1. Home
  2. Best Cheap Renters Insurance in Pennsylvania
Written by:

Cheap Renters Insurance Companies in Pennsylvania

Cost is one of the most vital considerations Pennsylvanians make when choosing a renters insurance policy. The cheapest two providers in the state other than USAA, which is exclusive for military members and their families, are State Farm and Allstate. A State Farm policy costs $116 per year on average, while Allstate charges around $146 annually.

MoneyGeek based the average cost of renters insurance for each company on quotes obtained from varying ZIP codes across the state. These prices are for a policy that offers $20,000 personal property coverage, $100,000 liability insurance and a deductible of $500.

Personal Property Coverage:

$20,000

Scroll for more

swipe icon
Company
Amountper year
1. USAA
In 2021, USAA ranked #1 for the cheapest renters insurance with $20,000 in personal property coverage in Pennsylvania.
$103
2. State Farm
In 2021, State Farm ranked #2 for the cheapest renters insurance with $20,000 in personal property coverage in Pennsylvania.
$116
3. Allstate
In 2021, Allstate ranked #3 for the cheapest renters insurance with $20,000 in personal property coverage in Pennsylvania.
$146
4. Nationwide
In 2021, Nationwide ranked #4 for the cheapest renters insurance with $20,000 in personal property coverage in Pennsylvania.
$320
Insurance Rates

Compare Renters Insurance Rates

Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.

Best Renters Insurance Companies in Pennsylvania

To identify the best providers, MoneyGeek ranked the top renters insurance companies in Pennsylvania based on affordability data, customer service scores from J.D. Power and financial stability scores from AM Best. Based on the scores, State Farm ranks as the best insurer in the state for most people, with a score of 94 out of 100. If you're a Pennsylvania resident eligible for USAA, it receives a perfect score.


1

USAAScore: 100

5/5

Affordability

5/5

User Satisfaction

5/5

Financial Stability


Although USAA is the cheapest renters insurance provider in Pennsylvania, its services are exclusive to military personnel and their families. USAA policyholders can add coverage for incidents such as floods, earthquakes and identity theft to their policies at an extra fee.

2

State FarmScore: 94

4.9/5

Affordability

4.1/5

User Satisfaction

5/5

Financial Stability


Apart from the company’s standard renters insurance, State Farm provides additional protection for some rare occurrences at an extra cost. For instance, policyholders can add coverage for earthquakes, waterbeds and identity theft. Renters can obtain a quote from the company through its convenient online tool.

3

AllstateScore: 90

4.6/5

Affordability

4.2/5

User Satisfaction

4.5/5

Financial Stability


Allstate allows policyholders to add flood and identity theft protection to their renters insurance plan. Policyholders receive discounts for various factors, including having a security system in place. Renters can create a photo inventory of their property through the company app to determine how much coverage they will need.

4

NationwideScore: 71

3/5

Affordability

4.3/5

User Satisfaction

4.5/5

Financial Stability


Nationwide’s policyholders can pay more to get additional coverage for firearms, watches, jewelry, cameras and other valuables. It takes only a few minutes to get a quote from Nationwide’s online tool.

Largest Renters Insurance Companies in Pennsylvania

According to market share, the leading renters insurance providers in Pennsylvania are State Farm at 17% market share, followed by Erie (15%), Allstate (13%), Liberty Mutual (8%) and Nationwide (7%). These five companies issue over 61% of the renters insurance policies in the state.

By purchasing your policy from a large insurer, you can be confident that the company is financially stable enough to pay your claims.

Company
Market Share
1. State Farm
In 2021, State Farm ranked #1 in Pennsylvania for renters insurance market share.
17.3%
2. Erie
In 2021, Erie ranked #2 in Pennsylvania for renters insurance market share.
15.4%
3. Allstate
In 2021, Allstate ranked #3 in Pennsylvania for renters insurance market share.
13.0%
4. Liberty Mutual
In 2021, Liberty Mutual ranked #4 in Pennsylvania for renters insurance market share.
8.5%
5. Nationwide
In 2021, Nationwide ranked #5 in Pennsylvania for renters insurance market share.
7.3%

Average Cost of Renters Insurance in Pennsylvania

$0
$0

renters insurance is 0.0% more than the average.

The average cost of renters insurance in Pennsylvania is $194 per year, exceeding the national average by $35. These rates represent a policy with $20,000 personal property coverage, $100,000 liability coverage and a deductible of $500.

Pennsylvanians can save money by comparing renters insurance policies from various providers. Our sample customer saves $204 per year by choosing State Farm instead of similar coverage from Nationwide.

What Factors Impact Renters Insurance Cost in Pennsylvania

Various factors determine how much you pay for renters insurance, including your location, coverage level and deductible amount. Always consider the following factors when looking for renters insurance in Pennsylvania.

