The Best and Cheapest Renters Insurance in Spokane, WA, for 2024: Rankings, Reviews and Rates

Since most insurance companies offer the same core coverages, cost should be a vital factor for Spokane residents to consider. Compare renters insurance quotes from different insurance companies to find the best policy.

If you're looking for affordable renters insurance, MoneyGeek's study found that the cheapest options for the average renter in Spokane are:

• USAA: $45 per year (exclusive for current and former military members)
• Allstate: $82 per year

These prices are based on policies with $20,000 in personal property coverage, $100,000 in liability coverage and a deductible of $500. Note that your actual costs will vary. Check the table below for personal property coverage limits and see how the prices change.

Washington renters living outside Spokane can compare renters insurance in the state.

MoneyGeek ranked the best renters insurance companies in Spokane and found that the top renters insurance providers in the city are:

• Best Overall: USAA (only available for current and former military members)
• Runner-up: Allstate

To gather this data, MoneyGeek used a unique rating system that incorporates affordability and customer satisfaction ratings from J.D. Power and financial stability ratings from AM Best. These insurers also offer unique coverages that not all renters insurance companies provide.

On average, renters in Spokane pay $117 per year for insurance or around $10 per month. This is $42 less than the national average cost of renters insurance at $159 per year.

Spokane renters insurance is 19.0% less than the U.S. average.

While several factors influence your renters insurance cost, the following are the most impactful:

1. Personal property coverage amount. When looking for the best renters insurance in Spokane, consider the amount of coverage you want to purchase. This is one of the most significant factors.
2. Location within a city. Where you live is important. You may have to pay a slightly higher premium if your area has a high crime rate or is prone to natural disasters.
3. Deductible. This is the fee you pay to the insurance company to cover a claim. Choosing higher deductibles may yield lower premiums. However, you'll have to pay more out of pocket when you file a claim.
4. ACV vs. RCV. Depending on the type of insurance, you may get reimbursement based on either the actual cash value (ACV) or the replacement cost value (RCV). An ACV policy will reimburse you for the depreciated value of your item. In contrast, RCV policies reimburse the cost of purchasing a new item of equivalent quality and type. RCV policies are more expensive than ACV policies because they pay out more claims.
5. Liability coverage amount. The level of coverage you have will have a minor effect on the cost of renters insurance. A standard policy has $100,000 in liability coverage, but you can add thousands more in coverage for a few dollars per year.

In most cases, your neighborhood has no bearing on the cost of renters insurance. MoneyGeek's research found that where you live only has a minor impact on your monthly insurance premium.

Renters insurance is not mandatory in Spokane, but some landlords may require that you get it. Regardless, MoneyGeek strongly advises purchasing rental insurance as a low-cost way to protect your assets.

When shopping for renters insurance in Spokane, you must get the right coverage for your needs. Renters insurance is a more affordable way to protect yourself against unforeseen expenses due to theft or specific damage. According to the FBI, Spokane's property crime rate was 5,339 per 100,000 residents in 2019. This is 182% above the national average.

Spokane's apartment and rental home residents may also purchase additional insurance to protect themselves from fires and water damage. Insurance companies in Burlington typically offer renters insurance policies that include:

• Personal property coverage: This protects the contents of your rented home against perils such as vandalism, theft, electrical failures and weather-related damage.
• Additional living expenses: A covered peril may render your rented property uninhabitable. This covers your temporary lodging expenses.
• Liability insurance: This protects you if an accident occurs on your rental property that causes harm to others. It pays for legal fees and court judgments.
• Medical payments coverage: If someone is injured while staying in your rented property, this will help pay for medical costs associated with the injury. It covers you regardless of who is at fault.

Renters insurance in Spokane covers your personal property but not the building you reside in. That is the responsibility of the owner. Renters insurance won't cover other specific events, so it's best to get additional coverage.

Your renters insurance may cover some water-related damages. However, if the damage is due to flooding, most standard insurance policies will not cover it. You can buy additional insurance from the National Flood Insurance Program (NFIP) to protect your rented property from flood damage.

Other exclusions from most renters insurance policies are your roommates' belongings, earthquake damage, car damage, jewelry and items that exceed your policy limits. Keep in mind that not all policies are the same, so read yours thoroughly to ensure it covers your needs.

Spokane renters should look for a company that balances affordability and quality. Here are some of Spokane's most frequently asked questions about renters insurance.

MoneyGeek analyzed hundreds of renters insurance quotes in Spokane 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 thorough review of Quadrant's quotes.