Idaho FAIR Plan Alternative

Located in the northwestern region of the United States, Idaho is the 14th largest and 39th most populous of the 50 United States. Considered a Rocky Mountain state with abundant natural resources, Idaho is no stranger to natural disasters including flooding, wildfires, earthquakes and large hail events causing thousands of homeowners insurance claims each year. Since the population is spread thinly across the state, Idaho is not impacted as much as other parts of the country and there are few if any areas labeled as high risk by homeowners insurance companies. This lack of regular severe weather events is likely the reason for Iowa not having a FAIR Plan.

Although Idaho is not as high risk as many other states, as of 2013 it was ranked fifth in the nation for number of earthquakes in any given year. Idaho is subject to flooding due to overflowing rivers and wildfires remain a significant threat especially during the dry summer months. The severity of wildfire events does cause insurance companies to periodically review their risk assessments for Idaho.

Due to evident risk factors for natural disasters, the local and state government makes use of significant resources to plan for the worse and remain vigilant but they have still not found it necessary to institute a FAIR Plan. Lightning storms and avalanches cause more deaths in Idaho than many other states but property damage remains low due to the thinly spread population and structures.

Homeowners insurance companies enjoy continual profits in the state as a result of the low claim frequency compared to other higher risk states such as Texas or Florida where FAIR Plans are necessary due to the large volume of claims. With insurance profits comes competition resulting in lower premiums for home and business owners. The average homeowner premium for 2015 is $534 which is almost half of the national average of $952.

As with all FAIR Plans, consumers are urged to try to find coverage in the private market and we can help you find an agent that can help you find alternatives to the FAIR Plan.