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CheapRenters InsuranceArizonaThe Best and Cheapest Renters Insurance Companies in Arizona for 2024: Rankings, Reviews and Rates
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CheapRenters InsuranceArizonaThe Cheapest Renters Insurance in Arizona
Cheap Renters Insurance Companies in Arizona
Customers typically look to save money while purchasing a renters insurance policy. In Arizona, the two cheapest providers are Lemonade and USAA, as they both have average rates of $8 per month or $90 a year. USAA’s services are only available for military members and their families, but its policies offer excellent value as they include replacement cost coverage. The next most affordable provider is State Farm, with an average yearly rate of $100.
MoneyGeek computed the average annual and monthly rates of renters insurance companies in Arizona for policies that offer personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500. The prices are based on multiple ZIP codes across Arizona.
Personal Property Coverage:
$20,000
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MoneyGeek’s scoring system analyzed customer service, financial strength and affordability to help you find the best Arizona renters insurance provider for your needs.
Cheapest Renters Insurance Companies in Arizona by City
Out of the seven cities where MoneyGeek evaluated renters insurance carriers, Lemonade was the cheapest in four, making it the overall winner in Arizona.
USAA was another affordable option in Arizona cities. However, USAA only caters to military members and their families.
Companies With the Cheapest Renters Insurance in Arizona by City
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- CityCheapest CompanyAverage Annual Premium
- Lemonade$69
- Lemonade$64
- State Farm$95
- Lemonade$70
- State Farm$114
- Lemonade$66
- State Farm$95
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Best Renters Insurance Companies in Arizona
The top renters insurance company in Arizona is USAA. This company garnered a perfect MoneyGeek score of 100 out of 100. However, USAA is only available to active-duty military, veterans and eligible family members. State Farm is a close second with a score of 98, and is available to more people.
The best renters insurance companies are not always the cheapest options, but offer the best balance of cost and quality. It’s important for policyholders to find an insurer that delivers efficient and effective service at a fair price. Therefore, MoneyGeek evaluated renters insurance providers based on affordability, J.D. Power customer service scores and AM Best financial stability ratings.
1
USAA
Score:100
USAA is the top-ranking renters insurance company in Arizona. It has a MoneyGeek score of 100 out of 100 due to its perfect customer service and financial stability ratings. It also has an almost perfect rating in affordability. That said, USAA is only available to active-duty military, veterans and their eligible family members.
More About USAA
USAA renters insurance is available in all 50 states and in the District of Columbia. The company offers comprehensive insurance coverage to renters. However, their policies are restricted to military members and their families.
Coverage for flooding and earthquakes is automatically included in a USAA renters insurance policy. The company also offers seven additional coverages, on par with the national average. These add-ons include protection for electronics, valuables (such as jewelry and musical instruments) and collectible items. As far as discounts, USAA offers four, just short of the five-discount national average. USAA policyholders can save money by bundling auto insurance, being claims-free and having home security technology in their rental home.
USAA gives customers flexibility in managing their accounts. It features an online quotation tool where new customers can quickly get an estimate, and its mobile application allows policyholders to oversee their banking, investment and insurance policies.
2
State Farm
Score:98
Earning a MoneyGeek score of 98, State Farm takes second place for best renters insurance companies in Arizona. It ranks high across all categories, with a perfect rating for financial stability. Renters can benefit from different coverage options, including personal injury insurance that covers personal claims like libel or slander.
More About State Farm
State Farm offers renters insurance in all 50 states and the District of Columbia. Policyholders can opt to get more protection with any of State Farm’s three additional coverages (less than the seven-coverage industry average) for personal injury, identity theft and earthquake damage. Unfortunately, State Farm only has two discount opportunities for eligible renters, which is less than the industry average of five.
State Farm policyholders can easily manage their banking and insurance accounts online or through the company’s mobile application. There are also multiple calculators available to help you compute savings and insurance needs.
3
Lemonade
Score:95
4
Allstate
Score:94
5
American Family Insurance
Score:91
MONEYGEEK EXPERT TIP
Paying a bit more for a more dependable policy can help you save money in the long run. Choosing the best renters insurance ensures that your claims are handled efficiently.
