Best Renters Insurance in Boise, ID

How to choose rental insurance in Boise

Fewer than half of all renters in the U.S. have renters insurance. Perhaps that’s due to the many misunderstandings about this type of coverage. Here are some common myths:

• The landlord’s policy will cover personal belongings if they are lost or stolen. False. The property owner’s insurance will usually only cover the physical structure of the apartment or rental home, not your possessions.
• Your personal property isn’t valuable enough to need insurance. Probably not the case. Add up the value of all your belongings, and you might be surprised. The cost to replace your furniture, clothing, electronics and kitchen items will be high.
• Renters insurance only covers personal property. Nope. The standard policy includes liability coverage, which covers you if you’re responsible for an injury on the property or if you damage someone else’s property. It pays for medical bills, repair costs and legal fees.
• Renters insurance only covers personal property inside the home. Incorrect. A standard policy will cover property that’s stolen from your car or from you in person while away from home. It’ll also reimburse you for living expenses if a covered loss renders your home uninhabitable.
• Renters insurance is expensive. It’s actually less than you think. Renters insurance in Boise costs, on average, $10 - $15 per month. Idaho has among the lowest renters insurance premiums in the U.S.

When choosing renters insurance in Boise, you’ll want appropriate coverage limits, which are the maximum amounts the insurance company will pay for a covered event, like fire, vandalism or theft.

For personal property, choose a coverage amount corresponding to the approximate total value of your possessions. You’ll need to decide if you want replacement cost coverage (which covers the actual cost to replace a possession) or actual cash value coverage (which takes depreciation into account). Don’t forget to look at the deductible amount and ask about scheduled personal property coverage if you have high-value items like art or jewelry.

For liability, consider your assets and how much you could be sued for in a worst-case scenario. Standard policies include $100,000 of coverage.

Keep in mind, renters insurance covers a large number of events, or perils, but there are exceptions (e.g., earthquakes, floods). Read over a policy carefully so you know when it applies. Also, check with your landlord before making a final decision; your lease may require you to carry specific coverage or add an additional insured endorsement.