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By Talullah Blanco
Updated on Jun 27, 2022
Reviewed by Melanie Reiff, Staff Editor.
Iowa renters insurance costs $103 on average per year. For that rate, your policy will cover personal property, loss of use, liability protection, and medical payments if anyone is injured in your rental home.
If you’re moving into your new place, the last thing you are thinking about is purchasing renters insurance. Whether you just signed a lease on your first apartment or you’re a seasoned tenant, you’ll want renters insurance to protect your personal belongings from damage.
Price comparison and car insurance broker app Jerry has compiled everything you need to know about Iowa renters insurance: what it is, what it covers, how to build a policy, and save money by bundling your renters and car insurance.
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What is renters insurance?
Your renters insurance policy provides financial protection in the event your personal belongings are damaged by a covered loss.
The base renters insurance policy includes the following coverage:
- Personal property (Coverage C): This covers the cost of replacement or actual cash value of your personal belongings if they’re damaged or lost by a covered peril.
- Loss of use (Coverage D): If your rental home becomes unlivable due to covered perils, this part of your insurance can help you pay for temporary living expenses. Think about basic expenses like hotel rooms, takeout food, and laundry.
- Liability protection (Coverage E): This coverage pays for any legal fees if someone is injured or their property is damaged in your home.
- Medical protection (Coverage F): If someone is injured on your rental property and requires medical attention, this part of your insurance will cover the cost of medical expenses.
The coverage amount will be determined by the value of your personal belongings while liability protection will be $100,000 minimum. Your landlord may require you to increase your liability coverage.
MORE: Loss of use coverage
Key Takeaway: Your renters insurance will cover medical expenses if someone is injured on your rental property and legal fees if a lawsuit arises.
What does renters insurance cover?
Your renters insurance will only cover the perils detailed in your policy. Here are the perils you can expect to be included in your renters insurance policy:
- Fire or lightning
- Windstorm or hail
- Falling objects
- Volcanic eruption
- Weight of ice, snow, or sleet
- Accidental discharge or overflow of water steam
- Sudden and accidental tearing, cracking, burning, or bulging
It’s important to understand what is and isn’t covered in your renters insurance policy. There may be perils excluded from your policy that cause widespread damages in your state, such as flooding.
What does renters insurance not cover?
Your renters insurance covers a lot, but not everything. Here are a few events and items your renters insurance won’t typically cover:
- Pests: Your renters insurance will not cover damage caused by pests. If a rat or cockroach scurries across your kitchen floor, you’ll have to pay for an exterminator, too.
- Your roommate’s stuff. Unless you and your roommate are related by blood, marriage, or their name is on the policy, their personal property isn’t covered under your policy.
- Floods and earthquakes. These natural disasters are rarely included in your standard renters insurance policy but devastate communities across the United States.
Key Takeaway: Renters insurance protects the personal property of those listed on the policy.
Is renters insurance required in Iowa?
While the state of Iowa does not require renters insurance by law, your landlord might require you to carry renters insurance as a condition of the lease. Even if your landlord doesn’t require renters insurance, you should still purchase it to protect yourself from paying thousands of dollars in damages.
Although costs vary depending on how you build your policy, you can expect to pay $9 per month for basic renters insurance in Iowa. With a monthly premium that low, purchasing renters insurance is a financially sound investment.
How to build an Iowa renters insurance policy
Building a renters insurance policy that is customized to your location and your assets is easy. Get the coverage you need by following these steps:
Take inventory. Start by taking an inventory of everything you own in your home. While going through each room in your home and assessing your belongings it’s a good idea to photograph or digitally document the following information:
- Purchase date
- Purchase price
- Brand number
- Serial number
Set coverage and personal liability limits. Your coverage limits should be reflective of the actual cash value of your belongings. Liability limits will likely be set by your landlord at $300,000 to $500,000.
Add flood insurance. While renters are not required to purchase flood insurance, flooding is the most common natural disaster in Iowa. With flash floods and extreme flooding severity increasing in Iowa each year, you’ll want to purchase flood insurance.
Key Takeaway: Customizing your renters insurance policy will offer you the coverage you need based on your lifestyle and where you live.
Actual cash value vs. replacement cost
You’ll have to choose between a policy that provides actual cash value or replacement cost coverage. Both offer financial assistance in the event of a covered loss.
A policy that provides actual cash value protection accounts for marketplace depreciation and will only cover the current value of your belongings at the time of loss. While a policy that covers replacement costs allows you to claim your belongings for the full amount you originally paid for them.
You’ll get more from a policy that provides replacement cost coverage, but you’ll have to pay more. Carefully assess your needs and the potential risk in your area and choose your preferred coverage accordingly.
How to find cheap renters and car insurance
The best way to save money on your renters insurance is by bundling it with your car insurance. Most companies will offer bundling discounts between 5% and 25% on both policies.
If you are not satisfied with your initial quote, you’ll want to compare prices from other providers to find affordable renters and car insurance.
Jerry is the easiest and most effective way to find renters and a car insurance policy that is customized for you.
After providing you with a comprehensive cross-analysis of the best policies across providers, Jerry will handle the phone calls, paperwork, and renewals for your top pick so that you don’t have to. They even help cancel your old policy! So why do all that extra work when Jerry can do it better?
“Jerry let me customize my preferred auto and renters insurance so that I saved $100. I never even considered looking into Travelers but now they’re my policyholders! This app rocks.” —Jamie A.
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Is renters insurance worth it?
Yes, renters insurance is worth it and is the only way to protect your personal belongings from damage. Renters insurance is the cheapest insurance, and it could potentially save you thousands of dollars in the event of a covered accident.
What is the average cost of renters insurance in Iowa?
Renters insurance costs $103 per year in Iowa which is significantly less than the national average cost of $168 per year.