7 Best Renters Insurance Companies in Iowa 2022
Renting a place to live is something that many Iowans do, including those in large cities like Cedar Rapids and Des Moines and smaller municipalities like Bettendorf and Ely.
While there’s no state law in Iowa requiring renters insurance, nor is there a national law, some landlords may require their tenants to purchase renters insurance to protect their personal belongings and reduce the risk of disputes.
At Property Nest, we recommend renters insurance for all renters in the Hawkeye State to give them peace of mind in the event their belongings are stolen or destroyed.
The national average cost of renters insurance is about $15 per month, while the average cost in Iowa is lower at just $13 per month.
We’ve compared the best renters insurance companies in Iowa state.
Best Renters Insurance Companies in Iowa
- Lemonade: Best for Online and Mobile Services
- Allstate: Best for Retired Renters
- State Farm: Best for High Policy Limits
- Farmers: Best for Customer Support
- Amica: Best for Customizable Coverage
- Nationwide: Best for Riders
- American Family: Best for Pet Owners
Lemonade: Best for Online and Mobile Services
- Insurance claims are processed at record speed.
- Available in 29 states.
You may not have heard of Lemonade because they’re a relative newcomer in the world of renters insurance, but they’ve been building a reputation for providing quality insurance with modern convenience.
We chose them for our list of the best renters insurance companies in Iowa because they have prioritized online and mobile services that make it easy to get a quote, buy a policy, and file a claim.
Iowans who prefer to do business online or using their mobile devices will appreciate Lemonade’s streamlined services and speedy response times.
Renters will also appreciate Lemonade’s affordable pricing and commitment to giving back–the company donates unclaimed premiums from policyholders to charity annually.
Lemonade says that its basic renters insurance coverage starts at just $5 per month, making it affordable for renters at every income level.
If you add additional coverage or schedule valuables, you should expect that your cost will increase.
Read a full Lemonade home insurance review.
It’s always helpful to list the pros and cons of any insurance provider before buying a policy, so here are the pros and cons of Lemonade as we see them.
Lemonade Renters Insurance Pros & Cons
- Pricing starts at just $5 per month.
- Lemonade provides excellent online and mobile services.
- You can get a quote in just a few minutes.
- Claims may be filed online or through the app and are often paid immediately.
- Lemonade has received strong ratings for its customer support.
- The company makes a significant charitable donation every year.
- Lemonade is a newer company and its financial strength has not yet been rated.
- There are only two renters insurance discounts available.
- Some Iowans may prefer a personal touch, which is not something that Lemonade provides.
What Renters Insurance Discounts Are Available with Lemonade?
Lemonade’s prices are low, and they offer two discounts on renters insurance that can further reduce your costs.
- Safety device discount. Iowa law requires that all rental units be equipped with smoke detectors, so every renter can qualify for this discount.
- Bundling discount. If you buy two or more policies with Lemonade, you can save with their bundling discount.
|J.D. Power (out of 1,000)||853|
|NAIC Complaint Index||1.94|
Allstate: Best for Retired Renters
Allstate is part of the Fortune 500 and one of the biggest and most reliable insurers offering renters coverage in Iowa.
They offer several discounts, and we chose them for our list because of a special discount that helps retirees afford renters insurance.
We also like that they have a free mobile app and have prioritized online accessibility, so it’s easy to get a quote, buy a policy, or file a claim on your renters insurance.
The average cost of Iowa renters insurance with Allstate is just $85 per year, which works out to $7/month, well below the national and state averages.
Read a full Allstate renters insurance review.
Here are the pros and cons of Allstate as we see them.
Allstate Renters Insurance Pros & Cons
- Allstate has a free and user-friendly mobile app.
- You can purchase additional coverage for flood damage, ID theft, and high value items.
- There are four discounts available including one especially for retirees.
- Allstate provides a free online tool to help renters decide how much coverage they need.
- The lowest coverage limit available is $25,000.
- Allstate’s website could be more informative about coverage options.
- While Allstate has reliable customer service, they have received a higher-than-average volume of customer complaints according to NAIC.
What Renters Insurance Discounts Does Allstate Offer in Iowa?
Iowa renters can take advantage of four potential discounts from Allstate.
- Bundling. You will save if you buy two or more policies with Allstate.
- Easy pay. Anyone who enrolls in Allstate’s automatic payment program will get a discount.
- Safe home. Every Iowa renter can claim this discount since smoke detectors are required.
