BEST RENTERS INSURANCE IN PENNSYLVANIA (PA) 2023

If you are looking for an apartment in Pennsylvania, you should protect your property and belongings with excellent renters insurance. For most people living in Pennsylvania, Lemonade offers one of the cheapest renters insurance options. At only $12 per month, it has the lowest premiums in the state. This is because even though your landlord has home insurance, it will not protect your things. The AAA renters insurance policy will pay for your hotel stays and other additional expenses if your apartment becomes inhabitable due to a covered peril.

Renters Insurance Pa

For the sake of liability protection, many landlords mandate that their tenants carry renters insurance. It can safeguard your most prized possessions and give you peace of mind in the event of unforeseen circumstances. Although Pennsylvania law does not mandate it, many landlords will insist that their tenants carry renters insurance.

A renters insurance policy is not mandated by law, but it is a prudent precaution to take. When you have expensive valuables, this becomes even more crucial.

What Does Pennsylvania Renters Insurance Cover?

A renters insurance policy in Pennsylvania should cover the following things:

#1. Personal Property Coverage

Everything you own, from expensive gadgets to expensive clothing to expensive furniture, is covered. Jewelry and firearms are examples of premium items that might require additional security measures.

#2. Personal Liability Coverage

If a visitor to your home sustains an injury and decides to sue you, this will cover your legal defense costs. The minimum amount of coverage for individual liability protection is typically $100,000.

#3. Loss of Use Coverage

If you are forced out of your home as a result of one of the hazards covered by this policy, this will pay for any additional living expenses you incur, such as the cost of a hotel room and the food you eat there.

#4. Medical Payments

Your insurance provider will pay for any medical bills incurred by someone who gets hurt while on your property.

What does Renters Insurance in Pennsylvania Cover?

A renters insurance policy typically protects against the following:

Fire
Lightning
Smoke damage
Water damage
Mold
Theft and burglary
Falling objects
Wind damage
Vandalism

How Do You File a Renters Insurance Claim?

It is important to have proof, such as photographs and purchase receipts, when filing a claim with your renter’s insurance company. More paperwork may be required if law enforcement was involved in the incident that resulted in the damages.

Once you have assembled all of these materials, it is time to file a claim with your renters insurance provider. The next step is for your renter’s insurance provider to evaluate your claim and, if valid, pay any associated costs under the policy’s coverage provisions and applicable laws.

You can submit it online or with an app, but some businesses may insist that you call an agent to verify your information.

Best Renters Insurance Pa

#1. Lemonade

If you are looking for an insurance company with reasonable rates, an easy interface, and a fast claims process, look no further than Lemonade. When it comes to Pennsylvania renters insurance, Lemonade offers the cheapest rates at just $12/month (or $139/year).

For most individuals in Pennsylvania, Lemonade provides the best renters insurance. By a wide margin, this is the most affordable choice. Lemonade renters insurance does not offer many opportunities to save money, but installing security features like smoke and burglar alarms could help you do so.

Lemonade has a few drawbacks, such as not offering nationwide availability, no live customer service, and the inability to bundle with auto insurance. With Lemonade, you can enjoy a quick and simple online experience. You can secure a policy in minutes, and the company makes claim payments almost instantly in some cases. The lack of physical locations means that you will not be able to work with a designated agent to handle policy matters.

#2. Liberty Mutual

This company offers renters insurance to customers all over the country. Liberty Mutual provides numerous opportunities to save money on renters insurance, such as discounts for purchasing online and enrolling in automatic payments. While Liberty Mutual’s premiums may be higher than average in some areas, the flexibility and variety of coverage options it provides may be well worth it for renters looking to insure rare or expensive possessions.

Replacement costs, identity theft, flood, and earthquake protection are just some of the optional extras that can be purchased. The most enjoyable part is tailoring the policies to your specific needs. You can save money by bundling your insurance policies with Liberty Mutual and taking advantage of the many discounts they offer.

#3. Allstate

Allstate offers three service tiers, all of which are available round-the-clock. Customers can select from three levels of protection: basic, standard, and enhanced. Basic coverage was the least expensive option, quoted at $12 per month. Renters insurance from Allstate includes standard protections like replacement costs, liability, and medical payments for visitors to your property.

Renters insurance customers who also purchase auto or home insurance from Allstate can save money by bundling the policies together. Allstate provides all the essentials in its renters insurance policies, and its website makes it easy to manage payments and claims.

