Renters Insurance in Iowa 2021

Last modified: September 15, 2021

No federal or state law in Iowa requires tenants to have renters insurance. Still, many landlords and administration of apartment complexes require tenants to have valid renters insurance before signing the lease agreement. This is to ensure that you’ll be able to pay them in case of any damage to their house due to a natural disaster, fire, or water damage.   

 It is only wise to have renters insurance even if your landlord doesn’t require you to have it because it protects the property and your valuables. Renters insurance also offers coverage in case of incidents like theft

But choosing good renters insurance can be difficult for many people. In this article, we’re going to talk about renters insurance in Iowa. We will help you figure out how to choose the best renters policy in Iowa and list and review some of the state’s best insurance providers. If you live in Iowa and are looking for renters insurance, keep reading to get all the essential information you need to make an informed decision.   

If you are looking for affordable renters insurance outside of Iowa – make sure to check out our list of best renters insurance providers in the US.

How to Choose the Best and Cheapest Renters Insurance in Iowa?

If this is your first time buying renters insurance, you may find the process of finding the right Iowa renters insurance company a little overwhelming. To help you through this process, we’re going to highlight the primary factors you should consider when choosing the best renters policy for yourself.

Coverage Options

First things first – consider the coverage options a company provides and see if they meet your needs. An important point to note here is that all the good Iowa renters insurance companies offer the following 4 types of basic coverage options as part of the standard renters insurance:

  • Personal property coverage
  • Liability coverage
  • Medical payments to others
  • Loss of use (additional living expenses)

If the company you’re considering doesn’t offer all of these coverage options as part of the standard renters insurance, consider it as a bad sign and avoid buying your renters policy from them.

Besides considering the basic coverage options, it is also important to know which ‘perils’ your insurance policy protects you from. For those who do not know, the word ‘perils’ is used in the insurance industry to refer to any incident that causes loss. 

Some of the most common perils in renters insurance include theft, fire, smoke, lightning, vandalism, and water damage. Always check what perils are covered in a renters policy to make sure they meet your needs. 

Extended Coverage

Extended coverage isn’t necessary for everyone but is worth considering if you own valuables that are not covered by your basic renters policy, such as antiques or expensive jewelry. You may also want to consider extended coverage to get coverage against more perils.      

For example, most standard renters policies do not offer coverage in case of floods. If you live in an area that’s prone to flooding, it’s worth getting extended coverage against flooding to get extensive coverage for your home and valuables.       

Cost 

Cost is another key factor that you should consider when choosing a renters policy in Iowa. While renters insurance doesn’t cost a lot, the price varies across insurance providers, and you wouldn’t want to pay more for the same services available at a lower cost.    

The best way to find the cheapest renters insurance in Iowa is to take quotes from multiple companies according to your needs (coverage options and amount) and compare them. 

Most Iowa renters insurance companies provide online tools to get a quote. Use it to generate quotes for your needs to find the cheapest renters insurance in Iowa. It is also recommended to consider the options for deductibles a company offers.

This may seem like a bit of a hassle, but can help you save a good amount of money.

User Reviews and Ratings

It is common for sellers to make big claims about their services, but only their existing or previous customers can tell if they deliver what they promise. In other words, user reviews can give you a real insight into a company’s performance. 

To make sure the company you’re considering buying renters insurance from handles their claims effectively, always check its user reviews and ratings on different rating platforms. 

Best and Cheapest Companies for Renters Insurance in Iowa

Taking quotes from different IA renters insurance providers and comparing them can be a long and tedious process. To save you time, we researched and shortlisted the companies known for providing the best renters insurance in Iowa. The companies have been evaluated for all the key factors discussed in the previous section – coverage options, cost, and renters insurance Iowa reviews.

