The Best and Cheapest Renters Insurance in Irving, TX, for 2022: Rankings, Reviews and Rates

Renters insurance in Irving, Texas, costs an average of $135 annually or $11 monthly. The least expensive option is Lemonade, with a monthly cost of around $7, and the most expensive choice is State Farm, with a monthly cost of roughly $14. Renters can save as much as $7 per month by shopping around. Additionally, MoneyGeek ranked Irving's top renters insurance companies so that consumers can find the right combination of quality and price.

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Last Updated: 11/14/2022
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The Cheapest and Best Renters Insurance in Irving

The Companies With the Cheapest Renters Insurance in Irving

Irving renters should look at the price of their renters insurance since most companies offer the same basic coverage. You can choose the right policy for you by comparing renters insurance quotes.

On average, MoneyGeek's study determined that the following are the most affordable companies in Irving for renters insurance:

  • Lemonade: $87 per year
  • USAA: $107 per year (exclusively for active duty, retired and family members of military members)

USAA policyholders can save even more money on their insurance policies since they are covered for flood and earthquake damage. Plus, USAA reimburses their items at replacement cost.

Using $100,000 in liability coverage and a $500 deductible, MoneyGeek looked at the cost of policies with $20k in personal property coverage. Depending on your insurance coverages and limits, your premiums will vary. The table below shows how prices vary depending on the limits of personal property coverage.

You can compare renters insurance policies for Texas as a whole if you live outside Irving.

Average Annual Rates for Personal Property Insurance

Personal Property Coverage:

$20,000

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Insurance Rates

Compare Renters Insurance Rates

Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.

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What Are the Best Renters Insurance Companies in Irving?

Based on ratings by MoneyGeek, these are the best renters insurance companies in Irving:

  • Best Overall: USAA (only available for military personnel)
  • Runner-up: Lemonade

MoneyGeek's rating system considers affordability, customer satisfaction ratings from J.D. Power as well as a financial stability rating from AM Best. Additionally, MoneyGeek found that these companies offer unique renters insurance coverages not typically available from other providers.


1
USAA
Score:94

4.5/5

Affordability

5/5

User Satisfaction

5/5

Financial Stability

Geek Quick Take
Geek Quick Take

USAA is the top company in Irving and received perfect scores in satisfaction and stability. When it comes to affordability, it is the second cheapest insurer in Irving. This carrier only serves military families.

More About USAA

USAA consistently provides one of the most affordable insurance policies in the country. As part of its standard policy, this insurer covers flood damage and earthquake damage. Another great feature of a USAA policy is that in the event you are deployed abroad or move abroad, USAA coverage will still apply.

Read MoneyGeek's USAA renters Insurance Review
2
Lemonade
Score:88

5/5

Affordability

3.5/5

User Satisfaction

3.5/5

Financial Stability

Geek Quick Take
Geek Quick Take

Lemonade is the runner-up as it earns high ratings across all categories. In fact, it ranks first in affordability. It offers online tools for getting a quote.

More About Lemonade

Lemonade also has unique and beneficial company features. For example, a significant other can be added to your policy at a low additional cost if you live together. Moreover, with Lemonade's online quote tool, you can get a renters insurance policy in minutes.

Read MoneyGeek's Lemonade renters Insurance Review

The Average Cost of Renters Insurance in Irving for 2022

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renters insurance is equal to the average.

The average renters insurance cost in Irving is $135 per year or $11 per month. In comparison to the national average of $159 per year, this is $24 less.

What Factors Impact Renters Insurance Costs in Irving?

While there are several factors that influence your renters insurance costs, the following are the most impactful to the amount you will spend.

  1. Personal property coverage amount. Consider the amount of coverage you need when shopping for Irving renters insurance. This is the most important factor influencing the price of your premiums.
  2. Location. The cost of renters insurance may vary depending on your location. Generally, premiums are higher in neighborhoods with a high crime rate due to the risks associated with this statistic.
  3. Deductible. You will have to pay this fee when you file a claim. A higher deductible will lower your insurance premiums since you pay more out of pocket for claims.
  4. ACV vs. RCV. Depending on the type of insurance you have, you will either receive reimbursement for actual cash value (ACV) or replacement cost value (RCV). Your insurer will reimburse you for used items according to their depreciated value if you have an ACV policy. RCV policies, on the other hand, pay the equivalent cost of a new item of the same type and quality without taking any depreciation into account. Compared with ACV policies, RCV policies are more expensive because they pay more for claims.
  5. Liability coverage amount. The amount of coverage you choose will have very little impact on your renters insurance costs. If you need more than the standard $100,000 of liability coverage, you can purchase extra coverage for just a few dollars a year.

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Does My Irving Neighborhood Impact Cost of Renters Insurance?

Your neighborhood has less of an impact on your renter's insurance rate than it does on other types of insurance. According to MoneyGeek's analysis, you'll only see a small difference in your insurance premiums due to the location of your residence.

Understanding Renters Insurance in Irving

In Irving, renters insurance is not required by law. However, MoneyGeek strongly recommends buying an insurance policy because it is a prudent way to safeguard your assets. When you purchase a policy, the insurance company assumes the risk of property loss. As a result, renters insurance provides protection against loss of property and damage to expensive assets, including fixed and movable property.

What Does Renters Insurance Cover in Irving?

Getting the right amount of coverage is essential when looking for renters insurance. You will avoid incurring additional expenses, such as theft or other damage, by purchasing insurance with the right coverage.

According to the FBI, Irving had a property crime rate of 2,066 per 100,000 people in 2018, which is roughly 4% higher than the national average.

Residents of Irving should consider purchasing insurance in case of an unexpected risk, such as a fire or water damage. Listed below are the items typically covered by renters insurance in Irving.

  • Personal property coverage: A rented home is covered against certain perils under this type of policy, such as fire, theft, vandalism, plumbing problems, electrical problems and some weather-related damage.
  • Additional living expenses: This coverage will pay for temporary housing expenses after a covered peril causes your rental unit to become uninhabitable.
  • Liability insurance: Accidents that occur on your rental property are covered if they cause harm or damage to others. You will be covered by this policy for legal expenses and payouts in the event you are found legally liable.
  • Medical payments coverage: This coverage will assist with the medical expenses of someone injured on your rented property regardless of who is at fault.

What Is Not Covered by Renters Insurance in Irving?

Irving renter's insurance only covers your personal property, not the structure of the building. This responsibility falls under the building owners. Some specific perils are also not covered by Irving renter's insurance, and an additional policy may be required in such cases.

An example is water damage, which may be covered by Irving renters insurance. However, flood-related damage is rarely covered. A flood insurance policy through the National Flood Insurance Program (NFIP) may be appropriate if you live in a high-risk area.

Renters insurance policies also do not cover your roommate's belongings, earthquake damage, damage to your car, jewelry and other valuable items.

It’s important to note that different policies cover different amounts. Prior to finalizing your purchase, read the policy carefully to ensure that you have accurate coverage.

Frequently Asked Questions About Renters Insurance in Irving

I’m It is important to shop around for renters insurance that combines affordability and quality. Below are answers to some of the most commonly asked questions about Irving's renters insurance.

Renters Insurance in Irving Analysis: Methodology

MoneyGeek analyzed hundreds of renters insurance quotes in Irving 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 the Author


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Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.


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