bestrenters insurancePhiladelphiaThe Best and Cheapest Renters Insurance in Philadelphia, PA, for 2024: Rankings, Reviews and Rates
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bestrenters insurancePhiladelphiaThe Cheapest and Best Renters Insurance in Philadelphia
The Companies With the Cheapest Renters Insurance in Philadelphia
The cost of renters insurance should be an important consideration for Philadelphians, as most insurance companies offer the same core coverages. Compare renters insurance quotes from different insurers to find the best policy. If you’re looking for affordable renters insurance, MoneyGeek’s study found that the cheapest options in Philadelphia for the average consumer are:
- USAA: $114 per year (only available to active-duty military members, veterans and their qualifying family members)
- State Farm: $116 per year
USAA policyholders can get robust coverage at a very reasonable cost. The company's renters policy includes reimbursement for items at full replacement cost, and all its policies cover flood and earthquake damage, which are typically add-ons with most renters policies.
The prices used in MoneyGeek's analysis are based on policies with $20,000 in personal property coverage, $100,000 in liability coverage and a deductible of $500. Your actual costs will differ. Check the table below for different personal property coverage limits and see how prices change.
Pennsylvania renters living outside Philadelphia can compare renters insurance for Pennsylvania as a whole.
Average Annual Rates for Personal Property Insurance
Personal Property Coverage:
$20,000
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What Are the Best Renters Insurance Companies in Philadelphia?
MoneyGeek ranked the best renters insurance in Philadelphia and found that the top renters insurance companies in the city are:
- Best Overall: State Farm
- Runner-up: Allstate
USAA received the highest score in Philadelphia by MoneyGeek's rating system. However, because USAA is only available to members of the military community, it is not listed as best overall.
To calculate final scores, MoneyGeek used a unique rating system that incorporates affordability, customer satisfaction ratings from J.D. Power and financial strength ratings from AM Best. Additionally, MoneyGeek found that these companies offer unique coverages not found in all renters insurance companies.
1
USAA
Score:100
USAA is consistently one of the cheapest renters insurance options across the country, and it also has unique coverages. Unlike most companies, its policies cover flood and earthquake damage. USAA also offers significant discounts to those currently serving in the military, which means it might be even cheaper for you.
More About USAA
High ratings across all categories, including perfect scores in affordability and customer satisfaction, made USAA our top pick. Only current and former military members, as well as their families, are eligible to buy USAA policies.
2
State Farm
Score:95
State Farm is also consistently among the cheapest options for renters insurance across the country. Additionally, by paying an extra $25 per year, you can choose to include restoration coverage to your policy to protect yourself against possible expenses due to identity fraud. With State Farm, you can easily increase limits for valuable items while getting an insurance quote.
More About State Farm
State Farm is the runner-up in Philadelphia based on high ratings across multiple categories and is the best option for those not qualified for USAA policies.
3
Allstate
Score:90
4
Nationwide
Score:71
The Average Cost of Renters Insurance in Philadelphia for 2024
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On average, renters in Philadelphia pay $212 per year for insurance, or around $18 per month. This is $53 more per year than the national average of $159 per year.
What Factors Impact Renters Insurance Costs in Philadelphia?
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 Philadelphia, consider the amount of coverage to purchase. How much property you cover is one of the most important determining factors in calculating a policy’s cost.
Location – Where you live can have a slight impact on the cost of renters insurance in Philadelphia. For instance, neighborhoods with high crime rates tend to have higher insurance rates.
Deductible – This refers to the amount of loss paid by the policyholder that is deducted from a claim. Choosing a higher deductible will lead to a lower premium because you will pay more out of pocket if you file a claim.
ACV vs. RCV – Depending on how your renters policy is written, you may get reimbursements based on either the actual cash value (ACV) or the replacement cost value (RCV). For ACV policies, the insurer will reimburse you based on your used items’ depreciated value. Meanwhile, RCV policies reimburse the equivalent cost to buy a new item similar in quality and type without considering depreciation. Since RCV policies pay more for claims, they cost more than ACV.
