costs an average of $97 per year. For this low rate, you get personal liability, property damage, additional living expenses, and medical payments coverage (if anyone is injured on your rented property).

Getting the right insurance policy may not be at the top of your list when you think of apartment hunting. Luckily, renters insurance is one of the cheapest and easiest kinds of insurance to buy. Renters insurance provides legal and financial stability, as well as peace of mind, should any accidents or losses occur in your home or apartment.

The

car insurance

super app

Jerry

has put together a guide covering what you need to know about Idaho

renters insurance

. Here’s a look at the basics of renters insurance policies, how to customize your policy, and how you can score major savings through bundling.

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What is renters insurance?

A renters insurance policy covers your rented property against covered perils. In addition to standard personal liability insurance, these policies offer financial and legal protection for your property if it is stolen, damaged, or destroyed.

A standard renters insurance policy generally contains these coverages:

Property coverage (Coverage C): If your belongings are damaged or destroyed by any of the listed covered perils, this coverage takes care of the replacement or actual cash value (ACV) cost.

Loss of use coverage (Coverage D): This insurance will pay for living expenses you need if your property becomes uninhabitable, such as a hotel room or food delivery. Also known as additional living expenses (ALE) coverage.

Personal liability (Coverage E): Personal liability insurance covers any amount you are legally obligated to pay should someone get injured on your property or have property damaged while at your home. Court and attorney fees are included.

Medical payments (Coverage F): If anyone is injured in your home, Coverage F will help to pay their medical bills.

It’s a good idea to conduct an inventory of your property so you can determine the level of property coverage you will need for your new apartment.

Your landlord may also require a minimum amount of coverage as a condition of your lease, usually around $100,000 for liability insurance.

What does renters insurance cover?

Only named perils explicitly listed in your policy will be covered by your renters insurance. Covered perils can vary based on your location, but you can expect a policy to cover the following:

Fire

Explosion

Lightning

Hail

Windstorm

Frozen plumbing

Falling objects

Impact from a vehicle

Vandalism

Theft

Your insurance policy could have more or fewer covered perils than what is listed above. Remember that only perils explicitly named will be covered.

Make sure you read over your renters policy thoroughly to get a good understanding of your coverages. For example, if you have a roommate, your policy will not cover their belongings. Your roommate will need to buy a separate renters policy to protect their property.

What does renters insurance not cover?

While your renters insurance policy provides a broad scope of coverage, there are certain things that it will not protect. Here are common items that aren’t covered by a standard renters policy:

Your car: Damage to your vehicle will only be covered by an

auto insurance

policy. Renters insurance will not cover a vehicle even if it is parked on the rental property.

Work-related items: If you work or run a business out of your home, any items you use for work may not be covered under your renters insurance. Property associated with work or business might need separate insurance.

Valuables: Renters insurance may not cover your treasured family heirlooms. Expensive jewelry or collectibles usually need additional insurance coverage.

MORE:

Idaho car insurance laws and coverages

Key Takeaway: A renters insurance policy covers your personal property, but that’s not all—if any accidents happen at your home, it provides useful financial protection against legal costs.

Is renters insurance required in Idaho?

There is no law requiring renters insurance in Idaho. Even so, your landlord may require a renters policy as a condition of your lease.

It’s a good idea to get renters insurance even if the law or landlord doesn’t require it so you can protect yourself financially against losses or accidents.

Fortunately, Idaho renters insurance is very affordable. Prices can change from year to year, but renters insurance in Idaho is typically about 39% cheaper than the national average annual rate of $173.

This means that Idaho renters only have to pay around $8 per month for a comprehensive policy that pays out up to hundreds of thousands of dollars after a major loss.

In other words, investing in a renters insurance policy is always a smart financial decision.

How to build an Idaho renters insurance policy

Building your Idaho renters policy involves a few easy steps. The first thing you will need to do is complete an inventory of all of your belongings. Take down the following information for the art, electronics, furniture, and appliances in each room:

Purchase price

Purchase date

Serial number (if available)

Brand number

Quantity

Take photographs of your belongings. Should you need to submit any claims, this will make the filing process much easier.

Pick a limit for personal liability coverage. After looking over your lease and inventorying your property, you will need to choose your personal liability amount. Your landlord may require $100,000 or more.

See what weather events are covered. Earthquakes and floods are not usually covered by a basic renters policy. If the area you live in is at a high risk of such a natural disaster, you may want to purchase additional coverage.

Actual cash value vs. replacement cost

Every renters policy will cover either the actual cash value (ACV) or replacement cost of damaged or stolen items.

If your belongings are damaged because of a named peril, actual cash value policies will cover the cost of what your belongings are worth at the time of the loss. Conversely, replacement cost policies will cover the full cost of what you originally paid for them.

A replacement cost policy may seem like the obvious choice, but it costs significantly more than an ACV policy. Make this decision based on the types of property you own and your area’s risk levels of theft and severe weather.

MORE: The difference between replacement cost and actual cash value (ACV)

How to find cheap renters and car insurance

It’s not difficult to find affordable renters insurance, and you can save even more by bundling renters and car insurance. Most insurance providers offer discounts anywhere from 5%-25% off both policies for bundling.

Renters insurance is so cheap that you may be able to find a bundling deal essentially paying you to keep the renters insurance if your auto insurance is $300 or more per month!

Downloading the

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app is the quickest and easiest way to bundle your auto and

renters insurance

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Is renters insurance worth it?

Renters insurance is definitely worth it. Renters policies are some of the cheapest insurance policies on the market, and they provide broad levels of coverage for both personal liability and property damage.

What is the average cost of renters insurance in Idaho?

In Idaho, the average yearly cost of renters insurance is $97. This comes down to about $8 per month.

You could save 15% or more on renters insurance by bundling

Bundle your renters and auto insurance with Jerry and save!

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