The Cheapest and Best Renters Insurance in Jackson
The Companies With the Cheapest Renters Insurance in Jackson
When shopping for renters insurance in Jackson, it’s important to compare renters insurance quotes since most companies offer similar core coverages. If you are looking for cheap renters insurance in Jackson, the most affordable companies are:
- USAA: $64 per year (only available to renters with a military background)
- MetLife: $172 per year
If you qualify for USAA, you will get even more value for your money since this policy comes with flood and earthquake coverage. USAA also reimburses you for items at replacement cost without factoring in depreciation.
In this study, all policies have $20,000 in personal property coverage limits, $100,000 in liability coverage limits and a deductible of $500. To see how rates vary for different limits, you can adjust the personal property coverage limits in the table below.
If you live in a different part of the state you can look up renters insurance for Mississippi as a whole.
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What Are the Best Renters Insurance Companies in Jackson?
MoneyGeek’s analysis found that the companies with the best renters insurance in Jackson are:
- Best Overall: USAA (only available for current and former military members)
- Runner-up: Nationwide
MoneyGeek ranked the best renters insurance companies in Jackson based on affordability, customer satisfaction ratings from J.D. Power and financial stability ratings from AM Best. We also scored providers based on whether it offers unique coverages.
USAA was ranked as the best cheap renters insurance in Jackson based on its perfect scores for customer satisfaction, affordability and financial stability. However, only renters with a military background are eligible for USAA policies.
USAA renters insurance offers coverage based on replacement cost. This means that if you suffer a loss, you’ll be reimbursed with items of the same value without factoring in depreciation. USAA’s coverage is also unique because it provides flood and earthquake coverage which are rarely offered by other insurers.Read MoneyGeek's USAA renters Insurance Review
Nationwide received high scores in affordability and customer satisfaction, making it the best renters insurance in Jackson for those who do not qualify for USAA.
Nationwide’s renters insurance allows you to opt for various unique coverages including valuables-plus coverage for high-value items like art or jewelry. You can also get earthquake coverage as an add-on to your renters policy. Nationwide will also reimburse you for damages caused by sewer backup if you opt for water backup coverage.Read MoneyGeek's Nationwide renters Insurance Review
The Average Cost of Renters Insurance in Jackson for 2023
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The average cost of renters insurance in Jackson is $215 per year, which is $56 higher than the national average cost of renters insurance at $159 per year.
What Factors Impact Renters Insurance Costs in Jackson?
The cost of renters insurance in Jackson is impacted by various factors including:
- Personal property limits. The factor that has the greatest impact on the cost of renters insurance is the amount of personal property coverage. Insurance policies with more personal property coverage cost more.
- Location. Where you live slightly impacts the cost of your renters insurance. Typically, renters in areas that are more prone to crime pay more for their insurance policies.
- Deductible. The deductible on your renters policy is the amount you will pay out of pocket when you file a claim. Renters policies with a high deductible tend to cost less in premiums but have high out-of-pocket costs. In contrast, a renters policy with a low deductible will cost more in premiums but have low out-of-pocket costs.
- ACV vs. RCV. A renters insurance policy can either reimburse you based on the actual cash value (ACV) or the replacement cost value (RCV) of your items. RCV-based policies do not factor in depreciation so they typically cost more than ACV-based policies.
- Liability coverage amount. The amount of liability coverage you choose will have a limited impact on the cost of renters insurance. A standard policy will have $100,000 in liability coverage but you can increase your liability limits by thousands of dollars for only a few dollars more per year.
Calculate How Much Renters Insurance You Need
Does My Jackson Neighborhood Impact Cost of Renters Insurance?
Location can be a factor in how much you pay for renters insurance but in most cases the impact is minimal. MoneyGeek’s study found that your neighborhood will only impact the cost of renters insurance in Jackson by a few dollars per month.
Understanding Renters Insurance in Jackson
Renters insurance is not a requirement in Jackson, although some landlords will require tenants to have coverage. Even if your landlord does not require renters insurance, MoneyGeek strongly recommends that you purchase it as a low-cost way to protect your personal belongings from loss or damages.
What Does Renters Insurance Cover in Jackson?
To find the best renters insurance in Jackson, it’s important to keep in mind that the coverage you need may be specific to your area.
According to the FBI, Jackson had a property crime rate of 3,787 per 100,000 people in 2019, which is approximately 100% higher than the national average. This means that renters in this area may benefit from the theft protection coverage in renters insurance policies. Renters insurance will also protect you in case of perils like fire and water damage which can occur anywhere, but may be more likely in some areas.
Renters insurance includes the following core coverages:
- Personal property coverage: This coverage applies to the personal belongings or assets in your home. This coverage will reimburse you in case your property is lost or damaged due to a covered peril like fire, theft, vandalism or water damage.
- Additional living expenses: If your home is rendered uninhabitable due to a covered peril like fire or water damage, your insurer will reimburse you for the additional living expenses you incur for temporary housing.
- Liability insurance: Liability coverage reimburses you in the event a third party is injured while in your home and you are held liable for the damages.
- Medical payments coverage: If a third party suffers bodily injury while in your home, medical payments coverage will pay for the medical expenses incurred regardless of who is at fault.
What Is Not Covered by Renters Insurance in Jackson?
Renters insurance in Jackson does not cover the following:
- The structure or building of your home is not covered. Renters insurance only covers the personal property in your rented home.
- Most standard renters insurance policies do not come with coverage for flood or earthquake damage. In some cases, you can purchase these coverages as a separate policy or add-on to your policy. You can also get flood insurance from the National Flood Insurance Program (NFIP).
- Your renters insurance will also not cover roommates’ possessions, damage to your car or items whose value exceeds the policy limits.
Always read through your policy to understand what risks are not covered and other exclusions that apply since these can vary depending on the provider.
Frequently Asked Questions About Renters Insurance in Jackson
MoneyGeek answered the most commonly asked questions to help you learn more about renters insurance policies in Jackson.
Renters Insurance in Jackson Analysis: Methodology
Moneygeek analyzed hundreds of renters insurance quotes in Jackson 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, Federal Bureau of Investigation. "Crime in the United States, 2019." Accessed June 10, 2022.