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CheapRenters InsuranceArizonaThe Best and Cheapest Renters Insurance Companies in Arizona for 2023: 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.
Read MoneyGeek's USAA renters Insurance Review2
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.
Read MoneyGeek's State Farm renters Insurance Review3
Lemonade
Score:95
Lemonade ranks third overall in Arizona. It has high ratings in customer service and affordability. However, it performed worse in financial stability. Lemonade has unique coverage options like landlord property damage insurance, which covers you in case of damages to your landlord’s property caused by pets or water.
More About Lemonade
Lemonade offers renters insurance in 31 states and Washington, D.C. The company has comprehensive policies and add-ons such as landlord property damage, flood insurance and equipment breakdown insurance. In total, Lemonade offers six coverage options, which is less than the industry average of seven. In terms of discount opportunities, Lemonade has three, also less than the five-discount industry average.
The company has different online tools and features. For instance, interested individuals can get personalized quotes through the company’s website. Lemonade’s mobile application also allows policyholders to view documents, pay bills, report claims and manage their accounts.
Read MoneyGeek's Lemonade renters Insurance Review4
Allstate
Score:94
The fourth-best renters insurance company in Arizona is Allstate, which has a MoneyGeek score of 94 out of 100. The company has high ratings in affordability, financial stability and customer experience. Additionally, it offers a couple harder-to-get coverage options, like flood insurance.
More About Allstate
Allstate renters insurance is available in all 50 states and the District of Columbia. The company offers four additional coverage options, which is less than the national industry average of seven. Allstate has five discount opportunities — including one for enrolling in automatic payments — that can help qualified policyholders save money.
Allstate features several options for easy online account management. Interested individuals can get a personalized quote on the company’s website. Policyholders can file and track their claims online or by mobile application. Allstate even offers representatives to give customers personalized financial advice.
Read MoneyGeek's Allstate renters Insurance Review5
American Family Insurance
Score:91
American Family ranks fifth for renters insurance in Arizona with a MoneyGeek score of 91. It has high ratings across all categories. Policyholders can pay more for added pet damage liability and scheduled personal property coverages.
More About American Family Insurance
American Family renters insurance is available in 19 states, including Arizona. It offers two additional coverage options, which is far fewer than the industry average of seven. However, the company has seven discount opportunities, which is more than the industry average of five.
Policyholders can easily file and track their claims, view policy documents and pay their bills through the company’s mobile application. American Family also has flexible payment options, including e-check, credit cards, debit cards or bank transfers. Interested renters can get a personalized quote using the company’s online tool.
Read MoneyGeek's American Family Insurance renters Insurance ReviewMONEYGEEK 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:
MONEYGEEK EXPERT TIP
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.
Compare Renters Insurance Rates
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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.