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CheapRenters InsuranceWashingtonThe Best and Cheapest Renters Insurance Companies in Washington for 2023: Rankings, Reviews and Rates
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MoneyGeek ranked insurance carriers in the state based on affordability, customer service and financial strength to help you find the best renters insurance in Washington.
CheapRenters InsuranceWashingtonThe Cheapest Renters Insurance in Washington
Cheap Renters Insurance Companies in Washington
Price is an important consideration for most Washington renters. The two cheapest companies in the state based on average premiums are Allstate and Farmers. An average consumer can get an Allstate policy for $82 a year, while a similar policy from Farmers will cost $94 per year on average.
These average premiums are based on MoneyGeek’s analysis of quotes from various ZIP codes in Washington for personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500.
Personal Property Coverage:
$20,000
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Cheapest Renters Insurance Companies in Washington by City
MoneyGeek collected renters insurance data from three cities in Washington: Seattle, Spokane and Tacoma. Allstate offered the cheapest renters insurance in Seattle and Tacoma. USAA provided the cheapest renters insurance in Spokane, but its policies are only available to renters with a military background.
Companies With the Cheapest Renters Insurance in Washington by City
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- CityCheapest CompanyAverage Annual Premium
- Allstate$82
- Allstate$82
- Allstate$82
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Best Renters Insurance Companies in Washington
Allstate offers the best renters insurance in Washington. The insurer received a MoneyGeek score of 97 out of 100. Farmers was ranked as the second-best insurer with a MoneyGeek score of 92 out of 100.
To determine the best renters insurance providers in Washington, MoneyGeek ranked companies for affordability and customer satisfaction, based on J.D. Power surveys and AM Best financial stability scores.
The best renters may not necessarily provide the cheapest renters insurance coverage, but they balance affordability with quality customer service.
1
Allstate
Score:97
In Washington, Allstate ranked as the best renters insurance company overall. The insurer had the highest affordability and second-highest customer satisfaction scores. Policyholders may also decide to get coverage for damage caused by floods.
More About Allstate
Available in all 50 U.S. states and Washington, D.C., Allstate provides four additional coverage options, including flood and personal injury coverages, which are not common in other insurers. The company also offers five discount opportunities, which is equal to the average insurance provider. One of these is the retiree discount which is unique among insurers. Renters use the online system to obtain quotes and manage their accounts. The insurer’s app lets customers file claims and track their status.
Read MoneyGeek's Allstate renters Insurance Review2
Farmers
Score:92
Farmers was ranked as the second-best renters insurance provider, receiving the second-highest affordability score and an average rating for financial stability. The insurer allows policyholders to purchase landlord property damage that covers the cost of damages caused by pets or leaks.
More About Farmers
Renters insurance from Farmers is available across 42 states, excluding Alaska, Delaware, Hawaii, Maine, New Hampshire, Vermont, West Virginia, Rhode Island, and Washington, D.C. Farmers policyholders may opt for three additional coverage options, including identity theft and personal property replacement cost. Policyholders also receive seven discount opportunities, which is higher than the national average of five. Some of the unique discounts include the occupation discount and the smoke-free discount for households that have been smoke-free for two consecutive years.
Read MoneyGeek's Farmers renters Insurance Review3
State Farm
Score:88
Ranking third in Washington with one of the highest financial stability and the highest customer satisfaction scores is State Farm. State Farm’s unique incidental business liability coverage can protect small businesses from the cost of liability damage and judgments resulting from professional negligence and error.
More About State Farm
State Farm provides renters insurance policies in all the states. Renters may supplement their policies with three additional coverage options, which is lower than the national average of seven. Of these is the personal liability umbrella policy, which provides extra protection for personal claims, such as defamation of character, libel, or slander, that may not be covered by your other policies. Policyholders may also only qualify for two discounts with this insurer.
State Farm allows renters to obtain personalized quotes, determine premium amounts and file claims online or through their mobile app.
