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For many people, protecting their assets and property from risk is important. A low-cost way to do this is by getting renters insurance. In Idaho, MoneyGeek’s data shows that you can get a renters insurance policy for as little as $6 per month compared to the most expensive option at $11 each month. By shopping around and comparing quotes, renters can save over $60 per year. The average cost of renters insurance in Idaho is $8 per month.
To help you find the best renters insurance in Idaho, MoneyGeek used a unique scoring system that evaluates affordability, customer service and financial strength.
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
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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:
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City | Cheapest Company | Average Annual Premium |
---|---|---|
Boise, ID | MetLife | $73 |
Boise, ID | Nationwide | $80 |
Boise, ID | USAA | $89 |
Boise, ID | American Family | $98 |
Boise, ID | Farmers | $98 |
Boise, ID | State Farm | $135 |
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
The cost of renters insurance in Idaho is only one of the factors renters should consider. You should also value other criteria, such as customer service and financial stability.
MoneyGeek evaluated insurance carriers in Idaho based on affordability, customer service scores from JD Power and Associates and AM Best financial stability rankings to determine which companies have the best renters insurance. USAA ranked first with 94 points out of 100. However, USAA is only available to members of the military, veterans and their eligible family members.
MetLife got the second spot with 93 points and Nationwide scored third with 93.
USAA offers affordable policies in Idaho for military members, veterans and their eligible family members. For renters, a standard USAA policy includes identity theft, earthquake coverage and moving and storage. Discounts are available to policyholders who have a security system, bundle their policy with an additional policy or are claims-free.
Every MetLife policy includes identity protection services in addition to the normal coverage that most renters insurance companies provide. It’s possible to purchase specialty packages for musical instruments, electronics, sports equipment and other luxury items. You can easily report damages and file claims with MetLife’s 24/7 phone service.
Nationwide policyholders who want to have additional protection can get coverage for their expensive valuables, such as jewelry, electronic gadgets and firearms. Policyholders can get discounts by bundling their renters and auto insurance policies. Having a security system may also help you save up to 15%. It’s easy to get a quote on the Nationwide website.
Farmers Insurance offers standard policies with higher value coverages. Customers can also get additional protection by adding replacement cost coverage for expensive items or Identity Shield for identity theft. Discounts are available to homes that have been smoke-free for a minimum of two years or those with smoke or fire alarms.
American Family offers both standard and comprehensive policies. If you want protection for your valuables, you can get jewelry coverage. The company offers discounts for policy bundles. Discounts are also available for homes with a Ring video doorbell, smoke/fire alarms and more. American Family's website offers a useful calculator to determine how much coverage you need based on your belongings' value.
Knowing the largest companies that offer renters insurance in Idaho can help you determine which provider is best for you. Generally, bigger carriers are more financially stable. This provides the assurance that they will be able to pay out legitimate claims.
Based on market share, the top five companies with the highest market share are State Farm (15%), Liberty Mutual (15%), Farmers (10%), Farm Bureau (10%) and USAA (8%). These companies make up roughly 57% of renters insurance in Idaho.
renters insurance is equal to the average.
The average cost of renters insurance in Idaho is $97 per year. That is $63 cheaper than the annual average premium in the country.
To determine if you qualify for savings and discounts, it is best to shop around and compare insurance quotes from multiple carriers. For example, a MetLife policyholder can save up to $62 per year compared to those with a State Farm policy, the most expensive provider in the state. This equals about $5 per month in savings.
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.
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
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.
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.
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.
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.
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
MoneyGeek analyzed renters insurance premiums from 6 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.
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