The Best and Cheapest Renters Insurance in Fort Worth, TX, for 2024: Rankings, Reviews and Rates

bestrenters insuranceFort Worth

2024

The Cheapest and Best Renters Insurance in Fort Worth

Cheapest renters insurance in Fort Worth - USAA

Best renters insurance in Fort Worth - USAA

Renters place the cost of a policy at the top of their qualifications while looking for renters insurance since many companies provide the same core coverages.

If you’re looking for the most affordable renters insurance in Fort Worth, these are the companies that offer the lowest prices in the city:

• USAA: $71 per year (exclusively for veterans, current military members and their families)
• Lemonade: $82 per year

If you have a USAA policy, you’ll likely get more value for your money. USAA policies include flood and earthquake coverages. USAA reimburses lost or damaged items based on their replacement value, making the amount higher than those provided by other policies.

These rates are based on policies with coverage limits of $20,000 for personal property, $100,000 for liability coverage and a deductible of $500. The table below compares the price of renters insurance based on varying personal property coverage limits.

Renters who live in other parts of the state can also compare the prices of renters insurance in Texas.

Average Annual Rates for Personal Property Insurance

Personal Property Coverage:

$20,000

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1

USAA

Score:100

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by MoneyGeek

5/5

Affordability

5/5

User Satisfaction

5/5

Financial Stability

Geek Quick Take

USAA is MoneyGeek’s top pick for renters insurance in Fort Worth, with a perfect score across all categories. However, USAA policies are only available to active military personnel, veterans and their family members.

More About USAA

Some insurance companies only refund renters the actual price of the item they have lost, making it cheaper than the amount you spent buying the item. USAA, on the other hand, reimburses Fort Worth renters with the replacement cost of a lost item. This ensures you receive items of the same quality and value you lost.

2

Allstate

Score:90

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by MoneyGeek

4.6/5

Affordability

4.2/5

User Satisfaction

4.5/5

Financial Stability

Geek Quick Take

Allstate is the second best company for renters insurance in Fort Worth. Renters can add identity theft coverage to their policy.

More About Allstate

Allstate’s identity protection coverage helps you track your digital footprint to avoid breaches in your data. If you become a victim of identity theft, your insurance will cover the expenses. You can purchase this coverage as an add-on to your existing Allstate policy.

In Fort Worth, the average cost of renters insurance is $135 per year. This is $24 cheaper than the national average cost of renters insurance at $159 per year.

Many factors can change the cost of insurance policies. The following affect the price of your renters insurance the most:

1. Personal property coverage amount. This greatly influences the cost of your renters insurance. A higher coverage limit makes your policy more expensive, as it can cover more of your personal property in case of a covered loss.
2. Location within a city. While crime is a factor, it does not significantly affect the cost of your policy. A higher crime rate in your area may slightly increase the price of your insurance.
3. Deductible. This is how much you pay on your own in the event of a covered loss. A lower deductible may mean a more expensive policy since your insurer will have to cover a larger amount. If you opt for a policy with a higher deductible, your monthly premiums will be lower.
4. Actual cash value (ACV) vs. replacement cost value (RCV). In general, an actual cash value (ACV) policy is cheaper because you will be compensated for the current depreciated value of your belongings. A replacement cost value (RCV) policy is more expensive because the basis for your reimbursement is the value of a similar item.
5. Liability coverage amount. This coverage amount has minimal effect on the price of your renters insurance. Increasing your liability coverage limit will only cost a few dollars more.

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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The cost of renters insurance is not significantly affected by your neighborhood's location. MoneyGeek discovered that the location of your rental property would only add or deduct a few dollars from the cost of your policy.

Renters insurance in Fort Worth is not mandatory, but some landlords may require you to get one. MoneyGeek recommends purchasing renters insurance since it's affordable and protects your personal property.

Before purchasing a policy, you should know its coverages and exclusions. This way, you're sure of whether the policy meets your needs or not. Remember that every policy is different; some may not cover certain risks or perils.

It's important to carefully examine whether your policy includes the coverages that fit your specific needs. Getting renters insurance typically reimburses you if your personal property is stolen.

Based on a 2019 report by the FBI, Fort Worth had a property crime rate of 2,513 per 100,000 residents. This is 27% higher than the national average.

Renters insurance protects Fort Worth apartment and home renters against common threats like fires and water damage. A standard renters insurance policy has the following coverages:

• Personal property coverage: This covers lost or damaged personal property as long as your item's value does not exceed the coverage limits.
• Additional living expenses: It covers temporary lodging expenses if your rental property becomes uninhabitable because of damage from a covered loss.
• Liability insurance: This coverage pays for the legal costs and other fees you may incur if a person becomes injured while on your property.
• Medical payments coverage: This covers the medical expenses when a third party suffers bodily injury while in your home, irrespective of who's at fault.

Your standard renters insurance policy has its limitations. Renters insurance covers your personal property but not the structure of the home. Therefore, you can buy additional insurance to protect your home's building.

Your policy also covers water damage, except for those caused by flooding. You can insure this kind of damage by purchasing incremental insurance through the National Flood Insurance Program (NFIP).

Renters insurance does not cover certain perils and items like earthquakes or cars. Additionally, valuable items such as jewelry and artwork may exceed your personal property coverage limits, so your policy might not be able to cover them.

MoneyGeek answered a few commonly asked questions about renters insurance in Fort Worth to help you find the best policy for your needs.

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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