Read MoneyGeek's State Farm renters Insurance Review4
Travelers
Score:86
Travelers ranks highly for financial stability. The insurer also received good scores on affordability, earning the fourth position among the best renters insurance companies in Washington. Travelers provides a refrigerated property coverage, which includes personal property stored in freezers or refrigerators on the renter property.
More About Travelers
Travelers offers renters insurance in Washington, D.C. and 49 U.S. states, excluding Alaska. The insurer has nine additional coverage options, including special ones such as personal property replacement cost, special coverage on personal property and decreasing deductible coverage. The insurer also provides four discount opportunities, including the good payer discount. Travelers has a robust online system and mobile app that allows customers to manage their accounts.
Read MoneyGeek's Travelers renters Insurance Review5
Nationwide
Score:85
Nationwide had a MoneyGeek score of 85 out of 100. The insurer had the second highest customer satisfaction and the second highest financial stability scores. Policyholders can obtain loss assessment coverage that will pay costs charged by a homeowners association from damage to shared spaces like pools and community rooms.
More About Nationwide
Nationwide is available in 44 states of the United States. These exclude Alaska, Florida, Hawaii, Louisiana, Massachusetts, New Jersey and New Mexico. The insurer offers 11 additional coverage options, significantly higher than the industry average of seven. Nationwide has four available discount opportunities, as well as a reliable online portal and mobile app that policyholders can use to obtain personalized quotes and file claims among other tasks.
Read MoneyGeek's Nationwide renters Insurance ReviewMONEYGEEK EXPERT TIP
While most renters opt for cheaper insurance policies, paying a bit more can be more cost-saving in the long run. Choosing the best renters insurance company may result in higher premiums, but you will get more coverage in case of damage to your personal property.
Largest Renters Insurance Companies in Washington
Choosing an insurer with a larger market share may affect the customer service that you receive. Large companies tend to be more financially stable and can invest more in their user experience.
Company | Market Share | |
|---|---|---|
1. | State Farm | 16.8% |
2. | Liberty Mutual | 13.7% |
3. | Farmers | 11.6% |
4. | Allstate | 9.7% |
5. | USAA | 8.9% |
Average Cost of Renters Insurance in Washington
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renters insurance is equal to the average.
On average, the cost of renters insurance in Washington is $118 per year, which is $41 less than the national average.
The average costs used in this study are for a policy with a personal property coverage limit of $20,000, $100,000 in liability coverage and a deductible of $500.
It is important to note that costs vary across insurers based on the personal property coverage amount. The higher the personal property coverage amount, the more the cost.
You can see how different personal property limits affect the cost of your renters insurance using the calculator below.
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Total:
MONEYGEEK EXPERT TIP
Washington renters can save on costs by comparing renters insurance quotes across different providers. By choosing the cheapest insurer, Allstate, over American Family, which is the most expensive, you could save an average of $89 per year or $7 per month.
What Factors Impact Renters Insurance Cost in Washington
Several factors affect the cost of your renters insurance. The following factors have the most impact on your premiums.
Personal property coverage amount
The amount of coverage you choose greatly affects your insurance cost. It’s the most important factor to consider when buying renters insurance.
Location
Your renters insurance is also affected by your location. If you’re living in a neighborhood with a high crime rate, you’ll have slightly higher premiums compared to someone residing in another area.
Deductible
This refers to the amount you need to pay before the insurer reimburses your claim. If you have a high deductible amount, you’ll have lower monthly premiums since you’ll be paying more out of pocket when you file a claim. Conversely, getting a lower deductible amount will result in lower out-of-pocket payments, but they are more expensive.
ACV vs. RCV
When insurance companies pay for your claims, they reimburse either based on the actual cash value (ACV) or the replacement cost value (RCV). ACV policies consider the depreciation of your belongings and pay less. Meanwhile, RCV policies pay the cost of getting a new item of the same kind and quality. ACV policies are cheaper, but you’ll receive less if you make a claim.
