Home Insurance in Twin Falls, ID
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Living and Working in Twin Falls
The small city of Twin Falls, ID, is home to more than 45,000 people. Residents have access to gorgeous attractions like the stunning waterfalls at Shoshone Falls and an attractive downtown that hosts a variety of art galleries, restaurants and entertainment venues. They also enjoy a cost of living 8.2% lower than the national average.
The job market is also favorable in Twin Falls. Future job growth is predicted to be 35% compared to the national average of 30.54%. Furthermore, the unemployment rate is just 4.3% compared to the national average of 6%.
Even real estate does well in the area. The median value of a home in Twin Falls is $339,200, which is just slightly above the national median of $338,100. Over the last ten years, home appreciation has increased 167.8%. making owning property in the area quite enticing.
The Cost of Home Insurance in Twin Falls
The average cost of home insurance in Twin Falls, ID, is $1,188 per year. This is much lower than the national average cost of $1,428 per year. However, remember that your personal risk factors, the policies you choose and the amount of coverage you decide on all determine your exact costs.
Risks That Affect Home Insurance Costs
The location of your home in relation to crime and weather is one of the biggest risk factors insurance providers look at. Property crime in Twin Falls is just above the national average of at 40.7 reported incidents per 100,000 people, which may impact your insurance costs. The city gets less precipitation than the national average at just 10 inches of rain and 18 inches of snow per year. However, purchasing flood coverage is essential if your home is situated in an area that may flood.
Your home itself is a deciding factor as well. The larger it is, the more it will cost to insure. You'll also pay more if it's an older home without updated electrical, plumbing and security systems or hasn't been adequately maintained. Costs might rise if your property has had previous claims filed (even if it wasn't by you).
Finally, your insurer will consider your personal risk factors. You may have a heftier bill if you've filed claims on previous properties or have a poor credit score.
Different Types of Home Insurance and What They Cover
There are various types of home insurance in Twin Falls, ID.
- Dwelling “Covers damage to your home or attached structures like decks. Pays enough to rebuild your home.
- Loss of Use “Provides reimbursement if you need to live elsewhere while your home is rebuilt. The cap is typically 20% of your dwelling coverage.
- Medical Payments “ Pays for medical treatment for someone injured on your property or if you or a pet injures someone while you're away from home. Coverage is usually $1,000-$5,000.
- Other Structures “Covers unattached structures on your property, such as sheds or fences. Coverage is about 10% of your dwelling coverage.
- Personal Liability “ Protects you if you injure someone or damage their property, usually $100,000-$500,000.
- Personal Property “ Pays for repairing or replacing your damaged or stolen property. It typically provides 50-70% of your dwelling coverage.
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This information is intended for general informational purposes only and is not intended to constitute legal advice.