The Best and Cheapest Renters Insurance Companies in Iowa for 2022: Rankings, Reviews and Rates

The average cost of renters insurance in Iowa is $9 per month, which is less than the national average of $13 per month. Depending on which insurer you choose, you’ll pay $6 to $13 per month. This means, you can save up to $80 per year by shopping around.

Based on MoneyGeek's analysis, State Farm offers the cheapest and best renters insurance company in Iowa, costing around $6 per month.

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Last Updated: 11/11/2022
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To help you find the best renters insurance providers in Iowa at the best possible price, MoneyGeek has evaluated the companies that offer a great balance of quality service and affordability.

Our methodology rated the companies based on their affordability, customer service and financial strength ratings.

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The Cheapest Renters Insurance in Iowa

Cheap Renters Insurance Companies in Iowa

Cost is one of the most important factor when choosing renters insurance policy. On average, the two most affordable companies in Iowa are State Farm and Allstate. For a typical renter, a State Farm policy costs about $6 a month or $70 per year. For the same coverage, an Allstate policy costs an average of $84 per year or $7 monthly.

These figures are based on quotes from a wide range of ZIP codes in Iowa for a policy that includes personal property coverage worth $20,000, liability coverage of $100,000 and a deductible of $500.

Personal Property Coverage:

$20,000

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Best Renters Insurance Companies in Iowa

Based on MoneyGeek's rankings, State Farm is the best renters insurance company in Iowa with a score of 99 out of 100. Allstate was ranked as the second-best renters insurance company, receiving a score of 93 out of 100.

MoneyGeek ranked the companies based on their affordability, J.D. Power customer service ratings and AM Best financial stability ratings.

The best renters insurance companies may not always be the cheapest, but they offer a balance of cost and quality. This is because such companies typically provide fast and effective service to their policyholders at the best possible rates.


1
State Farm
Score:99

5/5

Affordability

4.8/5

User Satisfaction

5/5

Financial Stability

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State Farm is the best overall renters insurance provider in Iowa, owing to its perfect financial stability and affordability ratings, as well as its high customer satisfaction score. Renters can take advantage of the company's unique personal injury coverage, which protects them against libel and slander lawsuits.

More About State Farm

State Farm offers policies to renters in all U.S. states. Their five extra coverage options and two renter discounts are, however, lower than the national average. Renters may manage their insurance accounts, make payments and submit claims on State Farm's website, while interested individuals can quickly get a personalized quote. The options are available through its mobile app as well.

Read MoneyGeek's State Farm renters Insurance Review
2
Allstate
Score:93

4.7/5

Affordability

4.6/5

User Satisfaction

4.5/5

Financial Stability

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Geek Quick Take

Allstate came in second place due to its high customer satisfaction, financial stability and affordability ratings. With its flood insurance, renters can cover the cost of repairing personal belongings damaged by floodwater.

More About Allstate

Renters in all 50 U.S. states and Washington, D.C., may take advantage of Allstate's renters insurance plans. Though widely available, it offers fewer discounts and coverage options than the average rental insurance provider. Five discounts, including one for retirees aged 55 and older, and four add-on coverage options are available with Allstate. Allstate's website and app allows policyholders to manage their accounts, set up automatic payments, submit a claim, calculate car loan rates, and more.

Read MoneyGeek's Allstate renters Insurance Review
3
Nationwide
Score:90

4.4/5

Affordability

4.7/5

User Satisfaction

4.5/5

Financial Stability

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Nationwide scored third among Iowa's best renters insurance carriers, with high customer satisfaction and financial stability ratings. High-value objects, like jewelry, antiques, watches and fine art, can get additional coverage using the company's Valuables Plus coverage/theft extension coverage.

More About Nationwide

Nationwide's renters insurance is only available in Washington, D.C. and 43 U.S. states, excluding Alaska, Hawaii, Louisiana, New Mexico, Florida, Massachusetts and New Jersey. Its policyholders get to choose from 11 optional coverages, significantly more than the industry average of seven. You may also be eligible for any of its four discounts available to renters. If you’re a prospective customer, you can get customized quotations from Nationwide's website. Its mobile app and online portal allow renters to pay premiums and make and track claims.

Read MoneyGeek's Nationwide renters Insurance Review
4
American Family
Score:82

3.9/5

Affordability

4.7/5

User Satisfaction

4/5

Financial Stability

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American Family came in fourth place with its high customer service score and favorable financial stability rating, but fell short with a low affordability score. Its pet damage liability coverage might be advantageous for pet owners because it covers pet-related damages to other persons on your property.

More About American Family

Renters insurance from American Family is only available in 19 states. It only offers two optional coverages — scheduled personal property and responsibility for pet damage — which is less than the national average. It does, however, offer seven discounts, more than the national average. American Family's customers can use their online portal or the MyAmFam app to pay bills and file and track claims.

Read MoneyGeek's American Family renters Insurance Review
5
Farmers
Score:70

3/5

Affordability

4.6/5

User Satisfaction

3.5/5

Financial Stability

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Geek Quick Take

Farmers is Iowa's fifth best renters insurance company. The company earned a high customer satisfaction rating but received low financial stability and affordability rankings. Farmers policyholders with additional scheduled personal property coverage may simply enhance coverage for high-value goods.

More About Farmers

Farmers renters insurance is offered in Washington, D.C. and 42 other U.S. states, with the exception of Alaska, Delaware, Hawaii, Maine, New Hampshire, Vermont, West Virginia and Rhode Island. The insurer offers numerous discounts to renters for being claim-free or smoke-free, bundling policies, installing protective devices and being a responsible payer. However, you’re only offered three of the common add-on coverages: identity theft, personal property replacement and scheduled personal property. New policyholders can receive instant quotes online while existing policyholders can use the website or app to manage their accounts, pay premiums and file claims.

