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As a landlord or property manager, you have many things to focus on. While you probably have landlord insurance, this won't cover the tenant's personal property. Instead, it's used for the building structures. To fully protect the tenants, they need to have renters insurance.
What is Idaho renters insurance, and how is it beneficial to them and you? You'll learn all about it in this article.
What Is Idaho Renters Insurance?
In a sense, renters insurance is coverage designed for tenants. It protects their personal belongings and offers additional living expenses and liability coverage. The personal property coverage is there to cover clothing, furniture, and everything else in the unit and often extends to theft outside the home.
Average Cost of Renters Insurance in Idaho Per Year
The cost of renters insurance is about $169 per year in Idaho, which equals about $14 per month. This is higher than the national average, which sits at $159/year. However, the price tenants pay depends on how much coverage they need and where they live. Therefore, they should expect to see varying amounts.
How Much Does Idaho Renters Insurance Cost (Based on Popular Cities)?
ValuePenguin claims that renters insurance rates could be higher or lower based on the city in which the tenant lives. For example, those in Burley will pay much more than those in Enfield. Let's take a look at some of the top cities:
- Chubbuck - $176/year
- Caldwell - $185/year
- Twin Falls - $186/year
- Pocatello - $173/year
- Idaho Falls - $172/year
- Burley - $187/year
- Boise - $172/year
Is Renters Insurance Required in Idaho?
No Idaho law mandates renters insurance, but landlords can require it. In fact, it's wise to do so because it will protect you and the tenants. Overall, you would put a clause in the lease stating that tenants must buy renters insurance. You may also want to demand proof by having your name listed as an interested party.
What Does Renters Insurance Cover in Idaho?
Idaho doesn't deal with many natural disasters, but the state is prone to wildfires, floods, earthquakes, tornadoes, and storms. Usually, everything is covered other than flooding and earthquakes. Therefore, tenants might need separate renters insurance policies to protect them from those things.
Here are the things that renters insurance typically covers:
Personal Property Coverage
Personal property coverage will cover the tenant's personal belongings. It offers protection from accidents related to vandalism, theft, wind, covered water issues, smoke, and fire.
Loss of Use
After a covered loss, the unit might be uninhabitable. When that happens, the renters insurance will cover additional living expenses. Tenants are reimbursed for temporary housing and other related costs.
Medical Payments to Others
As part of the liability coverage, medical payments if someone gets hurt in the tenant's unit are also included. This will cover the medical bills of non-residents and guests, but it won't offer reimbursements to injured policyholders.
Personal Liability Coverage
Liability is there for the tenant's protection. If someone gets hurt in the tenant's house or the tenant causes property damage to other people's things, it will cover legal fees and the damages.
What Does Renters Insurance in Idaho NOT Cover?
Usually, renters insurance covers most situations. However, damages over the policy limit are excluded. Therefore, it's wise for tenants to know how much it would cost to replace everything in the home.
Likewise, most plans won't cover every event. For example, flood damage is often one of the exclusions. If a flood comes through and damages the tenant's items, they won't be replaced. Tenants can usually buy separate policies to help with this.
How to Choose the Right Policy
Tenants should thoroughly research each company and get quotes from three or more. This will help them choose a policy that meets their needs. Here are a few tips you can give them:
- Technology - Online services are more convenient. Some people don't want to work with local agents to make claims or ask questions.
- Customer Satisfaction - Tenants should read reviews from other consumers to determine if the company has great customer service.
- Coverage Options - Having many options will ensure that tenants get the best coverage at an affordable rate.
Available Renters Insurance Discounts in Idaho
Every company offers discounts, which can help keep renters insurance costs low. However, they're all different. Here are a few of the most common options:
- Pay in full for coverage upfront discount
- Bundling discount
- Protective device discounts
- Higher deductible to save money on premiums discount
- Claims-free discount
- Online purchase discount
How Does a Renters Insurance Policy Protect the Landlord or Property Manager?
Renters coverage can help landlords in these ways:
- Won't have to pay for a tenant's damaged personal property with the landlord's property insurance
- Won't have to pay for medical bills and other costs relating to injuries
- Can keep landlord's insurance rates down
- Easily accept pets
Top 5 Best Cheapest Renters Insurance Companies in Idaho
Here are the top renters insurance companies available in Idaho:
1. State Farm Renters Insurance
State Farm is one of the best cheap renters insurance companies. It costs about $10 per month, and the brand is one of the largest insurers in the country. However, tenants will have to work with a local agent to answer questions and get quotes.
Likewise, there might be fewer coverage options. Those who need special coverage might need to look at another insurer.
2. Amica Renters Insurance
Tenants who want the best renters insurance company might like Amica, but it's not the cheapest option. Still, the National Association of Insurance Commissioners claims that it receives half the complaints of similar providers, so customers are generally happy with the service they get.
Plus, Amica offers many discounts. Still, it doesn't have the best coverage options, so those who need many add-ons might have to go elsewhere.
3. Travelers Renters Insurance
When tenants are focused on many coverage options, Travelers might be the best renters insurance. It has many choices compared to other insurers. Still, rates are about 50 percent more here, and tenants must pay for a year's worth of coverage upfront.
Still, there's replacement cost coverage, extended liability, and valuable items coverage.
4. SURE Renters Insurance
SURE is another great choice for renters coverage. Tenants can find a plan that meets their needs, and the prices are decent. Plus, there are many endorsements, and the mobile app is quite easy to use. In fact, tenants can manage and buy policies from one spot, and they'll get instant quotes, too!
5. Nationwide Renters Insurance
Nationwide is a great option because the brand has been around for many decades. Plus, it's pretty affordable and offers unique coverages. With the many discounts, it's easy to see why people like this insurer.
What Is DoorLoop?
Landlords and property managers have many things to focus on, and a property management software solution can be a great thing. DoorLoop is available to all landlords, whether they have mixed-use, commercial, or residential properties.
DoorLoop helps you:
- Collect rent automatically.
- Manage your rental portfolio.
- Offer tenants an online portal.
- Manage your maintenance requests online, reducing the amount of calls and texts you get.
- Manage your accounting tasks.
- Build a custom, free website for tenants to apply online and for you to market your vacancies through Trulia and Zillow.
You can learn more about DoorLoop and schedule your demo now!
Why Work with DoorLoop
When you work with DoorLoop, you can require tenants to have a renters insurance policy. They can apply directly through the application or tenant portal, which is powered by SURE in Idaho. However, they can also submit companies on their own. Learn more about this awesome service today!
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