Here is the top renters insurance in Iowa:  

Nationwide Renters Insurance

Nationwide provides one of the cheapest renters insurance in Iowa. Let’s take a look at what their standard renters policy includes:

Coverage Details

In addition to offering one of the cheapest renters insurance in Iowa, Nationwide offers extensive coverage. The basic renters insurance policy of Nationwide includes the following coverage options:

  • Contents (personal property) – No limit
  • Personal liability – $100,000 to $500,000
  • Loss of use – 20% of personal property 
  • Medical payments to others – $1,000 to $5,000
  • Building additions and alterations – 10% of personal property
  • Credit card misuse – $500, $1,000, $2,500, $5,000, $7,500, and $10,000 
Optional Coverage Options
  • Valuable plus; for high-value items
  • Theft extension
  • Water backup
  • Earthquake
  • Brand new belongings 
Financial Strength and Customer Support Ratings
  • JD Power Rating – 2/5

  • AM Best Rating – A+ 

  • BBB Rating – A+    

Cost Per Month

As mentioned earlier, Nationwide provides one of the cheapest renters insurance in Iowa. The average per month cost of Nationwide’s basic renters insurance policy in Iowa is $10, which is about 38% cheaper than the state average.

Pros 
  • Provides second cheapest renters insurance in Iowa
  • Provides extensive coverage for the basic renters policy
  • Offers multi-policy, protective device, and claims-free discounts
Cons
  • Has a poor customer satisfaction rating

Allstate Renters Insurance

Allstate is a reliable name in the insurance industry. The company offers a great renters policy for Iowa residents at an affordable cost, making it one of the best IA renters insurance companies. Let’s take a look at what it has to offer. 

Coverage Details

Allstate also provides the following coverage options under its basic renters policy:

  • Personal property – $25,000 to $150,000
  • Liability coverage – $100,000 to $500,000
  • Guest medical coverage – $1,000 to $5,000
  • Reimbursed living expenses – No limit
Optional Coverage Options
  • Scheduled property coverage (for expensive items that are not covered by personal property insurance)
  • Identity restoration coverage
  • Increased coverage on business property
  • Personal umbrella policy
  • Flood insurance 
Financial Strength and Customer Support Ratings
  • JD Power Rating – 2/5

  • AM Best Rating – A+

  • BBB Rating – A+

Cost Per Month

Allstate also provides cheap renters insurance to Iowa residents. The average cost of Allstate renters insurance in Iowa is $12 per month. However, if you’re retired and above 55, you can get additional discounts from this dependable IA renters insurance provider. 

Pros 
  • Affordable rates
  • Special discount for seniors
  • Provides you the option to choose from RCV and ACV for personal property coverage
  • Offers great rates for bundle insurance 
Cons
  • The company doesn’t clearly state the covered losses on its website
  • Poor customer satisfaction rating, which is an indicator of high Iowa renters insurance complaints

State Farm

If you’re looking for cheap renters insurance in Iowa, State Farm is one of the best options you have. Renters insurance in Iowa by State Farm is the third cheapest in the state. Let’s take a look at what it includes:

Coverage Details

Renters insurance in Iowa by State Farm includes coverage for the following:

  • Personal property – No limit
  • Liability  –  $100,000, $300,000, $400,000, $500,000, $750,000, $1,000,000
  • Loss of use – No limit
Optional Coverage 
  • Additional liability coverage
  • Identity restoration
  • Earthquake damage 
  • Additional business property
  • Incidental business liability 
Financial Strength and Customer Support Ratings
  • JD Power Rating – 5/5

  • AM Best Rating – A++

  • BBB Rating – Not rated

Cost Per Month

The average cost of renters insurance in Iowa by State Farm is $11 per month.

Pros 
  • Provides third cheapest renters insurance in Iowa
  • Provides good additional coverage options  
  • Has excellent customer satisfaction rating
  • Has no limit on personal property and loss of use
Cons
  • Provides less coverage than our top pick, i.e., Nationwide
  • Limited discounts

Liberty Mutual

With over 100 years of experience, Liberty Mutual is one of the oldest and most dependable renters insurance providers not only in Iowa but all over the country. The company provides the most expensive renters insurance in Iowa. Following are the basic details of Liberty Mutual IA renters insurance:

Coverage Details

The standard renters insurance policy of State Farm includes coverage for:

  • Personal property – $15,000 to $25,000
  • Personal liability – $100,000 to $1,000,000
  • Medical payment to others – $1,000 to $5,000 
  • Additional living expenses/ loss of use – 20% of personal property
Optional Coverage Options
  • Blanket jewelry 
  • Personal property replacement cost
  • Earthquake damage 
Financial Strength and Customer Support Ratings
  • JD Power Rating – 3/5

  • AM Best Rating – A

  • BBB Rating – A+

Cost Per Month

The average per month cost of Liberty Mutual IA renters insurance is $24.

