Finding the best renters insurance in Washington can help protect your assets against certain perils at a low cost. The average cost of renters insurance in this state ranges between $82 and $171 per year, depending on which company you choose. MoneyGeek ranked insurance carriers in the state to help you find the best renters insurance in Washington, using a unique scoring system based on affordability, customer service and financial strength.
The Best and Cheapest Renters Insurance in Washington for 2021: Rankings, Reviews and Rates
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.
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Best Renters Insurance Companies in Washington
Renters should also consider other factors when looking for the best renters insurance in Washington. This way, you can find the best carrier offering the most accurate policy at a fair price.
In determining the best renters insurance companies in the state, MoneyGeek used a unique scoring system that considers three aspects: affordability, J.D. Power’s customer service scores and AM Best’s financial stability ratings. Based on these criteria, the top company is Allstate, with a score of 94.6 out of 100. Coming in second place is Farmers, with 91.8 points.
From standard policies to comprehensive coverages, Allstate offers various levels of protection for Washington renters. You can include optional identity theft protection with your policy, and those living in apartments with security systems can qualify for significant discounts. Additionally, the company allows you to create a photo log, which helps keep track of possessions and assess how much coverage you need.
Farmers policyholders enjoy valuable renters coverages. Renters who own expensive items can upgrade to replacement cost coverage. Farmers also offers Identity Shield coverage, which expands a renters insurance policy to cover expenses related to identity theft.
Aside from the standard policy, MetLife allows renters to get an upgraded valuables package. MetLife also provides bonus coverage for identity protection. If you maintain a claims-free history, the company may offer significant discounts. Policyholders can also save more by bundling renters and auto insurance. Reporting damages and applying for claims is easy with the help of MetLife’s 24/7 customer service.
USAA policies are only available to military members and their families. But if you qualify, you will get affordable policies with replacement cost coverage. Renters can also include identity theft or moving and storage coverages. Communicating with a company representative is easy with the help of USAA’s mobile app and customer portal.
Customizing a policy is simple with State Farm. You can add popular coverages like identity theft protection, earthquake, waterbed and valuables. If you want to get a quote in minutes, you can use the company’s online tool.
Nationwide’s renters insurance policies can range from standard to comprehensive coverages. Policyholders who want to protect high-end and expensive items can get an additional rider. The company offers significant discounts for people who bundle renters and auto insurance and those who live in homes with security systems, smoke detectors and fire alarms. Renters can also easily get a quote using Nationwide’s online tool.
Travelers policyholders have the option to expand their insurance coverage by adding living expense coverage, which takes care of expenses in case the damage caused by a covered peril forces you out of your rental home. Their exclusive “Valuable Items Plus” coverage allows you to expand your policy to protect expensive items like art, jewelry and electronic gadgets.
Largest Renters Insurance Companies in Washington
In most cases, larger companies are more financially stable compared to their smaller counterparts. That is why many policyholders are more confident in getting insurance from a major carrier that can easily cover their claims.
According to company market share, the top five carriers of renters insurance in Washington are State Farm (16.76%), Liberty Mutual (13.68%), Farmers (11.57%), Allstate (9.68%) and USAA (8.93%). These five companies make up more than 60% of renters insurance policies in the state.
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Average Cost of Renters Insurance in Washington
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The average premium for renters insurance in Washington is $118 per year. That is $41 cheaper than the national annual average. The average rates are based on a policy with personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500.
When looking for the best policy and price, renters should compare personalized quotes from different carriers. Getting an Allstate policy, which is the cheapest, can help you save an average of $89 a year instead of choosing similar coverage with the most expensive option, Farmers.
What Factors Impact Renters Insurance Cost in Washington
Individualized factors and circumstances will affect the cost of renters insurance in Washington. Make sure your policy considers the following aspects to ensure proper protection.
- Location: The place where you live plays an important role in determining your annual and monthly premiums. That is because every ZIP code has a different crime rate and weather conditions.
- Coverage amount: How much coverage you include will also impact the cost of your renters insurance. Choosing a more comprehensive policy will result in a more expensive premium. Doing a home inventory before asking for quotes can help you determine the coverage amount suitable for your needs.
- Deductible: Deductible refers to the amount a policyholder pays as a fee when the carrier approves a claim. Generally, having higher deductibles leads to lower monthly premiums.
- Actual Cash Value (ACV) vs. Replacement Cost Value (RCV): Choosing an ACV policy leads to cheaper monthly premiums compared to RCV. However, it results in you getting less compensation when you make a claim. ACV policies consider the actual cost of the item after evaluating the depreciation of its value over time. Meanwhile, RCV policies will pay for a new item of similar style and quality.
- Credit Score: Washington insurance companies may also use renters’ credit scores to determine insurance rates because people with low credit scores are more likely to make claims. Maintaining a good credit score can help you qualify for certain discounts.
Renters Insurance in Washington: What You Need to Know
Washington does not require tenants to have renters insurance. However, getting coverage will protect your personal property and valuable assets from various perils at a low cost.
About 34.1% of Washington residents are renters. The average cost of rent in the state is $1,359 per month. A standard policy with $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible policy in the state typically costs $118 per year on average, which comes to around $10 per month. That means that the cost of renters insurance in Washington is only 0.72% of the price of rent.
What Renters Insurance Typically Covers in Washington
In most cases, renters insurance in Washington covers four basic aspects: personal property, additional living expenses, liability insurance and medical payments.
Personal property coverage in the state protects against property loss or damages due to weather perils like tornadoes and wildfires, as well as non-weather events like property theft.
What Renters Insurance Typically Does Not Cover in Washington
It also helps to know the various risk factors affecting your neighborhood. While renters insurance in Washington provides protection from many perils, there are excluded events as well. Here are some issues that are not usually covered:
- Flooding: Insurance carriers typically cover water damage caused by broken pipes and water mains. However, they may not offer coverage for flooding due to natural disasters. If you live in an area prone to floods, getting flood insurance through the National Flood Insurance Program (NFIP) may be necessary.
- Earthquake Damage: Most renters insurance policies do not cover earthquake damage. If you’re concerned about earthquakes, you can purchase additional coverage.
- Structural Damage: Your renters insurance will only cover your personal property and assets. It is your landlord’s responsibility to purchase insurance to cover the structure of your building.
- Roommate Property: Unless stated, your renters insurance policy will not cover your roommate’s possessions. They will have to purchase a policy based on their own needs.
- Expensive Items: Standard renters insurance policies in the state often do not include expensive items that exceed policy limits. If you want coverage for your high-end belongings, like jewelry and art, you will have to get an additional rider.
Like any other insurance, it is necessary to read the fine print before purchasing renters insurance in Washington. If you have any concerns, ask your agent for clarification. Doing this will help prevent mistakes that could lead to denial of claims in the future.
FAQs About Renters Insurance in Washington
Renters Insurance in Washington Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from eight of the top insurance companies in Washington provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Washington. Quotes were gathered for policies with personal property coverage of $20,000, $50,000 and $100,000, liability coverage of $100,000 and a deductible of $500.
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