Table of Contents
- How much does renters insurance cost in Wisconsin?
- Average price of renters insurance in Wisconsin by city
- Average price of renters insurance in Wisconsin by insurance company
- The cheapest renters insurance in Wisconsin: State Farm
- The best renters insurance in Wisconsin: Nationwide
- Other Wisconsin renters insurance providers you should consider
- What else do you need to know about renters insurance in Wisconsin?
How much does renters insurance cost in Wisconsin?
The average cost of renters insurance in Wisconsin is $14.99 per month, which is much cheaper than the national average ($20).
Lemonade offered the cheapest policy we found, selling premiums for $5.58 in Wauwatosa. In contrast, Homesite quoted $22.18 per month in the same city, which was also the highest price in the state.
Renters insurance in Milwaukee ($17.62) is more expensive than in any other city by $2.81 per month on average. Given that insurers raise the price of renters insurance in areas with a high crime rate and robbery is more common in Milwaukee than anywhere else in Wisconsin, this isn’t surprising.
Here are a few other factors that can affect your renters insurance premiums:
- Pets: If your pet harms someone, then the pet liability coverage in your renters insurance policy will cover that person’s medical expenses. However, your insurer will increase your premiums as a result.
- Natural disasters: If earthquakes are common in your area, your insurer will charge you more than they would if you lived somewhere safer. The same goes for other natural disasters, such as tornadoes and hurricanes.
- Your coverage: If you want renters insurance endorsements to cover your valuables to a higher limit, your premiums will go up.
Average price of renters insurance in Wisconsin by city
The following table shows the average monthly and annual prices of renters insurance in WI by city.
|City||Average price (monthly)||Average price (yearly)|
|Fond du Lac||$14.07||$168.80|
Average price of renters insurance in Wisconsin by insurance company
The table below shows the average prices we received from each of the eight largest insurance providers in Wisconsin and how their prices differ from the state average.
|Insurer||Price||Difference from average|
The cheapest renters insurance in Wisconsin: State Farm
State Farm offers the cheapest renters insurance in Wisconsin ($9.84 a month), although Lemonade’s policies cost virtually the same ($10.06 a month).
In Waukesha, West Allis, and Wauwatosa, Lemonade is more than $4 cheaper than State Farm. However, Lemonade has a major drawback when it comes to affordability: they don’t offer auto insurance, which means you won’t be able to bundle your policies (i.e. purchase them together).
In contrast, State Farm does offer a bundling discount on auto and renters insurance. If you have a car (like most Wisconsinites), their policies might be cheaper than Lemonade’s in those three cities as well.
Should you get State Farm’s renters insurance in Wisconsin?
State Farm’s standard policies provide comparable coverage to their competitors’ for a more affordable price, and they have agents across Wisconsin who can help you if you have any questions about your insurance.
Benefits of State Farm’s renters insurance in Wisconsin
- More loss-of-use coverage: Most renters insurance companies only cover additional living expenses for up to 12 months if you’re unable to live in your home. State Farm, however, will provide you with financial support for a maximum of 24 months.
- Replacement cost coverage: Insurers like Liberty Mutual provide actual cash value coverage by default and will raise your premiums if you ask to upgrade. By comparison, every State Farm policy includes replacement cost coverage, which protects your property to a much greater extent.
Disadvantages of State Farm’s renters insurance in Wisconsin
- Limited discounts: State Farm only offers two renters insurance discounts: the previously mentioned bundling discount, and a home protection device discount. Neither is exceptional.
The best renters insurance in Wisconsin: Nationwide
Nationwide is the third cheapest insurance provider in Wisconsin, offering policies from $11.66 per month, which makes them $3.34 cheaper than the state average. They also provide more coverage in their standard policies than their competitors and offer a wider variety of endorsements.
Benefits of Nationwide’s renters insurance in Wisconsin
- Extensive standard coverage: Every renters insurance provider offers coverage for personal property, personal liability, guest medical expenses, and loss-of-use, but Nationwide’s basic policy also includes protection for credit cards and building improvements.
- High jewelry sublimits: Your personal property coverage will have sub-limits on specific types of items. Typically, renters insurance jewelry coverage has a sub-limit that’s somewhere between $1,000 (as is the case for State Farm and Progressive) and $1,500. However, Nationwide sets their cap at $2,500, so you’ll receive a bigger payout if you lose your favorite bracelet or your wedding ring.
