The Best and Cheapest Renters Insurance in Pennsylvania for 2021: Rankings, Reviews and Rates

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

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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

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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.

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.

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.

Compare Renters Insurance Rates

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

COMPARE QUOTES

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.

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.

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.

Compare Renters Insurance Rates

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

COMPARE QUOTES