility.
Here are a few of the most common rating factors that insurance companies use to determine your landlord insurance premium:
- Credit rating - This is your personal credit rating which is similar to a FICO score but can be based on other specific criteria such as payment history and bankruptcy.
- Location - The zip code or city that your rental unit is located in has a dramatic effect on your insurance premiums as companies who have big losses in those areas will increase rates to get profitable.
- Building type - This can include condo, single family, and townhouse including the materials used to construct the property.
- Claim history - If you have one or more claims in the past 3 years as a homeowner most insurance companies will surcharge your premium. Some companies may not even accept your business if you have more than two.
- Discounts - If you have more business with an insurance carrier they are more likely to offer discounts to keep all of your business with them.
How to Get The Cheapest Landlord Insurance in ID
Each insurance company is different in the way they determine your rate and how much the average policy will cost but here are ways to ensure the lowest cost premium based on the factors above.
- Good Credit - The better your credit the lower the cost of your insurance. Many states are now allowing credit as a rating criteria so get used to it being used. Try to keep your past payment history spotless and a FICO score above 720 is considered excellent.
- Improve the Location - There is not much you can do about the location once you have purchased the rental property but be sure to keep the home well-kept and surrounding trees cut back to minimize potential hazards. The better your property appears the lower the cost to insure it will be.
- Building type - Condo and townhouse owners will likely have a home owners association which will cover the exterior of the home so you are only responsible for the interior. This can save you hundreds of dollars each year. If the unit includes custom building and expensive materials expect to pay more because the cost to replace those items is greater.
- No Claim history - Try not to make a claim if it is a small value of $2000 or less. Most companies look at multiple claims as a sign that you are prone to making claims in the future. If you are deciding whether to make a claim or not contact your insurance agent and ask them personally. Don't call the claim department and ask them because they are likely to document the call and file it for future use.
- More Discounts - Ask about multiple policy discounts and the combination of auto and home insurance. Sometimes combining your personal auto insurance with this policy can save you 20-30% off each policy.
Idaho's 5 largest cities by population
City - Population
Boise City 205,671
Nampa 81,557
Meridian 75,092
Idaho Falls 56,813
Pocatello 54,255
*Data from 2010 Census Population by the Department of Economic and Community Development.
Common Landlord Insurance Claims in Idaho
Wind
(Most claims cost over $3,700 to repair wind damage)
Fire
(Most claims cost over $52,000 to repair damages from fire)
Water
(Most claims cost over $4,600 to repair damage from water)
Physical
(Most claims cost over $2,700 to repair physical damages to property)
Loss of Rental Income
(Most claims cost over $2,000 to recoup lost rental income)
NOTICE: The amounts listed above are for illustrative purposes only and should not be used to decide what coverage limits you need for your landlord policy. Speak with your insurance agent to determine the proper coverage limits.
