The Best and Cheapest Renters Insurance in Wisconsin
Are you heading off to college? What an exciting time! As you’re packing your belongings and making a checklist of all the things you need to get done, there’s one task you don’t want to forget – getting a renters insurance policy. Whether you’re moving into a dorm on campus or renting an apartment or house off-campus, it’s important to protect your possessions.
Many college students make the mistake of thinking that they don’t need renters insurance because they don’t own anything valuable. However, items such as your laptop, textbooks, clothes, and electronics are easily worth thousands of dollars. Can you imagine how expensive it would be to replace those items?
What Is Renters Insurance?
Renters insurance is a type of property insurance that covers your personal belongings if they are ever damaged or stolen. Contrary to popular belief, the property owner or the landlord is not responsible for reimbursing tenants for the loss or damage of their possessions. In fact, most landlords require tenants to obtain renters insurance before they move in.
The protections you can expect in a basic renters insurance policy include:
Personal Property: Coverage for the loss or damage of your personal belongings due to a covered peril such as fire, theft, or vandalism.
Additional Living Expenses: Covers the temporary living expenses if your apartment becomes uninhabitable due to a fire, theft or water damage some other covered event.
Personal Liability: Provides financial protection against claims of bodily injury or property damage.
Does A College Student Really Need Renters Insurance?
Unlike car insurance, renters insurance isn’t technically a legal requirement; however, it can be a lifesaver for students leasing an apartment or renting a house with roommates off-campus.
If your roommate has a renters insurance policy, it doesn’t offer you any protection unless you’re included in the policy. It’s always best to have your own policy that covers the value of your possessions.
Do College Students Living On Campus Need Renters Insurance?
College students that live in dorm rooms or school-affiliated housing may be covered by their parent’s homeowner’s insurance policy under the “off-premises coverage” clause. However, it’s important to check with your parents and read the fine print of their policy to determine if you’re covered. Even if you are covered, it may not cover the total value of your possessions.
How Much Does Renters Insurance Cost in Wisconsin?
The average cost of renters insurance for a 20-year-old male student in Wisconsin is only $15 per month or $180 a year for $20,000 worth of coverage. That means for just pennies a day; you can have peace of mind knowing that you are protected.
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Top Affordable Renters Insurance Companies in Wisconsin
Starting at just $5 a month, USAA offers one of the most comprehensive insurance plans for young renters. But there is a catch. This insurance provider only serves active and non-active military members and their immediate families. If you’re a college student that’s enlisting in the army,
Allstate’s renters insurance is a good option if you’re looking for inexpensive coverage. It costs just $12 a month for $15,000 in personal property coverage, $100,000 in liability protection, and up to $1,000 for guest medical bills.
In addition to its low price tag, Allstate’s renters insurance plan also has an A+ rating from AM Best—the highest available to financial services companies. This means that the company has a history of being stable and reliable.
Acuity’s standard renters insurance policy provides more coverage than all the other insurance plans on this list, and it’s affordable. Basic coverage is only $150 a year. It comes to $12.50 a month when you do the math. This renters insurance plan includes $30,000 for personal property coverage, $300,000 in personal liability, $12,000 for loss of use, and $5,000 allocated to medical bills in case a guest injures themselves in your apartment.
Additional policy enhancements such as coverage for the theft of high-value items, lockout assistance, and loss of refrigerated contents in the event of power interruption are only $30 extra for the year. This Acuity renters insurance policy is even more appealing because the deductible is only $500.
Acuity maintains an A+ AM Best financial strength rating. Students can be assured that they will be protected under this comprehensive insurance policy.
Safeco’s standard renters insurance policy starts at $15 a month for $20,000 in personal property coverage and $100,000 for personal liability. The deductible for the standard policy is $1,000. The “Optional Riders” feature allows customers to broaden their renters insurance coverage. Safeco is a subsidiary of Liberty Mutual, one of the top insurance providers in the country. Safeco’s AM Best financial strength rating is A (Excellent), so they have a great track record for paying out claims.
AmFam (American Family)
Amfam’s economy renters insurance policy is only $15 a month for $15,000 personal property coverage, $4,500 for loss of use, and $100,000 in personal liability protection. The deductible is $1,000, which is average for most basic renters insurance policies. You’ll have the option of obtaining additional coverage for pollutant and dangerous dog liability.
Last year AmFam received its 19th consecutive A+ financial rating. They also have a strong business profile.
Lemonade’s basic renters insurance policy starts at $15.17 a month for $20,000 in personal property coverage, $3,000 for portable electronics and $100,000 of liability. With Lemonade, you can get additional coverage for expensive items worth over $1,000 (up to $5 million).
Nationwide’s standard renters insurance policy is $15.41 a month for $15,000 in personal property coverage, $100,000 personal liability, and $1000 guest medical bill coverage. Loss of use is automatically included in the coverage amount. The deductible is $500.
Nationwide offers an optional identity theft protection plan to its renters policyholders for an additional fee of $9.99 per month. This policy provides up to $25,000 in reimbursement for expenses incurred due to identity theft.
Nationwide has received an A+ rating from AM Best. They have a high claim payout rate.
GradGuard is one of the top insurance providers for students. Their renters insurance policy starts at $19 a month or $219 a year for $10,000 in personal property coverage and $100,000 for personal liability. Although they have the most expensive policy on this, the $100 deductible is super affordable for a college student on a budget. Also, GradGuard allows parents to purchase renters insurance for their child.
GradGuard’s renters insurance policies in Wisconsin are underwritten by Markel American Insurance Company which has been in business for 80 years and has an AM Best rating of A+ for excellent.
Renters Insurance in Wisconsin: What You Should Know
Purchasing renters insurance is the responsible thing to do. We all have a personal duty to make sure our affairs are in order so that we can protect ourselves when life throws us a curve ball. Renters insurance is perhaps one of the easiest and cheapest way to prevent from experiencing a potentially signifcant loss that can set you back financially.
Consider the average cost of rent in WIsconsin. Did you know that the fair market rent for a one or two bedroom apartment in Wisconsin is 820 a month? A basic renters insurance policy is less than 5% of the cost of rent.
Renters insurance rates in Wisconsin are 32% less than the national average, making it a bargain even for a college student on a tight budget.
What Does Renters Insurance NOT cover in Wisconsin?
Renters insurance may not cover all the risks you face as a renter. You’ll need to acquire additional coverage for the following:
Flood: Standard renters insurance policies do not cover flood damage.
Earthquake: Coverage for earthquake damage is also not included in standard renters insurance policies and must be purchased separately.
Structural Damage: Your landlord is responsible for damage to the actual structure of the rental unit.
Money: Renters insurance policies generally have limits on how much cash they will cover.
Expensive Items: Standard renters insurance policies limit how much they will pay for valuable items such as jewelry, furs, and other valuables.
Get Started with Renters Insurance in Wisconsin
Whether you’re a student living on campus or off, renters insurance provides comprehensive financial protection. You can purchase a cheap renters insurance policy online within minutes for less than $20 a month. Just think- you’re probably spending more than that or something you probably don’t even need, like Starbucks.
Annie Johnson is a licensed insurance broker, specializing in auto, home and renters insurance products. She reviews insurance content on College Educated for accuracy and has a particular passion for making sure that college students and recent graduates have proper insurance coverage. Her latest passion includes researching all forms of business insurance, to ensure that recent college grads who look to entrepreneurship can have the right protection.