The Cheapest and Best Renters Insurance in Seattle
The Companies With the Cheapest Renters Insurance in Seattle
The cost is a significant factor to consider when selecting a renters insurance policy in Seattle since most insurers provide similar coverage. According to MoneyGeek's research, the following are the two cheapest renters insurance companies in Seattle for the average tenant:
- Allstate: $82 per year
- Farmers: $94 per year
MoneyGeek made the calculations based on policies with $20,000 in personal property coverage, $100,000 in liability coverage and a deductible of $500. Your actual insurance cost will be different based on the coverage level and deductible you choose, among other factors. The table below shows how rates vary depending on the amount of personal property coverage.
Average Annual Rates for Personal Property Insurance
Personal Property Coverage:
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What Are the Best Renters Insurance Companies in Seattle?
Based on MoneyGeek’s scoring system, the following two are the [best renters insurance companies]https://www.moneygeek.com/insurance/renters/best-renters-insurance/) in Seattle:
- Best Overall: Allstate
- Runner-up: Farmers
These companies earned high scores using MoneyGeek's unique rating system, taking into account J.D. Power's consumer satisfaction ratings, AM Best's financial stability ratings and our unique pricing data. In addition, MoneyGeek discovered that these companies offer exclusive coverages not offered by other renters insurance companies in the city.
Allstate is unique for its identity protection coverage. You can add it to your renters insurance policy to monitor your digital footprint and cover the costs of identity theft. Plus, you can also opt for flood coverage through an Allstate agent.
Our top pick, Allstate, earned a score of 94.6 out of 100 and is ranked highly in several categories, including MoneyGeek's affordability ratings.
Farmers' Identity Shield provides coverage for losses that occurred due to identity theft. It also provides credit monitoring services and pays you back for losses related to identity theft, including identity replacement. Plus, you can bundle Farmers' renters policy with your auto insurance to save money on both.
Farmers is MoneyGeek's runner-up in the best renters insurance companies in Seattle, with strong scores in several categories, including J.D. Power's customer service ratings.
The Average Cost of Renters Insurance in Seattle for 2023
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On average, renters in Seattle pay an insurance premium of $118 a year or around $10 per month. The average cost of renters insurance in Seattle is $41 less per year than the national average of $159.
What Factors Impact Renters Insurance Costs in Seattle?
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 right renters insurance in Seattle, consider how many assets you want to insure and how expensive they are. The most significant factor in determining the rental insurance cost is the amount of personal property coverage you choose.
- Location - The crime rate of a neighborhood can affect the cost of insurance. Areas with high crime rates tend to have high insurance rates, and those with low crime rates have a significantly lower rental insurance rate.
- Deductible - A deductible is a fee that is included in the insurance coverage. When you make an insurance claim with your insurer, you will have to pay the deductible. The insurer will pay the claim after reducing the deductible from the total coverage. Your insurance premiums will be lower if you have a higher deductible and vice versa.
- Actual Cost Value (ACV) vs. Replacement Cost Value (RCV) - An ACV insurance policy considers the depreciation of your assets and pays less for the damage or loss of older goods. An RCV insurance policy reimburses you to replace the lost or damaged assets with similar items of comparable quality. Because of the higher insurance payout, an RCV insurance policy will be more expensive.
- Liability coverage amount - The amount of renters insurance coverage will have a minor impact on insurance costs. A standard policy would have $100,000 in liability coverage. However, for a few extra dollars per year, you can add thousands of dollars to your insurance plan.
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Does My Seattle Neighborhood Impact Cost of Renters Insurance?
Unlike most other insurance types, renters insurance premiums are not greatly affected by where you live. According to MoneyGeek's report, the neighborhood you live in affects your monthly rental insurance premium only by a few dollars.
Understanding Renters Insurance in Seattle
Washington law doesn't require tenants to carry a renters insurance policy. Some landlords might include it as a part of their rental or lease agreement, however. MoneyGeek also strongly recommends purchasing a policy as it is a smart and affordable way of protecting your assets against theft and damages.
Before purchasing a renters insurance policy, it is best to consider what the policy covers and excludes. Personal property, additional living expenses, liability insurance and medical payments are covered by a standard renters insurance policy in Seattle.
What Does Renters Insurance Cover in Seattle?
While you're buying renters insurance in Seattle, be certain that you choose adequate coverage to protect your assets. A renters insurance policy is an excellent way to protect your property from damages caused by natural disasters or burglary. As per the FBI, the city's reported property crime rate in 2018 was 4,605 per 100,000 people. This is 133% higher than the national average.
Renters insurance may be necessary for Seattle apartment and rental home tenants to protect against risks such as fire and water damage, which can happen anywhere. Several Seattle insurers have renters insurance plans that provide the following features:
- Personal property coverage - Personal property coverage covers the assets in your rental home against risks including fire, burglary and weather-related damages. Items like furniture, electronics and clothes are usually covered. Additional coverage is necessary for valuable assets like jewelry that exceed coverage limits.
- Additional living expenses - If your rental home becomes uninhabitable due to a covered risk, getting additional living expenses coverage will help. It will pay for your temporary housing, including food and hotel accommodations.
- Liability insurance - If somebody is injured or their property is damaged in your rental home and you are held liable, this coverage will protect your legal liability. It also covers the legal expenses if you’re sued.
- Medical payments coverage - Medical payments coverage pays for someone's medical expenses if they are injured while on your property, regardless of who is responsible for the injury.
What Is Not Covered by Renters Insurance in Seattle?
Even Seattle's best renters insurance only protects your personal property and not the home’s structure. The homeowner should insure the building against structural damages. Also, renters insurance does not cover all risks.
Water damage from a broken pipe, for example, is covered. Many standard renters insurance plans, however, do not cover losses caused by weather-related flooding. If you live in a flood-prone area, getting additional coverage against flood damages from the National Flood Insurance Program (NFIP) is a good idea.
Renters insurance in Seattle does not cover damages caused by earthquakes, damage to your car or the loss of valuable items exceeding policy limits. It also doesn't protect your roommate's belongings from theft or damage. However, not all insurers have the same level of renters insurance coverage. Before completing your purchase, go through the policy document carefully to ensure you have the appropriate coverage.
Frequently Asked Questions About Renters Insurance in Seattle
For renters looking to buy insurance, it is smart to compare quotes and find a company that offers both affordability and quality service. When it comes to renters insurance in Seattle, here are some frequently asked questions.
Renters Insurance in Seattle Analysis: Methodology
Moneygeek analyzed hundreds of renters insurance quotes in Seattle 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.
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