The Cheapest and Best Renters Insurance in Hialeah
The Companies With the Cheapest Renters Insurance in Hialeah
Most insurance carriers in Hialeah have similar core coverages, so cost is an important factor to consider when buying renters insurance. Renters in the city can find the lowest rates by comparing insurance quotes from different companies.
MoneyGeek analyzed Hialeah’s renters insurance providers and found that these companies offer the cheapest policies for the average renter:
- State Farm: $113 per year
- Travelers: $133 per year
Keep in mind that the quotes used in this guide have a limit of $20,000 in personal property coverage and $100,000 in liability coverage. They also have a $500 deductible. Find how rates vary based on coverage limits using the table below.
For renters outside of Hialeah, MoneyGeek also compared rates in Florida as a whole.
Average Annual Rates for Personal Property Insurance
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What Are the Best Renters Insurance Companies in Hialeah?
Based on MoneyGeek’s analysis, the best renters insurance providers in Hialeah are:
- Best Overall: State Farm
- Runner-up: Travelers
For this study, our team used a unique scoring system that includes affordability quotes, customer satisfaction ratings from J.D. Power and financial stability ratings from AM Best. Aside from getting the highest scores, we found State Farm and Travelers offer add-on coverages that aren’t usually offered by other providers.
State Farm is our top pick for Hialeah, earning excellent scores for affordability, stability and customer service. They provide identity restoration coverage as an add-on.
State Farm has consistently been one of the most affordable renters insurance companies across the United States. Beyond their cheap pricing, they have unique riders for their policies. Their identity restoration coverage pays for expenses due to identity fraud, while their inflation coverage automatically increases personal coverage limits. They also allow policyholders to increase limits when insuring high-value items, displaying price ranges while getting a quote.Read MoneyGeek's State Farm renters Insurance Review
Travelers has an excellent score for affordability and stability, and it’s our runner-up pick in Hialeah. They offer replacement cost coverage as an add-on.
Travelers allows renters in Hialeah to include rare coverages on their policies. Notably, this company has replacement cost coverage, an optional rider that pays for damaged items at a replacement cost. Additionally, policyholders who bundle their renters policy with a Travelers car insurance policy get an up to 5% discount.Read MoneyGeek's Travelers renters Insurance Review
The Average Cost of Renters Insurance in Hialeah for 2023
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The average cost of renters insurance in Hialeah is $144 per year. That’s $15 cheaper compared to the national average of $159 per year.
What Factors Impact Renters Insurance Costs in Hialeah?
Renters insurance prices are affected by several factors. MoneyGeek’s research found that the following have the most impact when determining prices:
- Personal property coverage amount. The amount of coverage of a policy significantly affects insurance cost and is one of the most important factors to consider when buying renters insurance.
- Location within a city. A renter’s location also influences the cost of their renters insurance. If they’re living in a high crime rate neighborhood, their rates will be slightly higher.
- Deductible. This is the amount that needs to be paid before your insurance company reimburses a claim. It’s cheaper to get a high deductible amount, but doing so results in high out-of-pocket payments when filing a claim. Meanwhile, a policyholder will have reduced out-of-pocket expenses with a low deductible amount, but their premiums will become more expensive.
- ACV vs. RCV. Insurance companies pay for claims based on an item’s actual cash value (ACV) or replacement cost value (RCV). While ACV policies are cheaper, they consider an item’s depreciation and pay less when you file a claim. Conversely, RCV policies pay the amount that allows renters to get items of the same kind and quality, but they are more expensive each month.
- Liability coverage amount. Liability coverage limits have a minor effect on renters insurance costs. It only takes a few dollars per year to increase coverage limits by thousands.
Calculate How Much Renters Insurance You Need
Does My Hialeah Neighborhood Impact Cost of Renters Insurance?
Your Hialeah address has a limited impact on the price of your renters insurance. MoneyGeek’s research found that the neighborhood you’re living in only affects your premium prices by a few dollars per month.
Understanding Renters Insurance in Hialeah
In Hialeah, renters are not legally required to be insured, but some landlords may ask for tenants to have insurance coverage. Regardless, MoneyGeek strongly recommends renters in the city purchase insurance. A renters policy is an affordable way to protect oneself against theft and damages.
What Does Renters Insurance Cover in Hialeah?
To ensure you’ll get enough coverage with your renters insurance, it’s important to understand the coverages that are included in your policy.
Renters insurance includes personal property coverage, and it provides financial protection to your possessions in case of theft. If you rent an apartment or home, it’s also a good idea to get renters insurance since it pays for expenses caused by fire and water damage.
You can expect to get the following coverages from a renters insurance policy in Hialeah:
- Personal property coverage: This covers expenses caused by theft, fire, plumbing issues, electrical malfunction and some weather-related incidents.
- Additional living expenses: This pays for temporary housing costs in case your rented unit becomes uninhabitable due to a covered incident.
- Liability insurance: If an accident occurs in your rented dwelling and you’re found to be at fault, this settles legal expenses and damages.
- Medical payments coverage: This coverage helps pay for a person’s medical expenses after they’ve become injured in your rented home, regardless of who’s at fault for the incident.
What Is Not Covered by Renters Insurance in Hialeah?
Renters insurance primarily protects your belongings. It doesn’t cover damages to your rented dwelling’s structure. Insuring the building is your landlord’s responsibility.
Additionally, a renters policy may cover some types of water damage, but it usually won’t cover damages caused by an external flood. To protect your possessions from floods, it’s recommended to buy incremental insurance from the National Flood Insurance Program (NFIP).
Your renters insurance policy won’t cover your roommate’s possessions, and it doesn’t extend to damages from an earthquake, damages to your car, jewelry and items that exceed policy limits.
In order to ensure that you’re getting the coverage you need, it’s best to read your policy’s details carefully.
Frequently Asked Questions About Renters Insurance in Hialeah
The best renters insurance providers in Hialeah offer a combination of affordability and quality. MoneyGeek answered some frequently asked questions to help you learn more about coverage for renters in the city.
Renters Insurance in Hialeah Analysis: Methodology
MoneyGeek analyzed hundreds of renters insurance quotes in Hialeah 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 are 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.