bestrenters insuranceChandlerThe Best and Cheapest Renters Insurance in Chandler, AZ, for 2024: Rankings, Reviews and Rates
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bestrenters insuranceChandlerThe Cheapest and Best Renters Insurance in Chandler
Cheapest renters insurance in Chandler - Lemonade
The Companies With the Cheapest Renters Insurance in Chandler
As most insurance companies offer the same basic coverage, Chandler renters should consider price when selecting a policy. By comparing renters insurance quotes, you can choose the right policy for you. MoneyGeek's study found the following are the most affordable options for renters insurance in Chandler:
- Lemonade: $69 per year
- USAA: $84 per year (exclusively for military members)
Insurance policyholders with USAA can save even more money because its policies automatically cover flood and earthquake damage and reimburse items at their replacement value.
MoneyGeek researched prices for policies with $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible. Your premiums will depend on the specific coverages and limits in your policy. Below is a table that details how price varies depending on the personal property coverage limits.
If you live outside Chandler, you can compare renters insurance policies for Arizona as a whole.
Average Annual Rates for Personal Property Insurance
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Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
What Are the Best Renters Insurance Companies in Chandler?
MoneyGeek ranked the best providers in Chandler to help you decide which renters insurance company is right for you. We based this ranking on factors such as affordability, customer satisfaction and financial stability.
- Best overall: USAA (only available to military personnel)
- Runner-up: State Farm
Our ratings utilize data from trusted sources like J.D. Power and AM Best. We also identified add-on coverages these top two carriers offer.
1
USAA
Score:98
USAA received perfect scores for customer satisfaction and financial stability. The only downside to this carrier is that it’s exclusive to active and retired military members and their families.
More About USAA
USAA consistently ranks as one of the most affordable insurance options across the U.S. This insurer covers flood and earthquake damage in its standard policies. Additionally, all USAA policies cover replacement costs that reimburse you for lost items with one of the same quality or higher value.
2
State Farm
Score:91
Chandler’s second-best renters insurance provider is State Farm, which received a perfect score for financial stability and excellent scores for customer satisfaction and affordability.
More About State Farm
Like USAA, State Farm is also one of the most affordable insurers in the country. It offers unique add-on coverages to suit your needs. For instance, if you live in an area prone to earthquakes, State Farm provides earthquake coverage. With State Farm, you can easily increase limits for valuable items, such as personal property and jewelry, while getting a quote.
The Average Cost of Renters Insurance in Chandler for 2024
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The average cost of renters insurance in Chandler is $135 per year or $11 per month. Compared to the national average of $159 per year, this cost is $24 lower.
What Factors Impact Renters Insurance Costs in Chandler?
Several factors influence your renters insurance cost, but the following are the most significant.
- Personal property coverage amount. When looking for renters insurance in Chandler, consider the amount of coverage you need since this is the most important factor affecting the cost.
- Location. Renters insurance can vary in price based on where you live. For example, rates are usually higher in neighborhoods with a high crime rate.
- Deductible. If you opt for a higher deductible, your premiums will be lower because you’ll pay more out of pocket if you make a claim.
- ACV vs. RCV. You will either receive reimbursements for the actual cash value (ACV) or the replacement cost value (RCV) of your property, depending on your insurance type. With an ACV policy, your insurer will reimburse you based on the depreciated value of your used items. Alternatively, RCV policies reimburse the amount needed to buy a new item of the same quality and type without adjusting for depreciation. Because RCV policies pay more for claims, they are more expensive than ACV policies.
- Liability coverage amount. You can add extra liability coverage for just a few dollars per year if you need more than the standard $100,000.
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Does My Chandler Neighborhood Impact Cost of Renters Insurance?
The neighborhood where you live has less impact on your renter's insurance rate than other types of insurance. Based on MoneyGeek's analysis, the location of your residence only affects your insurance premiums by a few dollars per month.
Understanding Renters Insurance in Chandler
A renters insurance policy is not required by law in Chandler. Nevertheless, MoneyGeek strongly advises purchasing an insurance policy since it is a practical way to protect your assets. Renters insurance protects you against property loss and damage to expensive belongings, such as electronics and furniture.
What Does Renters Insurance Cover in Chandler?
When shopping for renters insurance, it's important to get adequate coverage. The point of renters insurance is to protect you from incurring unforeseen expenses in case of theft or other damages. In 2019, the FBI reported 1,926 property crimes per 100,000 residents in Chandler, which is 2% higher than the national average.
Chandler residents may consider buying additional insurance in case of unexpected risks, such as fire or water damage. Renters insurance in Chandler typically covers the following:
- Personal property coverage: Protects your home against certain perils, such as fire, theft, vandalism, plumbing problems, electrical problems and some weather-related damages.
- Additional living expenses: If your rental unit becomes uninhabitable after an insured peril, this coverage pays for temporary housing.
- Liability insurance: Protects you if an accident occurs on your rental property that injures or damages others. If you’re found legally liable, this liability policy will cover your legal costs and payouts.
- Medical payments coverage: If someone is injured in your rented property, this coverage assists with their medical expenses regardless of who is at fault.
What Is Not Covered by Renters Insurance in Chandler?
Renter's insurance in Chandler covers only your personal property, not the building structure. That responsibility rests with the building’s owner.
Renters insurance will cover some water damage but not flood-related damage. If you live in an area with high flood risk, you can purchase additional coverage through the National Flood Insurance Program (NFIP).
Items such as your roommate's possessions, earthquake damage, damage to your car, jewelry and other valuable items are also not typically covered by renters insurance policies. Please remember that various policies offer different levels of coverage. Make sure you read the policy carefully before finalizing your purchase to ensure you have accurate coverage.
Frequently Asked Questions About Renters Insurance in Chandler
You should shop around to find the best combination of affordability and quality in renters insurance. MoneyGeek answers the most frequently asked questions about renters insurance in Chandler below.
The average cost of renters insurance in Chandler is $135 per year or $11 per month.
The cheapest insurers in Chandler for renters insurance are Lemonade, with an average cost of $69 per year and USAA, averaging $84 per year. USAA policies, however, are only available to military personnel.
The two best renters insurance companies in Chandler are USAA and State Farm. Keep in mind that USAA is exclusively available to active and retired military members and their families.
Renters insurance is not required in Chandler, but your landlord may ask that you get it. To ensure your assets are protected, MoneyGeek recommends renters invest in insurance. Assess your belongings and your needs to determine the level of coverage you require.
Renters Insurance in Chandler Analysis: Methodology
MoneyGeek analyzed hundreds of renters insurance quotes in Chandler to help you find cheap renters insurance. We determined the best renters insurance rankings using data from J.D. Power and AM Best, and affordability metrics derived from a comprehensive analysis of quotes provided by Quadrant.
About Mark Fitzpatrick
sources
- United States Department of Justice. "2019 Crime in the United States." Accessed June 7, 2022.