You can't put a price tag on security and peace of mind. For a few dollars every month, you can purchase an affordable renters insurance policy in Nebraska and secure your personal belongings. MoneyGeek ranked the top renters insurance providers in Nebraska to help you narrow down the best option for you.
The Best and Cheapest Renters Insurance in Nebraska for 2022: Rankings, Reviews and Rates
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.
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Best Renters Insurance Companies in Nebraska
After taking a close look at affordability, MoneyGeek also ranked Nebraska renters insurance providers according to other important factors, such as customer service and financial capacity. To find the best renters insurance in Nebraska, take a look at the top companies in MoneyGeek’s ranking and scoring system. For most customers, MetLife’s 88 score out of 100 is the best rating in the state, unless you’re eligible for USAA coverage.
USAA’s renters insurance packages are exclusively for former and current military members and their families. The best thing about qualifying for renters insurance from USAA is that they usually offer special coverages not commonly available with other insurance companies. Some of USAA’s insurance coverages in Nebraska include flood, earthquake, identity theft, moving and storage. Their rates are also typically quite affordable.
If you are looking for affordability and a company that ensures financial stability when you file a claim, MetLife is a strong option. Renters in Nebraska will also find MetLife’s customizable and flexible renters insurance plans very handy. They also offer bundled insurance plans to help you save even more.
State Farm customers can take advantage of special discounted rates when they apply for renters insurance in Nebraska. Their basic renters insurance premium costs around $9 monthly, but discounts apply for existing clients or if you also apply for car insurance. Their standard coverage includes damage caused by weather events. State Farm also has many more customers than any other renters insurance provider in Nebraska.
American Family customers in Nebraska can find different insurance packages and coverage options for items ranging from simple household belongings to expensive pieces, like jewelry and electronic gadgets. If you would like a quote, you will need to call them and speak with an agent.
Although their rates are higher than the other options discussed in this guide, Farmers ranks second for customer service based on reviews from J.D. Power and Associates. Its basic insurance package includes four standard types of coverage: personal possessions protection, personal liability, medical payments and additional living expenses. They offer identity theft protection for as low as $6.50 a month.
Largest Renters Insurance Companies in Nebraska
In Nebraska, State Farm is the biggest renters insurance provider with a market share of 23%. An insurance company’s financial stability is one of the important factors renters should look for. If something unexpected happens and you need to file a claim, a financially stable insurance company can quickly settle your claim.
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Average Cost of Renters Insurance in Nebraska
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The best way to get affordable renters coverage in Nebraska is to shop around and compare insurance quotes from several companies. In Nebraska, the average renters insurance rate is $119 per year. Compared with the annual U.S. average of $159, renters in Nebraska save around $40 annually.
Renters insurance rates vary widely from company to company in Nebraska. The difference between the most and least expensive average rates offered in the state is about $51 per year.
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.
- ACV vs. 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.
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:
- 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.
FAQs About Renters Insurance in Nebraska
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.
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