- 55 and retired. People who are 55 or older and retired can save as much as 25% on their renters insurance premium.
|J.D. Power (out of 1,000)||837|
|A.M. Best - Financial Strength Rating||A+|
|NAIC Complaint Index||2.05|
State Farm: Best for High Policy Limits
State Farm has been providing insurance for a hundred years, having gotten its start providing automobile insurance.
The company has a long history of on-time claims payment and customer service and has received high financial ratings across the board.
We chose it for our list because it’s the company that offers the highest coverage limits for renters and is, therefore, best for renters whose belongings may require a higher policy limit than the standard renters insurance policy.
We also like that their prices are affordable.
The average annual cost of a policy with State Farm in Iowa is just $70 per year or $6 per month, which puts it well below the state and national averages.
Here are some pros and cons to consider before you choose State Farm as your renters insurance company.
Read a full State Farm renters insurance review.
State Farm Renters Insurance Pros and Cons
- The average cost of Iowa renters insurance is just $6/month.
- Five types of coverage are available, including ID restoration.
- You can buy a policy limit up to $30,000.
- State Farm pays claims quickly.
- There are just two discounts available.
- The lowest coverage limit available is $10,000.
- The only online support is FAQ.
- Telephone support is not available 24/7.
Does State Farm Offer Renters Insurance Discounts in Iowa?
While its prices are already low, State Farm also provides two renters insurance discounts that most Iowans can qualify for.
- Bundling discount. You’ll save if you bundle your auto and renters insurance with State Farm.
- Security discount. Get a discount because your rental unit has a legally-required smoke detector.
|J.D. Power (out of 1,000)||836|
|A.M. Best - Financial Strength Rating||A++|
|NAIC Complaint Index||1.77|
Farmers: Best for Customer Support
For 95 years, Farmers Insurance has provided auto, homeowners, and renters insurance coverage.
We chose them for our list because their customer service is highly rated by consumers, and they have a low level of customer complaints, well below the national average.
We also like Farmers because they offer some unique discounts that can help first responders and non-smokers save on their renters insurance.
The average cost of renters insurance with Farmers in Iowa is $150 per year, which puts it slightly above the state average before discounts, and we should note that their provided average is for Des Moines, where premiums are higher due to higher risk.
Here are the pros and cons of Farmers for you to consider before choosing them as your renters insurance company.
Farmers Renters Insurance Pros & Cons
- There are special discounts available for first responders and other professionals, as well as for non-smokers.
- Farmers mobile app is free and well-regarded.
- Farmers has a very low volume of customer complaints.
- High coverage limits are available.
- The average cost before discounts is a bit higher than other companies on our list.
- The first responders/professionals discount is not available in all locations, so you’ll need to check.
What Renters Insurance Discounts Can You Get with Farmers?
Farmers provides up to four potential discounts for Iowans, including two that are unique and not available from any other company on our list.
- Bundling. If you bundle two or more policies, you can get a break on your renters insurance premium.
- First responders. First responders and other professionals, including doctors, nurses, engineers, and teachers, can get a discount in some areas.
- Non-smoking. If you’re a non-smoker, you can get a special discount to reduce your renters insurance premium.
- Security. Every Iowa renter can get this discount thanks to the legal requirement for smoke detectors in rentals.
|J.D. Power (out of 1,000)||831|
|A.M. Best - Financial Strength Rating||A|
|NAIC Complaint Index||0.56|
Amica: Best for Customizable Coverage
Amica is one of the oldest companies on our list has gotten its start all the way back in 1907.
We chose Amica for our list because they have an array of riders that make it easy to customize your renters insurance.
We also like that the cost is lower than average, and there is no upper limit for renters insurance coverage.
The average cost of Amica renters insurance is $13 per month, which aligns with the Iowa state average.
Note that signing up for paperless billing and automatic payments will get you two discounts that can be layered to reduce your premium.
Now, let’s review the pros and cons of Amica renters insurance.
Amica Renters Insurance Pros & Cons
- Amica offers a wide array of add-ons to customize your coverage.
- There’s no upper limit on coverage for personal property.
- Amica has a user-friendly mobile app and website.
- The company has strong customer service and a lower-than-average volume of customer complaints.
- There are multiple discounts that can be layered to reduce the cost of renters insurance.
- Customer support is not available 24 hours a day.
- The website is solid but could have more robust information about covered events and limits.
What Renters Insurance Discounts Are Available from Amica?
Amica provides a total of five discounts on renters insurance, including two that most Iowans can qualify for.
- Auto payment. Sign up for automatic payments to save on your premium.