#4. State Farm

Nationally, State Farm is one of the biggest insurance companies. You can save money with State Farm by opting for higher deductibles and installing security systems in your home, and you can get more comprehensive protection for valuables like jewelry, firearms, silverware, and business equipment.

State Farm is a popular choice among Pennsylvania renters because of the company’s extensive insurance coverage and cheap premiums. State Farm’s renters insurance policy includes coverage for personal property, as well as liability protection, medical expense reimbursement, and loss of use.

Renters can save money by installing safety equipment or bundling multiple policies. You can tailor your policy to your specific needs by choosing from eight different deductibles, between $500 and $10,000. It also provides additional coverage for identity theft, equipment failure, and the cost of replacing personal belongings.

#5. Nationwide

Renters insurance from Nationwide gives you the flexibility to tailor your coverage to your specific needs with a range of endorsements. Additional protections can be obtained for things like floods, water backups, and expanded additions and alterations to the building.

A standard Nationwide renters policy will cover your things for their “actual cash value.” That means that if something gets lost or stolen, the insurance company will pay you the value of the item when you make the claim, which may not be enough to buy a new one.

#6. USAA

USAA renters insurance policies, unlike those of most other insurers, cover damage caused by floods and earthquakes. Your belongings are also insured for their full market value. However, not everyone can get USAA’s insurance. The clientele consists exclusively of military personnel, veterans, and their families.

USAA is a good option for military families, particularly for renters insurance. These policies are inexpensive and offer additional protection designed especially for service members. Additionally, they are proud of their policy which covers the cost of replacing lost items. It will cover the cost of replacing the lost or stolen item.

#7. Farmers

You can get Farmers Renters Insurance in the Keystone State. The minimum policy offers four main types of protection, one of which is coverage for the cost of temporary housing away from your home due to repairs following a covered claim. Farmers provide several opportunities to reduce the cost of renters insurance, such as discounts for bundling multiple policies, installing a security system, or not smoking. It is a good idea to inquire about supplemental insurance for high-value items like an engagement ring or pricey artwork.

#8. Travelers

Travelers Insurance offers several different levels of protection to renters in Pennsylvania. The company provides a wide variety of optional endorsements at competitive rates.

Travelers’ average annual premium in Pennsylvania is $187, which is $7 lower than the statewide average but $49 higher than the cheapest available policy. The main advantage of Travelers renters insurance is that there are many ways to expand upon a basic policy’s protections. Travelers can add the following add-ons to their renters insurance policy

Replacement cost coverage
Water backup protection
Coverage for malfunctioning electronic equipment
Identity theft coverage
A decreasing deductible of $100 per year
Valuable items coverage

Renters Insurance Pa Cost

Renters insurance typically costs between $10 and $20 monthly. Some plans may have higher monthly costs than others because they cover more or more expensive things. Discounts are typically available from providers for things like bundling multiple lines of coverage or maintaining a spotless claims record.

Pennsylvania renters insurance costs about $124 annually, or $10 monthly, on average. That is 16% less than the average price in the US, which is $148 per year.

In Pennsylvania, the typical annual premium for renters insurance is $194, or $16 monthly. This is less expensive than the typical annual premium for renters insurance in the United States of $215.

What Factors Affect the Cost of Renters Insurance in Pennsylvania?

These factors could cause your final price to be higher or lower than the averages shown above.

Location is a factor that can increase or decrease the cost of renters insurance. Premiums may be higher if you live in an area prone to theft or natural disasters.
Renters insurance premiums can vary widely depending on a person’s credit history.
The more protection you require, the higher your premiums will be. Your premium will increase in line with the value of your possessions and the amount of coverage you require.
The deductible you select is one way to reduce your monthly premium. This means that you will have to pay a higher deductible before your insurance company begins paying for any of your medical expenses. If you can not afford to pay the deductible in the event of an emergency, the cost savings may not be worth it.
Renters who have filed claims in the past may see an increase in their insurance premiums because the company may expect them to continue to do so. According to NerdWallet our rate analysis, a Pennsylvania renter who has filed a claim in the past year can expect to pay about 6% more than a renter who has never filed a claim.
Your other policies: If you purchase multiple insurance policies from the same company, you may be eligible for a discount.
Your home’s features: Another way to save money on renters insurance is to install safety features like alarms, deadbolt locks, sprinkler systems, and the like.