Largest Renters Insurance Companies in Arizona
In certain cases, buying a policy from a nationwide company is more beneficial to renters. This is because larger companies tend to have more financial stability, which is crucial if you have to file a claim. These carriers also have more money to invest in improving their user experience.
Company | Market Share | |
|---|---|---|
1. | State Farm | 17.4% |
2. | Farmers | 12.1% |
3. | USAA | 9.3% |
4. | Liberty Mutual | 8.7% |
5. | American Family | 8.7% |
6. | Allstate | 8.5% |
7. | Travelers | 5.2% |
8. | Hartford | 2.3% |
9. | CSAA | 2.1% |
10. | Chubb | 1.8% |
Average Cost of Renters Insurance in Arizona
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renters insurance is equal to the average.
The average cost of renters insurance in Arizona is around $147 per year, or roughly $12 per month. That’s $12 cheaper than the national annual average of $159.
The cost of insurance depends on the value of your personal property. Use MoneyGeek’s calculator below to estimate how much insurance you’ll need based on what you own.
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Total: $0
MONEYGEEK EXPERT TIP
Comparing renters insurance quotes can help you find the cheapest company suitable for your needs. For example, you can save up to $150 per year if you choose the most affordable carrier, Lemonade, over the most expensive company, Travelers.
What Factors Impact Renters Insurance Cost in Arizona
The following important factors play a large role in determining your average renters insurance cost in Arizona:
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Renters Insurance in Arizona: What You Need to Know
Buying renters insurance is smart because it is an inexpensive way to safeguard your property from unexpected disasters. In Arizona, the average rent price is $1,101 per month, and about 34% of residents are renters. Meanwhile, the average monthly renters insurance premium is $12 for a standard policy with $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible. In other words, renters insurance costs about 1% of monthly rent payments in this state.
What Renters Insurance Typically Covers in Arizona
Prospective customers should understand what their renters insurance plan in Arizona covers before they buy it. A standard package covers personal property, medical payments, additional living expenses and liability insurance.
In Arizona, personal property insurance generally covers damages caused by extreme weather events like tornadoes, wildfires and more.
What Renters Insurance Typically Does Not Cover in Arizona
Before paying for your policy, read the details and get clarifications from the provider on what exactly is covered. This can help you make successful claims when needed.
The following items and events are typically not covered by renters insurance:
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If you need more information about what renters insurance covers, the Arizona Department of Insurance and Financial Institutions can help. You can learn about different financial services, find out how to file a complaint and get helpful tips through this site.
You can contact the Arizona Department of Insurance and Financial Institutions through the following channels:
- Office Address: 100 N. 15th Ave., Suite 261, Phoenix, AZ 85007
- Insurance Division Contact Number: 1-602-364-3100
The agency is open from Mondays to Fridays during business hours (8 a.m. to 5 p.m.).
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FAQs About Renters Insurance in Arizona
Knowing what renters insurance in Arizona entails can help you find the best policy. MoneyGeek answers some of the most commonly asked questions to help you get started.
The cheapest renters insurance company in Arizona is Lemonade, with an average rate of $90 per year, or $8 per month.
USAA is the best renters insurance company in Arizona. However, it is only available to active-duty military, veterans and eligible family members. For renters who do not have a military background, State Farm is the best option.
The average cost of renters insurance in Arizona is $147 per year, approximately $12 per month.
Renters insurance is not a legal requirement in Arizona. However, your landlord may require you to purchase one. There are various reasons to buy renters insurance. If you want financial protection against common perils or possible liability costs for third-party injuries, it may be best to purchase a policy.
Compare Renters Insurance Rates
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
Renters Insurance in Arizona Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from nine of the top insurance companies in Arizona, provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Arizona. Quotes were gathered for policies with personal property coverage of $20,000, $50,000 and $100,000, liability coverage of $100,000 and a deductible of $500.
About Mark Fitzpatrick
sources
- DIFI. "Arizona Department of Insurance and Financial Institution." Accessed March 31, 2022.