The Best and Cheapest Renters Insurance Companies in Wisconsin for 2022: Rankings, Reviews and Rates

On average, renters insurance in Wisconsin costs $9 per month, which is cheaper than the national average of $13 monthly. At roughly $87 annually, Allstate offers the most affordable policies in the state. It’s also the best company in terms of balancing quality and cost.

It’s important to note that rates vary across carriers, and renters can save up to $49 per year by shopping around and comparing rates.

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Last Updated: 11/11/2022
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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.

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The 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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Insurance Rates

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Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.

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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

5/5

Affordability

4.6/5

User Satisfaction

4.5/5

Financial Stability

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Geek Quick Take

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 Review
2
State Farm
Score:82

3.5/5

Affordability

4.8/5

User Satisfaction

5/5

Financial Stability

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Geek Quick Take

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 Review
3
American Family
Score:80

3.7/5

Affordability

4.7/5

User Satisfaction

4/5

Financial Stability

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Geek Quick Take

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 Review
4
Farmers
Score:71

3/5

Affordability

4.6/5

User Satisfaction

4/5

Financial Stability

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Geek Quick Take

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 Review
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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.

clothing

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.

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    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.

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    Coverage Amount

    If you opt for standard renters insurance, your costs will be lower than those who choose add-on coverage options.

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    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.

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    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.

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    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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Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.

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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:

  • Event
    Description
  • 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

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.

Insurance Rates

Compare Renters Insurance Rates

Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance 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 the Author


expert-profile

Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.


sources
  • Office of the Commissioner of Insurance of Wisconsin. "Home Page." Accessed March 31, 2022.