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CheapRenters InsuranceWisconsinThe Best and Cheapest Renters Insurance Companies in Wisconsin for 2023: Rankings, Reviews and Rates
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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.
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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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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- CityCheapest CompanyAverage Annual Premium
- Allstate$69
- Allstate$87
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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.
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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.
Read MoneyGeek's Allstate renters Insurance Review2
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.
Read MoneyGeek's State Farm renters Insurance Review3
American Family
Score:80
In Wisconsin, American Family ranks second out of four providers in terms of affordability and service quality while tying at third for financial stability. They don’t offer any unique coverages as an add-on, but they do have scheduled personal property coverage.
More About American Family
American Family provides renters insurance in 19 states. They offer seven discount opportunities, which is higher than the industry standard of five. However, they only have two coverage add-ons, which is less than what other companies offer.
American Family’s digital tools give policyholders all the features they need for their renters insurance, such as filing a claim and paying premiums. Their site also offers a quote tool, a personal property calculator and financial advice. Additionally, they have a mobile app that policyholders can use to manage their accounts.
Read MoneyGeek's American Family renters Insurance Review4
Farmers
Score:71
Among Wisconsin insurers, Farmers achieved the lowest scores for affordability, service quality and financial stability. While they lack unique coverage options, they do offer Identity Shield to help protect your identity.
More About Farmers
Farmers’ renters insurance is available in 42 states. Renters in Alaska, Delaware, Hawaii, Maine, New Hampshire, Vermont, West Virginia, Washington D.C. and Rhode Island cannot get policies from this provider. Farmers has seven discount opportunities, which is higher than the national average. Out of those seven, four are rarely offered by insurance companies. However, they only have three commonly-available coverage add-ons. This is lower than the industry standard of five.
Farmers’ website allows users to get a personalized quote, pay bills and make claims. They also have a mobile app that gives policyholders the ability to manage their insurance from the palm of their hands.
Read MoneyGeek's Farmers renters Insurance ReviewMONEYGEEK 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% |
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.
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Total:
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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.
Location
Where you live is always a significant factor. Some areas have a higher risk of crime and inclement weather than other locales, and therefore renters living in these areas are more expensive to insure.
Coverage Amount
If you opt for standard renters insurance, your costs will be lower than those who choose add-on coverage options.
Deductible
A deductible is a fee you pay to get your insurer to cover a claim. The higher the deductible, the lower the annual premiums and vice versa.
Actual Cash Value (ACV) vs. Replacement Cost Value (RCV)
An ACV policy pays depreciated values for your used goods, while RCV policies compensate you for a new item of the same style and quality. ACV policies are cheaper than RCV plans because they provide lower payouts.
Credit Score
Insurers think that people with lower credit scores are more likely to file claims. Therefore, they charge those people higher rates. If you want low renters insurance premiums, it’s best to maintain a strong credit score.
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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:
- EventDescription
Floods
Renters insurance usually covers water damage resulting from broken water mains or pipes. However, insurers do not normally cover flooding due to severe weather. If you’re concerned about floods, reach out to the National Flood Insurance Program (NFIP) for more information about coverage.
Earthquakes
Most renters insurance policies do not provide coverage for earthquakes, but you can purchase add-on earthquake coverage if you want to. Wisconsin very rarely experiences earthquakes.
Structural Damage
Your renters insurance will not cover damage to the frame or structure of the building you live in. This is your landlord’s responsibility.
Roommate’s Possessions
Renters insurance only covers your own property unless you add your roommate to your policy.
Expensive Items
If you have any valuables that exceed your policy limits, you will likely need to purchase an additional rider for coverage.
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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.
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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
sources
- Office of the Commissioner of Insurance of Wisconsin. "Home Page." Accessed March 31, 2022.