Best and Cheapest Renters Insurance in Peoria, AZ (2024)

The best and cheapest renters insurance company in Peoria, Arizona, is Auto-Owners, with a MoneyGeek score of 94 and an annual premium of $119. Depending on your needs, other providers may be best, like Nationwide for service quality with an annual premium of $135.

We also looked into the best and cheapest renters insurance in Arizona for those who live elsewhere in the state.

The best renters insurance in Peoria, Arizona, is Nationwide with a MoneyGeek score of 89 out of 100 and an annual premium of $135. The following providers are the two best renters insurance providers in Peoria for a policy with $20,000 in personal property coverage, $100,000 in personal liability, and a $1,000 deductible:

• Nationwide: MoneyGeek score of 89 out of 100 ($135 per year)
• Auto-Owners: MoneyGeek score of 88 out of 100 ($119 per year)

Nationwide has perfectly balanced customer satisfaction and affordability with an affordability score of 52 out of 55.

In Peoria, Arizona, Auto-Owners offers the cheapest renters insurance with an annual premium of $119 for $20,000 in personal property coverage. The two cheapest providers are:

• Auto-Owners: $119 per year
• Allstate: $119 per year

Personal property coverage helps protect your belongings against risks like theft or damage. Cheap renters insurance policies often have low personal property coverage limits. While higher personal property coverage limits can lead to higher monthly costs, they offer better protection if you have many personal belongings.

In Peoria, Arizona, Nationwide offers the cheapest renters insurance for a policy with $20,000 in personal property coverage and a $2,000 deductible, with an annual premium of $115. The two cheapest providers are:

• Nationwide: $115 per year
• Auto-Owners: $116 per year

A deductible is the amount you pay out of pocket before your insurance coverage kicks in and can affect your insurance rates. A higher deductible often leads to cheaper premiums, while a lower deductible means higher premiums. It's important to balance both to ensure you are adequately covered if you need to file a claim.

In Peoria, Arizona, Travelers stands out as the best renters insurance company for service quality with an annual premium of $212. The following providers are the two best providers in Peoria, Arizona for a policy with $20,000 in personal property coverage, for those who value great customer service without considering affordability.

• Travelers: MoneyGeek score of 85 out of 100 ($212 per year)
• Nationwide: MoneyGeek score of 84 out of 100 ($135 per year)

MoneyGeek scores renters insurance providers based on J.D. Power surveys, which measure customer satisfaction in renters insurance.

Great customer service is essential for renters because it ensures a smooth and efficient claims process. When you make a claim, excellent customer service can make the difference between a stressful experience and a hassle-free resolution.

For renters in Peoria, Arizona seeking substantial personal property coverage, American Family stands out with an annual premium of $229 for policies with $100,000 in coverage. The top two providers are:

• American Family: MoneyGeek score of 92 out of 100 ($229 per year)
• Nationwide: MoneyGeek score of 90 out of 100 ($268 per year)

High personal property coverage ensures renters' valuable possessions are protected against potential losses. Renters with a significant number of possessions often need more comprehensive personal property coverage. This coverage safeguards items like furniture, electronics, and clothing from damage or theft.

However, higher coverage levels typically come at increased costs. It's crucial to choose a provider that offers a good balance of affordability and exceptional service, especially when you own numerous items. For high-value possessions such as jewelry or artwork, standard policies may not suffice, and additional coverage could be necessary.

In Peoria, USAA ranks first among renters insurance companies for those with military backgrounds, with an annual premium of $112. USAA is exclusively for military members and their families. The following providers are the two best providers in Peoria for veterans for a policy with $20,000 in personal property coverage:

• USAA: MoneyGeek score of 100 out of 100 ($112 per year)
• Nationwide: MoneyGeek score of 89 out of 100 ($135 per year)

USAA offers a range of products tailored for those with a military background, providing discounts and coverages that suit the military lifestyle. USAA ranks first in affordability for military members in Peoria, so it might be worth considering given its tailored offerings.

The best renters insurance company for those with poor credit in Peoria is Nationwide, with an annual premium of $214 for a policy with $20,000 in personal property coverage. The top two providers in Peoria for renters with poor credit for the same type of policy are:

• Nationwide: MoneyGeek score of 92 out of 100 ($214 per year)
• American Family: MoneyGeek score of 91 out of 100 ($273 per year)

Rates in Peoria for those with poor credit are often higher because they are viewed as a greater risk to providers. To potentially lower these rates, it is advisable to work on improving your credit and to explore discounts that may be available to you.

The average cost of renters insurance in Peoria, Arizona, is $178 annually, which breaks down to $15 monthly. This is lower than the state average of $195. Compared with the national average of $145, Peoria's rate is still relatively affordable. These rates are based on a renters insurance policy with $20,000 personal property limits, $100,000 liability limits and a $1,000 deductible.

Renters should remember that the average cost of renters insurance in Peoria may vary greatly depending on the amount of personal property coverage you purchase. Personal property coverage protects your belongings in case of theft, fire or other covered events. Use the calculator below to see how prices change based on the value of your personal property.

The cost of renters insurance in Peoria, Arizona, is influenced by multiple factors, including the location of the rental property and the amount of coverage desired. Understanding these variables is key to finding a policy that fits your budget and needs.

• Location: The area where you live can affect your premium due to crime rates and weather-related risks.
• Coverage Amount: Opting for higher coverage limits will increase your insurance costs.
• Deductible: Choosing a higher deductible can lower your monthly premium, but you'll pay more out of pocket in the event of a claim.
• Claims History: Renters with a history of claims may face higher premiums due to a higher perceived risk by insurance companies.
• Credit Score: Insurance companies may factor in your credit history when determining your premium, with better credit records often leading to lower costs.

Renters insurance primarily provides coverage for your personal belongings, but it also covers additional areas such as liability and living expenses if your rental is rendered uninhabitable. Here’s what a typical policy includes:

• Personal Property Coverage: This covers the cost to repair or replace your belongings if they're damaged or stolen. For instance, a renter in Texas may receive compensation for a stolen laptop.
• Personal Liability Coverage: This protects you financially if a guest is injured in your rental or you cause property damage. A Texas renter could use this coverage if a guest slips and falls in their apartment.
• Loss of Use Coverage: This helps with additional living expenses if your rental is unlivable due to a covered peril. A renter might rely on loss of use coverage to pay for a hotel stay after a fire.

Although renters insurance provides a financial safety net, it doesn't shield against every mishap. For instance, it typically excludes flood damage and your roommate's possessions.

• Natural Disasters: Standard renters insurance often does not cover damage from floods.
• Roommate's Belongings: Personal property coverage does not extend to items owned by a roommate unless they are listed on the policy.
• High-Value Items: Expensive jewelry or electronics may exceed the policy's limit and require additional coverage.
• Business Equipment: Property used for business purposes might not be covered under a standard renters insurance policy.
• Pest Damage: Infestations and damage from pests like bed bugs or rodents are usually not covered.
• Car Theft: While personal property stolen from your car may be covered, the theft of the car itself is not.

The best renters insurance provider for you in Peoria ultimately depends on your needs. Below, we address common questions to help you make an informed decision.