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CheapRenters InsurancePennsylvaniaThe Best and Cheapest Renters Insurance Companies in Pennsylvania for 2023: Rankings, Reviews and Rates
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CheapRenters InsurancePennsylvaniaThe Cheapest Renters Insurance in Pennsylvania
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
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Cheapest Renters Insurance Companies in Pennsylvania by City
The cheapest renters insurance in Philadelphia, Pennsylvania, is from State Farm, while the cheapest in Pittsburg, Pennsylvania, is from Allstate. That said, if you are a current or former member of the military or are an eligible member of a military family, USAA is still your cheapest option.
Companies With the Cheapest Renters Insurance in Pennsylvania by City
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- CityCheapest CompanyAverage Annual Premium
- State Farm$116
- Allstate$99
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Best Renters Insurance Companies in Pennsylvania
USAA is the best renters insurance provider in Pennsylvania, scoring a perfect 100 on MoneyGeek’s ranking system which is based on affordability, financial stability and customer satisfaction. However, its policies are only available to veterans and current military personnel and their family members.
State Farm was ranked as the second best insurance provider with a rating of 98, scoring highly for affordability, financial stability and customer satisfaction.
Although our recommendations for the best renters insurance companies may not always offer the lowest premiums, they provide the best balance between cost and service quality. You must also look at how efficient and responsive an insurer is, especially if you need to file a claim.
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USAA
Score:100
The overall best renters insurance company in Pennsylvania is USAA, gaining perfect scores on affordability, customer satisfaction and financial stability. However, its policies are restricted to military personnel and their eligible family members. Standard policies from USAA already include coverage for floods and earthquakes and military uniforms and gear.
More About USAA
USAA is available in all states in the country and offers the most comprehensive insurance policies in the market. To apply, you need to be screened for eligibility first. There are many advantages to getting a renters insurance policy under USAA, such as a robust mobile app for convenient transactions, a flexible payment plan that comes at no added cost, personalized financial advice and the option of having accessible online claims processing. USAA also provides discounts for bundling policies and being claims-free.
Read MoneyGeek's USAA renters Insurance Review2
State Farm
Score:98
State Farm is our runner-up for the best renters insurance company in Pennsylvania, earning high scores on financial stability, affordability and service quality. Policyholders can receive unique coverages such as for personal injury, including defamation of character, libel or slander, as well as additional business property insurance.
More About State Farm
State Farm policies are available in Washington, D.C. and all 50 U.S. states. Renters insurance buyers can easily get a personalized quote from the company’s website. The company also has a mobile app that helps policyholders manage their insurance and banking transactions. Policyholders are given the option to sign up for automatic payment and to go paperless. State Farm’s optional coverages include protection against personal injury, identity theft, earthquakes and incidental business and professional liability. It also provides discounts for bundling renters and auto insurance policies and for having home alert protection devices.
Read MoneyGeek's State Farm renters Insurance Review3
Allstate
Score:92
Allstate scored 92 out of 100 in MoneyGeek’s ranking system, making it a solid option for Pennsylvanians looking to buy affordable but also reliable renters insurance. Policyholders can choose to include coverages for identity theft, flood, personal injury and scheduled personal property.
More About Allstate
Allstate’s renters insurance policies are available in Washington, D.C. and all 50 U.S. states. Policyholders can look forward to many perks, such as having a mobile app and receiving expert financial advice from Allstate’s personal financial representatives on areas like starting your career, growing your family, raising your children, protecting your finances and planning for retirement. Aside from commonly-offered discounts like multi-policy discounts that allow you to save by bundling your renters and auto insurance policies, and claims-free discounts, Allstate also provides unique discounts for automatic payments and for retired policyholders who are at least 55 years old.
Read MoneyGeek's Allstate renters Insurance Review4
Nationwide
Score:73
Based on our analysis, Nationwide was ranked as the fourth best option for renters insurance in Pennsylvania. The company earned high marks in financial stability and customer satisfaction. Its standard policies already include coverages against identity theft, water backup and loss assessment and payment of fees to a homeowners’ association for damages to a shared space.
More About Nationwide
Nationwide’s renters insurance policies are available in 44 states, including Pennsylvania. It offers unique coverages, such as for building alterations and additions made in compliance with the latest building codes and standards, any unauthorized transactions on your credit cards, debit/ATM card and forged checks and counterfeit money. Policyholders can also extend their coverage against theft to include personal belongings that are stored in any motor vehicle, trailer or watercraft. While most renters insurance policies don’t cover floods, Nationwide offers this coverage as a separate policy.
Read MoneyGeek's Nationwide renters Insurance ReviewMONEYGEEK EXPERT TIP
The cheapest policies are not always the best policies, especially when it comes to customer service. A better policy that fits your budget and has a good customer service record, may save you more money in the long run.
Largest Renters Insurance Companies in Pennsylvania
There are many benefits to buying renters insurance from a company with a large market share. These larger, more well-known companies tend to be more financially stable, allowing them to invest more in their customers’ experience. Because of this, you may receive better customer service from a larger company than a smaller company.
Company | Market Share | |
|---|---|---|
1. | State Farm | 17.3% |
2. | Erie | 15.4% |
3. | Allstate | 13.0% |
4. | Liberty Mutual | 8.5% |
5. | Nationwide | 7.3% |
Average Cost of Renters Insurance in Pennsylvania
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renters insurance is equal to the average.
The average cost of renters insurance in Pennsylvania is $194 per year, or $35 more than the national average.
The cost of your premiums will depend on the amount of your personal property. Use MoneyGeek’s calculator to see how much insurance you’ll need based on the value of your personal property.
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Total:
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Pennsylvanians who are looking to trim their budget can save on their premiums by comparing renters insurance quotes from multiple providers. You can save up to $204 per year by buying a policy from the cheapest insurer, State Farm, instead of from the most expensive provider, 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.
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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
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.
Renters insurance in Pennsylvania covers many perils, but some remain excluded. Some of the issues that may be excluded from your policy include:
- EventDescription
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.
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If you want to learn more about what renters insurance is and what it covers, the Pennsylvania Insurance Department can guide you.
Aside from providing resources for consumer rights, regulation and licensing, the office can also assist you with finding a licensed insurance professional. The department effectively acts as a watchdog for renters, processing complaints and ensuring a competitive marketplace by guaranteeing that insurance policies are of high quality, easily understandable and appropriately priced.
You can reach the Pennsylvania Insurance Department through the following channels:
- Office Address: 1326 Strawberry Square, Harrisburg, PA 17120
- Consumer Help Line: 1-877-881-6388 (toll-free)
You may also follow them on their social media accounts for updates on their services:
- Twitter: https://twitter.com/PAInsuranceDept
- Facebook: https://www.facebook.com/painsurancedepartment/
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FAQs About Renters Insurance in Pennsylvania
MoneyGeek has answered some of the most commonly asked questions to jumpstart your search for the best renters insurance companies in Pennsylvania.
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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 Mark Fitzpatrick
sources
- PID. "Pennsylvania Insurance Department." Accessed March 31, 2022.