Best and Cheapest Renters Insurance in Idaho (September 2024)

While State Farm is best for $20K in personal property coverage with an average annual premium of $72 and a MoneyGeek score of 93 out of 100, the best for you will depend on your needs. Nationwide is best for those who value service, and USAA is best for veterans.

State Farm is the best renters insurance provider in Idaho, boasting a MoneyGeek score of 93 out of 100 with an annual premium of $72 for $20K in personal property coverage. This provider balances cost and customer service effectively. The following providers are the two best renters insurance providers in Idaho for the same policy.

• State Farm: MoneyGeek score of 93 out of 100 ($72 per year)
• Nationwide: MoneyGeek score of 73 out of 100 ($121 per year)

State Farm perfectly balances customer satisfaction and affordability. However, the best option for you will depend on your specific needs.

State Farm offers the cheapest renters insurance in Idaho with an annual premium of $72 for $20K in personal property coverage. Personal property coverage helps you replace or repair your belongings if they're stolen or damaged. The following providers are the top two cheapest providers in Idaho for $20K in personal property coverage and a $1,000 deductible:

• State Farm: $72 per year
• Farmers: $118 per year

Cheap renters insurance policies often have low personal property coverage limits. Higher limits can lead to higher costs but offer better protection for your belongings.

A high deductible can help you lower costs. For homeowners seeking $20K in personal property coverage with a $2,000 deductible in Idaho, State Farm offers the cheapest renters insurance with an annual premium of $72. A deductible is the amount you pay out-of-pocket before your insurance kicks in. For the same coverage with a $2,000 deductible, the following providers are the top two cheapest options in Idaho:

• State Farm: $72 per year
• Idaho Farm Bureau: $105 per year

A deductible affects your premiums; higher deductibles generally mean lower premiums. Review the table below to understand how these rates change.

Nationwide is the best renters insurance company for service quality in Idaho for $20K in personal property coverage with an annual premium of $121. Great customer service in a renters insurance provider means getting prompt assistance, clear communication, and effective resolution for your claims and concerns. The following providers are the top two best for those who value great customer service and $20K in personal property coverage:

• Nationwide: MoneyGeek score of 91 out of 100 ($121 per year)
• American Family: MoneyGeek score of 85 out of 100 ($118 per year)

Great customer service is crucial for renters, as it ensures your needs and claims are promptly addressed. For example, when you make a claim after a loss, you want a provider who will streamline the process and offer you the support you need.

State Farm is the best renters insurance company for renters who need $100K of personal property coverage in Idaho, with an annual premium of $141. For $100K in personal property coverage, the following providers are the top two best providers in Idaho:

• State Farm: MoneyGeek score of 93 out of 100 ($141 per year)
• Nationwide: MoneyGeek score of 90 out of 100 ($209 per year)

Renters who have more personal belongings need higher personal property coverage. Personal property coverage protects your personal items from events like theft or damage. Higher coverage often comes at a higher cost, so finding a provider that balances cost and great service is important. You want a balance of both when you need to cover a lot of valuables.

USAA is ranked first for homeowners with military backgrounds in Idaho for $20K in personal property coverage, with an annual premium of $67. USAA is exclusively available to those with military backgrounds. The following providers are the top two best providers in Idaho for military members who need $20K in personal property coverage:

• USAA: MoneyGeek score of 100 out of 100 ($67 per year)
• State Farm: MoneyGeek score of 93 out of 100 ($72 per year)

USAA offers a range of products tailored for those with a military background, providing discounts and coverages suited to the military lifestyle. While USAA does not rank first in affordability, it is worth considering due to its tailored offerings for military members.

State Farm is the best renters insurance company for those with poor credit in Idaho, with an annual premium of $127. The following providers are the top two best providers in Idaho for those with poor credit:

• State Farm: MoneyGeek score of 93 out of 100 ($127 per year)
• Nationwide: MoneyGeek score of 93 out of 100 ($135 per year)

Rates for those with poor credit are often higher, as they pose a greater risk to providers. Insurers view them as higher-risk because poor credit can indicate financial instability. To lower your rates, you can take steps to improve your credit and take advantage of discounts where possible.

