The Cheapest and Best Renters Insurance in Arlington
The Companies With the Cheapest Renters Insurance in Arlington
Affordability is an important factor for renters when choosing a policy since most companies offer the same core coverages. It’s best to compare quotes from different companies to get the best rate for your needs.
If you’re looking for the companies with the average cheapest renters insurance in Arlington, MoneyGeek found that the lowest rates are offered by:
- USAA: $80 per year (only available to military members and their families)
- Lemonade: $82 per year
USAA policyholders get better value for their money because the company reimburses for items at replacement cost. Plus, its renters policies cover flood and earthquake damage.
For this guide, MoneyGeek used a sample policy with $20,000 in personal property coverage, $100,000 in liability coverage and a deductible of $500. The table below shows how prices can change if you adjust your personal property coverage limit.
Those living in another part of the state can compare renters insurance in Texas as a whole.
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What Are the Best Renters Insurance Companies in Arlington?
According to MoneyGeek’s study, the best renters insurance companies in Arlington are:
- Best Overall: USAA (only available to military members and their families)
- Runner-Up: Allstate
These companies scored the highest on MoneyGeek’s unique rating system that considers affordability, customer satisfaction ratings from J.D. Power and financial stability ratings from AM Best. They also have unique coverages that many insurance companies may not offer.
As MoneyGeek’s top pick in Arlington for renters insurance, USAA earned perfect scores in all categories, including affordability and customer service. But it is only available to those with an eligible military background.
USAA is consistently one of the cheapest options for renters insurance across the country. It reimburses policyholders at replacement cost, so you get items of similar kind and quality to the ones you lost in a claim. Additionally, if you're currently serving in the military, you can get a discount to lower your insurance cost even further.Read MoneyGeek's USAA renters Insurance Review
Allstate is the second-best renters insurance company in Arlington, receiving high scores for affordability and customer service. The company offers identity protection to its policyholders.
Allstate has unique optional coverages that you can add to your renters policy. One of them is identity protection, which monitors your digital footprint and covers the costs of identity theft. The company also lets you waive off-premises theft coverage to save on your policy. However, that means objects stolen outside your home do not have coverage.Read MoneyGeek's Allstate renters Insurance Review
The Average Cost of Renters Insurance in Arlington for 2023
renters insurance is equal to the average.
In Arlington, the average cost of renters insurance is $138 per year or $12 per month. Renters in this city pay around $21 less than the national average of $159 per year.
What Factors Impact Renters Insurance Costs in Arlington?
While there are several factors influencing renters insurance costs, the following are the most impactful.
- Personal property coverage amount. Your coverage amount has the most significant impact on your premium — the more coverage you have, the higher your rate.
- Location. Your location plays a role in determining your insurance premium. Though the effect is minor, living in a neighborhood with a history of property theft or a risk of severe weather increases your rate.
- Deductible. Your deductible is the amount you have to pay before your insurer starts making payouts for a claim. Having a higher deductible means a lower monthly payment, while a low deductible equals paying more per month but less in a claim.
- ACV vs. RCV. Insurance companies often reimburse you in one of two ways: actual cash value (ACV) or replacement cost value (RCV). ACV is cheaper because your insurer makes payouts based on the depreciated value of your belongings. Meanwhile, RCV is more expensive because your insurer pays the cost for a new item that’s similar in kind and quality to the one that was damaged or stolen.
- Liability coverage amount. Your liability coverage limit has a minimal effect on your renters insurance cost. A standard policy has $100,000 in liability coverage, but you can add thousands more for a few dollars yearly.
Calculate How Much Renters Insurance You Need
Does My Arlington Neighborhood Impact Cost of Renters Insurance?
Neighborhood locations don’t have much impact on the cost of renters insurance. MoneyGeek’s study found that where you live will only affect the cost of your premium by a couple of dollars per month.
Understanding Renters Insurance in Arlington
Generally, renters insurance in Arlington is optional. But MoneyGeek strongly recommends having a policy to protect your personal belongings since it’s an affordable cost. Moreover, some landlords require their renters to have insurance as part of their lease agreement.
What Does Renters Insurance Cover in Arlington?
When shopping for renters insurance, make sure you select the right coverage to meet your needs as a renter. With enough coverage, you can protect your personal property against theft. According to the FBI, Arlington had a property crime rate of 2,629 per 100,000 residents in 2018, 32.80% higher than the national average.
Furthermore, a renters policy helps cover various risks that can happen anywhere, including fires and water damage. Renters insurance policies in Arlington typically include the following:
- Personal property coverage: This pays to replace your personal possessions if damaged or stolen. It often covers furniture, appliances, electronics and clothing.
- Additional living expenses: In the event your apartment becomes uninhabitable due to a covered loss, this covers your temporary living expenses, such as hotel costs, to policy limits.
- Personal liability insurance: This pays for damages and injuries that are your fault. It often helps with legal expenses and court fees if the person sues you.
- Medical payments coverage: It covers injuries sustained by a guest in your rental, regardless of who was at fault, to policy limits.
What Is Not Covered by Renters Insurance in Arlington?
It’s important to note that renters insurance coverage doesn’t extend to your rental’s physical structure. It’s your landlord’s responsibility to insure the structure of the building.
Additionally, your renters policy won’t cover certain circumstances. For example, most companies won’t cover flooding due to natural disasters. If you live in an area prone to floods, it may be necessary to purchase incremental insurance through the National Flood Insurance Program (NFIP).
Other things that most renters policies exclude include your roommate’s possessions, damage from earthquakes (except USAA includes this coverage), damages to your car, jewelry and high-end items that cost more than your policy limit.
As with all insurance policies, it’s critical to read the fine print to ensure you have adequate coverage.
Frequently Asked Questions About Renters Insurance in Arlington
By reading MoneyGeek’s answers to some frequently asked questions, you can learn more about renters insurance in Arlington.
Renters Insurance in Arlington Analysis: Methodology
MoneyGeek analyzed hundreds of renters insurance quotes in Arlington to help you find cheap renters insurance. The best renters insurance rankings were determined using data from J.D. Power, AM Best and our affordability metrics that we derive from a comprehensive analysis of quotes provided by Quadrant.
About Mark Fitzpatrick
- United States Department of Justice. "2019 Crime in the United States." Accessed June 13, 2022.