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

bestrenters insuranceIrving

2024

The Cheapest and Best Renters Insurance in Irving

Cheapest renters insurance in Irving - Lemonade

Best renters insurance in Irving - USAA

Irving renters should look at the price of their renters insurance since most companies offer the same basic coverage. You can choose the right policy for you by comparing renters insurance quotes.

On average, MoneyGeek's study determined that the following are the most affordable companies in Irving for renters insurance:

• Lemonade: $87 per year
• USAA: $107 per year (exclusively for active duty, retired and family members of military members)

USAA policyholders can save even more money on their insurance policies since they are covered for flood and earthquake damage. Plus, USAA reimburses their items at replacement cost.

Using $100,000 in liability coverage and a $500 deductible, MoneyGeek looked at the cost of policies with $20k in personal property coverage. Depending on your insurance coverages and limits, your premiums will vary. The table below shows how prices vary depending on the limits of personal property coverage.

You can compare renters insurance policies for Texas as a whole if you live outside Irving.

Average Annual Rates for Personal Property Insurance

Personal Property Coverage:

$20,000

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1

USAA

Score:94

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COMPARE QUOTES

by MoneyGeek

4.5/5

Affordability

5/5

User Satisfaction

5/5

Financial Stability

Geek Quick Take

USAA is the top company in Irving and received perfect scores in satisfaction and stability. When it comes to affordability, it is the second cheapest insurer in Irving. This carrier only serves military families.

More About USAA

USAA consistently provides one of the most affordable insurance policies in the country. As part of its standard policy, this insurer covers flood damage and earthquake damage. Another great feature of a USAA policy is that in the event you are deployed abroad or move abroad, USAA coverage will still apply.

2

Lemonade

Score:88

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COMPARE QUOTES

by MoneyGeek

5/5

Affordability

3.5/5

User Satisfaction

3.5/5

Financial Stability

Geek Quick Take

Lemonade is the runner-up as it earns high ratings across all categories. In fact, it ranks first in affordability. It offers online tools for getting a quote.

More About Lemonade

Lemonade also has unique and beneficial company features. For example, a significant other can be added to your policy at a low additional cost if you live together. Moreover, with Lemonade's online quote tool, you can get a renters insurance policy in minutes.

The average renters insurance cost in Irving is $135 per year or $11 per month. In comparison to the national average of $159 per year, this is $24 less.

While there are several factors that influence your renters insurance costs, the following are the most impactful to the amount you will spend.

1. Personal property coverage amount. Consider the amount of coverage you need when shopping for Irving renters insurance. This is the most important factor influencing the price of your premiums.
2. Location. The cost of renters insurance may vary depending on your location. Generally, premiums are higher in neighborhoods with a high crime rate due to the risks associated with this statistic.
3. Deductible. You will have to pay this fee when you file a claim. A higher deductible will lower your insurance premiums since you pay more out of pocket for claims.
4. ACV vs. RCV. Depending on the type of insurance you have, you will either receive reimbursement for actual cash value (ACV) or replacement cost value (RCV). Your insurer will reimburse you for used items according to their depreciated value if you have an ACV policy. RCV policies, on the other hand, pay the equivalent cost of a new item of the same type and quality without taking any depreciation into account. Compared with ACV policies, RCV policies are more expensive because they pay more for claims.
5. Liability coverage amount. The amount of coverage you choose will have very little impact on your renters insurance costs. If you need more than the standard $100,000 of liability coverage, you can purchase extra coverage for just a few dollars a 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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Your neighborhood has less of an impact on your renter's insurance rate than it does on other types of insurance. According to MoneyGeek's analysis, you'll only see a small difference in your insurance premiums due to the location of your residence.

In Irving, renters insurance is not required by law. However, MoneyGeek strongly recommends buying an insurance policy because it is a prudent way to safeguard your assets. When you purchase a policy, the insurance company assumes the risk of property loss. As a result, renters insurance provides protection against loss of property and damage to expensive assets, including fixed and movable property.

Getting the right amount of coverage is essential when looking for renters insurance. You will avoid incurring additional expenses, such as theft or other damage, by purchasing insurance with the right coverage.

According to the FBI, Irving had a property crime rate of 2,066 per 100,000 people in 2018, which is roughly 4% higher than the national average.

Residents of Irving should consider purchasing insurance in case of an unexpected risk, such as a fire or water damage. Listed below are the items typically covered by renters insurance in Irving.

• Personal property coverage: A rented home is covered against certain perils under this type of policy, such as fire, theft, vandalism, plumbing problems, electrical problems and some weather-related damage.
• Additional living expenses: This coverage will pay for temporary housing expenses after a covered peril causes your rental unit to become uninhabitable.
• Liability insurance: Accidents that occur on your rental property are covered if they cause harm or damage to others. You will be covered by this policy for legal expenses and payouts in the event you are found legally liable.
• Medical payments coverage: This coverage will assist with the medical expenses of someone injured on your rented property regardless of who is at fault.

Irving renter's insurance only covers your personal property, not the structure of the building. This responsibility falls under the building owners. Some specific perils are also not covered by Irving renter's insurance, and an additional policy may be required in such cases.

An example is water damage, which may be covered by Irving renters insurance. However, flood-related damage is rarely covered. A flood insurance policy through the National Flood Insurance Program (NFIP) may be appropriate if you live in a high-risk area.

Renters insurance policies also do not cover your roommate's belongings, earthquake damage, damage to your car, jewelry and other valuable items.

It’s important to note that different policies cover different amounts. Prior to finalizing your purchase, read the policy carefully to ensure that you have accurate coverage.

I’m It is important to shop around for renters insurance that combines affordability and quality. Below are answers to some of the most commonly asked questions about Irving's renters insurance.

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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