Table of Contents
- How much does renters insurance cost in Phoenix?
- Average price of renters insurance in Phoenix
- The cheapest renters insurance in Phoenix: Liberty Mutual
- The best renters insurance in Phoenix: Nationwide
- Other Phoenix renters insurance providers you should consider
- How to learn more about renters insurance providers in Phoenix
- Other things you should know about renters insurance in Phoenix, AZ
- How we collected our data on renters insurance prices in Phoenix, AZ
How much does renters insurance cost in Phoenix?
Renters insurance in Phoenix costs around $21.93 per month on average, as compared with the national average of $20.00 per month and the state average of $19.27 per month.
In Phoenix, the most expensive renters insurance rate we found was from Farmers, at $28.33 per month. The lowest rate we saw was from Liberty Mutual ($16.75 per month).
Several factors affect how insurance providers calculate premiums in Phoenix, including:
- Property crime: In 2019, the property crime rate in Phoenix was roughly 17% higher than the U.S. average. Because renters insurance covers theft, this encourages companies to raise the price of renters insurance.
- Extreme weather: Arizona isn’t as susceptible to natural disasters as states in the hurricane belt, but its arid conditions make it prone to droughts and wildfires. Dust storms are also common, as are lightning storms. Since renters insurance covers damage caused by wind, fire, and lightning, you can expect a hike in premiums.
- Your deductible and chosen coverage: As you’d expect, the amount of coverage you buy determines how much you pay. So does your renters insurance deductible (the amount you’re responsible for paying out of pocket when you file a renters insurance claim). Picking a lower deductible means higher premiums, and vice versa.
- Your credit and insurance history: Most renters insurance companies will run your credit when you apply for a policy in Phoenix, and if you have poor credit, you’ll have to pay higher rates. Similarly, your provider will also look into your insurance history, and will charge you more (or even deny you coverage outright) if you have a history of filing a lot of claims.
Average price of renters insurance in Phoenix
The following table shows the average cost of renters insurance in Phoenix per month and year, as well as how their rates compare to the state average.
|Insurer||Price (monthly)||Price (yearly)||Difference from average|
The cheapest renters insurance in Phoenix: Liberty Mutual
Liberty Mutual provides the cheapest renters insurance in Phoenix, with policies averaging $16.75 per month. Those rates equate to savings of $62.15 per year when compared with the city’s yearly average.
Should you get Liberty Mutual renters insurance in Phoenix?
Liberty Mutual was established in 1912, which means they have one of the longest track records in the insurance industry, and they have a generally good reputation.
However, just because a company is well-established and offers the best rates in your area doesn’t mean they’re the best insurer for you. Let’s look at some of the pros and cons of choosing Liberty Mutual as your insurance provider:
Advantages of Liberty Mutual renters insurance in Phoenix, AZ:
- Discounts: Liberty Mutual offers quite a few renters insurance discounts, supplementing their already-low prices. For example, they offer a discount for purchasing your policy online, receiving your policy documents electronically instead of on paper, switching to them when you have an active policy with another insurer, and more.
- Accessible customer service: Liberty Mutual offers 24/7 customer support, including on the weekends. They have brick-and-mortar offices in the Phoenix area in Chandler, Scottsdale, Litchfield Park, and Mesa. They also serve all 50 states, so your coverage can easily move with you if you relocate out of state.
Disadvantages of Liberty Mutual renters insurance in Phoenix, AZ
- Actual cash value coverage: While many insurance companies offer replacement cost coverage with their standard policies, Liberty Mutual defaults to actual cash value coverage, which only covers the depreciated value of your belongings. You’ll have to pay extra to upgrade.
- Low customer satisfaction: Although Liberty Mutual has a decent reputation, they placed fairly low (11 out of 14) in a consumer research survey conducted by D. Power in 2019. This suggests that their recent customers have been less than satisfied with their claims handling and customer service.
The best renters insurance in Phoenix: Nationwide
Liberty Mutual is a solid choice for renters insurance in Phoenix, but their low J.D. Power rating means we can’t wholeheartedly recommend them. Instead, our pick for the overall best renters insurance company in Phoenix is Nationwide.
Although they aren’t the cheapest option in Phoenix, Nationwide isn’t the most expensive, either. (They sell renters insurance for about $21.72 per month, which is very close to the average of $21.93 per month.)
Below you’ll find a few of the pros and cons of choosing Nationwide as your insurance provider.
