MoneyGeek ranked the best and most affordable renters insurance companies in Wisconsin to help you find the lowest rates for the coverage you need. These rankings incorporated affordability data, customer support reputations and financial stability. Using these lists, you can find the right policy for your requirements.
The Best and Cheapest Renters Insurance in Wisconsin for 2022: Rankings, Reviews and Rates
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:
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Best Renters Insurance Companies in Wisconsin
The best renters insurance in Wisconsin doesn’t have to be expensive. But it does need to provide prompt service when you need to file a claim. MoneyGeek analyzed several insurers in Wisconsin based on unique pricing data, customer service ratings from J.D. Power and financial stability info from AM Best. According to these criteria, the best insurer in this state is Allstate, with a score of 94.6 out of 100.
Allstate includes additional living expenses coverage in every renters insurance policy. In addition, Allstate offers increased business property coverage, identity theft restoration, personal umbrella policies, flood insurance and more as add-ons. Allstate’s convenient mobile app allows customers to manage their accounts and easily file claims.
In addition to their basic renters coverage, State Farm offers pet medical insurance, identity restoration, additional business property coverage and earthquake damage insurance. State Farm provides rebates and savings for customers with bundled policies, burglar alarms, smoke detectors and home security devices.
In addition to its standard renters insurance, American Family offers identity theft protection and travel coverage. You can get significant discounts by bundling your renters and auto insurance policies or if you have a smart home. This company offers quick and easy access to online quotes.
Farmers provides replacement cost coverage to compensate renters for purchasing new items after theft, loss or damage. Farmers has expansive identity protection coverage in its renters policies, thanks to its Identity Shield feature.
Largest Renters Insurance Companies in Wisconsin
Large insurance companies are often more reliable because they have the resources to quickly and painlessly pay your claims. The biggest insurance companies in Wisconsin based on market share are American Family (21.65%), State Farm (16.31%), Erie (4.73%), Acuity (4.54%) and AllState ($4.26%). These companies combine to provide more than half of all renters insurance policies in the state.
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Average Cost of Renters Insurance in Wisconsin
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In Wisconsin, the average cost of renters insurance is $108 per year, $51 less than the national average. This is for a typical policy with $100,000 of liability coverage, $20,000 of personal property protection and a $500 deductible.
To save money, you can compare quotes from several different companies. For example, you can save $49 by choosing a policy from Allstate instead of purchasing similar coverage from Farmers.
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.
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
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:
- 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.
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.
FAQs About Renters Insurance in Wisconsin
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.
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