- Bundling. Buy two or more policies with Amica to get this discount.
- Claims-free. You'll get a break on your premium if you go three years without filing a renters insurance claim.
- Loyalty. Keep your renters insurance with Amica for two years or more to get this discount.
- Paperless. Sign up to receive your policy and bills electronically to get a discount.
|J.D. Power (out of 1,000)||854|
|A.M. Best - Financial Strength Rating||A+|
|NAIC Complaint Index||0.32|
Nationwide: Best for Riders
Nationwide is one of the best-known companies on our list, with a long history of reliable claims payments and coverage.
We chose them for our list because they offer unique riders that provide renters with coverage that’s closer to what they would get with homeowners insurance than with a traditional renters insurance policy.
In addition to providing robust coverage and peace of mind, Nationwide’s renters insurance is reasonably priced, and their customer service is good.
According to Nationwide, the average cost of Iowa renters insurance is just $9 per month or $94 per year, putting it well below the state and national averages.
Of course, you’ll need to keep in mind that if you add riders or live in a high-risk area, your premium may be higher than the average.
It’s time to review the pros and cons of choosing Nationwide as your renters insurance company.
Nationwide Renters Insurance Pros & Cons
- Nationwide offers unique riders to expand protection, including coverage for spoiled food due to a power outage, credit card protection, and repairs related to code violations.
- There are three discounts available to help reduce the cost of insurance.
- Nationwide has a free and well-reviewed mobile app.
- Nationwide has excellent customer service and a low volume of complaints.
- Live customer support is not available 24/7, and is only available from 8 AM to 8 PM Eastern time, which is 7 AM to 7 PM in Iowa.
What Discounts Are Available for Nationwide?
Nationwide provides three potential discounts that Iowa renters can use to reduce their costs.
- Bundling. You’ll save money if you buy two or more policies with Nationwide.
- Claims-free. If you have never filed a renters insurance claim, you can qualify for a reduction in your premium.
- Protective devices. Every Iowan can get this discount since smoke detectors are required by law.
|J.D. Power (out of 1,000)||859|
|A.M. Best - Financial Strength Rating||A+|
|NAIC Complaint Index||0.04 (Very Low)|
American Family: Best for Pet Owners
American Family Insurance got its start back in 1927, selling automobile insurance to farmers at affordable prices, and has since expanded its offerings to include renters insurance and other coverages.
We chose American Family for our list because they are the only company to offer a rider that protects renters’ pets and reimburses them for a portion of pet-related expenses.
We also like that they offer several unique discounts, including one that rewards generational loyalty.
The average cost for Iowa renters insurance with American Family is $115 per year, putting it just slightly below the state average, and you can reduce your premium further with discounts.
Here are the pros and cons of American Family renters insurance as we see them.
American Family Renters Insurance Pros & Cons
- American Family has well-regarded customer service and a low volume of customer complaints.
- Pet insurance up to $1,000 is available as an add-on.
- There are five discounts to help Iowa renters save on their coverage.
- People who prefer personal support will like that American Family sells renters insurance through agents.
- The average cost of renters insurance in Iowa is higher than other companies on our list.
- Coverage is only available through agents, which may not be ideal for every Iowa renter.
What Discounts Does American Family Offer?
American Family offers an array of discounts including some that are unique on this list.
- Bundling. Buy two or more policies with American Family to save.
- Generational. Renters from 18 to 30 years old can save if their parents are American Family customers.
- Loyalty. Keep your policy with American Family for over a year to save.
- Smart devices. Get a discount if you have a smart home device.
- Payment discounts. Sign up for auto payments, pay annually in advance, or go paperless to get this discount.
|J.D. Power (out of 1,000)||833|
|A.M. Best - Financial Strength Rating||A|
|NAIC Complaint Index||0.37|
How We Ranked and Picked the Best Renters Insurance Companies in Iowa
We used five key criteria to choose the best renters insurance companies in Iowa.
Renters insurance coverage can vary from company to company, so we prioritized companies with an array of coverage levels and options to allow Iowa renters to customize their coverage.
Cost is top-of-mind for many renters, so we chose companies with affordable rates for renters insurance compared with state and national averages.
Discounts are one of the easiest ways to reduce the cost of renters insurance, which is the reason that we looked for companies that provide at least two discounts on renters insurance, particularly those that offer discounts that apply to most renters.
Every Iowa renter deserves a stress-free experience when buying renters insurance, requesting support, or filing a claim, so we prioritized companies with high customer service ratings and an array of support options.
