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

bestrenters insuranceLaredo

2024

The Cheapest and Best Renters Insurance in Laredo

Cheapest renters insurance in Laredo - Lemonade

Best renters insurance in Laredo - USAA

Since most companies offer the same basic coverage but at different rates, you should shop around for cheap renters insurance in Laredo. By comparing renters insurance quotes, you may find the best one for you.

According to MoneyGeek's analysis, the most affordable renters insurance companies in Laredo are:

• Lemonade: $67 per year
• USAA: $75 per year (exclusively for military members, veterans, and their families)

Because USAA protects its policyholders from flood and earthquake damage, your items are reimbursed at replacement cost, allowing you to save even more money.

MoneyGeek examined the cost of policies with $20k in personal property coverage using $100,000 of liability coverage and a $500 deductible. The premiums you pay will depend on your insurance coverages and limits. The table below illustrates how personal property coverage limits affect premiums.

If you live outside Laredo, you may be able to compare renters insurance policies across all of Texas.

Average Annual Rates for Personal Property Insurance

Personal Property Coverage:

$20,000

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1

USAA

Score:98

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by MoneyGeek

4.9/5

Affordability

5/5

User Satisfaction

5/5

Financial Stability

Geek Quick Take

USAA received perfect scores for customer satisfaction and financial stability. In terms of affordability, it ranks second cheapest in Laredo. USAA caters only to active-duty and retired military personnel.

More About USAA

The insurance policies offered by USAA are consistently among the most affordable in the country. This insurer covers flood and earthquake damage as part of its standard policy. USAA will reimburse you for damages or loss at replacement cost, so you can expect items of similar quality as those you lost. Your policy remains in effect even if you move abroad.

2

Allstate

Score:91

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by MoneyGeek

4.7/5

Affordability

4.2/5

User Satisfaction

4.5/5

Financial Stability

Geek Quick Take

With high ratings across multiple categories, Allstate is the second-best renters insurance provider in Laredo. It received excellent scores in customer satisfaction, financial stability and affordability.

More About Allstate

Allstate offers multiple add-ons options that you can take advantage of. For instance, Allstate's identity theft protection monitors your digital footprint and covers the costs associated with identity theft. While renters insurance doesn't cover flood damage, you can purchase a flood policy through Allstate if you live in a flood-risk zone.

The average cost of renters insurance in Laredo is $125 per year or $10 per month. This is $24 less than the national average cost of renters insurance at $159 per year.

While several factors influence your renters insurance cost, the following will impact your premiums the most:

1. Personal property coverage amount. Shop for renters insurance in Laredo based on the amount of coverage you need since this will determine the price.
2. Location. The cost of renters insurance may differ from place to place. Due to the associated risks, premiums tend to be higher in neighborhoods with a high crime rate.
3. Deductible. This is the amount you pay out of pocket for each claim. Your insurer will require you to pay it. A higher deductible means lower premiums because you will spend more money on claims in the future.
4. ACV vs. RCV. Your insurer will reimburse you for either the actual cash value (ACV) or the replacement cost value (RCV) of the claim, depending on your insurance type. An ACV policy reimburses you for your item's depreciated value. Meanwhile, an RCV policy pays for the same value and quality of the item you lost without considering depreciation. RCV policies cost more because they pay more for claims.
5. Liability coverage amount. The amount of coverage won't affect renters insurance costs much. You only need a few more dollars per year to increase your liability coverage from the standard $100,000.

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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In general, your neighborhood may only have a slight impact on the cost of renters insurance. According to MoneyGeek's analysis, your location impacts your insurance premiums by only a few dollars per month.

Renters insurance isn't a legal requirement in Laredo. Nonetheless, MoneyGeek strongly suggests purchasing an insurance policy as a prudent way of protecting your assets from loss or damage.

When it comes to renters insurance, it's important to find the right amount of coverage. Purchasing insurance with the right coverage will prevent you from incurring additional expenses, such as theft or other damage. According to the FBI, the property crime rate in Laredo was 1,674 per 100,000 people in 2019, which is 11% below the national average.

Laredo residents should consider purchasing additional insurance in case of an unexpected risk, such as fire or water damage. A standard renters insurance policy in Laredo has the following coverages:

• Personal property coverage: Protects the contents of your rented home from perils such as fire, theft, vandalism, plumbing problems, electrical problems and some weather-related damages.
• Additional living expenses: Covers temporary housing expenses if your rental unit becomes uninhabitable due to a covered peril.
• Liability insurance: If an accident at your rental property causes damage or harm to others, you are covered. This policy will also cover your legal expenses and court judgment payments if you are found legally liable.
• Medical payments coverage: Regardless of who is at fault, this coverage will assist with medical expenses for someone injured on your rented property.

A renters insurance policy covers only your personal belongings, not the building structure, as this responsibility belongs to the building owner. Furthermore, Laredo renters insurance does not cover all perils. Therefore, you may need additional coverages for these situations.

For instance, Laredo's renters insurance covers water damage, but flood damage is typically not included. A flood insurance policy through the National Flood Insurance Program (NFIP) may be appropriate in high-risk areas.

The amount of coverage varies among policies. Most renters insurance policies may not cover other valuables such as jewelry, your car, earthquake damage and your roommates' belongings. These exclusions can vary among providers, so carefully read your policy before finalizing your purchase to ensure you have appropriate coverage.

To find affordable and quality renters insurance, shopping around is important. We have answered some of the most frequently asked questions about renters insurance in Laredo 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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