If you’re an Idaho resident looking for insurance, you’re in the right place. We’ve compiled all the info you need to help you find home, auto, life, health or long term care insurance right here on this page.
We recommend you read it over, contact the Idaho Department of Insurance at (800) 721-3272 with any questions, and let us help you find the coverage you need today.
Auto Insurance
Idaho motorists are required to carry liability coverage. The minimum requirements for liability coverage are $25,000 for bodily injury per person, $50,000 for bodily injury per accident and $15,000 for property damage per accident.
Remember that these are the minimum requirements set by your state and they may not cover all the damages for which you are liable after an accident. It is for this reason that you may want to consider higher amounts of liability coverage.
Your insurance agent is required by law to offer you coverage against uninsured and underinsured motorists. You may reject this coverage, but you must do so in writing.
Since liability coverage does not pay for damage to your car, you may also want to consider adding collision and comprehensive coverage to your auto insurance policy. Collision coverage will pay for damage to your automobile resulting from a crash with another automobile or other object. Conversely, comprehensive coverage will pay for damage to your automobile if it is damaged by anything but a collision.
It is up to you to decide the appropriate coverage for your automobile. Remember that these optional policies may be added to your insurance plan later if you decide you need them.
Health Insurance
Health insurance in your state is somewhat dependent on your health status, but there are practices in place to help you maintain the coverage you purchase.
If you receive medical insurance under a group plan, nondiscrimination says that your coverage cannot be denied or limited because of your health status. Additionally, if you are purchasing health coverage for a small group, the guaranteed issue says that coverage cannot be denied or limited because of the group’s health status.
If you apply for an individual insurance plan and are turned down because of your health status, you may be eligible for coverage under Idaho’s Individual High Risk Reinsurance Pool (HRP).
Your benefits will depend on what kind of policy you purchase or what your agent will cover. However, there are some benefits mandated by your state, such as breast reconstruction after a mastectomy.
The best news: Most Idaho health insurance policies are guaranteed renewable, which means that your company or agent cannot cancel your insurance if you become ill.
Home Insurance
Homeowners insurance provides much-needed protection for both your home and personal possessions. It also protects you against liability from accidents in which others are injured or their property is damaged due to your negligence.
Your homeowners insurance covers your home and property at either replacement cost or actual cash value. Replacement cost coverage pays to replace your home and belongings with materials of like kind and quality at current market prices; actual cash value policies reimburse you only for your home’s depreciated value. In other words:
Actual Cash Value = Replacement Cost Value – Depreciation
Most home insurance policies in your state reimburse you at actual cash value, rather than replacement cost. However, if you feel you need replacement cost value added to your policy, you may do so for an added fee. Just let insurance agents know of your desire when you shop for your home insurance quotes.
How much you pay for your Idaho homeowners insurance is based on several different factors related to your home and the coverage you choose.
Some of these include:
- Your home’s construction: frame houses generally cost more to insure than those made of brick.
- Your home’s age: older homes are more difficult to insure than newer ones, and premiums are usually higher.
- Your deductible: your Idaho home insurance costs less when you choose a higher deductible.
- Discounts: insurers offer you cheaper premiums for such things as insuring both your home and car/s with the same company, and/or installing deadbolt locks or alarm systems in your home.
- Your local fire protection: both your home’s distance from a fire hydrant and the quality of your local fire department factor into your Idaho home insurance rates.
Life Insurance
Term life insurance covers you for a specific period of one or more years, and pays your beneficiaries a death benefit only if you die during that term. It provides an economical way to provide your family with this type of benefit in case of your death.
Generally cheaper and easier to understand, term life insurance usually offers you the best value for your dollar with the largest death benefit for your premium amount. However, if you decide to renew this type of policy, your premium amount will likely increase. To avoid surprises, you may want to ask your insurance agent to show you the projected premiums for the next 10 or 20 years.
Also known as permanent insurance, whole life insurance covers you as long as you live and pay the premiums. In order to buy permanent insurance, you will need to fill out a health questionnaire and possibly undergo a medical examination.
Unlike term life, whole life premiums remain steady once purchased. Your premium payments go toward cash value, a death benefit, and expenses such as agent commissions and administrative costs.
Whole life is best purchased when you are young. This allows you more time to accrue cash value, and even provides funds your family may borrow against in a pinch.
Unlike a term life policy, whole life insurance may also earn yearly dividends. If you do not cash out these dividends when they accrue, they too will earn interest, providing your family with extra income.