The Cheapest and Best Renters Insurance in Pittsburgh
The Companies With the Cheapest Renters Insurance in Pittsburgh
For most Pittsburgh citizens, renters insurance cost is a vital consideration as many providers present the same main coverages. Compare renters insurance quotes from multiple companies to find the cheapest policy. If you’re searching for affordable renters insurance, MoneyGeek’s research shows that the least expensive options in Pittsburgh are:
- USAA: $74 per year (only available to current and former military members and their families)
- Allstate: $99 per year
USAA customers can get good value for their money as the company offers reimbursements for items at replacement cost, and all its policies cover earthquake and flood damage.
The rates used in this study are based on policies with $20,000 in personal property coverage, $100,000 in liability coverage and a deductible of $500. Your actual premiums will differ. Browse the table below for different personal property coverage limits and see how the prices change. If you live elsewhere in the state, you can compare renters insurance for Pennsylvania as a whole.
Average Annual Rates for Personal Property Insurance
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Compare Renters Insurance Rates
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What Are the Best Renters Insurance Companies in Pittsburgh?
MoneyGeek rated the best renters insurance companies in Pittsburgh and found that the top renters insurance companies in the city are:
- Best Overall: Allstate
- Runner-up: State Farm
USAA received the highest score in Pittsburgh by MoneyGeek's rating system. However, because USAA is only available to military members, veterans and their families, it is not listed as best overall.
To compute final scores, MoneyGeek used a unique rating system that includes affordability, J.D. Power’s customer satisfaction ratings and AM Best’s financial stability ratings. In addition, MoneyGeek found that these providers present unique coverages not offered by all renters insurance companies.
USAA ranks consistently as one of the least expensive providers in the U.S., and it also offers some unique coverages. Unlike most carriers, its policies cover earthquake and flood damage. USAA also presents noteworthy discounts to current military members, making its policies even cheaper.
Only veterans, current military members and their families can buy a USAA policy. High ratings across all categories make USAA the top pick in Pittsburgh with a maximum score of 100 out of 100.Read MoneyGeek's USAA renters Insurance Review
You can add Allstate identity protection to your policy to track your digital footprint and cover the costs of identity theft. Renters insurance doesn't cover flood damage, but you can buy a flood policy through an Allstate agent. You can save some money each month by waiving your off-premises theft coverage. However, objects stolen outside your residence will not be covered.
Allstate ranks as the second-best renters insurance provider in Pittsburgh with impressive ratings across multiple categories. It is the best option for consumers who are not eligible for a USAA policy.Read MoneyGeek's Allstate renters Insurance Review
The Average Cost of Renters Insurance in Pittsburgh for 2023
renters insurance is equal to the average.
The average cost of renters insurance in Pittsburgh is $147 per year or about $12 per month. This is $12 less than the national average of $159 per year.
What Factors Impact Renters Insurance Costs in Pittsburgh?
Multiple factors determine your renters insurance price, but the following are the most impactful.
- Personal property coverage amount – When choosing the best renters insurance in Pittsburgh, assess the coverage amount you want to buy. The amount of property you wish to cover plays a vital role in your actual policy cost.
- Location – Your residential neighborhood also influences your renters insurance cost in Pittsburgh. For example, areas with high crime rates will generally have higher insurance rates.
- Deductible – The deductible is the fee you need to pay your carrier to get your claim processed. If you select a policy with a higher deductible, you will pay lower premiums. This is because you will pay more out of pocket if you file a claim.
- ACV vs RCV – The provider will reimburse you based on either the actual cash value (ACV) or the replacement cost value (RCV) of your items. For an ACV policy, you’ll only get paid based on the depreciated value of your used items. On the other hand, RCV policies reimburse the equivalent cost of buying a new product of similar quality and type without considering depreciation. Since an RCV policy pays more for claims, it costs more than an ACV plan.
- Liability coverage amount – The coverage level has a minor impact on your cost. A standard policy has $100,000 in liability coverage, but you can increase it by thousands for just a few dollars per year.
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Does My Pittsburgh Neighborhood Impact Cost of Renters Insurance?
Compared to other insurance types, locality has a negligible effect on renters insurance pricing. MoneyGeek’s data shows that your residential neighborhood will impact your rate by only a few dollars per month.
Understanding Renters Insurance in Pittsburgh
It’s not legally required to buy renters insurance in Pittsburgh. However, some landlords may require their tenants to get renters insurance. It’s advisable to buy this coverage as it is a low-cost way to protect your property from damages or theft.
What Does Renters Insurance Cover in Pittsburgh?
When you buy renters insurance, you need to ensure your coverage level is adequate to cover your valuable property. It is a cost-efficient way to protect your goods from potential damages or theft. As per FBI statistics, the property crime rate reported in Pittsburgh was 2,775 per 100,000 residents in 2018, 40% above the national average.
Rental home and apartment tenants in Pittsburgh may opt to buy additional insurance to cover risks like water damage and fires. Typically, Pittsburgh companies offer renters insurance policies that include:
- Personal property coverage – This feature covers the assets of your rented home from perils like some weather-related damages, electrical malfunctions, plumbing issues, theft, vandalism or fire.
- Additional living expenses – Sometimes, the rented apartment may become uninhabitable after getting damaged by a covered peril. This coverage can pay the costs of your temporary housing.
- Liability insurance – Liability insurance offers protection if an accident occurs in your rented property and causes injuries or damages to others. This coverage can help with court judgments and legal expenses.
- Medical payments coverage – If a person gets injured in your rented residence, this coverage will pay for medical expenses to treat the injury. Coverage is guaranteed regardless of who is at fault.
What Is Not Covered by Renters Insurance in Pittsburgh?
Renters insurance in Pittsburgh covers your personal property, but not the home’s structure. That is the owner’s responsibility. You should ideally get additional coverage to pay for certain perils not included in standard coverage.
For example, renters insurance only covers certain water damages and not damages caused by floods. For protection against flood damage, you can buy supplemental insurance through the National Flood Insurance Program (NFIP).
Standard renters insurance also excludes jewelry and valuables that cost more than the policy limits. In addition, damages to your car, earthquake damage and your roommate’s belongings are all excluded. Each policy is different, so you should read your policy’s fine print to ensure you get accurate coverage.
Frequently Asked Questions About Renters Insurance in Pittsburgh
You should ideally buy a renters insurance plan from a company that combines quality with affordability. To help you make the right choice, MoneyGeek answers some common queries about renters insurance in Pittsburgh.
Renters Insurance in Pittsburgh Analysis: Methodology
Moneygeek evaluated hundreds of renters insurance quotes in Pittsburgh to help you find affordable coverage. The best renters insurance companies were decided using data from AM Best, J.D. Power and our affordability metrics derived from a comprehensive analysis of quotes provided by Quadrant.
About Mark Fitzpatrick