The Cheapest and Best Renters Insurance in Kansas City
The Companies With the Cheapest Renters Insurance in Kansas City
If you compare renters insurance quotes, you’ll notice that most providers offer policies with similar coverage at different price points. It makes the policy’s premium a prime factor to consider before making a purchase.
On average, the providers that have the cheapest renters insurance in Kansas City are:
- USAA: $68 (only available to present and former members of the military)
- State Farm: $118
USAA offers a policy that reimburses items lost or damaged in a covered situation at replacement cost. It also covers damage from floods and earthquakes, making it more value for money for renters who are eligible to purchase it.
All standard renters insurance in Kansas City includes $20,000 in personal property coverage limits, $100,000 liability coverage limits and a deductible of $500. The amount of personal property you want to be covered affects the premium of the policy. You can use the table below to adjust the coverage limit of your personal property. It will show you how the price of your policy changes.
Renters who live outside of Kansas City but still within the state can compare the best cheap renters insurance for Missouri.
Average Annual Rates for Personal Property Insurance
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What Are the Best Renters Insurance Companies in Kansas City?
MoneyGeek’s study found that the best renters insurance companies in Kansas City are:
- Best Overall: State Farm
- Runner-Up: Allstate
USAA received the highest score in Kansas City by MoneyGeek's rating system. However, because USAA is only available to military members, veterans and their families, it is not listed as best overall.
MoneyGeek uses a unique rating system to determine the top insurance companies. It considers affordability, customer satisfaction ratings from J.D. Power and financial stability from AM Best. MoneyGeek has also found that compared to other insurance providers, top companies offer policies with unique coverages.
If you have property that’s lost or damaged, USAA reimburses at replacement cost so you can get items of similar type and quality. Although already constantly considered one of the cheapest renters insurance companies in the country, USAA offers additional discounts for those still serving in the military. Their policy also continues to cover you if you get stationed outside of the United States.
USAA scored perfectly across all three areas. Those eligible to purchase their policy are present and former military members only, as well as their families.Read MoneyGeek's USAA renters Insurance Review
State Farm is considered one of the cheapest renters insurance options. It offers coverages that you may find beneficial if renting in Kansas City. You can choose to buy inflation coverage, so the protection for your personal property automatically increases over time. You can add coverage for identity restoration to your policy for $25 per year, which protects you against expenses incurred through identity theft.
State Farm scores perfectly on financial stability. Increasing your coverage limits for valuable items like jewelry or business personal property is easy.Read MoneyGeek's State Farm renters Insurance Review
The Average Cost of Renters Insurance in Kansas City for 2023
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On average, the cost of renters insurance Kansas City is $149 per year or around $12 per month. Compared to the national average of $159, it is lower. That’s $10 per year or about a dollar per month.
What Factors Impact Renters Insurance Costs in Kansas City?
Several factors affect the cost of your renters insurance premium. The following items are the ones with the most impact on the amount you spend:
- Personal property coverage amount – The cost of personal possessions covered is one of the primary factors that determine the price of a policy. Renters often underestimate the value of their belongings. It's best to have an accurate assessment of your belongings and what it would cost to replace them to get the best policy for you.
- Location within a city – The area you live in affects the amount of your premium. Renters insurance will usually be more expensive If you reside in a neighborhood with higher crime rates or those at risk of experiencing severe weather. Renters from secure areas will likely get a policy with a lower cost.
- Deductible – This refers to the amount you’ll pay before your insurance company starts paying out your claim. Choosing a policy with a lower deductible gives you a higher premium. Policies with a higher deductible have lower premiums because insurance carriers pay less to reimburse your claim.
- ACV vs. RCV – When paying out a claim, insurers either use ACV (Actual Cash Value) or RCV (Replacement Cost Value). Policies with ACV plans have lower premiums because they account for depreciation, meaning carriers paying less for older items. In contrast, RCV packages have higher premiums because they reimburse you the amount to buy an item at the current cost.
- Liability coverage amount – Standard policies include $100,000 of liability coverage, which is the part of your insurance that protects you from a claim someone files against you for injury or loss of physical property. The amount of coverage has a minor effect on the cost of your policy. For only a few additional dollars per year, you can add several thousands of dollars to your coverage limit.
Calculate How Much Renters Insurance You Need
Does My Kansas City Neighborhood Impact Cost of Renters Insurance?
Your neighborhood’s location in Kansas City has little effect on the cost of renters insurance policy. MoneyGeek's study shows that your premium will only change by a few dollars every month.
Understanding Renters Insurance in Kansas City
Some landlords may ask you to purchase renters insurance before you can live in their property, but it is not required in Kansas City. That said, it is always a good idea to have a policy since your landlord may have his own insurance, but it won’t cover damage to your property. MoneyGeek recommends purchasing your own renters insurance policy since it will protect you against theft or damages caused by risks such as fire or extreme weather conditions. Having renters insurance is a low-cost way to protect your belongings.
What Does Renters Insurance Cover in Kansas City?
Comparing renters insurance quotes in Kansas City before deciding to purchase one is always a good idea. Knowing what is and isn’t covered in policies can help you better understand which insurance provider offers a policy that best suits your needs.
Having the right coverage gives you protection against expenses from damages caused by unexpected disasters. It may even give you protection against theft and other property crimes. Kansas City is only considered safer than 4% of cities in the country.
As someone renting in Kansas City, you may also consider adding coverage to your policy. Extra coverage could give protection against losses from fire and water damage, which occur anywhere. Insurance providers in Kansas City usually offer renters insurance policies that include the following:
- Personal property coverage – When you have items lost or destroyed in a covered situation, personal property coverage allows you to file for reimbursement. In Kansas City, personal property coverage includes expenses from damages caused by natural calamities caused by weather events such as wildfires, thunderstorms and tornadoes.
- Additional living expenses – Sometimes the damage to your rented unit is so severe that it requires you to live elsewhere temporarily. This coverage provides reimbursement for expenses when your rental becomes uninhabitable.
- Liability insurance – If someone gets injured or an accident occurs on your property, liability insurance protects you. It also provides coverage if they have property that is damaged in your rental and the cost of legal defenses if they file a lawsuit against you.
- Medical payments coverage – When someone has a bodily injury while on your property and you need to pay for their medical expenses, this allows you to file a claim for reimbursement.
What Is Not Covered by Renters Insurance in Kansas City?
Renters insurance covers certain situations, but not others.
Your property is covered by renters insurance in Kansas City, but the actual structure of the rental home is not. Landlords are responsible for covering that.
Although some water damage is covered, most standard insurance policies do not cover damage resulting from a flood. You can increase your coverage to include this by buying incremental insurance through the National Flood Insurance Program (NFIP).
Damage or loss of personal property is covered but does not extend to possessions owned by your roommates. As a result, they should have their own policy.
Jewelry, as well as other items with a higher value than your policy limits, are excluded. Damage from earthquakes and those to your car are also not covered.
Comparing renters insurance quotes from different companies is always smart. Read their policies as they may have different coverages. This increases your chances of getting one that best fits your needs.
Frequently Asked Questions About Renters Insurance in Kansas City
When comparing quotes for renters insurance, look for an insurance carrier that values both affordability and quality. Below are the most frequently asked questions regarding renters insurance in Kansas City:
Renters Insurance in Kansas City Analysis: Methodology
MoneyGeek analyzed hundreds of renters insurance quotes in Kansas City to help you find cheap renters insurance. The best renters insurance rankings were determined using data from JD Power, A.M. Best and affordability metrics that are derived from a comprehensive analysis of quotes provided by Quadrant.
About Mark Fitzpatrick