Homeowners Insurance in Iowa

Posted June 27th, 2019 by Amy Danise

Homeowners in Iowa need the right insurance protection for a variety of potential problems, from house fires to tornadoes to flooding.

A standard home insurance policy in Iowa covers fires and tornadoes, along with other problems. But it generally won’t cover flooding. In 2019, severe and extended flooding began on March 12 due to heavy rains. There were multiple levee breaches in Iowa along the Missouri River, and floods from the Mississippi River.

Homeowners can buy flood insurance to financially protect their properties from these kinds of floods.

Iowa home insurance

What does Iowa homeowners insurance cover?

A typical homeowners policy in Iowa will cover these main things:

  • Dwelling: If a house is damaged or destroyed.
  • Other structures: For garages, storage sheds, fences and other buildings and structures not attached to the house.
  • Personal property: For personal possessions that are damaged, stolen or destroyed, including furniture, clothes, TVs and kitchen items.
  • Loss of use coverage: If your home is uninhabitable due to a problem covered by the insurance policy, this pays extra expenses such as hotel bills.
  • Personal liability: For cases where you’re legally responsible for someone else’s injury or property damage.
  • Medical payments to others: For cases when people are hurt on your property.

How do I get Iowa flood insurance?

Flood insurance is available through the National Flood Insurance Program (NFIP), a federal program.

In addition, companies such as Wright Flood sell “excess” flood insurance, which gives you additional coverage above an NFIP policy.

How much is home insurance in Iowa?

The average Illinois homeowners insurance premium is $945 for a typical policy, according to the National Association of Insurance Commissioners. That’s cheaper than the nationwide average of $1,192.

20 largest Iowa homeowners insurance companies

Rank in Iowa Company Market share % in the state
1 State Farm 26.01
2 Nationwide 12.22
3 American Family Insurance 8.76
4 Farm Bureau Financial Services 8.75
5 Auto-Owners Insurance 4.18
6 IMT 3.65
7 West Bend Mutual Insurance Co. 3.53
8 Allstate Corp. 2.86
9 Farmers Insurance 2.68
10 USAA 2.53
11 Liberty Mutual 2.44
12 Pekin Insurance 1.88
13 Travelers 1.85
14 Progressive 1.64
15 COUNTRY Financial 1.28
16 EMC Insurance 1.24
17 North Star Mutual Insurance Co. 1.01
18 MetLife 0.97
19 Motorists Insurance Group 0.96
20 Shelter Insurance 0.84
Source: S&P Global Market Intelligence, based on homeowners multiple peril insurance market share in 2018.

What if I can’t find home insurance in Iowa?

If you’ve been turned down for home insurance you may be able to buy basic property insurance through the Iowa Fair Plan Association. Fair Plans are also called the “insurer of last resort.” Any licensed Iowa insurance agent can help you buy a policy through the Fair Plan.