The Best and Cheapest Renters Insurance in Idaho for 2022: Rankings, Reviews and Rates
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.
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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Best Renters Insurance Companies in Idaho
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.
1
USAA
Score:9
4.5/5
Affordability
5/5
User Satisfaction
5/5
Financial Stability
More About USAA
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.
2
MetLife
Score:93.4
5/5
Affordability
4/5
User Satisfaction
4.5/5
Financial Stability
More About MetLife
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.
3
Nationwide
Score:92.6
4.8/5
Affordability
4.3/5
User Satisfaction
4.5/5
Financial Stability
More About Nationwide
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.
4
Farmers
Score:85.4
4.2/5
Affordability
4.6/5
User Satisfaction
4/5
Financial Stability
More About Farmers
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.
5
American Family
Score:83.2
4.2/5
Affordability
4.2/5
User Satisfaction
4/5
Financial Stability
More About American Family
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.
Largest Renters Insurance Companies in Idaho
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.
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
0
0
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.
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.
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
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.
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.
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.
FAQs About Renters Insurance in Idaho
Idaho does not legally require tenants to buy renters insurance. However, some landlords include it as a requirement for leasing their property.
While renters insurance is optional, MoneyGeek highly recommends it as a low-cost way to protect your belongings.
Your landlord can require you to have renters insurance as part of your leasing agreement.
The cost of renters insurance in Idaho will depend on various factors. The average monthly premium in the state is $8 for a policy with $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible.
In terms of annual and monthly premium rates, MetLife has the cheapest renters insurance in the state. On average, renters insurance in Idaho through MetLife costs $6 per month.
Renters Insurance in Idaho Analysis: Methodology
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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