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CheapRenters InsuranceIdahoThe Best and Cheapest Renters Insurance Companies in Idaho for 2023: Rankings, Reviews and Rates
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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.
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:
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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.
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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.
Read MoneyGeek's Nationwide renters Insurance Review2
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.
Read MoneyGeek's USAA renters Insurance Review3
American Family
Score:86
American Family is available in 19 states including Idaho. It scored well for affordability, financial stability and affordability. Policyholders can customize their renters insurance with optional coverages such as scheduled property coverage.
More About American Family
If you want to cover high-value items in your home like jewelry, you can add scheduled property coverage to your American Family policy. You can also opt for pet damage liability coverage to protect you if your pet harms someone on your property. American Family offers up to seven types of discounts, which include loyalty and autopay discounts. They also have convenient online and mobile app account management tools.
Read MoneyGeek's American Family renters Insurance Review4
Farmers
Score:85
Farmers scores well in affordability, customer satisfaction and financial stability for renters insurance in Idaho. This provider is available in 42 states and offers various optional coverage benefits including personal property replacement cost coverage.
More About Farmers
With a Farmers policy, you can opt to have personal property replacement cost coverage. This coverage will allow you to replace old items with newer equivalents in case of loss or damage. You can also get coverage for identity fraud and high-value items like antiques or jewelry in your home. Farmers also offers policyholders up to seven types of discounts, including occupation discounts, for certain occupations such as doctors and smoke-free discounts for those who do not smoke. You can get a personalized quote online and also use the Farmers mobile app to manage your account.
Read MoneyGeek's Farmers renters Insurance Review5
State Farm
Score:75
State Farm ranks second in Idaho for customer satisfaction and ties in first for financial stability. Available in all states, State Farm’s renters insurance offers comprehensive coverage options including optional personal injury coverage.
More About State Farm
You can include personal injury liability coverage in your State Farm renters policy to protect yourself from personal claims. Policyholders can also add identity coverage for protection against identity fraud. State Farm also offers earthquake and additional business property coverage, which can be taken as separate policies. A business owner’s policy bundles general liability and property insurance for those who also want their business covered.
State Farm has a seamless user experience for policyholders. You can get personalized quotes, file claims and manage your account online. They also have a mobile app.
Read MoneyGeek's State Farm renters Insurance ReviewMONEYGEEK EXPERT TIP
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% |
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.
Location
Your ZIP code helps determine your insurance premium. This is because carriers consider crime rates and weather patterns when providing quotes.
Coverage Amount
The level of protection that a policy offers will impact the price of your policy. If you include more assets and property, your premium will be higher.
Deductible
Your deductible is how much you’ll pay out of pocket for replacing your items before your insurance company starts making payments. A higher deductible means lower monthly premiums. Lower deductibles will raise the price of your renters insurance coverage.
Actual Cash Value (ACV) vs. Replacement Cost Value (RCV)
An actual cash value (ACV) policy is typically cheaper because it will pay you for the current value of the items you need replaced. A replacement cost value (RCV) policy generally costs more because it will reimburse you for the value of the new items needed to replace your lost or damaged belongings.
Credit Score
A customer with a higher credit score is more likely to have cheaper rates than a policyholder with a low credit score. This is because the lower your credit score is, the more likely you are to file a claim.
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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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Flooding
Flood damage due to hurricanes and rains may not be included in your renters insurance policy. If you are worried about these situations, you might want to buy flood insurance through the National Flood Insurance Program (NFIP).
Earthquake Damage
In most situations, earthquake damage is not included in renters insurance plans. Some carriers may offer it as additional coverage.
Structural Damage
Generally, renters insurance in Idaho only covers personal property and assets. Any damage to the structure of your rental is your landlord’s responsibility.
Roommate Property
Your renters insurance policy will only cover your belongings. Your roommate will need to get their own coverage.
Expensive Items
Renters insurance policies do not usually cover expensive items like jewelry. These items may require an additional rider.
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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.
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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 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.