The Cheapest and Best Renters Insurance in Tacoma
The Companies With the Cheapest Renters Insurance in Tacoma
For residents of Tacoma, cost should be a determining factor since most insurance companies offer similar core averages. To find the best policy, compare renters insurance quotes from different insurance companies.
If you're looking for affordable options, MoneyGeek found that the companies offering the cheapest renters insurance in Tacoma are:
- Allstate: $82 per year
- Farmers: $98 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. Keep in mind 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 Tacoma can compare renters insurance in the state.
Average Annual Rates for Personal Property Insurance
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What Are the Best Renters Insurance Companies in Tacoma?
MoneyGeek ranked the best renters insurance companies in Tacoma and found that the top renters insurance providers in the city are:
- Best Overall: Allstate
- Runner-up: Farmers
For this study, MoneyGeek used a unique rating system that incorporates affordability and customer satisfaction ratings from J.D. Power and financial stability ratings from AM Best. We also discovered unique coverages that other insurers don't typically provide.
Allstate is overall the best renters insurance provider in Tacoma. It has a perfect score for affordability and high rankings for financial stability and customer satisfaction.
Allstate is consistently one of the country's most affordable renters insurance providers. You can also add identity protection to your policy to monitor your digital footprint and protect you from identity theft. If you waive your off-premises theft coverage with Allstate, you can save a few dollars each month. However, items stolen outside your home will no longer be covered.Read MoneyGeek's Allstate renters Insurance Review
Farmers placed second to Allstate. It scored high in affordability, financial rating, and customer satisfaction.
Farmers makes it easy for applicants to bundle their renters with their car insurance policies and save money. Moreover, you can add Farmers Identity Shield for credit monitoring services and pay back your losses related to identity theft.Read MoneyGeek's Farmers renters Insurance Review
The Average Cost of Renters Insurance in Tacoma for 2023
renters insurance is equal to the average.
On average, renters in Tacoma pay $119 per year for insurance or around $10 per month. This is $40 less than the national average cost of renters insurance, which is $159 per year.
What Factors Impact Renters Insurance Costs in Tacoma?
While several factors impact your renters insurance cost, the following are the most impactful on the amount you will spend.
- Personal property coverage amount. When looking for renters insurance in Tacoma, you should consider the amount of coverage you need since this is the most significant factor affecting cost.
- Location within a city. You may have to pay slightly higher rates if your rental is in a high-crime area or is susceptible to natural disasters.
- Deductible. This is the fee you pay to the insurance company to cover a claim. A higher deductible means a lower premium. You will, however, have to pay more out of pocket if you file a claim.
- ACV vs. RCV. Renters policicies may reimburse you based on the actual cash value (ACV) or replacement cost value (RCV). An ACV policy reimburses you based on an item's depreciated value. In contrast, RCV policies do not consider depreciation and will reimburse you for the cost of replacing items with new ones of the same quality.Because they pay out more claims, RCV policies are more expensive than ACV policies.
- Liability coverage amount. This has a minor effect on the cost of your renters insurance. A standard policy includes $100,000 in liability coverage, but you can increase this by thousands of dollars for a few more per year.
Calculate How Much Renters Insurance You Need
Does My Tacoma Neighborhood Impact Cost of Renters Insurance?
Your neighborhood has little to do with the cost of renters insurance. According to MoneyGeek's findings, where you live has a minor impact on your monthly insurance premium.
Understanding Renters Insurance in Tacoma
In Tacoma, renters insurance is not mandatory, but some landlords may require that you purchase it. Nonetheless, MoneyGeek strongly recommends renting insurance as an affordable way to protect your assets.
What Does Renters Insurance Cover in Tacoma?
When shopping for renters insurance in Tacoma, ensure you get the right coverage for your needs. Protecting yourself from unforeseen expenses caused by theft or other damages is less expensive. According to the FBI, Tacoma's property crime was 4,398 in 100,000 residents in 2018, which is 122% above the national average.
Additionally, residents of Tacoma's apartments and rental homes can purchase additional insurance to protect themselves from risks such as fires and water damage. Renters insurance policies in Burlington typically include the following coverages:
- Personal property coverage protects the contents of your rented home against perils such as vandalism, theft, electrical failures, and weather-related damage.
- Additional living expenses: Your rented property may become uninhabitable due to a covered peril. This insurance will pay for your temporary lodging expenses.
- Liability insurance: This covers you in the event of an accident on your rental property that results in injury to others. It aids you in the payment of legal fees and court judgments.
- Medical payments coverage: If someone is injured while staying at your rented property, this coverage will help you pay the medical bills. This is regardless of who is at fault.
What Is Not Covered by Renters Insurance in Tacoma?
Renters insurance in Tacoma covers your personal property but not the building or structure of the home. That is the responsibility of the property owner. There may be other specific events not covered by renters insurance, so it's best to get additional coverage.
Renters insurance may cover some water-related damages, but most standard insurance policies will not cover damage caused by flooding. You can protect your rented property from flood damage by purchasing additional insurance from the National Flood Insurance Program (NFIP).
Additionally, most renters insurance policies exclude roommates' belongings, earthquake damage, car damage, jewelry and items that exceed your policy limits. Not all policies are created equal, so read yours carefully.
Frequently Asked Questions About Renters Insurance in Tacoma
Tacoma renters should look for a company that balances quality and cost to suit their needs. To learn more, here are some of the most frequently asked questions about renters insurance in Tacoma.
Renters Insurance in Tacoma Analysis: Methodology
MoneyGeek combed through hundreds of renters insurance quotes in Tacoma to find the best deal. 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
- United States Department of Justice, Federal Bureau of Investigation. "Crime in the United States, 2019." Accessed June 26, 2022.