Liability Coverage Amount
The liability coverage amount you choose has a minor effect on the cost of your renters insurance. You can add thousands of coverage for only a few dollars per year.
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Renters Insurance in Washington: What You Need to Know
You’re not required to get renters insurance in Washington, D.C., unless your landlord asks for it. Regardless, MoneyGeek strongly recommends that you get a renters insurance policy. It protects your belongings against theft and damages for a relatively low cost.
What Renters Insurance Typically Covers in Washington
It’s important to understand the coverages that come with a renters policy in Washington, D.C. This way, you can make sure that you’re getting enough coverage for your possessions.
First, renters insurance provides financial protection in case you’ve been a victim of theft. According to the FBI, there are 3,920 incidents of property crime per 100,000 residents in the city, which is 107% higher compared to the national average.
It’s also a good idea for apartment and rental home residents in Washington, D.C., to get renters insurance. Aside from theft, a renters policy will cover damages from events such as fires and water damages.
Typically, you’ll get the following coverage from renters insurance companies in Washington, D.C.:
- Personal property coverage: This pays for damages to your belongings from events such as theft, fire, plumbing issues, electrical malfunction and weather-related incidents. Check with your company what specific perils they do and don’t cover.
- Additional living expenses: If your rented unit becomes uninhabitable after a covered incident, this pays for your temporary housing costs.
- Liability insurance: This coverage pays for damages if an accident in your rented property causes injuries to another person and you’re found to be at fault.
- Medical payments coverage: If someone becomes injured in your apartment or rented home, this will help pay for the person’s medical expenses. Note that this coverage settles expenses regardless of who’s at fault.
What Renters Insurance Typically Does Not Cover in Washington
It's also a good idea to understand what items aren't covered by your renters insurance policy.
Since renters insurance primarily covers your possessions, they don't provide protection for damages to your building's structure. Your landlord is the one responsible for insuring the structure.
Additionally, although a renters policy covers certain types of water damage, they don't usually cover damages from external flooding. If you're looking to protect your belongings from a flood, it's best to buy incremental insurance through the National Flood Insurance Program (NFIP).
You should also know that your renters insurance policy doesn't extend to your roommate's possessions. It won't also cover damages from earthquakes and damages to your car, jewelry and similar items that exceed policy limits. As such, it's important that you carefully read your policy to know what it will and won't cover.
- EventDescription
Personal property coverage
This pays for damages to your belongings from events such as theft, fire, plumbing issues, electrical malfunction and weather-related incidents. Check with your company what specific perils they do and don’t cover.
Additional living expenses
If your rented unit becomes uninhabitable after a covered incident, this pays for your temporary housing costs.
Liability insurance
This coverage pays for damages if an accident in your rented property causes injuries to another person and you’re found to be at fault.
Medical payments coverage
If someone becomes injured in your apartment or rented home, this will help pay for the person’s medical expenses. Note that this coverage settles expenses regardless of who’s at fault.
MONEYGEEK EXPERT TIP
You can find most of the information about renters insurance in Washington on the Washington Department of Insurance website. The site provides several resources, including information on finding insurance companies and filing claims. It also includes answers to most of the commonly asked questions about insurance in the state.
You can contact the Washington Department of Insurance using the information below:
- Office Address: 5000 Capitol Blvd., SE, Tumwater, WA 98501 or 302 Sid Snyder Ave., SW, Suite 200, Olympia, WA 98501
- Consumer Hotline: 800-562-6900
The department is open Monday to Friday from 8 a.m. to 5 p.m.
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FAQs About Renters Insurance in Washington
MoneyGeek answered some of the frequently asked questions about renters insurance in Washington.
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Renters Insurance in Washington Analysis: Methodology
MoneyGeek analyzed hundreds of renters insurance quotes in Washington, D.C. 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 that are derived from a comprehensive analysis of quotes provided by Quadrant.
About Mark Fitzpatrick
sources
- Office of the Insurance Commissioner Washington State. "Washington state Office of the Insurance Commissioner." Accessed March 30, 2022.