The Cheapest and Best Renters Insurance in Wichita
The Companies With the Cheapest Renters Insurance in Wichita
When shopping for renters insurance in Wichita, the cost is an important factor since companies offer the same core coverages. It’s best to compare quotes to find the best deal for your needs and situation.
If you’re looking for the cheapest renters insurance, MoneyGeek found that the most affordable companies in Wichita are:
- State Farm: $100 per year
- Nationwide: $109 per year
The prices in this study are for a policy with $20,000 in personal property coverage, $100,000 in liability coverage and a deductible of $500. You can check the table below to see how prices change by adjusting the personal property coverage limit.
If you live somewhere else in the state, you can compare renters insurance in Kansas as a whole.
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What Are the Best Renters Insurance Companies in Wichita?
Based on MoneyGeek’s research, the best renters insurance companies in Wichita are:
- Best Overall: State Farm
- Runner-Up: Nationwide
These are the top-scoring providers on MoneyGeek’s unique rating system that considers affordability, customer satisfaction ratings from J.D. Power and financial stability ratings from AM Best. They also offer unique coverages that are rare among companies.
As MoneyGeek’s top pick in Wichita for renters, State Farm earned high ratings across all categories, including a perfect score for affordability. It offers unique add-on coverages, like identity restoration coverage.
State Farm is consistently one of the most affordable options for renters insurance across the country. Its policyholders can purchase inflation coverage, so their personal property coverage limit automatically increases over time. They can also add identity restoration coverage to a renters policy to protect against the costs of identity fraud.Read MoneyGeek's State Farm renters Insurance Review
Nationwide is the second-best renters insurance company in Wichita. It received high scores for affordability and customer service. The company offers add-on water backup coverage.
Nationwide offers optional coverages that you can add to your renters insurance policy. One of them is water backup coverage, which protects you against losses caused by backed-up sewers or drains. Nationwide also has Valuables Plus coverage, providing additional coverage for high-value items like jewelry and fine art.Read MoneyGeek's Nationwide renters Insurance Review
The Average Cost of Renters Insurance in Wichita for 2023
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The average cost of renters insurance in Wichita is $128 per year or $11 per month. That rate is $31 lower than the national average of $159 per year.
What Factors Impact Renters Insurance Costs in Wichita?
While several factors affect the cost of renters insurance in Wichita, the following are the most impactful.
- Personal property coverage amount. Your coverage amount has the most significant influence on the cost of renters insurance in Wichita. Keep in mind that the more coverage you purchase, the higher your rate.
- Location. Your ZIP code can impact your insurance premium. For example, renting an apartment in a neighborhood with a history of property theft or the risk of severe weather can increase the cost of your premium.
- Deductible. This is the amount you pay out of pocket when your insurer accepts a claim to replace your items. Choosing a higher deductible lowers the cost of your renters policy. Meanwhile, a lower deductible increases your insurance premium.
- ACV vs. RCV. Insurance providers may reimburse you based on actual cash value (ACV) or replacement cost value (RCV). With ACV, you get the depreciated value of items. Meanwhile, with RCV, you are reimbursed the equivalent cost of a new item that’s similar in kind and quality.
- Liability coverage amount. Your coverage level only has a minor effect on your premium. A standard renters insurance policy has $100,000 in liability coverage, but you can add thousands of dollars for a few dollars yearly.
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Does My Wichita Neighborhood Impact Cost of Renters Insurance?
While your neighborhood location does affect your renters insurance cost, the impact is only minimal. According to MoneyGeek’s research, where you live may only increase the cost of your premium by a few dollars per month.
Understanding Renters Insurance in Wichita
Purchasing renters insurance in Wichita is not a legal requirement, but MoneyGeek recommends, given the low cost, to have a policy to protect your assets. Additionally, some landlords require renters insurance as part of your lease agreement.
What Does Renters Insurance Cover in Wichita?
When you shop for renters insurance, make sure you select the right coverage to meet your needs. Having enough coverage can financially protect your personal belongings against theft. According to the FBI, the number of property crimes reported in Wichita reached 4,731 per 100,000 residents in 2019, 150.31% above the national average.
Renters insurance also covers various risks that can happen anywhere, including fire and water damage. Here are the things that renters insurance in Wichita covers:
- Personal property: Renters insurance protects your personal items against covered perils such as fire, vandalism, theft, plumbing issues and weather.
- Additional living expenses: If your apartment is uninhabitable due to a covered peril, your renters policy covers temporary living expenses, like hotel accommodations and meals, to policy limits.
- Personal liability: Your renters insurance includes personal liability coverage to protect you against the cost of accidents that are your fault. It usually pays for legal representation and the settlement or judgment in case your injured guest ends up suing you.
- Medical payments: If a guest sustains an injury on your property, your renters policy covers the medical expenses, regardless of who is at fault, to the policy limit.
What Is Not Covered by Renters Insurance in Wichita?
Although renters insurance covers personal property, it does not cover the building’s physical structure. It’s the landlord’s responsibility to purchase insurance that protects the building's structure. Additionally, your renters policy doesn’t cover some events.
For example, renters insurance coverage doesn’t apply to flood damage. You need to purchase incremental insurance through the National Flood Insurance Program (NFIP) to protect your personal property from water damage due to flooding.
Other things that are not covered by renters insurance are your roommate’s possessions, damage from earthquakes, damage to your car, and jewelry or similar items that cost more than your policy limit.
Remember that not all policies are the same. That’s why it’s best to review your policy before purchasing it to ensure you’re getting enough coverage.
Frequently Asked Questions About Renters Insurance in Wichita
To learn more about renters insurance in Wichita, read MoneyGeek’s answers to some frequently asked questions below.
Renters Insurance in Wichita Analysis: Methodology
MoneyGeek analyzed hundreds of renters insurance quotes in Wichita 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 we derive from a comprehensive analysis of quotes provided by Quadrant.
About Mark Fitzpatrick
- United States Department of Justice. "2019 Crime in the United States." Accessed June 9, 2022.