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CheapRenters InsuranceWisconsinThe Best and Cheapest Renters Insurance Companies in Wisconsin for 2024: Rankings, Reviews and Rates
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Updated: 12/28/2023
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CheapRenters InsuranceWisconsinThe Cheapest Renters Insurance in Wisconsin
Cheap Renters Insurance Companies in Wisconsin
Affordability is always an important factor to consider when purchasing renters insurance in Wisconsin. The cheapest insurer in this state is Allstate, with a $79 average annual premium. This rate is $49 lower than similar coverage from Farmers, the most expensive rental insurance provider in Wisconsin.
These prices are for a policy with $20,000 of personal property coverage, $100,000 of liability coverage and a $500 deductible. MoneyGeek analyzed quotes from ZIP codes across the state of Wisconsin.
Personal Property Coverage:
$20,000
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MoneyGeek researched the top renters insurance companies in Wisconsin to help you find the best option at the lowest price. Our analysis considers affordability, financial strength and customer service in companies across Wisconsin so you can find the ideal company for your needs.
Cheapest Renters Insurance Companies in Wisconsin by City
Of the two cities MoneyGeek analyzed in Wisconsin, Allstate was the cheapest company for renters insurance. Policies from Allstate cost an average of $79 per year. Rates can vary by city, so it’s important to analyze premiums in your particular location to ensure you get the best rates.
Companies With the Cheapest Renters Insurance in Wisconsin by City
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Best Renters Insurance Companies in Wisconsin
With an overall score of 96.80 out of 100 MoneyGeek’s research found the best renters insurance company in Wisconsin is Allstate. We found this by analyzing several insurers in the state based on pricing data, customer service ratings from J.D. Power and financial stability info from AM Best.
The top-rated renters insurance carriers aren’t necessarily the cheapest companies. Instead, they offer a balance of quality and affordability. This is important since prompt service is essential when filing a claim.
1
Allstate
Score:97
Allstate is the highest rated renters insurance company in Wisconsin. They score a perfect five in terms of affordability while ranking second for financial stability and third for service quality out of four providers. They offer a personal umbrella policy as an add-on.
More About Allstate
Allstate’s renters insurance is available in all 51 states. They offer four optional coverages, which is lower than the national average of seven. However, two of their add-ons are unique. Meanwhile, their discount options match the national average of five, with two options not commonly found in other renters insurance companies.
Additionally, Allstate offers a complete set of digital tools that help renters manage their policies. Users can make claims, pay premiums, get a quote, seek financial advice and more online.
2
State Farm
Score:82
State Farm has the highest rating in Wisconsin for service quality and financial stability, but they have a low affordability score. This company offers a personal liability umbrella policy to customers.
More About State Farm
State Farm offers renters insurance in every state. However, their coverage options and discount opportunities are below the industry average, at three and two, respectively. They offer one unique optional coverage, while their discounts are commonly found among renters insurance providers.
State Farm’s website provides many features to help renters. You can do everything from getting a quote to filing a claim. They also have a mobile app that helps policyholders manage their accounts.
3
American Family Insurance
Score:80
4
Farmers
Score:71
MONEYGEEK EXPERT TIP
The cheapest insurers aren’t always the best insurance companies. Sometimes, it’s better to choose a more expensive provider since they provide quality service and your claims are handled quickly.
Largest Renters Insurance Companies in Wisconsin
It’s wise to buy renters insurance from companies with a large market share. Usually, these companies are more financially stable compared to smaller insurers. They also have the resources to invest in improving their customer service and user experience. This translates to better support for you as a policyholder.
Company | Market Share | |
|---|---|---|
1. | American Family | 21.6% |
2. | State Farm | 16.3% |
3. | Erie | 4.7% |
4. | Acuity | 4.5% |
5. | Allstate | 4.3% |
6. | Auto-Owners Insurance Co | 4.3% |
7. | West Bend Mutual | 4.3% |
8. | Liberty Mutual | 3.9% |
9. | Farmers | 3.1% |
10. | USAA | 3.1% |
Average Cost of Renters Insurance in Wisconsin
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renters insurance is equal to the average.