  • Location: The cost of your renters insurance is partly dependent on your ZIP code. Neighborhoods with a history of crime and severe weather incidents will have higher rates.
  • Level of Coverage: Purchasing more insurance means that your premiums will be higher. Assessing your property before shopping around for a quote can help you determine the cost of replacing it in case of damage or loss.
  • Deductible: This is the fee you need to pay for an insurer to cover your claim. Insurance policies with higher deductibles charge lower monthly premiums because renters will pay more out of pocket. Meanwhile, policies with higher monthly costs have lower deductibles.
  • Actual Cash Value (ACV) vs. Replacement Cost Value (RCV): Insurance providers reimburse renters using either the ACV or RCV method. ACV policies pay renters only the depreciated value of their used items. RCV policies reimburse the cost of a new item of similar quality and type, even if the damaged property’s value has depreciated. RCV policies cost more, but they also pay more for claims.
  • Credit Score: Renters insurance providers in Pennsylvania are allowed to use credit scores to determine whether a renter will make a claim. In most cases, renters with worse credit scores are more likely to file claims and may be charged more for insurance. Meanwhile, policyholders with strong credit scores are likely to get discounts on their insurance.
Insurance Rates

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 Pennsylvania: What You Need to Know

Renters insurance provides a low-cost way to protect your property in case of theft or damage. 28.2% of the population in Pennsylvania are renters. The average rent per month is $951. Renters pay an average monthly premium of $16, about 1.7% of the average monthly rent in this state.

What Renters Insurance Typically Covers in Pennsylvania

While purchasing renters insurance in Pennsylvania, be sure you understand what your policy covers and what it does not. Most standard plans cover personal property, liability insurance, medical payments and additional living expenses. However, some companies may also offer additional benefits for identity theft protection, flood insurance and other major incidents.

Renters insurance carriers in Pennsylvania also cover damage caused by common natural disasters like wildfires, tornadoes and thunderstorms.

What Renters Insurance Typically Does Not Cover in Pennsylvania

Renters insurance in Pennsylvania covers many perils, but some remain excluded. Some of the issues that may be excluded from your policy include:

  • Floods: Your renters insurance policy in Pennsylvania probably covers water damage from broken pipes and faulty mains but likely excludes damage caused by floods. If you live in an area prone to flooding, you may need to purchase flood insurance through the National Flood Insurance Program (NFIP).
  • Structural Damage: Renters insurance only covers your personal property. Any damage to the structure of your building remains your landlord’s responsibility.
  • Earthquake Damage: Earthquakes are normally not covered by renters insurance providers in the state and require add-on coverage.
  • Roommate Property: Renters insurance does not cover your roommate’s property. Unless your roommate is listed on all your policy documents, they will need to purchase their own renter's policy.
  • Valuables: Valuable items that exceed policy limits, such as jewelry, firearms and computers, are not included in your standard insurance. You may need to purchase additional coverage for them.

Like any other insurance policy, you need to ensure that you understand what your renters insurance covers and doesn’t cover before you make your purchase. If you have any questions, be sure to speak to your agent for more guidance.

FAQs About Renters Insurance in Pennsylvania


Is renters insurance required in Pennsylvania?This is an icon

Although renters insurance is not required by law in Pennsylvania, some landlords may ask for it before allowing you to stay in their building.

Do you need renters insurance in Pennsylvania?This is an icon

While it isn’t mandatory, renters insurance is relatively inexpensive and ensures that your property gets replaced or repaired in case of damage.

Can your landlord in Pennsylvania require renters insurance?This is an icon

Not all landlords in Pennsylvania require you to have renters insurance before living in their property, but some do.

How much is renters insurance in Pennsylvania?This is an icon

Based on MoneyGeek’s research, renters in the state pay an average of $16 per month for a policy with $20,000 personal property coverage and $100,000 liability coverage.

Who has the cheapest renters insurance in Pennsylvania?This is an icon

According to MoneyGeek, USAA provides the cheapest renters insurance in Pennsylvania, but its membership is limited to military personnel. For non-military renters, State Farm and Allstate offer the most affordable rates.

Insurance Rates

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 Pennsylvania Analysis: Methodology

MoneyGeek analyzed renters insurance premiums from four of the top insurance companies in Pennsylvania provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Pennsylvania. 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 the Authors

The MoneyGeek editorial team has decades of combined experience in writing and publishing information about how people should manage money and credit. Our editors have worked with numerous publications including The Washington Post, The Daily Business Review, HealthDay, and Time, Inc., and have won numerous journalism awards. Our talented team of contributing writers include mortgage experts, veteran financial reporters, and award-winning journalists. Learn more about the MoneyGeek team.