Is Renters Insurance Required In Iowa?

Frequently, we get questions from people who want to know if they have to have a policy in order to rent in their particular location. That often comes because someone in the leasing office wasn’t clear on the reason for the mandate, or because they had “heard it somewhere.” So is renters insurance required in Iowa?

Is Renters Insurance Required In Iowa – The Legal Question

Iowa Renters Insurance is not required by any law. That makes sense in the context of a state full of fiercely independent people who like their personal freedoms. Renters insurance is actually not required by any law anywhere. What you are required to do is to be responsible for your actions, including the negligent ones.

Is renters insurance required in Iowa? In a way, yes. Because you can be held responsible for your negligent actions, you’re expected to either have renters insurance or to be able to repay the landlord’s insurance company for a total loss. If there were to be a fire, or if you caused significant water damage, and you were at fault, the landlord’s insurance company would expect you to pay them back for their expenses on the claim. You don’t want that, because the landlord’s insurance company can be quite persistent at getting what they want.

Since you’re required to be responsible and pay for that loss, renters insurance or the ability to pay the loss out-of-pocket is required. We doubt that you’re about to write a check for six figures, so renters insurance is the better plan in Iowa and everywhere else.

Is Renters Insurance Required In Iowa – The Lease Question

Is renters insurance required in Iowa under most apartment leases? Absolutely. It’s prudent to require it, and most landlords know this. Most associations of landlords also know this, and since these groups often offer their members a standard lease form, that standard form generally has a requirement for renters insurance in it.

If you’re renting from a large, professionally managed complex, it’s almost a guarantee that your lease will require renters insurance. The large management companies have entire risk management departments that are dedicated to reducing losses caused by tenants, and renters insurance is an easy and affordable way to reduce that risk.

If your lease requires renters insurance, you need to make sure that you keep a policy in force. What happens if you don’t have renters insurance is usually spelled out in the lease. It could cost you money, it could even be a material breach of the lease. That’s something that you don’t want to have happen, so it’s important to keep the coverage. Fortunately, renters insurance in Iowa is cheap.

The national average price of renters insurance is just $187.00, according to the III. That works out to as little as fifteen dollars per month.  The vast majority of families can budget renters insurance easily at those prices.  

Additionally, it's important to note that renters are at a significantly higher risk of experiencing loss than homeowners.  Renters occupy roughly one third of total housing stock in the country, and yet they are fully fifty percent more likely to experience theft than homeowners, according to the Bureau of Justice Statistics.

It only costs a few dollars a month to protect your family, and this cheap renters insurance is a great way to mitigate the additional risks that come with being a renter.

 With that in mind, just about anyone can afford to be protected.

Is Renters Insurance Required In Iowa – The Common Sense Question

Where have we heard the phrase “Common Sense” before? It seems to bring to mind the long-ago words of someone, but who?

In these pages we offer nothing more than simple facts, plain arguments, and common sense: and have no other preliminaries to settle with the reader, than that he will divest himself of prejudice and prepossession, and suffer his reason and his feelings to determine for themselves that he will put on, or rather that he will not put off, the true character of a man, and generously enlarge his views beyond the present day.

Volumes have been written on the subject of renters insurance. Men of all ranks have embarked in the controversy, from different motives, and with various designs. We add to the subject by suggesting that it’s only Common Sense to make sure that you have renters insurance. With, of course, apologies to Thomas Payne.

Common sense should apply in all matters of daily life, that’s not in debate. Unfortunately, people are human and sometimes what we should do goes by the wayside or we do things in a way that leaves the door open for someone to be injured or suffer property damage. That’s called negligence, and that’s where your Iowa Renters Insurance comes into play, by paying for those losses.

Negligence is more common than you might expect, even with the most responsible people, and renters insurance is the easiest and most efficient way to protect yourself against the risk. When a liability claim could be tens or hundreds of thousands of dollars, it’s crucial to make sure you have a way to pay that claim if something of the sort should happen. That’s what your policy is for.

So How Can I Get Renters Insurance In Iowa, And How Much Does It Cost?

You can get renters insurance in Iowa by calling Effective Coverage or clicking above. The whole process can be completed online in just seconds because of the innovative technology platform that we offer. You can even get covered right from your cell phone or tablet, because the entire process of buying a policy is responsive. Just about any device will work, and it’s the fastest insurance you’ll ever buy.

We touched on the national average price of renters insurance above, and you’ll find that policies in Iowa track that pretty well. You probably spend well more than fifteen dollars a month on your morning coffee, and renters insurance is a much better value. Your morning coffee won’t make sure that you’re protected if there’s a fire, it won’t pay for the damage, and it won’t replace your things. Renters insurance will do all of those things, as well as pay for a place for you to stay in the interim while repairs are being made.

Effective Coverage policies can offer replacement cost coverage for your personal property, allowing you to buy new property at retail to replace what’s lost. That beats getting the actual cash value and having to buy someone else’s stuff. All of that coverage is wrapped up in just a few dollars a month, and you can save even more buy paying for the year in full.

To get started, just call (800)892-4308 or click to get covered - whether you need Iowa renters insurance quotes online or coverage anywhere else!

Effective Coverage offers the nation's only completely mobile platform to quote and purchase renters insurance right from your phone or tablet in just one minute. Get an online renters insurance quote today and protect your family.

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Photo Credit: Phil Roeder Greetings From Iowa CC BY 2.0