AAA Renters Insurance Pa

If you are already a member of AAA, you can save money on renters insurance through your membership. You can still get insurance without being a member, but you will have to pay higher rates and will not receive benefits like free locks replaced or free roadside assistance. AAA provides its policyholders with several helpful digital resources, such as an online quotation tool and a mobile app. It also allows customers to pay their bills online or through other convenient methods.

AAA renters insurance, like most others, has some limitations. There is no protection against floods. You will want to get a separate policy for flood protection. When looking for a reliable insurance provider, AAA is just one of many options. Protecting valuable possessions like fine art and antiques requires additional personal property coverage.

Furthermore, AAA’s personal liability coverage will pay for the medical expenses of any visitors to your home who sustain injuries and hold you responsible. The AAA renters insurance policy will pay for your hotel stays and other additional expenses if your apartment becomes inhabitable due to a covered peril.

AAA Renters Insurance Coverage

Coverage options for renters with AAA include:

Personal Property Coverage: The contents insurance covers the value of your personal property. It is important to make an accurate assessment of the value of your possessions to ensure you purchase adequate insurance. AAA will give you a replacement cash value (RCV) policy, which means they will pay for a like-new replacement if a covered peril damages your property.

Loss of Use Coverage: If a covered event renders your home uninhabitable for a limited time, AAA will pay for reasonable alternative living expenses, such as lodging and food.
Liability Coverage: If you cause harm to another person or their property, you can rest easy knowing that liability insurance has your back.
Medical Payments coverage: If a visitor sustains an injury and needs medical attention while visiting your home, your policy will pay for those costs.

The following are examples of incidents typically covered by renters insurance:

Fire and lightning
Extreme weather
Explosions
Riots
Damage by vehicle
Smoke damage
Vandalism
Theft
Falling objects
Weight of snow, ice, or sleet
Water damage not from floods

How Much Does AAA Cost?

On their website, AAA states that their typical renter’s insurance policy costs between $15 and $30 monthly. The cost of AAA renters insurance ranges from state to state and policy to policy. Renter’s insurance in the United States typically costs around $15 monthly.

How Much Is Renters Insurance in Pa?

In the state of Pennsylvania, the average cost of a monthly renters insurance premium is approximately $16. That works out to be a monthly savings of $2 compared to the typical cost of renters insurance across the country.

Do I Need Renters Insurance in Pa?

Renters insurance is not mandatory in the state of Pennsylvania. However, your landlord or management company may include insurance requirements in your lease. Since your landlord’s insurance will not pay for your belongings if they are damaged, it is in your best interest to get some sort of coverage for yourself.

What Does Renters Insurance Cover in Pennsylvania?

If someone breaks into your apartment and steals your belongings, your renters insurance will reimburse you for the cost of new ones. Furthermore, if you add liability insurance, it can shield you from legal action should someone get hurt or their property gets damaged on your property. If you are concerned about the safety of your belongings in the event of a flood, you should know that renters insurance policies do not typically cover flood damage.

What Is the Most Common Renters Insurance?

The three main areas that renters insurance covers are personal property, liability, and additional living expenses. This policy does not protect you from things like floods or earthquakes. There is supplementary insurance to protect against such catastrophes.

What Company Has the Cheapest Renters Insurance?

Both State Farm and Lemonade are consistently ranked as two of the most cost-effective insurance providers for renters.

Is Renters Insurance a Need or Want?

The renter’s insurance policy you have protects your personal belongings from burglary, fire, and other risks. These dangers include tornadoes, fires, and other catastrophic events.

What Is Typically Not Covered by Renters Insurance?

Renters insurance policies do not typically cover catastrophic natural occurrences like earthquakes, landslides, sinkholes, and floods. On the off chance that your roommate is not named as an insured person on the policy, it will not cover any pest problems, even bed bug problems, or their belongings.

What Is the Point of Renters Insurance?

Your belongings in a rented house, condo, or apartment are protected from loss by purchasing renters insurance, which will compensate you if something unfortunate happens, like a burglary, a fire, or a sewage backup. It can also shield you from legal responsibility if a visitor to your property suffers an injury.

Conclusion

You can protect your belongings, your legal rights, your financial stability, and your family’s financial security with renters insurance in Pennsylvania. These choices might be different if you choose a different company. The best way to find the cheapest renters insurance in Pennsylvania is to request quotes from multiple insurers.