The average cost of renters insurance in Wisconsin is approximately $108 per year. This is $51 cheaper than the national average of $159 per year.
These stats are for a standard renters insurance policy with $100,000 in liability coverage, $20,000 in personal property protection and a deductible of $500.
One major factor that influences the cost of your renters insurance is the amount of personal property you own. You can use our calculator below to estimate how much coverage you’ll need based on the value of your personal property.
Personal Property Coverage Calculator
When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.
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Clothes, shoes, bags, belts, hats, gloves, etc.
MONEYGEEK EXPERT TIP
You can secure savings on your premiums by comparing renters insurance quotes in Wisconsin. For example, by choosing Allstate over Farmers, you can save up to $49 per year on your renters insurance.
What Factors Impact Renters Insurance Cost in Wisconsin
Several different factors influence how much your renters insurance will cost. You should make sure that you understand how the following variables can drive your costs up or bring them down to more reasonable levels.
Renters Insurance in Wisconsin: What You Need to Know
Industry analysts recommend that all renters buy insurance because it provides peace of mind. It is a low-cost method of protecting your possessions from loss or damage.
In Wisconsin, about 29% of all residents are renters, and they pay an average rate of $867 per month for rent. By contrast, the state’s average renters insurance policy costs around $9 monthly, or just over 1% of the monthly rent price.
What Renters Insurance Typically Covers in Wisconsin
Renters insurance policies usually include personal property coverage, additional living expenses, liability insurance and medical payments coverage.
In Wisconsin, personal property insurance will typically cover losses and damages caused by inclement weather events, including thunderstorms and blizzards, both of which are common in the state.
What Renters Insurance Typically Does Not Cover in Wisconsin
You should always figure out what a renters insurance policy does and does not cover before making your purchase. If you have any questions, ask your agent before signing on the dotted line.
There are also some perils that renters insurance doesn’t typically cover. In Wisconsin, you may need to purchase additional insurance coverage for the following:
MONEYGEEK EXPERT TIP
Do you have questions about renters insurance in Wisconsin? The Office of the Commissioner of Insurance of Wisconsin has resources to help you understand everything you need to know about insurance. You can also look up a company, file a complaint and get assistance through their website.
Beyond their digital platforms, you can reach The Office of the Commissioner of Insurance of Wisconsin using their:
- Office Address: 125 S. Webster St., Madison, WI 53703-3474
- Phone Number: 608-266-3585
- Complaints Hotline: 1-800-236-8517
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FAQs About Renters Insurance in Wisconsin
MoneyGeek answered some frequently asked questions about renters insurance in Wisconsin to help you find the lowest rates and the best companies.
What is the cheapest renters insurance company in Wisconsin?
At around $79 per year, Allstate offers the most affordable renters insurance policies in Wisconsin.
What is the best renters insurance company in Wisconsin?
Allstate is MoneyGeek’s pick as the best renters insurance company in Wisconsin due to their affordability, stability and quality service.
How much does renters insurance cost in Wisconsin?
On average, renters insurance in Wisconsin costs $108 per year. However, the company you buy insurance from can affect your rates by as much as $49 annually.
Is renters insurance required in Wisconsin?
No, the state of Wisconsin does not require you to buy renters insurance. However, your landlord has the right to request proof of renters insurance before allowing you to sign a lease. Nevertheless, we recommend getting renters insurance to protect your property. It’s a small investment that can save you tons of money if disaster strikes.
Renters Insurance in Wisconsin Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from four of the top insurance companies in Wisconsin provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Wisconsin. 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.
About Mark Fitzpatrick
Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
sources
- Office of the Commissioner of Insurance of Wisconsin. "Home Page." Accessed March 31, 2022.