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

On average, renters insurance in Laredo, Texas, costs $125 per year or $10 per month. Lemonade is the cheapest option at $6 per month, while Farmers is the most expensive at $15 per month. By comparing quotes, renters can save as much as $9 per month. To help you find the right combination of price and quality, MoneyGeek analyzed and ranked Laredo's top renters insurance companies.

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Last Updated: 7/17/2022
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The Cheapest and Best Renters Insurance in Laredo

The Companies With the Cheapest Renters Insurance in Laredo

Since most companies offer the same basic coverage but at different rates, you should shop around for cheap renters insurance in Laredo. By comparing renters insurance quotes, you may find the best one for you.

According to MoneyGeek's analysis, the most affordable renters insurance companies in Laredo are:

  • Lemonade: $67 per year
  • USAA: $75 per year (exclusively for military members, veterans, and their families)

Because USAA protects its policyholders from flood and earthquake damage, your items are reimbursed at replacement cost, allowing you to save even more money.

MoneyGeek examined the cost of policies with $20k in personal property coverage using $100,000 of liability coverage and a $500 deductible. The premiums you pay will depend on your insurance coverages and limits. The table below illustrates how personal property coverage limits affect premiums.

If you live outside Laredo, you may be able to compare renters insurance policies across all of Texas.

Average Annual Rates for Personal Property Insurance

Personal Property Coverage:

$20,000

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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 Laredo?

MoneyGeek's rankings determined that the companies offering the best renters insurance in Laredo are:

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

As part of its rating system, MoneyGeek considers affordability, customer satisfaction ratings from J.D. Power and financial stability ratings from AM Best. MoneyGeek also discovered that the best renters insurance companies offer unique coverages that other providers rarely include.


1
USAA
Score:98

4.9/5

Affordability

5/5

User Satisfaction

5/5

Financial Stability

Geek Quick Take
Geek Quick Take

USAA received perfect scores for customer satisfaction and financial stability. In terms of affordability, it ranks second cheapest in Laredo. USAA caters only to active-duty and retired military personnel.

More About USAA

The insurance policies offered by USAA are consistently among the most affordable in the country. This insurer covers flood and earthquake damage as part of its standard policy. USAA will reimburse you for damages or loss at replacement cost, so you can expect items of similar quality as those you lost. Your policy remains in effect even if you move abroad.

2
Allstate
Score:91

4.7/5

Affordability

4.2/5

User Satisfaction

4.5/5

Financial Stability

Geek Quick Take
Geek Quick Take

With high ratings across multiple categories, Allstate is the second-best renters insurance provider in Laredo. It received excellent scores in customer satisfaction, financial stability and affordability.

More About Allstate

Allstate offers multiple add-ons options that you can take advantage of. For instance, Allstate's identity theft protection monitors your digital footprint and covers the costs associated with identity theft. While renters insurance doesn't cover flood damage, you can purchase a flood policy through Allstate if you live in a flood-risk zone.

The Average Cost of Renters Insurance in Laredo for 2022

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renters insurance is equal to the average.

The average cost of renters insurance in Laredo is $125 per year or $10 per month. This is $24 less than the national average cost of renters insurance at $159 per year.

What Factors Impact Renters Insurance Costs in Laredo?

While several factors influence your renters insurance cost, the following will impact your premiums the most:

  1. Personal property coverage amount. Shop for renters insurance in Laredo based on the amount of coverage you need since this will determine the price.
  2. Location. The cost of renters insurance may differ from place to place. Due to the associated risks, premiums tend to be higher in neighborhoods with a high crime rate.
  3. Deductible. This is the amount you pay out of pocket for each claim. Your insurer will require you to pay it. A higher deductible means lower premiums because you will spend more money on claims in the future.
  4. ACV vs. RCV. Your insurer will reimburse you for either the actual cash value (ACV) or the replacement cost value (RCV) of the claim, depending on your insurance type. An ACV policy reimburses you for your item's depreciated value. Meanwhile, an RCV policy pays for the same value and quality of the item you lost without considering depreciation. RCV policies cost more because they pay more for claims.
  5. Liability coverage amount. The amount of coverage won't affect renters insurance costs much. You only need a few more dollars per year to increase your liability coverage from the standard $100,000.

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Does My Laredo Neighborhood Impact Cost of Renters Insurance?

In general, your neighborhood may only have a slight impact on the cost of renters insurance. According to MoneyGeek's analysis, your location impacts your insurance premiums by only a few dollars per month.

Understanding Renters Insurance in Laredo

Renters insurance isn't a legal requirement in Laredo. Nonetheless, MoneyGeek strongly suggests purchasing an insurance policy as a prudent way of protecting your assets from loss or damage.

What Does Renters Insurance Cover in Laredo?

When it comes to renters insurance, it's important to find the right amount of coverage. Purchasing insurance with the right coverage will prevent you from incurring additional expenses, such as theft or other damage. According to the FBI, the property crime rate in Laredo was 1,674 per 100,000 people in 2019, which is 11% below the national average.

Laredo residents should consider purchasing additional insurance in case of an unexpected risk, such as fire or water damage. A standard renters insurance policy in Laredo has the following coverages:

  • Personal property coverage: Protects the contents of your rented home from perils such as fire, theft, vandalism, plumbing problems, electrical problems and some weather-related damages.
  • Additional living expenses: Covers temporary housing expenses if your rental unit becomes uninhabitable due to a covered peril.
  • Liability insurance: If an accident at your rental property causes damage or harm to others, you are covered. This policy will also cover your legal expenses and court judgment payments if you are found legally liable.
  • Medical payments coverage: Regardless of who is at fault, this coverage will assist with medical expenses for someone injured on your rented property.

What Is Not Covered by Renters Insurance in Laredo?

A renters insurance policy covers only your personal belongings, not the building structure, as this responsibility belongs to the building owner. Furthermore, Laredo renters insurance does not cover all perils. Therefore, you may need additional coverages for these situations.

For instance, Laredo's renters insurance covers water damage, but flood damage is typically not included. A flood insurance policy through the National Flood Insurance Program (NFIP) may be appropriate in high-risk areas.

The amount of coverage varies among policies. Most renters insurance policies may not cover other valuables such as jewelry, your car, earthquake damage and your roommates' belongings. These exclusions can vary among providers, so carefully read your policy before finalizing your purchase to ensure you have appropriate coverage.

Frequently Asked Questions About Renters Insurance in Laredo

To find affordable and quality renters insurance, shopping around is important. We have answered some of the most frequently asked questions about renters insurance in Laredo below.

Renters Insurance in Laredo Analysis: Methodology

MoneyGeek analyzed hundreds of renters insurance quotes in Laredo 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 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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