Read MoneyGeek's Farmers renters Insurance Review
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The cheapest policies may not necessarily guarantee superior service. Paying extra for the best renters insurance may ensure that your claims are handled swiftly and effectively, thus saving you money.

Largest Renters Insurance Companies in Iowa

When it comes to choosing a renters insurance provider, larger insurance companies with a sizable market share that are more financially stable can invest more in their customer service experience. This may lead to your legitimate claims being processed swiftly and efficiently.

  • Company
    Market Share
  • 1.
    State Farm
    25.5%
  • 2.
    Nationwide
    11.9%
  • 3.
    American Family
    8.9%
  • 4.
    Farm Bureau Mutual (IA Group)
    8.5%
  • 5.
    Auto-Owners Insurance Co
    4.9%

Average Cost of Renters Insurance in Iowa

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renters insurance is equal to the average.

The average cost of renters insurance in Iowa is $103 per year, which is $56 less than the national average of $159. The rates are for policies with a $20,000 personal property limit, a $100,000 liability limit and a $500 deductible.

Remember that renters insurance costs are determined by the amount of personal property covered. The more property you own, the more you’ll pay for insurance premiums.

You can use the calculator below to see how much your renters insurance will cost based on your personal property coverage.

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Total:


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Renters in Iowa can save money if they compare renters insurance quotes from various providers. For example, the sample renter for our analysis can save roughly $80 per year by choosing the cheapest provider, State Farm, instead of going with the most expensive company, Farmers. This corresponds to a $7 monthly savings.

What Factors Impact Renters Insurance Cost in Iowa

Several criteria, including where you live and the coverage level you choose, can influence how much you pay for renters insurance. Here are the factors to remember when shopping for renters insurance in Iowa.

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    Location

    How much you pay for your renters insurance is based partly on your ZIP code since crime rates and weather patterns can influence your premium. If your apartment is in an area with a significantly higher risk of property crimes or weather events, you might have to pay more each month.

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    Coverage Amount

    The more coverage a customer has on their policy, the higher their premiums. It is a good idea to do a home inventory before getting an insurance quote so you know how much it would cost to replace your items.

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    Deductible

    Your deductible is the amount you have to pay when your insurance provider approves a claim to replace your items. Plans with higher deductibles cause you to pay more out of pocket, but they have lower monthly premiums. Plans with a lower deductible have higher premiums since the provider will pay more to replace your items.

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    Actual Cash Value (ACV) vs. Replacement Cost Value (RCV)

    Insurance companies can offer reimbursement after a qualifying event in one of two ways. These include actual cash value (ACV) or replacement cost value (RCV). ACV policies account for an item’s depreciation over time and will pay less for older belongings. RCV policies pay for a new item of the same kind and quality. AVC policies can help you save on monthly bills but will pay less when you file a claim. RCV policies pay more after a claim but have higher premiums.

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    Credit Score

    Insurance providers can use your credit score to determine the likelihood of you making a claim. Companies have found that customers with lower credit scores are more likely to make claims. Therefore, customers with lower scores may be charged more for renters insurance, while those with higher scores could receive lower prices.

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Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.

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Renters Insurance in Iowa: What You Need to Know

Renters insurance is a cost-effective option to safeguard your assets. It can be particularly beneficial in case of damage from bad weather, fire and theft.

In Iowa, 26.4% of the population are renters and the average rent price is $808 per month. For a standard renters insurance policy with $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible, the average monthly premium is about $9. This is 1.06% of the price of rent.

What Renters Insurance Typically Covers in Iowa

Before purchasing renters insurance in Iowa, it is important to fully understand what is covered and what is not. While some insurance options will include extras like identity protection, the standard plan typically provides coverage for personal property, liability insurance, medical payments and additional living expenses.

In Iowa, personal property insurance can cover damages caused by natural disasters like wildfires and tornadoes.

What Renters Insurance Typically Does Not Cover in Iowa

Since every policy is different, it’s important to read the fine print to understand exactly what is covered and what is not. If you have questions, you can ask your agent so you fully understand your policy.

While renters insurance is a great way to protect against many possible emergencies, certain situations may not be covered. These include:

  • Event
    Description
  • Flooding

    Insurance can protect you when there is water damage from broken pipes or a faulty water main. However, flooding caused by a natural disaster is usually excluded. Flooding is a concern in Iowa, so residents can consider adding flood insurance through the Nation Flood Insurance Program (NFIP).

  • Structural Damage

    Renters insurance covers your personal property. However, it does not cover your rental’s frame and structure. These are your landlord’s responsibility.

  • Earthquake Damage

    Earthquakes are rare in Iowa, but it is important to remember that damage caused by earthquakes is usually not covered by renters insurance.

  • Expensive Items

    High-value items are frequently excluded from renters insurance policies. You might want to purchase an additional rider to protect your expensive belongings. Roommate Property: Your renters insurance policy will only cover your belongings. Your roommate will need to purchase their own coverage.

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Even though Iowa state law does not require renters to have insurance, the Iowa Insurance Division may be able to provide you with answers to any questions you may have about renters insurance in the state. You can also ask for information on obtaining renters insurance, review different coverage options and learn about the claims process.

It is possible to contact the Iowa Insurance Division through one of the following channels:

  • Phone Number: 515-654-6600
  • Office Address: 1963 Bell Ave., Suite 100, Des Moines, IA 50315

FAQs About Renters Insurance in Iowa

MoneyGeek has the answers to some of the most frequently asked questions about renters insurance in Iowa to help you find the best option for your financial situation.

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Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.

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Renters Insurance in Iowa Analysis: Methodology

MoneyGeek analyzed renters insurance premiums from 5 of the top insurance companies in Iowa that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Iowa. 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 the Author


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Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.


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