The Cheapest and Best Renters Insurance in Fort Wayne
The Companies With the Cheapest Renters Insurance in Fort Wayne
The cost of renters insurance in Fort Wayne is an important consideration when choosing a policy since most companies offer the same core coverages. It’s best to compare quotes to find the best option for your needs.
MoneyGeek found that the cheapest renters insurance companies in Fort Wayne are:
- USAA: $80 per year (only available to those with a military background)
- Nationwide: $113 per year
USAA policyholders get even better value for their money since all renters policies reimburse for items at replacement cost, and they cover flood and earthquake damage.
The prices in this guide are for a policy with $20,000 in personal property coverage, $100,000 in liability coverage and a deductible of $500. Use the table below to see how prices change with different personal property coverage limits.
If you live elsewhere in the state, you can compare renters insurance in Indiana as a whole.
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What Are the Best Renters Insurance Companies in Fort Wayne?
According to MoneyGeek’s analysis, the companies offering the best renters insurance in Fort Wayne are:
- Best Overall: USAA (only available to current and former military members)
- Runner-Up: Nationwide
These companies received the highest scores from MoneyGeek’s unique scoring system that incorporates affordability, customer satisfaction ratings from J.D. Power and financial stability ratings from AM Best. Additionally, they offer unique coverages that are rarely found with providers.
USAA is MoneyGeek’s top pick for renters insurance in Fort Wayne, earning perfect scores in all categories, including affordability and customer service. But USAA only offers its policies to active and former military members and their families.
USAA is consistently one of the cheapest options for renters insurance across the country. Plus, it offers unique options to servicemembers. For example, if you're deployed or you decide to move abroad, USAA will still cover you. The company also gives an additional discount if you’re currently serving in the military.Read MoneyGeek's USAA renters Insurance Review
Nationwide is the runner-up for the best renters insurance in Fort Wayne. It earned high scores across all categories, especially in affordability. Nationwide offers theft extension coverage.
With Nationwide, you can add theft extension coverage to your renters insurance policy. That optional coverage provides extra protection for your personal items stored in or on any motor vehicle, trailer or watercraft. The company also has an add-on coverage that can protect you against loss caused by backed-up sewers or drains.Read MoneyGeek's Nationwide renters Insurance Review
The Average Cost of Renters Insurance in Fort Wayne for 2023
renters insurance is equal to the average.
In Fort Wayne, the average cost of renters insurance is $142 per year (or $12 per month). That is $17 cheaper than the national average of $159 per year.
What Factors Impact Renters Insurance Costs in Fort Wayne?
While there are several factors that impact the cost of renters insurance in Fort Wayne, the following are the most impactful.
- Personal property coverage amount. Your coverage amount is the most important factor affecting renters insurance costs — the more coverage you purchase, the higher your premium.
- Location. Where you live plays a role in the cost of renters insurance in Fort Wayne. While the effect is minor, living in a neighborhood with a history of property theft or risk of severe weather means slightly higher rates.
- Deductible. Your deductible is the amount you have to pay when your insurer accepts a claim to replace your items — the higher your deductible, the lower your monthly premium, since you have to pay more out of pocket in a claim.
- ACV vs. RCV. Your insurer may reimburse you based on actual cash value (ACV) or replacement cost value (RCV). With ACV, your insurance provider reimburses you for the items’ depreciated value. Meanwhile, with RCV, your insurer reimburses the equivalent cost of a new item that’s similar in kind and quality.
- Liability coverage amount. Your coverage level has a minor effect on the cost of your insurance. A standard policy has $100,000 in liability coverage, but you can add thousands of dollars for a few dollars per year.
Calculate How Much Renters Insurance You Need
Does My Fort Wayne Neighborhood Impact Cost of Renters Insurance?
Neighborhood locations only have a minor impact on renters insurance rates. MoneyGeek’s study found that your location may only increase your premium by a couple of dollars per month.
Understanding Renters Insurance in Fort Wayne
Renters insurance in Fort Wayne is optional. But MoneyGeek strongly encourages having a policy to protect your personal belongings since it is a low cost. Plus, some landlords require renters insurance as part of the lease agreement.
What Does Renters Insurance Cover in Fort Wayne?
When shopping for renters insurance, make sure you have enough coverage to meet your needs as a renter. A policy with adequate coverage can protect your personal belongings against theft. According to the FBI, Fort Wayne had a property crime rate of 2,550 per 100,000 residents in 2019, which was 34.92% above the national average.
People renting apartments or houses in Fort Wayne may also want renters insurance to cover risks that can happen anywhere, including fire and water damage. Renters insurance in Fort Wayne usually covers:
- Personal property: Your renters policy covers damage or theft of personal items such as clothing, electronics, appliances and furniture.
- Additional living expenses: In the event your home is uninhabitable after a covered peril, your renters insurance pays for your temporary living expenses, like hotel accommodations and meals, to policy limits.
- Personal liability: Renters insurance typically includes personal liability coverage. That covers legal expenses and court fees in case an accident in your property results in guests being injured or property damage.
- Medical payments: Your renters policy includes medical payments coverage to help pay for your injured guest’s medical expenses, regardless of who is at fault, to policy limits.
What Is Not Covered by Renters Insurance in Fort Wayne?
While renters insurance covers your personal property, it doesn’t cover the physical structure of your rental. It’s your landlord’s responsibility to insure the structure. Aside from that, your renters policy also doesn’t cover some perils.
For example, water damage is covered by your policy, but coverage for water damage due to flooding is usually excluded. You need to purchase incremental insurance through the National Flood Insurance Program (NFIP) for protection against flood damage.
Furthermore, renters insurance doesn’t cover your roommate’s possessions, damage from earthquakes, damage to your car, and jewelry or similar items that cost more than your policy limit. It’s best to review your policy thoroughly as not all policies are the same to ensure you’re getting adequate coverage.
Frequently Asked Questions About Renters Insurance in Fort Wayne
MoneyGeek answered some frequently asked questions to help you better understand renters insurance in Fort Wayne.
Renters Insurance in Fort Wayne Analysis: Methodology
MoneyGeek analyzed hundreds of renters insurance quotes in Fort Wayne to help you find cheap renters insurance. The best renters insurance rankings were determined using data from J.D. Power, AM Best and affordability metrics that we derived 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 8, 2022.