UPDATED: DECEMBER 08, 2022 | 3 MIN READ
Renters insurance is cheap to allow renters to protect their belongings while staying on a budget. Renters insurance protects your belongings from smoke damage, theft, wind damage, fire, and vandalism.
An Iowa renters insurance policy is less expensive than the national average. We’re going to walk you through the process of acquiring renters insurance.
Who Has The Cheapest Renters Insurance Quotes in Iowa?
Cheap renters insurance in Iowa is with Lemonade. The typical price for car insurance is $8 monthly. On average, renters insurance costs $13 monthly with most insurers. Farmers are significantly more at $23 monthly, almost double the statewide average.
Iowa renters insurance is cheaper than in most other states. Nationally, renters insurance costs about $18 monthly.
Pros and Cons of Using Specific Insurance Companies:
Lemonade: Pros of Lemonade are they have affordable prices and a great mobile app. The cons are they have limited human-the-human services and have few extra coverage options.
Amica: Pros of Amica are that they are known for excellent customer service and great discounts. The cons are that they aren’t the cheapest in Iowa at $12 monthly.
Nationwide: Pros of Nationwide are that there are great coverage options and below-average rates at $11 monthly. The cons are they have less than mediocre customer service.
Iowa renters insurance costs by city
The most expensive Iowa city for renters insurance is Des Moines which costs $170 yearly or roughly $47 monthly. That’s 15% more than the cheapest city, Enfield, where it typically costs $148 yearly or $12 monthly.
Renters insurance typically costs less in areas with a low crime rate or higher if you live far from a fire station.
Bundle renters and auto insurance in Iowa
A great way to save money on your renters insurance is to bundle it with your car insurance. You save money by purchasing your auto or renters insurance with the same company. Purchasing bundled policies in Iowa saves you $87 yearly.
What Factors Impact Renters Insurance Costs in Iowa
Certain factors impact the cost of Iowa renters insurance. We’ll walk you through them.
Credit Score
Your credit score is used to determine the likelihood of making a claim. Insurance companies believe that residents with lower credit scores are less likely to make renters insurance claims. Drivers with lower credit scores might be charged more for renters insurance.
Actual Cash Value (ACV vs. Replacement Cost Value (RCV)
There are two ways that insurance companies reimburse for a claim. There is actual cash value or replacement cost value. ACV policies account for the item’s depreciation over time and pay less for older items. RCV policies pay for new items of the same quality and value. RCV policies pay out more but have higher premiums.
Location
Where you live determines how much you pay for renters insurance. The crime rates and weather patterns influence your premium amounts. For example, if your apartment is in an area with a high risk of property crimes, you’re likely to pay more monthly.
Deductible
Your deductible is the amount you pay if you claim your renter insurance policy. Policies with higher deductibles cause you to pay more out of pocket but have lower monthly premiums. Plans with lower deductibles have higher premiums since it costs more to replace items.
Coverage Amount
What type of renters insurance coverage you’re looking for is a huge factor in how much you pay. The cost goes up if you add more things to your coverage policy. A great way to determine the type of coverage you need is to have a home inventory. That way, you know how much it costs to replace your items.
Iowa Renters Insurance: What You Need to Know
Renters insurance is a cheap way of protecting your assets against theft, fire, and bad weather. In Iowa, 26.4% of the population are renters who pay, on average, $808 monthly. A standard renters insurance policy includes $100,000 in liability coverage, $20,000 in personal property coverage, and a $500 deductible. The average cost of renters insurance premiums is $9, which is 1,06% of the rent price.
What Iowa renters insurance typically covers
It’s important to know what’s covered before you purchase renters insurance in Iowa. Some insurance options include extras like identity protection, but a standard renters insurance policy typically covers liability insurance, personal property, medical payments, and additional living expenses.
Personal property insurance in Iowa covers damages caused by natural disasters like tornadoes and wildfires.
What Iowa Renters Insurance Typically Doesn’t Cover
Not every policy covers every disaster. If you have any questions about your policy, ask an agent to make sure you understand your policy. Renters insurance is a great way to protect your belongings against emergencies, but not all situations are covered. These include:
- Flooding: Renters insurance doesn’t cover flood damage; you must add flood insurance to your policy. It protects against damage from faulty water mains or burst pipes. Iowa deals with much flooding, so it’s something to consider. Flood insurance is available through the Nation Flood Insurance Program (HFIP).
- Earthquake damage: Earthquakes are rare for Iowa residents, but it’s important to note that damage caused by an earthquake is not covered by renters insurance.
- Expensive items: High-value items are excluded from renters insurance policies. Adding additional protection to your policy to cover expensive belongings is essential.
- Structural damage: Renters insurance only covers personal property. The structure of your home is the responsibility of the landlord.
FAQs
How much is renters insurance a month in Iowa?
Cheap renters insurance in the state of Iowa is with Lemonade for $8 monthly. On average, renters insurance costs $13 monthly with most insurers.
Is renters insurance required in Iowa?
No, renters insurance is not required in Iowa, but protecting your personal belongings is important. Your landlord might require it to sign a lease for their rental property.
How do you get renters insurance in Iowa?
Renters insurance is easy to acquire by calling insurance companies to obtain an insurance quote. It’s essential to call around to ensure you’re getting the cheapest quote.
How much is renters insurance in Iowa for a two-bedroom apartment?
The average cost of renters insurance is $103 yearly, less than the national average of $56. The quote is for a policy that includes a $20,000 personal property limit, a $100,000 liability, and a $500 deductible.
What are the benefits of renters insurance in Iowa?
Renters insurance protects your personal property. It replaces damaged clothing, furniture, and other property damaged in a disaster. Your policy might even cover temporary housing if your rental is being repaired or cleaned.
How to Purchase Cheap Iowa Renters Insurance
Purchasing cheap renters insurance in Iowa through a reputable home insurance company is easy. Ensuring you have the right coverage to protect your personal belonging is essential.
If you’re ready to get a quote for your rental, it’s as simple as comparing rates with an insurance agent, as amounts vary by company. We have a helpful tool to find the best renters insurance.
