The Best and Cheapest Renters Insurance in Charleston, WV, for 2024: Rankings, Reviews and Rates

bestrenters insuranceCharleston

2024

The Cheapest and Best Renters Insurance in Charleston

Cheapest renters insurance in Charleston - Allstate

Best renters insurance in Charleston - Allstate

When shopping for a policy, renters usually take into account the cost since most insurance companies offer the same coverage. That’s why it’s best to compare quotes from different insurers to get the best deal for your needs.

If you’re looking for the most affordable renters insurance in Charleston, MoneyGeek found, on average, that the cheapest companies are:

• Allstate: $103 per year
• State Farm: $119 per year

For this guide, MoneyGeek used a sample policy with a $20,000 personal property coverage limit, $100,000 in liability coverage and a deductible of $500. You can check the table below to see how prices can change if you adjust your personal property coverage limit.

If you live in a different part of the state or are moving, you can compare renters insurance in West Virginia as a whole.

Average Annual Rates for Personal Property Insurance

Personal Property Coverage:

$20,000

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1

Allstate

Score:95

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by MoneyGeek

5/5

Affordability

4.2/5

User Satisfaction

4.5/5

Financial Stability

Geek Quick Take

Earning high ratings in all categories, including a perfect affordability score, Allstate is MoneyGeek’s top pick in Charleston for renters insurance. Its policyholders can purchase unique add-on coverages, like identity protection.

More About Allstate

With Allstate, you can add rare coverages to your renters policy for additional protection. One of them is identity protection, which covers identity theft-related costs. You can also lower your insurance premium by waiving off-premises theft coverage, so objects stolen outside your home do not have coverage.

2

State Farm

Score:85

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COMPARE QUOTES

by MoneyGeek

4.2/5

Affordability

4.1/5

User Satisfaction

5/5

Financial Stability

Geek Quick Take

State Farm received high scores in all categories, including affordability and customer service. The company provides rare optional coverages, like identity restoration coverage, to policyholders.

More About State Farm

State Farm is consistently an affordable option for renters insurance across the country. By paying an additional amount per year, you can add identity restoration coverage to your State Farm policy to cover the costs of identity fraud. Additionally, you can add inflation coverage, so your personal property coverage limit automatically increases over time.

In Charleston, the average cost of renters insurance is $121 per year or $10 per month. That is around $38 lower than the national average of $159 per year.

While there are several factors influencing renters insurance costs, the following are the most impactful on a premium.

1. Personal property coverage amount. The most important factor affecting renters insurance is the personal property coverage amount. If you want more coverage, you pay a higher amount each month.
2. Location. Your location has an impact on premium, though it’s minimal. If your rental is in a neighborhood with a history of property theft or the risk of severe weather, you may face a slightly higher insurance rate.
3. Deductible. You have to pay a certain amount out of pocket before your insurer reimburses you for a claim. Thus, choosing a higher deductible can lower your insurance cost.
4. ACV vs. RCV. Whether you choose actual cash value (ACV) or replacement cost value (RCV), it affects your premium. With ACV, your insurer only pays the depreciated value of your items. Meanwhile, with RCV, your insurer pays you for a similar new item of the same type and quality.
5. Liability coverage amount. Your liability coverage amount has a minor effect on your premium. A standard policy has $100,000 in liability coverage, but you can add thousands more and only pay an additional few dollars per year.

Calculate How Much Renters Insurance You Need

Personal Property Coverage Calculator

When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.

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Based on your inputs, MoneyGeek recommends getting a policy with in personal property coverage to avoid paying out of pocket after a disaster or theft.

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While your neighborhood does affect your insurance cost, it only has a limited impact. MoneyGeek’s study found that where you live within a city may only increase your monthly premium by a few dollars.

It isn’t mandatory to have renters insurance in Charleston. Still, MoneyGeek strongly recommends, given the low cost, having a policy to protect your personal belongings. Moreover, there are some landlords who require renters to purchase coverage as part of their lease agreement.

When you shop for renters insurance in Charleston, make sure you have the right coverage that meets your needs as a renter. A policy with adequate coverage can protect your personal belongings against theft. According to the FBI, the number of property crimes reported in Charleston reached 5,492 per 100,000 residents in 2018, over 177% higher than the national average.

Moreover, renters insurance can cover various risks that can happen anywhere, like fire and water damage. Renters insurance usually covers the following.

• Personal property: Renters insurance protects your personal property (clothing, electronics, etc.) from covered perils, like theft, fire and plumbing issues.
• Additional living expenses: In case your apartment is uninhabitable due to a covered claim, your renters insurance pays for temporary living expenses, like hotel accommodations and meals, to a set amount.
• Personal liability: Your renters policy includes personal liability coverage to pay for legal expenses and court fees in the event a guest sustains an injury on your property and decides to sue you.
• Medical payments: Renters insurance covers the medical expenses of an injured guest to policy limits, regardless of who is at fault.

Keep in mind that renters insurance has its limitations. One of them is the physical structure of the building. It’s your landlord’s responsibility to insure your dwelling’s structure. It also doesn’t cover all situations.

For example, if you want coverage for flood damage, you need to purchase incremental insurance through the National Flood Insurance Program (NFIP). That is because renters insurance usually excludes water damage as a result of flooding.

Renters insurance coverage also doesn’t extend to roommate’s possessions, damage from earthquakes, damages to your car, jewelry and other high-end items that exceed the policy limit. It’s best to review your policy before finalizing your purchase to ensure that your personal belongings have adequate protection.

To help you know more about renters insurance in Charleston, MoneyGeek answered some frequently asked questions below.

About Mark Fitzpatrick

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Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.

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