Idaho Renters Insurance
Experts break down renters insurance costs, coverages, companies, and more.
An estimated 30% of all homes in Idaho are occupied by renters. Whether you are a professional leasing an apartment in Meridian or a student renting a house near the Boise State University campus, if you are among the many tenants in this state, you can benefit from having renters insurance.
Local independent agents can help you find the right renters insurance policy. These agents don't work for a particular insurance provider, so they are free to shop around to find the coverage you want at a price you can afford. Contact an independent insurance agent near you to get started.
Is Renters Insurance Required in Idaho?
Renters insurance is not required by law in Idaho. However, some landlords in this state do require their tenants to carry coverage.
Whether or not it is required, renters insurance is always a good idea. It provides a wide range of coverage at a very low price. Unfortunately, too many renters in the Gem State don’t realize the importance of having this coverage until it is too late.
How Much Does Renters Insurance Cost in Idaho?
In a state where the average rent is $853 a month and 42.7% of renters spend more than 30% of their income on rent and utilities, it is understandable why some people don’t want to consider adding to their housing costs by buying renters insurance. However, these policies are surprisingly affordable.
The average cost of a renters insurance policy in Idaho is just $153 a year. That is less than $13 a month for the peace of mind that having a policy can provide you.
Some factors that can make your actual cost a bit higher or lower than this average rate include:
- The amount of property coverage you are purchasing
- The crime rate and weather risks where your home is located
- Your method of payment
- Whether you are bundling your coverage with another policy like car insurance or motorcycle insurance
When you take the time to contact a few competing insurance companies to request customized quotes, you will be able to choose the policy that is offered at the best price. Independent agents make comparison shopping easy.
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What Does Idaho Renters Insurance Cover?
Your renters insurance policy can protect you with three different types of coverage. These include:
- Contents coverage: This is designed to cover repair or replacement costs for your personal belongings if they are lost or damaged due to a covered hazard like:
- Property crime, including burglary and vandalism
- Fire, including accidental fires and wildfires
- Severe weather, including thunderstorms, windstorms, snowstorms, tornadoes, and hail
- Loss of use coverage: This is designed cover your costs if you are displaced from your home due to damage caused by a covered event like a fire. It can continue to cover your additional living expenses until you are able to safely return to your home or you have found a new place to live.
- Personal liability coverage: This can cover your financial responsibilities and legal representation if you accidentally cause someone else to experience injuries, property damage, financial losses, or other harm.
When you buy your policy, you will want to be sure that you have a suitable amount of contents coverage. That way, if all of your belongings are destroyed in a disaster, you will have the funds necessary to replace them and start over.
What Isn't Covered by Idaho Renters Insurance?
As with any insurance policy, renters insurance has some limitations. Most notably, your policy won't cover damage caused by floods or earthquakes.
Around 16% of all properties in Idaho have at least a 26% chance of experiencing significant flood damage in the next 30 years. If your home is impacted by a flood, your landlord will be responsible for covering damage to the property, but not to your personal belongings.
If you rent an upper floor apartment or condo, you don’t need to worry much about flood damage. However, if you are renting a house, mobile home, or ground-level apartment, you may want to seriously consider supplementing your renters insurance policy with flood insurance.
As a renter, you can purchase a contents-only flood insurance policy through the National Flood Insurance Program (NFIP) for a very reasonable price.
Some parts of Idaho are at risk for earthquake activity. However, these quakes are likely to be mild and, at most, may cause repairable damage to foundations and walls.
If your rental home is damaged by an earthquake, your landlord will be responsible for covering damage to the building. The only way to have coverage for your personal property is with an earthquake insurance policy.
However, earthquake insurance is rather expensive and typically comes with very high deductibles. It is extremely unlikely that the damage to your personal property would be significant enough to justify the money spent on earthquake policy.
How Can an Independent Agent in Idaho Help Me Find the Best Renters Insurance Policy?
If you are ready to purchase a renters insurance policy, a local independent agent can help. These agents can answer your insurance-related questions and can save you time and money by shopping around to find the coverage you want at the most competitive price.
Best of all, it doesn’t cost anything to get information from an independent agent. Contact an insurance agent near you to start comparing customized quotes from some of the best renters insurance companies in Idaho.
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