Liability coverage amount – Your coverage level will have a minor effect on the cost of your renters insurance. Most standard renters policies offer three levels of personal liability coverage limits: $100,000, $300,000 or $500,000. The cost differential is typically not significant for choosing a higher level of liability coverage.
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Does My Philadelphia Neighborhood Impact Cost of Renters Insurance?
Neighborhood locations do have an impact on renters insurance rates — ZIP code is a rating factor for the cost of renters insurance just like it is for home or condo insurance. MoneyGeek’s study found that the neighborhood you live in may only impact your premium by a couple of dollars per month.
Understanding Renters Insurance in Philadelphia
Renters insurance in Philadelphia is not a legal requirement. But MoneyGeek strongly encourages purchasing a policy to protect your assets against theft or damages at a low cost. Additionally, some landlords and property managers may require it.
What Does Renters Insurance Cover in Philadelphia?
When you shop for renters insurance, make sure you get enough coverage to meet your needs as a Philadelphia renter. It is an affordable way to protect yourself against possible expenses due to theft and other unexpected damages. According to the FBI, the number of property crimes reported in the city reached 2,739 per 100,000 residents in 2018, 38% above the national average.
Apartment and rental home residents in Philadelphia may also choose to buy additional insurance to cover various risks that can happen anywhere, including fires and water damage. Carriers in Philadelphia typically offer renters insurance policies that include:
- Personal property coverage – This includes the contents of your rented home from certain perils like fire, vandalism, theft, plumbing issues, electrical malfunctions and some weather-related damages.
- Additional living expenses – In some cases, the rented unit becomes uninhabitable after a covered peril. This coverage will take care of expenses for your temporary housing.
- Liability insurance – This protects you if an accident in your rental property causes damages or injuries to other people. It helps with legal expenses and court judgment payments.
- Medical payments coverage – If someone gets injured while in your rented property, this coverage will help with medical expenses related to that injury. It pays out regardless of who is at fault.
What Is Not Covered by Renters Insurance in Philadelphia?
Renters insurance in Philadelphia covers your personal property but not the building’s structure, which is the owner's or property manager's responsibility. There are also specific perils not typically covered by renters insurance, such as flood and earthquake coverage. In such cases, it may be best to purchase additional coverage.
For instance, certain water damage is covered by renters insurance. However, water damage resulting from flooding is excluded by most standard policies. If you want protection against flood damage, you can buy a renters flood insurance policy through the National Flood Insurance Program (NFIP) or a private flood insurer.
Other things excluded in most renters insurance policies are your roommates’ possessions, damage from earthquakes, damages to your car, jewelry and other valuables that cost more than the policy limits. Not all policies are the same. Read the policy carefully before finalizing your purchase to ensure that you have an adequate level of coverage.
Frequently Asked Questions About Renters Insurance in Philadelphia
Renters insurance shoppers should look for the company that offers the best combination of affordability and quality. Here are some of the most common questions about renters insurance in Philadelphia.
On average, the cost of renters insurance in Philadelphia is $212 per year. That is approximately $18 per month.
Based on average rates, the cheapest carriers in Philadelphia for renters insurance are USAA ($114 per year) and State Farm ($116 per year).
MoneyGeek’s study found that the best renters insurance company in Philadelphia is USAA. For those who aren’t eligible for USAA, State Farm is the best company available.
Renters insurance is not required by law in Philadelphia, but your landlord or property manager may require it. MoneyGeek recommends insurance for all renters in the City of Brotherly Love as an affordable way to protect your assets. Assess your belongings and needs to find out how much coverage you should purchase.
Damage that occurs in the parking lot of your apartment complex, such as a tree falling on the vehicle, is covered by the comprehensive portion of your auto insurance policy — renters insurance does not cover it. Comprehensive would also cover theft, vandalism and fire damage to your car that occurs on the property.
Renters Insurance in Philadelphia Analysis: Methodology
Moneygeek analyzed hundreds of renters insurance quotes in Philadelphia to help you find cheap renters insurance. 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
sources
- United States Department of Justice. "2019 Crime in the United States." Accessed April 12, 2021.