Pros 
  • One of the most reliable insurance providers in the US
  • Customer service is available throughout the week
  • Offers a good range of discounts
Cons
  • Has low upper limit to personal property coverage
  • Offers the most expensive renters insurance in Iowa

Farmers Insurance

Farmers Insurance is also one of the most expensive renters insurance providers in Iowa. The company has been in the industry for over 90 years and even survived through the Great Depression, making it a reliable name in the insurance industry. 

Let’s take a look at what the company has to offer for renters insurance in Iowa:

Coverage Details

Farmers provide the basic four coverage options as part of its standard renters policy:

  • Personal property coverage – No limit
  • Liability coverage – $100,000, $200,000, $300,000, and $500,000
  • Loss of use – 20% of personal property
  • Medical payments to others – $1,000 to $5,000
Optional Coverage 
  • Extended personal liability coverage
  • Additional replacement cost coverage
  • Identity shield
Financial Strength and Customer Support Ratings
  • JD Power Rating – 2/5

  • AM Best Rating – A

  • BBB Rating – B+

Cost Per Month

With Farmers Insurance, you can expect to pay an average of $24 per month for renters insurance in Iowa.

Pros 
  • Offers low deductible options
  • Has discounts for certain professionals, smoke-free homes, and homes with protective devices
Cons
  • Offers limited additional coverage options
  • Expensive
  • Has poor customer satisfaction rating

Iowa Farm Bureau 

If you wonder who has the cheapest renters insurance quotes in Iowa, we have the answer – it’s Iowa Farm Bureau.

Here’s what Iowa Farm Bureau renters insurance includes:

Coverage Details

Iowa Farm Bureau renters insurance includes coverage for: 

  • Personal property
  • Replacement cost
  • Actual cash value
  • Loss of use 
  • Medical expenses to others
Optional Coverage Options

Iowa Farm Bureau renters insurance only lets you buy additional coverage for expensive personal items and valuables.

Financial Strength and Customer Support Ratings
  • JD Power Rating – Not rated

  • AM Best Rating – A 

  • BBB Rating – A+

Cost Per Month

The average cost of Iowa Farm Bureau renters insurance is only $ 6.5 a month.

Pros 
  • Transparent pricing
  • Provides flexible billing options
  • Offers attractive discounts for membership holders
Cons
  • Non-farmers have to pay an additional annual fee

American Family

American Family is one of the most popular insurance companies in the U.S. Here’s what the company offers to tenants looking for renters insurance in Iowa:

Coverage Details

This IA renters insurance company offers the following coverage options in its standard renters policy:

  • Personal property – $15,000, $25,000, $50,000
  • Personal liability – $300,000 and $500,000 per occurrence
  • Loss of use – 30% to 40% of personal property
  • Medical expenses – $5,000 or $10,000 per person
Optional Coverage 
  • Identity theft protection  
  • Travel protection
  • Pet insurance
  • Home-based business
  • Jewelry, watches, gemstones, and fur 
  • Equipment breakdown 
  • Extended personal injury 
Financial Strength and Customer Support Ratings
  • JD Power Rating – 5/5

  • AM Best Rating – A 

  • BBB Rating – A 

Cost Per Month

The average monthly cost of American Family renters insurance in Iowa is about $13 for the basic policy.

