Best and Cheapest Renters Insurance in Iowa (Aug 2024)

While State Farm is the best for $20K in personal property coverage with an average annual premium of $64 and a MoneyGeek score of 85 out of 100, the best option for you will depend on your needs.

Farm Bureau is great for those who value service, while Farmers is ideal for veterans. Keep your unique requirements in mind when selecting a renters insurance policy.

State Farm is the best renters insurance provider in Iowa, boasting the highest MoneyGeek score of 85 out of 100 with an annual premium of $64 for $20,000 in personal property coverage. This provider typically balances cost and customer service effectively. The following providers are the two best renters insurance providers in Iowa for the same policy:

• State Farm: MoneyGeek score of 85 out of 100 ($64 per year)
• Auto-Owners: MoneyGeek score of 84 out of 100 ($62 per year)

While State Farm is not the cheapest option, it still strikes a good balance between customer satisfaction and affordability. However, the best choice for you will depend on your specific needs.

Shelter offers the cheapest renters insurance in Iowa with an annual premium of $49 for $20K in personal property coverage and a $1,000 deductible. The two cheapest providers are:

• Shelter: $49 per year
• Auto-Owners: $62 per year

Personal property coverage helps protect your belongings such as furniture, electronics, and clothes against theft, fire and other covered perils. Cheap renters insurance policies often have low personal property coverage limits. Higher limits can cost more monthly but better protect extensive personal belongings.

In Iowa, the cheapest renters insurance company for $20K in personal property coverage with a $2,000 deductible is Shelter with an annual premium of $48. The two cheapest providers are:

• Shelter: $48 per year
• Auto-Owners: $59 per year

A deductible is the amount you pay out-of-pocket before your insurance covers the rest. A higher deductible can lead to lower premiums. Check how rates change using the table below.

Farm Bureau is the best renters insurance company for service quality in Iowa for $20K in personal property coverage with an annual premium of $82. The following providers are the two best:

• Farm Bureau: MoneyGeek score of 82 out of 100 ($82 per year)
• Nationwide: MoneyGeek score of 81 out of 100 ($85 per year)

Great customer service is essential for renters because it alleviates the stress and uncertainty during challenging times. For example, when you file a claim, prompt and clear communication from your insurer ensures a smooth and hassle-free experience.

Farm Bureau is the best renters insurance company for renters who need $100K of personal property coverage in Iowa, with an annual premium of $137. The two best providers are:

• Farm Bureau: MoneyGeek score of 91 out of 100 ($137 per year)
• State Farm: MoneyGeek score of 90 out of 100 ($144 per year)

Renters with more personal belongings should consider higher personal property coverage. Personal property coverage protects your items against theft, damage and other covered events. Higher personal property coverage often comes at a higher cost. Therefore, it’s important to find a provider who balances cost and great service, ensuring you’re well-covered without overpaying for your valuables.

For military members residing in Iowa, the best renters insurance company for $20K in personal property coverage is State Farm, with an annual premium of $64 per year. The best providers are:

• State Farm: MoneyGeek score of 85 out of 100 ($64 per year)
• Auto-Owners: MoneyGeek score of 84 out of 100 ($62 per year)

For military members, finding the best provider means prioritizing both customer service and affordability. Balancing these aspects is crucial for those with a military background to ensure that they have reliable coverage without overpaying.

State Farm is the best renters insurance company for people with poor credit in Iowa, with an annual premium of $135. The following providers are the two best:

• State Farm: MoneyGeek score of 91 out of 100 ($135 per year)
• Nationwide: MoneyGeek score of 90 out of 100 ($143 per year)

Rates for people with poor credit are often higher because insurers view individuals with poor credit as higher risk due to the potential for increased claims. You can improve your credit score over time to lower your rates and take advantage of any available discounts.

