Best Homeowners Insurance Agencies in Meridian

Frequently Asked Questions

• Introduction

  Homeowners' insurance is a type of property insurance used by private property owners to protect their home and property from a range of risks and liabilities. It is also called home insurance.
  

  
  

  All homeowners' insurance policies cover the primary home on a property, meaning that most damage from weather, accidents, vandalism, and other events will be at least partially paid for by the insurance company. Many policies also include coverage for other structures, personal property, and some premises liability.

  
  

  It is not required by law that a homeowner purchases insurance for their property. However, if you have a mortgage, the lender will usually make purchasing a homeowners' policy a mandatory part of the loan process. Since the mortgage lender is essentially selling you the home, they require you to protect the investment.
  

• How much does Meridian homeowners’ insurance cost?

  Homeowners’ insurance policies in Meridian with a dwelling coverage level of $250,000 cost an average of $822 per year. This is lower than both the national average annual premium of $1,428 and Idaho’s average of $905. In contrast, cities in the state with the most expensive homeowners’ insurance include New Meadows, Clifton, Riggins, Kootenai, and Lucile.

• What are common homeowners’ insurance discounts offered by Meridian insurers?

  One of the most common discounts on homeowners’ insurance in Meridian is bundling home and auto coverage, which can save policyholders up to 27% of their total costs. Installing certain home features may also entitle one to discounts. On average, burglar alarms save 11% of costs, fire alarms save 12%, electrical system upgrades save 9%, and roof upgrades save 12%.

• What types of homeowners’ insurance claims are made in Meridian?

  Windstorm damage is one of the most common reasons for homeowners’ insurance claims in Meridian. Claims due to lightning strikes and fire are also frequent throughout the state. In fact, Idaho is especially vulnerable to wildfires, with more than 300,000 acres burned in 2020. Other common claims are due to damage caused by the weight of snow or ice.

• What is the average home replacement cost in Meridian?

  The average replacement cost of homes in Meridian is $311,668. This takes into account the cost of labor and the same type of building materials used originally. Dwelling coverage on one’s homeowners’ insurance policy helps cover the rebuilding costs for the structure of the home, including its foundation, walls, roof, and attached structures such as garages or decks.

• What is a deductible in Meridian homeowners’ insurance?

  In homeowners’ insurance policies in Meridian, a deductible refers to the cost paid upfront when a policyholder makes a claim. For example, those who are filing a claim for $5,000 in damages may need to pay a $1,000 deductible first. In general, the lower one’s deductibles are, the higher their homeowners’ insurance premiums may be.

• What determines the price of homeowners insurance premium?

  The premium, or monthly cost, of your homeowners' insurance policy depends on several factors, including the value of your home and amount of coverage you choose. Your credit history and whether the property is in a higher risk area also play a role.