Idaho Renter's Insurance

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Idaho Renter’s Insurance

June 25, 2024

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Purchasing a renter’s insurance policy is one of the easiest (and cheapest) ways to protect yourself and your belongings while renting your home. A typical policy costs only $10 to $20 per month and can save you much more should unexpected damage or liability occur. 

But despite its affordability and practicality, only about half (55%) of U.S. renters currently have renter’s insurance, most of whom must have a policy per their landlord’s requirements. 

We’ve prepared this article to help you understand why you need renters insurance and how to obtain a policy in this state—from cost and coverage to additional policies you may need.  

What is Renter’s Insurance? 

Renter’s insurance is insurance that covers specific types of losses suffered by renters during their occupation of a rental property. A typical renter’s insurance policy covers personal property, liability protection, and additional living expenses. Renter’s insurance often kicks in after damage from natural disasters, accidents, or other incidents.  

An important note: Renter’s insurance does not cover the actual building itself. The physical building you live in should be covered by your landlord’s insurance. Renters insurance helps protect you and the belongings you own within the property that may be damaged or stolen. 

Why Do I Need Renter’s Insurance? 

Everyone who rents their home—whether that be a single-family home, studio apartment, mobile home, townhome, condo, or other type of property— should have a renter’s insurance policy. This is because even though you don’t own the physical building you are renting, the items you keep within it (or even in your car, or elsewhere) could still be damaged or stolen. 

For example, imagine that a fire occurred in your apartment complex. Your landlord’s insurance would cover the damage to the actual building, appliances, and building systems. However, your landlord is not responsible for replacing all your lost clothes, furniture, electronics, and other belongings. That’s what renter’s insurance is for.  

Renters insurance policies can also cover medical or legal expenses if you are sued. For example, your renter’s insurance would apply if someone gets injured in your home and you are responsible for their medical bills. 

An average renter’s insurance policy includes $20,000 – $30,000 of personal property coverage and doesn’t cost you more than a $20 bill each month. It’s a small price to pay for the great financial security renters insurance offers. 

What Does Renters Insurance Cover? 

Renter’s insurance has three main categories of coverage. 

  • Personal Property: Personal property refers to any belongings like clothes, furniture, electronics, etc. Your personal property is subject to limits and requires a deductible. However, your insurance will reimburse you should your personal property get damaged by disasters such as the following:  
    • Fire and smoke 
    • Storms, lightening, wind, hail 
    • Theft 
    • Vandalism 
    • Explosions 
    • Winter weather damage 
    • Damage from infrastructure tearing, cracking, burning, etc. 
    • Sudden, accidental damage from electric currents 
  • Liability: Liability coverage pays for your medical or legal bills should you be responsible for an injury on the property or damage to the property itself. 
  • Loss of Use/Living Expenses: Loss of use insurance kicks in if the property you rent becomes uninhabitable due to damage or repairs. It pays for your hotel bills and even certain food expenses while you wait for repairs to be completed. 

There are a few disasters renter’s insurance doesn’t cover, like flooding. It’s important to read your renter’s insurance policy to understand what is and isn’t included. If you need coverage that isn’t included, you can purchase add-on policies, such as water backup coverage, theft extension coverage, scheduled valuables coverage, or earthquake and volcano coverage. 

Idaho Renters Insurance 

Renters insurance in Idaho protects you and your belongings from a range of perils. Fortunately for its residents, Idaho is one of the safest states for crime and burglaries. However, homes in Idaho are still vulnerable to certain natural disasters and other extreme weather. If your belongings are damaged due to a severe weather event, your Idaho renters insurance can reimburse you either the cash value or replacement cost value of your lost items, depending on your policy. It can also pay for legal or medical expenses if you are liable for an injury that occurred in your home. 

What Does Renters Insurance Idaho Cost? 

Many renters understandably worry about what renters insurance costs. Fortunately, renters insurance in Idaho is extremely affordable. The average renters insurance premium for Idaho in 2024 is $131, or only about $11 per month. Idaho’s rates are cheaper than the national average and very reasonable for the security and protection they provide. Keep in mind, however that the specifics of your coverage and deductible amount will influence your monthly cost as well. The cheapest renters insurance companies and policies will have higher deductibles, while more expensive policies tend to have lower deductibles. 

What Are the Most Common Claims in Idaho? 

Common renter’s insurance claims in Idaho include damage due to wind, rain, and storms. Damage from wildfires is also possible in Idaho. In 2020 Idaho experienced 933 wildfires, which burned over 318,000 acres of land and caused between $100 and $200 million in damage statewide. If your personal property is damaged due to a wildfire or other natural disaster, renter’s insurance can reimburse you for the loss. 

What Additional Policies Do I Need in Idaho? 

Idaho renters may also choose to purchase flood insurance. Floods are not extremely common in Idaho, with most counties seeing fewer than 30 flood events in total between 1996 and 2019. However, if your home is in a floodplain or has flooded in the past, you may need flood insurance coverage. 

Flood coverage is typically excluded from most renter’s insurance policies, so a separate policy is necessary. The National Flood Insurance Program (NFIP) helps renters find a flood insurance policy customized to their individual needs and coverage preferences. 

How to Get Renters Insurance in Idaho 

Most major insurance providers offer renter’s insurance, often bundled with auto insurance for renters insurance discounts. To determine your policy and coverage details, your insurer will typically ask you a few questions about the rental unit (such as the type of building, year it was built, and address) and the dollar value or replacement cost of high-value personal belongings you own. You’ll be able to tailor your policy and coverage details to your needs and procure renters insurance quotes from multiple companies. 

Get Renter’s Insurance with Innago 

Innago offers renter’s insurance through our partnership with Assurant. If you’re a renter, regardless of whether your landlord uses Innago, you can purchase a policy and get protection for you and your personal belongings. You can get quick quotes, cheap renters insurance rates, customizable coverage, and even add an additional person onto your policy at no extra cost. 

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