The average cost of renters insurance in Iowa is $87 annually, which breaks down to $7 monthly. This is significantly cheaper than the national average of $146 per year. Iowa's average is $59 less than the national average. These rates are based on a renters insurance policy with $20,000 personal property limits, $100,000 liability limits, and a $1,000 deductible.

Renters should remember that the average cost of renters insurance in Iowa may vary greatly depending on the amount of personal property coverage you purchase. Personal property coverage protects your belongings in case of theft, fire or other covered events. Use the tool below to get an estimate for your renters insurance based on your needs.

The average cost for renters insurance not only varies by state, but also varies by city. For example, in Des Moines, the average cost is $90, which is higher compared with $86 in Cedar Rapids. These rates are based on a renters insurance policy with $20,000 personal property limits, $100,000 liability limits, a $1,000 deductible, and a good credit score. See the average cost in your city using the table below.

Multiple factors impact the cost of renters insurance in Iowa, including location, coverage amount, and deductible. Understanding these factors is important for renters to make informed decisions about their insurance coverage.

• Location: The area where you live can affect your premium due to crime rates and weather-related risks.
• Coverage Amount: Opting for higher coverage limits will typically increase your insurance costs.
• Deductible: Choosing a higher deductible can lower your monthly premium, but you'll pay more out-of-pocket in case of a claim.
• Claims History: Renters with a history of claims may face higher premiums due to perceived risk.
• Credit Score: Insurance companies may use your credit score to determine your premium, with higher scores often leading to lower costs.

Determining your personal property coverage involves creating a personal inventory of all your belongings at home. A personal inventory is a detailed list of your items, including descriptions, values, and photos. Follow these steps to create your personal inventory:

1. Start With Big-Ticket Items: List all high-value items first, such as electronics, jewelry and furniture, noting their make, model and serial numbers when available.
2. Document With Photos or Videos: Take clear photographs or video recordings of your belongings, capturing any identifying marks or conditions.
3. Include Receipts and Appraisals: Attach purchase receipts, warranty cards and appraisal documents for items of significant value.
4. Store Information Securely: Keep your inventory list and supporting documents in a safe, accessible location, such as a cloud storage service.
5. Update Regularly: Review and update your personal inventory annually or whenever you acquire or dispose of items.

Renters insurance primarily protects your personal belongings from damage, but it also extends to other areas such as liability and additional living expenses. Here's what a typical policy may cover:

• Personal Property Coverage: Safeguards your possessions against covered perils like theft to help you replace them.
• Personal Liability Coverage: Protects you from legal responsibility for injuries or damage to others, such as if a guest is injured in your rental unit.
• Loss of Use Coverage: For additional living expenses if your rental is uninhabitable due to a fire, for example, loss of use coverage can cover temporary housing costs.

Renters insurance typically applies to specific events, like theft, vandalism or specific natural disasters. Here's what most policies cover:

• Fire or lightning
• Windstorm or hail
• Explosions
• Riots
• Damage caused by aircraft
• Damage caused by vehicles
• Smoke damage
• Vandalism
• Theft
• Volcanic eruption
• Falling objects
• Weight of ice, snow or sleet
• Water-related damage from home utilities
• Electrical surge damage

Although renters insurance provides a safety net for your personal property and liability, it does not universally cover all losses. For instance, damage from floods typically falls outside standard policies. Here's what else is usually not included:

• Natural Disasters: Standard policies often exclude events like floods and earthquakes.
• High-Value Items: Expensive jewelry or electronics may exceed policy limits.
• Business Equipment: Items used for business purposes may require additional coverage.
• Roommate Property: Your policy does not cover your roommate's belongings.
• Pest Damage: Infestations and damage from pests are generally not covered.
• Car Theft: Personal vehicles are covered under auto insurance, not renters insurance.

Understanding these exclusions can help you seek additional coverage if necessary, ensuring you're protected against a wider range of potential risks.

Finding the best renters insurance in Iowa can be easy. We've answered some common questions to help you make an informed decision.