When you are searching for the cheapest rental insurance, it is essential to request quotes from many different insurers. Numerous insurers offer highly competitive rates accompanied with excellent services.
So, to find the policy that benefits you the most, we recommend shopping around for renters insurance.
Some tenants find the cheapest deals by taking advantage of the loyalty programs that some insurers offer. For example, you could qualify for a discount when you buy renters insurance bundled with car insurance from the same company.
Aside from the multi-policy discounts, the cost of your policy depends primarily on one main factor.
The Cost of Renters Insurance Depends On Your Location
Renters insurance rates largely depend on the location of your home. Your premium will be affected by how susceptible your home is to natural disasters, crime rate, and many other factors. Additionally, rental units located close to the coast or coastline typically have higher premiums. Everything is more expensive by the water.
It is important to note that the standard renters insurance policy does not cover flooding. Flood damage requires you to purchase a separate flood insurance policy.
If you rent a house in tornado alley such as in Norman, Oklahoma, or on a fault line, like the San Andreas fault, you will likely pay higher rates. These locations are considered to have a much higher probability for tenants to file claims.
Therefore, it is recommended to move to a location like Scottsdale, Arizona, where the risk of a natural disaster is low…just kidding (but Arizona is more beautiful than many think).
Cheapest Renters Insurance In Arizona
Cheap renters insurance rates are available in the beautiful Grand Canyon state. Arizona renters insurance is both affordable and will protect you from many types of disasters.
There are many inexpensive options in the renter?s insurance space. Working with an independent agency will allow you to explore many of the options available when you need to find a policy that works for you.
In Arizona, the cheapest (large) renters insurance provider is currently Allstate, with an average rate as low as $206 per year. It is 33 percent less than the state?s average.
Below are other renters insurance companies in Arizona with inexpensive annual rates:
- State Farm $218
- Farmers $311
- Liberty Mutual $316
- Nationwide $490
It is important to note that this rate may vary depending on your personal situation, but this provides a ballpark estimate of what you can expect to pay to protect your belongings.
Cheapest Renters Insurance In Oklahoma
Oklahoma is prone to large natural disasters such as tornadoes and massive lightning storms. Therefore, you should expect to pay more for your coverage.
The cheapest renters insurance in Oklahoma is in Amica, with an average rate of $285 annually, which is $421 less than Liberty Mutual?s average quote in Oklahoma!
In addition to the example above, here is a list of other cheap insurers along with their annual rates:
- State Farm $298
- Allstate $454
- Farmers $470
- Liberty Mutual $706
It is important to note that this rate may vary depending on your personal situation, but this provides a ballpark estimate of what you can expect to pay to protect your belongings.
Cheapest Renters Insurance In Texas
Dallas has one of the cheapest renters insurance rates compared to other bigger cities such as San Antonio and Houston. Dallas is a low-risk city and that is reflected in the monthly renters insurance premiums. It is not at risk from natural disasters such as tornadoes and hurricanes which raise premiums significantly in other parts of Texas.
In Dallas, renters insurance premiums vary slightly between neighborhoods. Deep Ellum is a neighborhood that is somewhat cheaper than the city?s average. The best insurer offering renters insurance is one that you get the most value for your dollar. It is rare to find an insurer providing top-notch services at the cheapest rates. However, in Dallas, Texas the Hartford delivers high-quality services at the most competitive prices.
In a research conducted by J.D. Power, the Hartford had high scores than other service providers in Texas. The survey was based on existing clients who were insured by the company.
USAA also has the cheapest renters premiums in Dallas, Texas. At USAA, renters insurance can be bundled with comprehensive coverage at a reasonable rate. This insurer is slightly expensive than Hartford, but it is the better firm to bundle other insurance products and get discounted rates.
Beyond Cost Saving, What Else Should I Consider With My Renters Insurance Policy?
With the high number of insurance companies coming up every day, it can be a little tricky choosing an insurer.
Aside from the cost of coverage, we recommend you consider these additional characteristics of an insurance provider before committing to a policy:
- Licensing
- Financial stability
- Service delivery
- Availability
Licensing
Some insurers may be licensed to do business in your state, but others are not. A good rule of thumb is to purchase a policy from an insurance company which is legally authorized to conduct business within your state.
You can check to confirm whether an insurer is licensed by contacting your state?s insurance department. Also, remember to check if your state?s guaranty fund covers the company. If an insurer defaults to pay compensation, the guaranty fund pays on behalf of the insurer.
You can also check for licensing in consumer publications such as A.M. Best to verify the validity of your potential provider.
Financial Stability
Nobody wants to be insured by a company on the verge of bankruptcy. At that point, maybe we should be recommending insurance for the insurance provider?An insurer?s financial stability is important as far as paying for claims is concerned. You have to be sure that the company has the financial strength to compensate you when you file a claim.
To find out an insurer?s stability financially, you can consult an independent rating agency. You can also place confidence in the large name providers (Allstate, State Farm, etc.) as these are generally reputable companies.
What most consumers don?t understand is that small agencies negotiate with the large agencies to get you a lower rate. Hence, we recommend getting a few quotes from insurers, both large and small.
Service Delivery
You want to buy from a company with a great reputation for delivering excellent service.
As a buyer, you want your questions answered and claims handled by an expert in a quick, efficient, and fair manner. Disaster is always made better when dealing with pleasant individuals.
Talking to the insurers past and current clients will give you a feel of how efficiently claims are handled. The national claims database has information about insurer?s complaints against them. Similarly, your state?s insurance department has information about complaints too.
Availability
You should choose an insurance company that you can file a claim no matter what time it is. Issues may arise at any time and we believe your provider should be available to help you whenever that time is.