Pros of Nationwide’s renters insurance in Phoenix, AZ
- Stolen credit card coverage: Along with the standard property theft coverage that all renters insurance includes, Nationwide’s policies offer coverage for credit card theft. They’ll reimburse you (up to a limit) for any fraudulent transactions that thieves make with your card. This coverage also applies to forged checks.
- Better loss-of-use coverage: Unlike their competitors, Nationwide offers loss-of-use coverage on an actual loss sustained basis. This means they don’t enforce limits on how much they’ll reimburse you for hotel bills and other expenses if you’re forced out of your home by a covered peril — very helpful in areas like Phoenix that are prone to natural disasters.
- Free personalized evaluation: Nationwide offers a free annual service where an agent will meet with you to discuss your coverage needs and any discounts you may be eligible for. This service is very useful in situations when your insurance needs might change, such as when you buy a home or get married.
Disadvantages of Nationwide’s renters insurance in Phoenix, AZ
- Not the cheapest in town: If price is your biggest concern, Nationwide might not be your best option, although you are getting something worthwhile for your money if you choose them.
- No flood endorsement: Renters insurance doesn’t usually cover flooding (except for USAA’s policies). Many companies offer the option of purchasing a renters insurance endorsement that covers flood damage, but Nationwide doesn’t. That’s a downside in Phoenix, where flash flooding is common, although it’s worth noting you can buy a separate flood insurance policy from another insurer that works with the National Flood Insurance Program (NFIP).
In general, Nationwide offers the best coverage for Phoenix residents. They’re a little more expensive than some of their competitors, but the extra support they offer is worth it.
Other Phoenix renters insurance providers you should consider
There are plenty of other renters insurance companies in Phoenix, and another one might be better for your situation if you’re:
- A retiree
- From a military family
Best Phoenix renters insurance for retirees: Allstate
Although there’s nothing particularly special about Allstate’s coverage, they offer a staggering 25% discount for retired policyholders over 55. This makes them a great choice for seniors living in rented houses or apartments, as well as in assisted living communities. (Contrary to popular belief, most assisted living facilities don’t provide their own insurance for their residents’ personal property. People who live in retirement homes still need renters insurance.)
Best Phoenix renters insurance for people from a military background: USAA
If you’re a military servicemember or a veteran, USAA is by far your best choice for renters insurance.
They have a reputation for going above-and-beyond when it comes to customer service, and they’re also the only insurance company that offers flood coverage and earthquake coverage in their standard renters insurance policies, without requiring you to buy an endorsement.
The only catch is their limited availability — if you haven’t served in the military (and you’re not the spouse or child of a USAA member) then you aren’t eligible for one of their policies.
How to learn more about renters insurance providers in Phoenix
If you’d like more information on insurance providers in Phoenix, take a look at our renters insurance reviews of the following companies:
Other things you should know about renters insurance in Phoenix, AZ
Now that we’ve reviewed the biggest providers in Phoenix, we’ll answer a few of the most frequently asked questions about renters insurance in the city:
Can landlords require renters insurance in Phoenix?
Yes, landlords can require renters insurance in Phoenix. You’re not legally required to buy a policy when you rent (the way you’re required to buy auto insurance when you drive), but if your lease agreement says that you need renters insurance, you have to buy it. If you fail to do so, you could be evicted.
Is a credit check required for renters insurance in Phoenix?
Yes, a credit check is required to get renters insurance in Phoenix. Your insurer will consider your credit score when they determine your monthly premiums.
This practice isn’t legal in every state, but it’s perfectly legal in Arizona. Unfortunately, this isn’t one of the states where you can get renters insurance with no credit check.
How we collected our data on renters insurance prices in Phoenix, AZ
We obtained quotes from the most popular insurance providers in the city to determine the average cost of renters insurance in Phoenix.
We used the following profile when we shopped for quotes (all of these factors influence the price of renters insurance):
- Insured party: Male, 30-years old, unmarried, employed, with no pets
- Personal property coverage: $30,000
- Personal liability coverage: $100,000
- Guest medical coverage: $1,000
- Loss-of-use coverage: Insurer’s default (usually based on personal property coverage)
- Deductible: $500
Unless you fit that profile perfectly, you’ll receive slightly different quotes than we did. Renters insurance prices generally don’t vary too much, so the differences won’t be dramatic.
These quotes also don’t include separate charges, like down payments and installation fees. If you’d like more information about these, check out our post on how to get renters insurance without a down payment.
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