Iowa Renter's Insurance

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Iowa 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 in Alabama. 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 in Alabama 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. 

Iowa Renters Insurance 

Renters insurance in Iowa protects you and your belongings from a range of perils. Although Iowa experiences fewer types of natural disasters than other states, extreme weather can still damage your home and personal belongings. Your renters insurance company can reimburse you for these losses and cover your legal fees or medical payments if you are ever responsible for an injury in your home (up to your coverage limits and minus your deductible). 

What Does Renters Insurance Iowa Cost? 

Many renters are understandably concerned about the renters insurance cost factor. Fortunately, Iowa renters insurance rates are very affordable. According to NerdWallet, the average Iowa renters insurance premium for 2024 is $110, or about $9 a month. Iowa’s rates are 25% lower than the national average cost of renters insurance. At this low rate, purchasing renters insurance is well worth the small price for the safety and security it offers. 

Keep in mind that your exact cost will vary depending on the specifics of your renters policy and covered losses. The cheapest insurance options will have higher deductibles, while more expensive coverage options tend to have lower deductibles. 

What Are the Most Common Claims in Iowa? 

Common renter’s insurance claims in Iowa include property damage due to extreme weather events and break-ins. Iowa’s burglary rate is in the upper half of rates for the U.S. states—In 2021, the state experienced 370 burglaries per 100,000 people. If you experience a home burglary, your renters insurance policy is the only protection that can guarantee you compensation for your covered losses.  

Iowa also experiences several tornadoes each year and has been identified as one of the top states affected by climate-related disasters. About one third of Iowa’s natural disasters have occurred in the last five years, demonstrating an acceleration of severe weather in the area. As the frequency of natural disasters increases, so will the risk of going without renter’s insurance in the state. 

What Additional Policies Do I Need in Iowa? 

Iowa renters may also need to purchase flood insurance. Flooding can occur after heavy rains or storms and especially impacts areas near large bodies of water, like the Mississippi River.  

FEMA data from the past decade shows that the historical risk of flooding is high across the state. Almost every county in Iowa has experienced more than 50 flood events between 1996 and 2019, and many have experienced more than 100.  

If your home is within a floodplain or has previously flooded, investing in flood coverage is a smart decision. 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 Iowa 

Most major insurance providers offer renter’s insurance, often bundled with auto insurance for a lower price. 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. 

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 and affordable quotes, customize your coverage, and add an additional person onto your policy at no extra cost. 

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