The Cheapest and Best Renters Insurance in Milwaukee
The Companies With the Cheapest Renters Insurance in Milwaukee
Cost is an important factor for renters when shopping for a policy because most insurance companies offer similar core coverages. Compare quotes from different providers to get the best rate possible for your needs.
If you want the cheapest renters insurance in Milwaukee, MoneyGeek found, on average, that the two companies with the lowest rates are:
- Allstate: $87 per year
- State Farm: $115 per year
The prices in this guide are for a policy with $20,000 in personal property coverage, $100,000 in liability coverage and a deductible of $500. Use the table below to see how your rate can change with different personal property coverage limits.
If you live elsewhere in the state or are considering moving, you can compare renters insurance in Wisconsin as a whole.
Average Annual Rates for Personal Property Insurance
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What Are the Best Renters Insurance Companies in Milwaukee?
According to MoneyGeek’s analysis, the best renters insurance in Milwaukee is from:
- Best Overall: Allstate
- Runner-up: State Farm
These companies received the highest scores on MoneyGeek’s unique rating system that incorporates affordability, customer satisfaction ratings from J.D. Power and financial stability ratings from AM Best. Additionally, these companies have coverages that others rarely offer.
Allstate received high ratings across all categories, including a perfect score for affordability, making it MoneyGeek’s top pick in Milwaukee. It offers unique add-on coverages, such as identity protection.
With Allstate, you can add identity protection to a renters insurance policy to monitor your digital footprint and cover the expenses related to identity theft. Allstate policyholders can also save on renters insurance by waiving off-premises theft coverage. Keep in mind that means no coverage for things stolen outside your home.
As the runner-up in Milwaukee, State Farm earned a perfect stability score and high score for customer satisfaction but average for affordability. It offers unique optional coverages, like inflation coverage.
State Farm is consistently one of the cheapest options for renters insurance across the country. It allows you to easily increase limits for valuable items, like jewelry and business personal property, when getting a renters insurance quote. With State Farm, you can purchase inflation coverage, so your personal property coverage limit automatically increases over time.
The Average Cost of Renters Insurance in Milwaukee for 2023
renters insurance is equal to the average.
The average cost of renters insurance in Milwaukee is $115 per year ($10 per month). That is around $44 cheaper than the national average of roughly $159 per year.
What Factors Impact Renters Insurance Costs in Milwaukee?
While several factors affect the cost of renters insurance, the following are the most impactful.
- Personal property coverage amount. Your coverage amount has the most significant influence on your insurance rate. The more coverage you purchase, the higher your premium for renters insurance in Milwaukee.
- Location. Where you live within a city is important because areas with a history of property theft or a risk of severe weather typically have higher rates.
- Deductible. This is the amount you have to pay out of pocket with a claim. Having a higher deductible lowers your premium. In contrast, a lower deductible increases your insurance costs.
- ACV vs. RCV. Your insurance company reimburses you in one of two ways: actual cash value (ACV) or replacement cost value (RCV). An ACV policy is cheaper because it considers the depreciated value of items. Meanwhile, an RCV policy is pricier because it reimburses you for a new item of the same style and quality.
- Liability coverage amount. Your liability coverage amount has little effect on renters insurance costs. A standard policy has $100,000 in liability coverage, but you can add thousands more for a few dollars per year.
Calculate How Much Renters Insurance You Need
Does My Milwaukee Neighborhood Impact Cost of Renters Insurance?
Your neighborhood has a limited impact on the cost of renters insurance. Based on MoneyGeek’s study, your location may only increase your premium by a couple of dollars per month.
Understanding Renters Insurance in Milwaukee
Renters insurance in Milwaukee isn’t mandatory. Nonetheless, MoneyGeek strongly recommends purchasing a policy to protect your personal property at an affordable cost. Plus, some landlords require renters to have insurance as part of the lease agreement.
What Does Renters Insurance Cover in Milwaukee?
When shopping for renters insurance in Milwaukee, make sure you get enough coverage to meet your needs. Having enough coverage protects your personal property against theft. According to the FBI, Milwaukee had a property crime rate of 1,971 per 100,000 residents in 2019, which is over 4% above the national average.
Furthermore, renters insurance can cover damages to your belongings due to certain circumstances, like fire and thunderstorms. Below are some of the things that a renters policy typically covers.
- Personal property: Renters insurance covers damage or theft of your personal property, like clothing, electronics, appliances and furniture.
- Additional living expenses: If your rental is uninhabitable due to a covered peril, your renters policy covers the costs of temporary housing to policy limits.
- Personal liability: If a guest sustains injuries on your property and sues you, your renters insurance liability coverage covers the legal expenses and court fees.
- Medical payments: Renters insurance pays the medical expenses of an injured guest, regardless of who’s at fault, to a set limit.
What Is Not Covered by Renters Insurance in Milwaukee?
Renters insurance doesn’t cover the structure of your rental. It’s up to your landlord to ensure protection for the building’s structure. There are other circumstances that your policy won’t cover, too.
For example, while water damage from broken pipes is covered, flood damage is usually excluded. You need to purchase incremental insurance through the National Flood Insurance Program (NFIP) to cover damaged personal property due to flooding.
Other things excluded in renters insurance are roommate’s possessions, damage from earthquakes, damages to your car, jewelry and high-end or expensive items that exceed the policy limit. Like with all policies, make sure to review the fine print to understand what’s covered and what’s not. That way, you can ensure adequate protection for your personal property.
Frequently Asked Questions About Renters Insurance in Milwaukee
By reading MoneyGeek’s answers to some frequently asked questions, you can learn more information about renters insurance in Milwaukee.
Renters Insurance in Milwaukee Analysis: Methodology
MoneyGeek analyzed hundreds of renters insurance quotes in Milwaukee 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 we derive 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 10, 2022.