The Cheapest and Best Renters Insurance in Omaha
The Companies With the Cheapest Renters Insurance in Omaha
Since most renters insurance providers in Omaha offer the same basic set of core coverages, the cost of renters insurance in Omaha is an important factor for most customers. You can compare insurance rates for different providers to find the right policy. For those looking for cheap renters insurance in Omaha, MoneyGeek found that the most affordable options for the average consumer are:
- USAA: $77 per year (only available for current and former military members and their families)
- MetLife: $95 per year
Customers with USAA policies get even better value for their money as the insurer provides reimbursements for items at replacement cost and also covers earthquake and flood damage.
The prices used in this study are based on policies with $20,000 in personal property coverage, $100,000 in liability coverage and a deductible of $500. Actual costs will differ for individual customers. Please check the table below for different personal property coverage limits and see how prices change.
Renters in Nebraska residing outside Omaha can also compare rates for renters insurance in Nebraska as a whole.
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What Are the Best Renters Insurance Companies in Omaha?
MoneyGeek rated the best renters insurance in Omaha and found that the top providers in the city are:
- Best overall: MetLife
- Runner-up: State Farm
USAA received the highest score in Omaha 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.
To arrive at the final scores, MoneyGeek used a composite rating system that considers affordability data, AM Best financial stability ratings and customer satisfaction ratings from J.D. Power. MoneyGeek found that these providers also offer unique coverages not provided by many other insurers.
USAA is consistently one of the most affordable options in the country while also providing unique coverages. A standout feature is coverage for flood and earthquake damage, which most other providers do not include. USAA also offers discounts to customers currently serving in the military.
Perfect scores across all categories make USAA our top pick. USAA policies are only available to current and former military personnel and eligible family members.Read MoneyGeek's USAA renters Insurance Review
MetLife scores high on affordability, and all policies include identity theft protection, a feature that most other providers require additional payment for. You can also purchase add-on coverage for valuables like sports equipment or musical instruments.
With mostly high scores across the board, MetLife is our pick as the runner-up. It is the best option for customers who do not qualify for USAA.
The Average Cost of Renters Insurance in Omaha for 2023
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The average cost of renters insurance in Omaha is about $122 per year or $10 per month. This is $37 less than the national annual average of $159.
What Factors Impact Renters Insurance Costs in Omaha?
While several factors impact your renters insurance cost, the following are the most impactful to the amount you will spend.
- Personal property coverage amount - When looking for the best renters insurance in Omaha, consider the amount of coverage you need to purchase. How much property you choose to cover is one of the most important factors that determine the cost of a policy.
- Location - Where you live within the city can have a small impact on renters insurance costs in Omaha. Neighborhoods with higher crime rates often attract higher insurance rates.
- Deductible - This refers to the fee you pay when your insurer has to cover a claim. You can choose a higher deductible for lower premiums as you pay more out of pocket for a claim.
- ACV vs. RCV - According to your chosen type of insurance, you can get reimbursed based on the actual cash value (ACV) or the replacement cost value (RCV). ACV policies calculate reimbursement value taking into account depreciation over time, while RCV policies reimburse the equivalent cost for you to buy a new replacement item of similar type and quality without considering depreciation. Since RCV policies pay more, they cost more than ACV policies.
- Liability coverage - Your liability coverage level can have some impact on your renters insurance costs. In most cases, a standard policy would include $100,000 in liability coverage. However, you can add thousands more in coverage with only a few more dollars per year.
Calculate How Much Renters Insurance You Need
Does My Omaha Neighborhood Impact Cost of Renters Insurance?
Unlike other types of insurance, neighborhood location in Omaha has a negligible impact on your renters insurance costs. In most cases, MoneyGeek found that there are only a few dollars of variation depending on where you live in the city.
Understanding Renters Insurance in Omaha
It is not a legal requirement to carry renters insurance in Omaha. However, MoneyGeek strongly recommends purchasing renters insurance as it is a simple, low-cost way to protect your assets against damages or theft. Some landlords might also insist on it.
What Does Renters Insurance Cover in Omaha?
When you purchase renters insurance, get sufficient coverage to protect your interests as a renter in Omaha. It allows you to shield yourself from unforeseen expenses arising from theft and other damages to your belongings at a low cost. FBI data suggests that property crimes in Omaha reached 2,974 per 100,000 residents in 2019, about 57% higher than the national average.
Rental home residents in Omaha can also opt for additional coverage to cover risks that can happen unexpectedly, including fire and water damage. Typically, renters insurance policies in Omaha include:
- Personal property coverage - This protects the contents of your home in the event of risks like fire, vandalism, theft, plumbing issues, electrical issues and some weather events.
- Additional living expenses - If the rental building becomes unfit to live in due to a covered event, this takes care of your temporary living expenses.
- Liability insurance - This covers legal expenses if someone becomes injured or has property damage due to an accident in your rental property.
- Medical payments coverage - If someone gets injured in your rental property, this coverage helps with medical expenses no matter who is at fault.
What Is Not Covered by Renters Insurance in Omaha?
Renters insurance in Omaha covers your belongings but not the structure of the building. That is the responsibility of the building’s owner. Specific risks might not be a part of your renters insurance coverage and require you to purchase additional coverage.
For instance, water damage is usually covered by renters insurance. However, most policies do not cover damages arising from a flood. For protection against flood damage, consider buying incremental insurance through the National Flood Insurance Program (NFIP).
Other things, like the belongings of your roommate, earthquake damage, vehicle damage and damage to valuables exceeding your policy limits (like jewelry) are usually not covered. However, each individual policy is different. Be sure to read the terms of the policy to understand the exact specifications of your coverage.
Frequently Asked Questions About Renters Insurance in Omaha
Choosing a company that balances affordability with quality service is a good idea for renters in Omaha. Here are some commonly asked questions about renters insurance in Omaha.
Renters Insurance in Omaha Analysis: Methodology
Moneygeek analyzed hundreds of renters insurance quotes in Omaha to help you find cheap coverage. 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 Mark Fitzpatrick