Renters insurance provides an affordable way to secure your personal property from theft and damage. MoneyGeek ranked the top providers across Pennsylvania to help you secure high-quality and affordable renters insurance for your needs. This scoring system takes into account the financial strength, customer service and affordability of each company.
The Best and Cheapest Renters Insurance in Pennsylvania for 2021: Rankings, Reviews and Rates
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.
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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.
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.
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.
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.
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.
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Average Cost of Renters Insurance in Pennsylvania
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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.
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
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.
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