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CheapRenters InsuranceNebraskaThe Best and Cheapest Renters Insurance Companies in Nebraska for 2023: Rankings, Reviews and Rates
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CheapRenters InsuranceNebraskaThe Cheapest Renters Insurance in Nebraska
Cheap Renters Insurance Companies in Nebraska
When shopping for insurance, pricing usually takes top priority. In Nebraska, a policy with personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500 is available for an average of $91 per year from MetLife. State Farm also offers affordable policies in this state, with average rates around $110 per year.
USAA provides an even lower rate at $77 annually. However, USAA insurance plans are only available to former and current military members and their families.
These Nebraska insurance rates are for personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500. The rates were evaluated and analyzed based on a diverse set of ZIP codes across the state since rates vary depending on a renter’s exact location in Nebraska.
Personal Property Coverage:
$20,000
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Cheapest Renters Insurance Companies in Nebraska by City
MoneyGeek gathered data from providers in Nebraska's two largest cities, Lincoln and Omaha, to identify the cheapest renters insurance companies. While USAA offers the cheapest policies in both cities, the company caters only to military personnel and their families. If you don’t qualify for a USAA policy, MetLife provides the cheapest options.
Companies With the Cheapest Renters Insurance in Nebraska by City
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- CityCheapest CompanyAverage Annual Premium
- MetLife$85
- MetLife$95
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Best Renters Insurance Companies in Nebraska
Based on MoneyGeek's rating systems, USAA is the best renters insurance provider in Nebraska, with a perfect score of 100. Note that USAA serves veterans, active-duty personnel and their families exclusively. State Farm scored second place with an overall score of 87 out of 100.
MoneyGeek rates providers based on several factors, including financial stability, customer satisfaction and affordability.
The best Nebraska renters insurance providers aren't always the cheapest, but rather those that strike the right balance between affordability and quality service. Cheap doesn't necessarily equal excellence, so choosing the least-costly policy isn't always the best move. In addition to price, consider the insurer's creditworthiness and capability to respond to claims promptly.
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USAA
Score:100
USAA ranked as the overall best renters insurance company in MoneyGeek’s review, with a perfect score of 100. However, USAA serves only veterans, active-duty personnel and their families. A standard USAA policy includes unique protections, such as flood and earthquake coverage.
More About USAA
USAA is available in all 50 states. The provider offers several rare add-on coverages, such as slip-and-fall, loss of refrigerated items, worldwide personal property loss and more. You can determine your eligibility using USAA’s online quote tools, and customers can file claims online. The company also has a robust mobile app.
Read MoneyGeek's USAA renters Insurance Review2
State Farm
Score:87
State Farm ranks as one of Nebraska's best renters insurance companies for its high customer satisfaction and stability scores. The company offers rare coverages, such as personal injury protection.
More About State Farm
State Farm is available nationwide and offers several coverages, including additional business property and incidental business liability. It also offers multi-policy and protective device discounts. You can get an estimate using State Farm’s online quote tool, and customers can manage their insurance and banking accounts online or through the app.
Read MoneyGeek's State Farm renters Insurance Review3
American Family
Score:75
American Family ranks the third best renters insurance company in Nebraska, with high customer satisfaction and financial stability scores. The provider offers scheduled personal property coverage of up to $1,500 for jewelry.
More About American Family
American Family is available in 28 states, including Nebraska. The company offers pet damage liability coverage, which covers you if your pet hurts a person on your property. Individuals between the ages of 18 and 30 are eligible for a generational discount if their parents are American Family customers. American Family's app allows you to pay bills, file and track claims and view documents. Customers who schedule online payments receive discounts.
Read MoneyGeek's American Family renters Insurance Review4
Farmers
Score:71
Farmers ranks fourth among the best renters insurance companies in Nebraska. The company scores high marks for customer satisfaction and financial stability. Farmers offers identity theft coverage as part of its standard policy.
More About Farmers
Farmers has a strong presence in 49 states. In addition to offering identity theft coverage, the company offers scheduled personal property coverage for high-cost items and coverage to repair or replace items in your home. Farmers offers smoke-free discounts, a rare discount among renters insurance providers. You can use the Farmers mobile app to manage your insurance policies, report claims and communicate with your agent.
Read MoneyGeek's Farmers renters Insurance ReviewMONEYGEEK EXPERT TIP
Cost should not be the only deciding factor when shopping for the best renters insurance coverage. It may be best to purchase a costlier policy that balances affordability with quality service.
Largest Renters Insurance Companies in Nebraska
Consider purchasing renters insurance from a large company equipped to pay claims promptly. Large insurance companies tend to be more financially stable and invest in improving their customer service and user experiences.
Company | Market Share | |
|---|---|---|
1. | State Farm | 23.4% |
2. | Farmers Mutual of Nebraska | 11.1% |
3. | American Family | 9.6% |
4. | Farm Bureau Mutual (IA Group) | 8.5% |
5. | Nationwide | 6.0% |
Average Cost of Renters Insurance in Nebraska
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renters insurance is equal to the average.