Pros 
  • Offers great additional coverage options
  • Has a mobile app that simplifies the processes of finding an agent, paying bills, etc.
  • Claim support is available 24/7
  • Has excellent customer satisfaction rating 
Cons
  • Does not show all available coverage options through the online quote generating tool

Safeco 

Let’s take a look at what Safeco’s IA renters insurance includes:

Coverage Details
  • Personal property protection (both at home and in your car)
  • Liability
  • Living expenses (for up to 24 months)
Optional Coverage 
  • Identity recovery
  • Valuable articles
  • Personal property replacement cost protection
Financial Strength and Customer Support Ratings
  • JD Power Rating – 3/5

  • AM Best Rating – A

  • BBB Rating – A+

Cost Per Month

You can expect to pay somewhere around $12 per month for Safeco’s renters insurance in Iowa.

Pros 
  • Offers several discounts
  • Has a strong financial rating
Cons
  • Doesn’t allow you to buy insurance online
  • Average customer satisfaction rating

List of Cities and Their Averages

City Average
Waterloo $18
Des Moines $18
Cedar Rapids $17
Davenport $17
Sioux City $17
Iowa City $16

From all the major cities in the state, the cheapest renters insurance is in Iowa City.

Renters Insurance, Iowa – Buying Guide

When it comes to renters insurance, many people wonder if it is mandatory. While there is a  landlord-tenant law in Iowa that protects both landlords and Iowa renters rights, there are no Iowa laws on renters insurance that make it essential for tenants to have renters insurance. 

That being said, it is always wise for tenants to carry renters insurance to protect themselves, their families, and valuables in case of theft or any damage due to extreme weather conditions or natural disasters. Renters insurance in Iowa moves with you, so you don’t have to worry about losing your existing policy and having to buy a new one if you choose to move to new accommodation. 

Once you decide to get renters insurance in Iowa, you must equip yourself with the right information to make sure you choose the right policy and provider. There are 2 basic types of coverage available to tenants – Actual Cash Value and Replacement Cost.   

Actual Cash Value is the cheapest renters insurance and pays for the damage or loss according to the property’s worth when the incident happened. The Replacement Cost offers more extensive coverage and pays the full amount required to repair and/or replace the damage or loss. On average, renters insurance in Iowa for Replacement Cost is 10% higher than the Actual Cash Value.

Another important factor to consider when you make up your mind to get renters insurance in Iowa is the coverage options different companies provide. Typically, a standard renters insurance in Iowa includes coverage for the following:

  • Personal property
  • Personal liability
  • Loss of use
  • Medical payments to others

Coverage against flooding, extensive water damage, and earthquake are usually not covered by a standard renters insurance in Iowa.  

The average cost of renters insurance in Iowa is $124 per year, which is $61 less than the national average. The significantly lower cost of renters insurance in Iowa makes it viable for tenants to carry renters insurance at all times.

In Conclusion

There you have it – all the essential information you need regarding renters insurance in Iowa, along with the list of the best insurance providers in the state. Go through the information given above and compare different providers to choose the right renters insurance for yourself. 

Pros & Cons

The Pros

The Cons

Final Verdict

FAQs

What factors impact renters insurance premium?

The following factors impact your renters insurance premium:

  • Amount of coverage you choose
  • Deductible
  • Property location 
  • Discounts (if you’re eligible for any)

How much is renters insurance in Iowa?

The average cost of renters insurance in Iowa is $124 per year.

What are the renter insurance laws in Iowa?

Several laws in Iowa govern renters rights. Some of the major Iowa lease laws cover issues like the number of notices landlords should give to tenants for increasing the rent, late fees, and the number of times tenants have to pay rent or move before a landlord can file for eviction. 

Is flood damage and wind damage covered under renters insurance in Iowa?

Most companies that offer renters insurance in Iowa provide coverage for wind damage. Typically, coverage against flood damage is not included in a standard renters insurance in Iowa.

Do Iowa renters insurance cover liability outside the house?

Yes, most renters insurance policies in Iowa include coverage for liability outside the house.

What is home inventory, and why do you need it?

A home inventory is that name given to the document that enlists all your possessions and their approximate financial value. Having a home inventory speeds up the claim process in case of damage or loss and ensures that you do not miss out on anything.