The average cost of renters insurance in Idaho is $120 annually, which is $10 monthly. This is cheaper than the national average of $146 annually or $12 monthly. Idaho's average is approximately 18% less expensive than the national average. These rates are based on a renters insurance policy with $20,000 personal property limits, $100,000 liability limits and a $1,000 deductible.

Renters, remember that the average cost of renters insurance in Idaho may vary greatly depending on the amount of personal property coverage you purchase. Personal property coverage protects your belongings in case of theft, damage or loss. Use the tool below to get an estimate for your renters insurance based on your needs.

The average cost for renters insurance not only varies by state but also varies by city.
For example, the average cost in Boise City is $118, while in Meridian, it is $117. Both are lower than the Idaho state average of $120.
These rates are based on a renters insurance policy with $20,000 personal property limits, $100,000 liability limits, a $1,000 deductible and a good credit score.
See the average cost in your city using the table below.

The cost of renters insurance in Idaho is influenced by multiple factors, including the location of the rental property and the amount of coverage desired. Understanding these variables is key to finding a policy that fits your budget and needs.

• Location: The area where you live can affect your premium due to crime rates and weather-related risks.
• Coverage Amount: Opting for higher coverage limits will typically increase your insurance costs.
• Deductible: Choosing a higher deductible can lower your monthly premium, but you'll pay more out-of-pocket in case of a claim.
• Claims History: Renters with a history of claims may face higher premiums due to perceived risk.
• Credit Score: Insurance companies may use your credit score to determine your premium, with higher scores often leading to lower costs.

Determining your personal property coverage involves creating a personal inventory of all your belongings at home. A personal inventory is a detailed list of your possessions along with their estimated values. Follow these steps to create your own personal inventory and ensure you have adequate coverage:

1. List all items: Go room by room and write down every item you own.
2. Categorize belongings: Group items into categories like electronics, furniture, and clothing.
3. Document details: Record the make, model, purchase date, and estimated value of each item.
4. Take photos: Photograph each item to have visual proof of your belongings.
5. Store inventory safely: Keep a copy of your inventory in a secure place, such as a cloud storage service.

Renters insurance primarily protects your personal belongings from damage, but it also extends to other areas such as liability and additional living expenses. Here's what a typical policy may cover:

• Personal Property Coverage: Safeguards your possessions against covered perils like theft to help you replace them.
• Personal Liability Coverage: Protects you from legal responsibility for injuries or damage to others, such as if a guest is injured in your rental unit.
• Loss of Use Coverage: For additional living expenses if your rental is uninhabitable due to a fire, for example, loss of use coverage can cover temporary housing costs.

Renters insurance typically applies to specific events, like theft, vandalism or specific natural disasters. Here's what most policies cover:

• Fire or lightning
• Windstorm or hail
• Explosions
• Riots
• Damage caused by aircraft
• Damage caused by vehicles
• Smoke damage
• Vandalism
• Theft
• Volcanic eruption
• Falling objects
• Weight of ice, snow or sleet
• Water-related damage from home utilities
• Electrical surge damage

Although renters insurance provides a safety net for your personal property and liability, it does not universally cover all losses. For instance, damage from floods or earthquakes typically falls outside standard policies. Here's what else is usually not included:

• Natural Disasters: Standard policies often exclude events like floods and earthquakes.
• High-Value Items: Expensive jewelry or electronics may exceed policy limits.
• Business Equipment: Items used for business purposes may require additional coverage.
• Roommate Property: Your policy does not cover your roommate's belongings.
• Pest Damage: Infestations and damage from pests are generally not covered.
• Car Theft: Personal vehicles are covered under auto insurance, not renters insurance.

Understanding these exclusions can help you seek additional coverage if necessary, ensuring you're protected against a wider range of potential risks.

Choosing the best renters insurance provider ultimately depends on your individual needs, such as coverage options, cost, and customer service. In the following FAQs, we answer common questions to help you make an informed decision about your renters insurance.