The Cheapest Hawaii Renters Insurance Companies 2020

Allstate – Renters was founded in 1931 during the depths of the Great Depression. During that time, visionary leader Robert Wood, a World War I general who was also the president of Sears, knew the country had a growing need for quality insurance products and sought to fill that need through his new venture. Like other insurance companies that offer renters insurance, Allstate offers a certain level of base coverage with the option for customers to pay more for add-ons. Most basic policies include a range of coverages that can help protect your personal property like furniture, electronics and luxury items while protecting you against some of life’s “what ifs.”

Coverages offered in Allstate renters insurance policies include:

• Personal property coverage: Personal property coverage is at the core of renters insurance since it can repair or replace your belongings if they are stolen or destroyed. Items covered by basic personal property coverage can be clothing, electronics, family heirlooms, furniture and more.
  • You can choose between actual cash value or replacement cost (note: Allstate refers to it as reimbursement provision). Actual cash value means your belongings are covered for their replacement minus any depreciation that has occured since the time of purchase. Common causes of depreciation are things like age or general wear and tear. Replacement cost coverage replaces your belongings for the cost it would take to replace them at the time you file a claim. This type of policy is more expensive than an actual cash value policy. To determine which one is best for you, you should do a home inventory. The easiest way to do this is to do a video walkthrough or take a series of photographs of all of your possessions.
• Living expenses: This coverage can reimburse you if you need to move because your rental becomes uninhabitable due to fire, vandalism or other factors beyond your control.
• Personal liability: This coverage can pay for legal expenses, medical bills and additional damages incurred if someone is injured on a property you rent and they sue you as a result.
• Guest medical: Guest medical coverage will kick in to pay for medical expenses when someone is injured on your property.

Liberty Mutual has been in the insurance business for more than a century. The Boston-based insurer sells insurance products nationwide and boasts a workforce of 50,000 employees in 30 countries.

Liberty Mutual’s standard renters insurance policies include the basic coverages most insurance carriers offer, including additional living expenses, liability, medical payments and personal property coverages. Liberty Mutual claims to have the best discounts on the market for renters insurance policyholders. Liberty Mutual is known for its many discounts, allowing a vast population to benefit from extra savings. Just a few of the discounts include being claims-free for five years, serving in the military, getting a quote before your current plan expires, having a smart home, using safety features in your home like fire alarms and deadbolts, going paperless, purchasing online, paying automatically and having multiple policies through Liberty Mutual.

When you’re in the middle of an emergency, you need the fastest claim processing to get your life back to normal. State Farm has the strongest customer approval rate of all the cheapest renters insurance companies, which has earned the company a dedicated following. State Farm got 5 out of 5 for overall satisfaction and interaction (when customers interact with their insurance provider) from J.D. Power.

State Farm offers customizable policies to fit your needs. Their renters policies offer comprehensive loss protection caused by aircraft, falling objects, fire, freezing, hailstorms, ice, lightning, snow, theft, vandalism and riots. State Farm’s standard renters policies include:

• Personal property coverage: After suffering a covered loss, such as a burglary or fire, State Farm’s personal property coverage will pay to replace belongings like clothing, electronics and furniture. State Farm allows you to increase coverage for certain types of property. For example, by default, standard policies pay up to $5,000 for home computers, but you can increase the coverage to $10,000. State Farm’s standard renters policies pay actual cash value, but the provider also offers optional replacement cost coverage. It’s important to understand the difference between actual cash value and replacement cost coverages, particularly if you have items that depreciate quickly, like home entertainment equipment.
• Actual cash value coverage pays the depreciated value for your personal property. For example, if your three-year-old TV, which you bought new for $500, burns in a fire, State Farm will only pay you its depreciated value, say $200. So, in order to buy a new TV, you’ll likely have to pay a hefty sum out of your own pocket.
• Replacement cost coverage, on the other hand, doesn’t apply depreciation to your property. So, if fire destroys your three-year-old TV, you can replace it with an equivalent current model at today’s price. If the current model of the TV costs $600, your replacement cost coverage will pay for it, minus your deductible.
• Liability coverage: If a guest sustains an injury in your home, you could face expensive medical bills. Worse yet, if the victim sues you, you’ll also end up paying attorney’s fees and possibly a court judgement. State Farm’s renters liability coverage pays medical expenses and legal fees. You may also need to file a claim against your liability coverage if your kid breaks a neighbor’s window or you accidentally drop your friend’s cell phone. State Farm offers customizable liability policies, with personal liability coverage ranging from $100,000 to $1 million and medical payments coverage ranging from $1,000 to $10,000. Keep in mind that liability coverage will not pay your medical expenses, only those of people outside your household.
• Loss of use coverage: If you’re displaced from your rental home following a covered loss such as a fire, your loss of use coverage will help pay your additional living expenses for up to two years. For example, if you usually pay $1,000 per month for your rental unit and you must pay $1,500 per month for temporary accommodation, you can claim $500 per month against your loss of use coverage.