The Cheapest and Best Renters Insurance in Fort Worth
The Companies With the Cheapest Renters Insurance in Fort Worth
Renters place the cost of a policy at the top of their qualifications while looking for renters insurance since many companies provide the same core coverages.
If you’re looking for the most affordable renters insurance in Fort Worth, these are the companies that offer the lowest prices in the city:
- USAA: $71 per year (exclusively for veterans, current military members and their families)
- Lemonade: $82 per year
If you have a USAA policy, you’ll likely get more value for your money. USAA policies include flood and earthquake coverages. USAA reimburses lost or damaged items based on their replacement value, making the amount higher than those provided by other policies.
These rates are based on policies with coverage limits of $20,000 for personal property, $100,000 for liability coverage and a deductible of $500. The table below compares the price of renters insurance based on varying personal property coverage limits.
Renters who live in other parts of the state can also compare the prices of renters insurance in Texas.
Average Annual Rates for Personal Property Insurance
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What Are the Best Renters Insurance Companies in Fort Worth?
MoneyGeek’s study found that the companies offering the best renters insurance in Fort Worth are:
- Best Overall: USAA (only for active military personnel, veterans and their family members)
- Runner-up: Allstate
These companies received the highest scores on MoneyGeek’s rating system, which incorporates affordability, customer satisfaction ratings from J.D. Power and financial stability ratings from AM Best. The top-ranking companies also have coverages that other insurers do not typically offer.
USAA is MoneyGeek’s top pick for renters insurance in Fort Worth, with a perfect score across all categories. However, USAA policies are only available to active military personnel, veterans and their family members.
Some insurance companies only refund renters the actual price of the item they have lost, making it cheaper than the amount you spent buying the item. USAA, on the other hand, reimburses Fort Worth renters with the replacement cost of a lost item. This ensures you receive items of the same quality and value you lost.
Allstate is the second best company for renters insurance in Fort Worth. Renters can add identity theft coverage to their policy.
Allstate’s identity protection coverage helps you track your digital footprint to avoid breaches in your data. If you become a victim of identity theft, your insurance will cover the expenses. You can purchase this coverage as an add-on to your existing Allstate policy.
The Average Cost of Renters Insurance in Fort Worth for 2023
renters insurance is equal to the average.
In Fort Worth, the average cost of renters insurance is $135 per year. This is $24 cheaper than the national average cost of renters insurance at $159 per year.
What Factors Impact Renters Insurance Costs in Fort Worth?
Many factors can change the cost of insurance policies. The following affect the price of your renters insurance the most:
- Personal property coverage amount. This greatly influences the cost of your renters insurance. A higher coverage limit makes your policy more expensive, as it can cover more of your personal property in case of a covered loss.
- Location within a city. While crime is a factor, it does not significantly affect the cost of your policy. A higher crime rate in your area may slightly increase the price of your insurance.
- Deductible. This is how much you pay on your own in the event of a covered loss. A lower deductible may mean a more expensive policy since your insurer will have to cover a larger amount. If you opt for a policy with a higher deductible, your monthly premiums will be lower.
- Actual cash value (ACV) vs. replacement cost value (RCV). In general, an actual cash value (ACV) policy is cheaper because you will be compensated for the current depreciated value of your belongings. A replacement cost value (RCV) policy is more expensive because the basis for your reimbursement is the value of a similar item.
- Liability coverage amount. This coverage amount has minimal effect on the price of your renters insurance. Increasing your liability coverage limit will only cost a few dollars more.
Calculate How Much Renters Insurance You Need
Does My Fort Worth Neighborhood Impact Cost of Renters Insurance?
The cost of renters insurance is not significantly affected by your neighborhood's location. MoneyGeek discovered that the location of your rental property would only add or deduct a few dollars from the cost of your policy.
Understanding Renters Insurance in Fort Worth
Renters insurance in Fort Worth is not mandatory, but some landlords may require you to get one. MoneyGeek recommends purchasing renters insurance since it's affordable and protects your personal property.
Before purchasing a policy, you should know its coverages and exclusions. This way, you're sure of whether the policy meets your needs or not. Remember that every policy is different; some may not cover certain risks or perils.
What Does Renters Insurance Cover in Fort Worth?
It's important to carefully examine whether your policy includes the coverages that fit your specific needs. Getting renters insurance typically reimburses you if your personal property is stolen.
Based on a 2019 report by the FBI, Fort Worth had a property crime rate of 2,513 per 100,000 residents. This is 27% higher than the national average.
Renters insurance protects Fort Worth apartment and home renters against common threats like fires and water damage. A standard renters insurance policy has the following coverages:
- Personal property coverage: This covers lost or damaged personal property as long as your item's value does not exceed the coverage limits.
- Additional living expenses: It covers temporary lodging expenses if your rental property becomes uninhabitable because of damage from a covered loss.
- Liability insurance: This coverage pays for the legal costs and other fees you may incur if a person becomes injured while on your property.
- Medical payments coverage: This covers the medical expenses when a third party suffers bodily injury while in your home, irrespective of who's at fault.
What Is Not Covered by Renters Insurance in Fort Worth?
Your standard renters insurance policy has its limitations. Renters insurance covers your personal property but not the structure of the home. Therefore, you can buy additional insurance to protect your home's building.
Your policy also covers water damage, except for those caused by flooding. You can insure this kind of damage by purchasing incremental insurance through the National Flood Insurance Program (NFIP).
Renters insurance does not cover certain perils and items like earthquakes or cars. Additionally, valuable items such as jewelry and artwork may exceed your personal property coverage limits, so your policy might not be able to cover them.
Frequently Asked Questions About Renters Insurance in Fort Worth
MoneyGeek answered a few commonly asked questions about renters insurance in Fort Worth to help you find the best policy for your needs.
Renters Insurance in Fort Worth Analysis: Methodology
MoneyGeek analyzed hundreds of renters insurance quotes in Fort Worth 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 derived from a comprehensive analysis of quotes provided by Quadrant.
About Mark Fitzpatrick
- United States Department of Justice, Federal Bureau of Investigation. "Crime in the United States, 2019." Accessed June 10, 2022.