Online & Mobile Services
Easy online and mobile access to quotes, policy information, and claims filing and tracking are essential to today’s renters, and we made sure that the companies we chose had helpful websites and well-designed online and mobile services.
Why Should Iowa Renters Purchase Renters Insurance?
Renters insurance might seem like an extra expense, but now that you know who we’ve chosen as the 7 best insurance companies in Iowa, let’s talk about why we believe every renter should purchase renters insurance.
- Your landlord’s property insurance does not cover the loss or damage of your property, only theirs.
- Most people don’t have enough money saved to pay to replace their belongings if they need to.
- Renters insurance costs far less than the cost to replace your personal property, usually less than $13 per month in Iowa.
- You’ll be covered even if your belongings are not in your rental unit when they are damaged or stolen.
- Adding extra coverage for high-cost items like artwork and jewelry is easy.
- Renters insurance protects you against liability if someone is hurt while in your rental property, including covering some medical expenses.
- You’ll have the peace of mind of knowing you won’t need to pay out of pocket if something happens to your property.
As we have noted, the monthly cost of renters insurance in Iowa is less than the cost of a large pizza, meaning that in exchange for a few dollars a week, you can buy enough coverage to replace your personal property, protect your liability, and even pay for you to live someplace else if your rental becomes uninhabitable.
What Factors Affect the Price of Renters Insurance?
We have done our best to provide average costs for each insurance company on our list, but you should know that there are four factors that can impact how much your renters insurance costs.
- Coverage limits. You should estimate the total cost to replace your belongings and choose a limit that will protect you; choosing a higher limit will add to your cost.
- Deductible. Your deductible is the amount you will pay out of pocket before your insurance company reimburses you; a policy with a low deductible will cost more than one with a high deductible.
- Riders. Most insurance companies offer riders additional coverage, including protection for high-value items, ID restoration, or food spoilage; any rider you add will increase your premium.
- Location. The area where you live is a factor in determining your premium, with costs being higher for those living in high-risk areas.
How Much Renters Insurance Coverage Do You Need?
The amount of renters insurance coverage you need depends on your belongings' value, which is why we recommend taking an inventory that includes the following things.
- Small appliances & kitchen gear
- Home decor items
- Jewelry (not high-cost items)
You may want to take photographs to document what you own and total the actual cash value (what you paid) and replacement value (what it will cost to replace each item) to determine how much coverage you need.
Keep in mind that high-value items will need to be scheduled separately at an additional cost.
What Does Renters Insurance Cover (and What Isn’t Covered)?
Any Iowa renter who buys renters insurance should clearly understand what is typically covered by renters insurance and what isn’t covered.
Here are the things that are covered by the typical renters insurance policy.
- Damage or theft of personal property. If your personal belongings are damaged, destroyed, or stolen, your policy will cover the loss based on the type of coverage you buy (actual cash value vs replacement cash value) and your policy limits.
- Personal liability. If someone is injured in your rental, your policy will provide some protection against your personal liability for the event.
- Medical coverage. In addition to covering personal liability, renters insurance will cover a portion of your guest’s medical expenses related to a covered injury.
- Alternative living expenses. If your rental should be damaged to the point where it is not habitable, your renters insurance will pay for you to live elsewhere while repairs are completed or you find a new place to live.
Here are some things that are not covered by renters insurance.
- Non-covered events. While most property damage is covered, there are certain events that are not covered by renters insurance, including floods and personal negligence.
- Damage above the policy limit. Your policy limit dictates the maximum amount reimbursable in the event of a claim; if your policy limit is $15,000, that’s the maximum amount you will be reimbursed, and anything over that limit will be your responsibility.
- Unscheduled valuables. Certain high-value items, including jewelry and art, must be scheduled separately at an additional cost; unscheduled valuables will not be covered.
You should always read the fine print of your renters insurance policy to ensure that you understand your coverage and policy limits.
At Property Nest, we recommend renters insurance for every renter in the Hawkeye State who rents an apartment, house, or condo.
Remember, your landlord’s property insurance is not there to protect you, which is why you must purchase your own coverage for peace of mind.
Renters in Iowa who live near the water may want to consider adding flood insurance to their regular renters insurance since flood coverage is not included with standard renters insurance.
We recommend obtaining at least three quotes from different carriers and comparing costs and coverage before you buy a renters insurance policy.
Make sure to ask about discounts and take advantage of all that apply to you to minimize your cost and make renters insurance affordable.