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CheapRenters InsuranceIdahoThe Best and Cheapest Renters Insurance Companies in Idaho for 2024: Rankings, Reviews and Rates
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CheapRenters InsuranceIdahoThe Cheapest Renters Insurance in Idaho
Cheap Renters Insurance Companies in Idaho
The cost of renters insurance is a big consideration for consumers. Many residents prioritize finding the best cheap renters insurance in Idaho when choosing a policy.
In terms of affordability, MetLife ranked first with an average annual premium of $73 or $6 per month. Coming in second place is Nationwide. Policyholders can get renters insurance from Nationwide with an average yearly premium of $80 or $7 a month.
MoneyGeek evaluated different quotes from various ZIP Codes in Idaho based on a policy with $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible.
Personal Property Coverage:
$20,000
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MoneyGeek used a comprehensive ranking system to identify providers in Idaho offering the best balance of affordability and quality service. Our scoring system incorporates J.D. Power satisfaction scores, AM Best financial stability ratings and affordability scores.
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Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
Best Renters Insurance Companies in Idaho
The best renters insurance companies in Idaho are Nationwide and USAA. They have a similar MoneyGeek score of 94 out of 100. However, USAA is only available to people with a military background.
MoneyGeek ranked the best companies using a comprehensive scoring system that incorporates J.D. Power customer satisfaction ratings, financial stability scores and affordability ratings.
The best companies for renters insurance in Idaho may not be the cheapest, but they offer the best balance of affordability and quality service. This is important since cost is only one of many factors to consider if you want to ensure you get quality coverage and a great user experience.
1
Nationwide
Score:94
Nationwide ranks second for affordability and financial stability among renters insurance companies in Idaho. It scores highly in customer satisfaction and offers policyholders up to 11 optional coverages to choose from, which includes theft extension coverage.
More About Nationwide
Nationwide is available in 44 states including Idaho. Apart from affordability, Nationwide offers policyholders unique coverages such as theft extension coverage, which protects personal property that is stored in a car or watercraft. You can also opt for scheduled personal property coverage to protect high-value items like jewelry and antiques.
This provider also offers four different types of discounts including protective device discounts, which give you a discount if you have a protective device installed in your home. Nationwide offers a seamless user experience through its website and mobile app platforms.
2
USAA
Score:94
USAA is one of the best renters insurance companies in Idaho. It earned the highest scores in customer satisfaction and financial stability. USAA also scores highly in affordability. It offers renters with a military background unique coverage options like identity theft coverage.
More About USAA
If you have a military background, USAA renters insurance is one of the best in Idaho. USAA is available in all states and offers comprehensive coverage including earthquake and flood damage coverage.
You can also opt for identity theft coverage to protect you against identity fraud. Policyholders can access their accounts easily using the mobile app or company website. You can also get renters insurance quotes online in minutes.
3
American Family Insurance
Score:86
4
Farmers
Score:85
5
State Farm
Score:75
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It pays to choose high-quality coverage even if it means you have to pay a bit more for your renters insurance. This is because quality coverage gives you better all-around protection. So in the event of loss and damage, you will end up saving more money than if you opted for a cheaper policy with less coverage.
Largest Renters Insurance Companies in Idaho
When choosing the best renters insurance in Idaho, it is important to consider the market share of the provider. Insurance companies with a large market share tend to be more financially stable, which ultimately means a better customer service experience and claims handling for policyholders.
Company | Market Share | |
|---|---|---|
1. | State Farm | 14.8% |
2. | Liberty Mutual | 14.5% |
3. | Farmers | 10.5% |
4. | Farm Bureau of ID Group | 9.7% |
5. | USAA | 8.1% |
6. | Allstate | 8.1% |
7. | American Family | 4.2% |
8. | Travelers | 4.2% |
9. | United Heritage Insurance | 3.3% |
10. | Auto-Owners Insurance Co | 2.8% |
Average Cost of Renters Insurance in Idaho
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The average cost of renters insurance in Idaho is $97 per year, 39% cheaper than the national average of $159 per year.
Renters insurance costs in Idaho can vary depending on factors such as the level of personal property coverage required. To get an estimate of how much you will pay for renters insurance based on the value of your personal property, you can use the calculator below.
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You can save on renters insurance costs in Idaho by shopping around and taking the time to compare insurance quotes from different providers. For instance, MetLife costs up to $62 or 46% less than State Farm, which is the most expensive option at $135 per year.
What Factors Impact Renters Insurance Cost in Idaho
Companies evaluate several factors when calculating premiums for renters insurance in Idaho. These can include your place of residency and the coverage level that you want. Remember the following factors when evaluating renters insurance policies.
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Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
Renters Insurance in Idaho: What You Need to Know
Getting renters insurance is a low-cost way to protect your assets. It is especially helpful if you lose your valuables due to burglary or destruction of property.
In Idaho, 26.3% of the population are renters. These people pay an average of $880 per month for rent. A standard renters insurance policy in Idaho with $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible costs an average of $8 per month. That is 0.92% of the average rent price.
What Renters Insurance Typically Covers in Idaho
To find the best renters insurance in Idaho, you need to understand what is covered and what is not. Most plans in the state cover personal property, additional living expenses, liability insurance and medical payments.
Personal property coverage will protect your assets from damages caused by natural disasters like wildfires and windstorms.
What Renters Insurance Typically Does Not Cover in Idaho
Not all policies are the same, so it is important to read the fine print. If you have any questions, ask your agent. This can help you avoid problems when you make a claim.
Renters insurance in Idaho will help you in case of an emergency. However, having a standard policy may not be enough to cover all your needs. Here are some issues that renters insurance policies do not cover.
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If you need more information about renters insurance in Idaho, you can get useful resources from the Idaho Department of Insurance. You can reach them through these channels if you want more information on renters insurance requirements, protections and general inquiries:
- Mailing Address: 700 W. State St., 3rd Floor, P.O. Box 83720, Boise, ID 83720-0043
- Customer service line: 208-334-4250
- Contact Form: https://doi.idaho.gov/contact-doi/?id=1
- Fax: 208-334-4398
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FAQs About Renters Insurance in Idaho
MoneyGeek provided answers to some of the most frequently asked questions about renters insurance in Idaho to help you find the best option for your needs.
The cheapest renters insurance in Idaho is MetLife at an average monthly cost of $6 or $73 per year.
The best renters insurance in Idaho is Nationwide. Nationwide offers policyholders the best balance of quality service and cost. It scored highly in customer satisfaction, affordability and financial stability.
Renters insurance in Idaho costs an average of $8 monthly, or $97 per year.
There is no law in Idaho that mandates renters insurance. However, some landlords will require you to have renters insurance.
Although it's not a legal requirement in Idaho, it is important to purchase renters insurance since it will protect you in case your property is lost or damaged. Your landlord’s property insurance does not cover your personal belongings so if you forgo renters insurance, you will not be reimbursed for any personal property that is damaged or lost.
Compare Renters Insurance Rates
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
Renters Insurance in Idaho Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from six of the top insurance companies in Idaho that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Idaho. Quotes were gathered for policies with personal property coverage of $20,000, $50,000 and $100,000; liability coverage of $100,000 and a deductible of $500.
About Mark Fitzpatrick
sources
- Idaho.gov. "Department of Insurance." Accessed March 30, 2022.
- MoneyGeek. "best-cheap-renters-insurance-in-idaho." Accessed March 30, 2022.