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The Cheapest Texas Renters Insurance Companies 2020
Whether you are renting a house, a room, or an apartment, you will want to purchase renters insurance to protect your belongings and your wallet. It provides coverage for the things you own if it is stolen or damaged by fire, water and weather events. Texas renters insurance averages $310 for covering $40,000 in contents.
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One of the challenges in purchasing renters insurance is determining how much coverage you need. There are many calculators online that can help you figure this out. The average value to protect the contents of an apartment is $20,000. You will want to increase this amount if you own anything of additional value.
Several national insurance companies offer coverage in Texas, and it is easy to get an online quote from any of them. Bundling insurance is the best way to save money on insurance, as most carriers will give you a discount for having multiple policies. Other discount opportunities include arranging for payments to be taken directly from your bank account and adding a security system. Read more on the average cost of renters insurance.
Farmers Insurance provided the cheapest renters insurance. You can save more by bundling multiple policies with Farmers, being a non-smoker and installing a security system or fire alarm. Identity protection is available as an addition to your policy.
Allstate comes in second when it comes to price. It offers the discounts listed above, plus up to 25% off for those aged 55+ and retired. You can add optional coverage for identity theft and a home-based business as well.
American Family offers additional discounts for current customers with another policy and for customers whose parents were also policyholders. Additional coverage is available for pets, identity theft, home businesses and travel.
USAA insurance is only available to current and former military members and their families. Their pricing is competitive and includes earthquake and flood coverage, which is not usually included in the renters insurance policies from other carriers.
Cost per year
J.D. Power Rating
2 out of 5
2 out of 5
5 out of 5
5 out of 5
F (due to lawsuit)
Quotes are based on renting an apartment in a building with four units in Katy, TX, and $20,000 worth of belongings.
Best Texas renters insurance company for coverage options: Allstate
It received 5 out of 5 in every category from J.D. Power (categories are overall satisfaction, policy offerings, price, billing process and policy information, interaction and claims). American Family won J.D. Power’s award for renters insurance.
Your stuff, when damaged by fire, weather or water or stolen (even if they are stolen away from home)
Medical bills and lawsuit settlements if a guest is injured in your home or apartment
Hotel costs during covered repairs
According to USAA, the average amount of coverage needed for the contents of a two-bedroom apartment is $20,000. The best way to find out how much coverage you need is to do an inventory of your belongings and find out how much it would cost to replace them.
Based on J.D. Power’s 2019 survey, American Family got the best overall customer satisfaction rating. The only company that scored higher was USAA, which is only available to current and former military members and their families. However, the best option for you will depend on your needs and circumstances.
Standard renters insurance policies are based on paying out the actual cash value of your property. This is calculated by taking the cost to replace the item, then subtracting depreciation, which is a loss in value due to wear and tear. You can pay more for replacement cost coverage, which pays the cost to replace the item. Your payout will be reduced by your deductible in either case.
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.
We awarded higher scores to insurance providers with more discounts available on their website.
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.
We awarded higher scores to renters insurance providers with the most channels for customer support.
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.)
We awarded higher scores to insurance providers that have more online and mobile features to easily manage your policy and claims.