The Best and Cheapest Renters Insurance in Boise, ID, for 2024: Rankings, Reviews and Rates

bestrenters insuranceBoise

2024

The Cheapest and Best Renters Insurance in Boise

Cheapest renters insurance in Boise - MetLife

Best renters insurance in Boise - USAA

Cost is an important factor to consider when getting renters insurance in Boise since many insurers offer the same coverage. Compare premiums between insurance companies to find a policy that best suits your needs.

According to MoneyGeek’s research, on average, the cheapest renters insurance companies in Boise are:

• Nationwide: $80 per year
• USAA: $89 per year (only available to military personnel and their families)

USAA is an affordable option for those with a military background, and policyholders get reimbursed for items at replacement cost and have coverage for floods and earthquakes that damage their belongings.

MoneyGeek’s sample renters insurance policy has $20,000 in personal property coverage, $100,000 in liability coverage and a deductible of $500. You can use the table below to see how your premium changes based on your chosen personal property coverage limit.

If you live outside of Boise, MoneyGeek also compared rates of renters insurance companies in Idaho.

Average Annual Rates for Personal Property Insurance

Personal Property Coverage:

$20,000

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1

USAA

Score:94

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COMPARE QUOTES

by MoneyGeek

4.5/5

Affordability

5/5

User Satisfaction

5/5

Financial Stability

Geek Quick Take

Our top pick in Boise for renters insurance is USAA, garnering a perfect score in customer service and high affordability score. USAA is not widely-available to Boise renters since it’s exclusive to those with a military background.

More About USAA

USAA is consistently a cheap option for eligible renters across the country. USAA policies include flood and earthquake coverage, which most other providers don’t include. To make a policy more affordable, military members who are currently serving can get an additional discount on their policy. Plus, USAA continues to cover you even if you’re deployed abroad or decide to move outside of the U.S.

2

Nationwide

Score:93

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COMPARE QUOTES

by MoneyGeek

4.8/5

Affordability

4.3/5

User Satisfaction

4.5/5

Financial Stability

Geek Quick Take

Nationwide received above-average scores across the board, and the best score of all companies for affordability. Up to your chosen limit, you can get extra coverage for valuables like jewelry and fine art.

More About Nationwide

With Nationwide, policyholders can get protection against water backup damage caused by sewers or drains. You can also extend your protection outside of your rented unit to cover personal belongings in a trailer, motor vehicle or watercraft. Nationwide also provides add-on earthquake coverage.

Nationally, the average cost of renters insurance is $159 per year. Renters in Boise pay $97 per year, which is around $62 less than the national average rate.

Several factors impact renters insurance rates in Boise. MoneyGeek listed below factors that greatly impact the cost of your premium.

1. Personal property coverage amount. Your personal property limit plays the biggest role in determining the cost of your renters insurance in Boise.
2. Location. Insurance providers compute your premium based on where you live. Crime rates have a minor effect on the cost of how much you pay for renters insurance.
3. Deductible. The deductible is what you pay your carrier out-of-pocket when filing a claim. If you have a higher deductible, your monthly payments are more affordable.
4. ACV vs. RCV. Insurance companies tend to reimburse policyholders either through actual cash value (ACV) or replacement cost value (RCV). With ACV, you’re reimbursed for the depreciated value of belongings. Conversely, with RCV, you’re reimbursed for the cost of buying a new, similar item.
5. Liability coverage amount. Your liability coverage has the least impact on your premium — the standard amount is $100,000. But you can get thousands of dollars more in coverage by paying an additional few dollars a year.

Calculate How Much Renters Insurance You Need

Personal Property Coverage Calculator

When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.

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Based on your inputs, MoneyGeek recommends getting a policy with in personal property coverage to avoid paying out of pocket after a disaster or theft.

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Compared to other insurance types, renters insurance isn’t as greatly affected by location. Your neighborhood has a limited impact on your premium, either increasing or decreasing your rate by a few dollars per month.

While renters insurance isn’t a legal requirement in Idaho, MoneyGeek strongly encourages you to purchase renters insurance in Boise. At a low cost, renters insurance protects your belongings.

When you’re shopping for renters insurance in Boise, it’s important to select a policy that offers the right amount of coverage. Renters insurance is relatively cheap and provides protection from perils such as theft. In 2019, the FBI found that Boise had 1,479 reported property crimes per 100,000 residents, which is 21.75% below the national average.

Renters insurance also covers individuals who live in rental apartments or homes from risks like water damage, fires and vandalism. Standard renters insurance policies in Boise include the following:

• Personal property coverage: This covers items in your rented property, like your clothing, appliances and furniture, from perils such as fire and theft.
• Additional living expenses: In the event that you can’t live in your unit, this coverage helps you pay for the cost of temporary housing to policy limits.
• Liability insurance: If an accident occurs within your rented unit and injures another person or causes damages, you’re covered.
• Medical payments coverage: This covers the medical bills, to policy limits, if someone is injured within your rented property. You can get this payout regardless of who is at fault.

Renters insurance has its limits. While it covers personal property, it doesn’t cover the structure of the rented unit — the owner has insurance to cover it. Perils also aren’t always covered by renters insurance. So if you know that you need additional coverage, it’s best to purchase it.

Even if water damage is covered by renters insurance in Boise, flood damage usually isn’t. Instead, you can buy incremental insurance through the National Flood Insurance Program (NFIP).

Renters insurance also doesn’t cover your roommate's belongings, damage from earthquakes (with most companies), damage to your vehicle, jewelry or similar items that cost more than your policy’s limit. Not all policies are the same, so you should carefully read through the terms.

To help you get the best and most affordable renters insurance in Boise, MoneyGeek answered commonly asked questions about it.

About Mark Fitzpatrick

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Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.

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