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The Cheapest Renters Insurance Companies Arizona 2020
If you rent your home or apartment, having renters insurance is important. Although it’s not legally required in the state of Arizona, having insurance will give you peace of mind in knowing that your personal belongings are covered if they get damaged or stolen.
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Renters insurance is among the least expensive types of insurance you can get. In fact, the average cost of Arizona renters insurance is just $178 per year, according to the Insurance Information Institute (III). That breaks down to about $15 each month.
Before you purchase renters insurance, there are a few things you should consider. First, have an inventory of all your personal belongings and their original value. That will help you determine how much coverage you need.
You should also decide if you need to get special coverage for high-value items, like jewelry, and determine how much you can afford to pay for your deductible.
Best renters insurance companies in Arizona
Renters insurance in Arizona tends to be pretty affordable for most people. But with so many different renters insurance providers on the market, it can be difficult to determine which one is best for your needs and your budget.
To simplify your shopping journey, we put together a list of the best Arizona renters insurance companies based on J.D. Power’s 2019 U.S. Renters Insurance Study. Here are the four providers that made our list:
Cheapest Arizona renters insurance for students – Allstate
Allstate received mostly average ratings from J.D. Power, but the one area where the company really shines is its claims handling process, which was rated “among the best.”
Based on our research, Allstate is the cheapest renters insurance option for students. In fact, the company’s website has an entire page dedicated to the benefits of renters insurance for college students. We got a sample quote for a 20-year-old female student living in Tempe, AZ, which came out to be $235 per year.
Cheapest Arizona renters insurance for extended coverages – Nationwide
Nationwide is a good option for renters looking for flexible policy offerings, however, Nationwide is not known for providing the lowest prices.
Nationwide is well-known for offering a variety of add-on coverages at an affordable price. Some of the most popular optional coverages are for valuables, water backup, theft extension, earthquake and brand new belongings. Our sample quote for a 26-year-old female living in Phoenix, AZ, came out to about $360 per year with those add-on coverages included.
Cheapest overall Arizona renters insurance – State Farm
State Farm earned impressive marks in J.D. Power’s study for price and policy offerings, but it received a poor score for its claims handling process.
Overall, State Farm seems to offer the cheapest rates for most Arizona renters. Our sample quote for a 26-year-old female living in Phoenix, AZ, came out to just $208 per year, which was much cheaper than the other providers. State Farm also offers a number of discounts that renters can take advantage of to save even more on their annual premiums.
- American Family American Family earned the top spot in J.D. Power’s study, getting five-star ratings across the board for overall satisfaction, policy offerings, price, billing and customer service.
| American Family |
Each of these insurance companies have their strengths and weaknesses, and they’ll benefit different people. We collected quotes and analyzed what situations each company would be best for.Each sample quote accounts for $20,000 in personal belongings, $100,000 in liability coverage and a $500 deductible.
Frequently asked questions
No, renters insurance is not legally required in the state of Arizona. However, most landlords encourage their tenants to purchase renters insurance before moving in.
To determine how much renters insurance you need, create an inventory of your personal belongings. Catalogue each item by taking a picture, writing a description and noting the original price. The total value of your items is the minimum amount of insurance you should get.
There isn’t one insurance company that is best for every renter in Arizona. However, our research determined that State Farm offered the cheapest rates for most people. However, the actual amount you’ll pay is based on a variety of factors, including your zip code, the size of your home, your age, your credit score and your deductible.
Most insurance companies offer discounts to help customers save money on their renters insurance premiums. Some of the common discounts include bundling your policies, raising your deductible and installing home safety features, like fire alarms and anti-theft systems.
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Methodology
The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar.
For every review, our editorial team:
- Identifies five measurable aspects to compare across each brand
- Determines the rating criteria for each aspect score
- Averages the five aspect scores to produce a single SimpleScore™
Here’s a breakdown of the five aspect scores and their rating criteria for our renters insurance reviews.
Why do some brands have different SimpleScores on different pages?
To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page.
However, it’s also possible for the same product from the same brand to have multiple SimpleScores. For instance, if we compare State Farm’s home insurance according to our criteria for the best home insurance, it scores a 3.8 out of 5. But when we compare State Farm according to the criteria for the best auto insurance, it scores higher, since the features the company offers can vary by the type of insurance.
Discounts
We awarded higher scores to insurance providers with more discounts available on their website.
Coverage Options
We gave providers with more renter insurance coverage options a higher score because they’re more likely to have a policy that best meets your needs.
Support
We awarded higher scores to renters insurance providers with the most channels for customer support.
Customer Satisfaction
We leveraged the J.D. Power Home Insurance Satisfaction Study℠ to see how customers rated their experience with each insurance provider. (If a provider wasn’t included in J.D. Power’s study, we skipped this aspect and averaged the four remaining aspect scores.)
Accessibility
We awarded higher scores to insurance providers that have more online and mobile features to easily manage your policy and claims.