Disadvantages of Nationwide’s renters insurance in Wisconsin
- Replacement cost coverage isn’t included: Nationwide’s policies default to actual cash value coverage, and you have to pay to change them. Given that both State Farm and Lemonade offer replacement cost coverage for free, it’s disappointing that Nationwide will charge you for it.
Other Wisconsin renters insurance providers you should consider
It’s possible that a different insurer will be more appropriate for you, which is why we’ve also listed our top Wisconsin renters insurance providers for:
- Umbrella insurance
- Snow coverage
Best Wisconsin renters insurance for discounts: Liberty Mutual
Typically, insurers offer one or two deals, but Liberty Mutual’s website advertises five discounts for things like:
- Bundling your auto and renters insurance together
- Buying your policy online
- Staying claims-free for five years or more
- Switching to them before your current policy with a different insurer expires
- Enrolling in automatic payments (autopay)
If you’re the kind of person who enjoys hunting for bargains, Liberty Mutual might be a good option for you, even though their standard policies aren’t as cheap as Lemonade’s. (Before you apply the discounts, anyway.)
Best Wisconsin renters insurance for umbrella insurance: Farmers
If you want a lot more liability protection, which will cover your expenses if somebody sues you, we recommend Farmers’ umbrella insurance. (Umbrella insurance is a second policy that supplements the liability coverage provided by your original one.)
With a maximum of $10 million of extra liability coverage, Farmers’ offers more coverage than their competitors (for instance, Liberty Mutual only offers up to $3 million). You also don’t need to have a preexisting renters policy with Farmers to be eligible — you can use their umbrella insurance to supplement renters insurance from any provider.
Best Wisconsin renters insurance for snow coverage: USAA or Liberty Mutual
During Wisconsin winters, the snow can freeze your pipes, leak into your home, and in the most severe instances, cause flooding. While the first two examples are perils that renters insurance covers, few providers will protect you against the last.
Fortunately, USAA’s renters insurance includes flood coverage by default, so you won’t have to pay for a separate flood policy. We recommend USAA’s renters insurance in Wisconsin if you’re looking for the best protection against snow damage.
However, to be eligible for USAA’s insurance you must be one of the following:
- A serving military member
- A veteran
- A spouse, child, or grandchild of an existing USAA member (parents and siblings are excluded)
If you’re ineligible for USAA, we recommend Liberty Mutual’s flood insurance. Be aware Liberty Mutual will sell you a separate policy through the National Flood Insurance Program, which will be more expensive than USAA’s flood-inclusive renters insurance.
How to learn more about renters insurance providers in Wisconsin
Don’t forget to check out our in-depth reviews of the best-rated renters insurance in WI:
What else do you need to know about renters insurance in Wisconsin?
The small print is all-important when it comes to insurance, which is why you should note the following:
Tornadoes are usually covered by renters insurance in Wisconsin
Wisconsin is hit by dozens of tornadoes every year. Fortunately, renters insurance covers all of the damage that they cause, excluding flooding (which tornadoes can cause, e.g. by rupturing levees or dams).
The following tornado-induced perils are usually covered by your renters insurance:
Be aware that some providers might make specific exclusions for windstorm damage if you live in a particularly high-risk area. Speak to your local insurance agent if you’re unsure.
Does renters insurance require a credit check in Wisconsin?
Yes, providers in Wisconsin can run your credit, so you probably won’t be able to buy renters insurance with no credit check.
Can landlords require renters insurance in Wisconsin?
Yes, as long as they write the requirement into your lease, landlords can require that you buy renters insurance in Wisconsin.
How we gathered our data on Wisconsin renters insurance prices
All of the quotes we received are based on the following information:
- Insured party: 30-year old male, employed, unmarried, 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 off personal property coverage)
- Deductible: $500
Insurers use your personal details, such as your age, employment status, and whether you have any pets, to determine how much to charge you for renters insurance. This means that your quote will be slightly different from the ones we received.
Note that the quotes we received also don’t account for down payments or startup costs. If you’ve been told you will have to pay these fees, review our advice on how to get renters insurance with no down payment.
The price of renters insurance in Wisconsin: complete data set
The table below shows every quote we obtained from the major insurers we surveyed in each of Wisconsin’s biggest cities.
|City||Allstate||Homesite||Progressive||State Farm||Liberty Mutual||Nationwide||Lemonade||Farmers|
|Fond du Lac||$12.50||$17.00||$18.69||$9.58||$14.92||$11.84||$9.92||$18.08|
- What is guest medical coverage in renters insurance?
- What is a sub-limit in renters insurance?
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