Renters insurance in Nebraska costs an average of $119 per year, which is $40 less than the national average of $159. On a monthly basis, Nebraskans spend $10 on renters insurance, $3 less than the national average.
Ultimately, the cost of your renters insurance in Nebraska is determined by the amount of personal property coverage you need. The higher the value of your personal property, the higher your premium. Use the calculator below to determine how much insurance you need based on your personal property’s worth.
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Total:
MONEYGEEK EXPERT TIP
By comparing insurance quotes from several companies, you can find affordable renters insurance in Nebraska. Renter's insurance costs in Nebraska vary from one company to another. For example, the difference between the most and least expensive annual rates is around $65.
What Factors Impact Renters Insurance Cost in Nebraska
Rates from state to state vary considerably based on many criteria. Make sure you understand these key factors to help you get the best available renters insurance in Nebraska.
Location
Areas prone to disasters like hurricanes and flooding, or those with a high crime rate, will likely have higher renters insurance rates.
Coverage Amount
Depending on the type of coverage you select, prices will vary. If you have high-value belongings, like jewelry and electronics, you may need to purchase additional coverage, which therefore increases your rates.
Deductible
The lower the deductible, the higher your annual renters insurance premium, but some renters would rather pay a lower monthly rate with a larger deductible.
Actual Cash Value (ACV) vs. Replacement Cost Value (RCV)
Whether you want to get paid with the full replacement amount of your items (RCV) or just their depreciated value (ACV), your annual renters premium price will vary. RCV coverage costs more because it pays for new items of similar quality, while ACV policies only pay what each lost or damaged item is worth today.
Credit Score
In most states, insurance companies can evaluate a renter’s credit score when determining their annual renters insurance cost. This includes outstanding debt, payment history and length of debt.
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Renters Insurance in Nebraska: What You Need to Know
No one knows if and when a calamity will strike. Having reliable renters insurance in Nebraska will protect your valuable possessions from loss or damage. For as little as a few dollars each month, you can have basic insurance coverage to rely on.
Approximately 29% of Nebraska’s population are renters. The average monthly rent in this state is around $859. A standard renters policy with $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible costs an average of only $10 monthly, which is a little over 1% of the state’s average rent payment.
What Renters Insurance Typically Covers in Nebraska
While you look for the most affordable renters insurance in Nebraska, here is a quick look at the most common coverages provided by basic renters insurance:
- Personal property coverage provides protection for your belongings in case of a natural disaster, theft or other covered incident.
- Liability coverage protects you when you’re responsible for third-party injuries or property damage to guests in your rental unit.
- Additional living expenses are necessary when you need to temporarily live somewhere else due to covered damages to your rental.
- Medical payments coverage pays for other people’s medical expenses when they injure themselves on your rental property.
What Renters Insurance Typically Does Not Cover in Nebraska
It is equally important to understand what a typical renters insurance policy does not cover. While there are comprehensive packages available, not every situation is covered by basic renters insurance plans in Nebraska.
The following are typically not covered by renters insurance:
- EventDescription
Damage to the building
Your property coverage is limited only to your personal belongings and not damages to the rental property’s structure.
Earthquakes and floods caused by natural disasters
While there are many additional coverages for flood and earthquake insurance, typical renters insurance in Nebraska does not offer coverage for earthquakes or flooding by natural causes.
A roommate's property
Your renters insurance is limited only to your personal belongings unless stated in your contract.
Expensive items
Personal belongings like expensive jewelry and electronic gadgets are usually not included in a renters insurance plan. However, there are additional coverages that you can purchase.
MONEYGEEK EXPERT TIP
If you are a first-time renters insurance shopper in Nebraska, you might not know what renters insurance entails or if you really need it. The Nebraska Department of Insurance offers relevant information about Nebraska renters insurance. Pet owners may also want to consider pet liability renters insurance, which covers you if your pet injures a guest or their property while in your home.
You can reach the Nebraska Department of Insurance through the following channels:
- Mailing Address: P.O. Box 95087, Lincoln, NE 68509-5087
- Phone: 402-471-2201
- Consumer Affairs Hotline: 877-564-7323 (in-state only)
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FAQs About Renters Insurance in Nebraska
The best renters insurance provider for you will depend on your needs. MoneyGeek answers the most frequently asked questions about renters insurance in Nebraska.
Compare Renters Insurance Rates
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
Renters Insurance in Nebraska Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from five of the top insurance companies in Nebraska provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Nebraska. Quotes were gathered for policies with personal property coverage of $20,000, $50,000 and $100,000, liability coverage of $100,000 and a deductible of $500.
About Mark Fitzpatrick
sources
- State Farm. "Do I Really Need Renters Insurance Coverage?." Accessed March 30, 2022.
- State Farm. "State Farm Renters Insurance Discounts." Accessed March 30, 2022.
- Nebraska Department of Insurance. "About the Department of Insurance." Accessed March 30, 2022.
- USAA. "How Renters Insurance Works." Accessed March 30, 2022.
- USAA. "Why get USAA Renters Insurance?." Accessed March 30, 2022.