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

The best renters insurance company in Phoenix, Arizona is Nationwide, with a MoneyGeek score of 92 and an annual premium of $137. The cheapest renters insurance provider is Auto-Owners, with a MoneyGeek score of 94 and an annual premium of $134.

The best homeowners insurance provider should offer a balance of customer service with affordability. Depending on your needs, other providers may be best, such as Travelers, which excels in service quality with an annual premium of $265.

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 Phoenix, Arizona is Nationwide, with a MoneyGeek score of 92 out of 100 and an annual premium of $137. The following providers are the two best renters insurance providers in Phoenix for a policy with $20,000 in personal property coverage, $100,000 in personal liability and a $1,000 deductible:

• Nationwide: MoneyGeek score of 92 out of 100 ($137 per year)
• American Family: MoneyGeek score of 91 out of 100 ($145 per year)

The best provider in the state balances both cost and affordability. Nationwide has an affordability score of 55 out of 55 and a customer satisfaction score of 24 out of 30.

In Phoenix, Arizona, Nationwide offers the cheapest renters insurance with an annual premium of $134 for $20,000 in personal property coverage. The two cheapest providers are:

• Nationwide: $137 per year
• Auto-Owners: $134 per year

We rated the cheapest renters insurance in Phoenix with minimal consideration for customer service. Personal property coverage protects your belongings against damage or theft. Cheap renters insurance policies often have low personal property coverage limits. Higher coverage limits can lead to higher monthly costs but offer better protection if you have many personal belongings.

In Phoenix, 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 $116. The two cheapest providers are:

• Nationwide: $116 per year
• Auto-Owners: $131 per year

A higher deductible often leads to cheaper premiums, while a lower deductible means higher premiums. It's important to balance both to ensure you can afford your premium and still cover costs if you need to file a claim.

In Phoenix, Arizona, the best renters insurance company for service quality is Travelers, with an annual premium of $265. The following providers are the two best providers in Phoenix, 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 ($265 per year)
• Nationwide: MoneyGeek score of 84 out of 100 ($137 per year)

MoneyGeek scores renters insurance providers based on customer satisfaction derived from J.D. Power surveys, which measure customer experiences and satisfaction levels. Great customer service is essential for renters looking for insurance because it ensures smooth and efficient handling of claims. For instance, when you file a claim, excellent customer service can make the process faster and less stressful, providing peace of mind.

For renters in Phoenix, Arizona seeking high personal property coverage, American Family offers an annual premium of $221 for a policy with $100,000 in personal property coverage. The two best providers in Phoenix are:

• American Family: MoneyGeek score of 92 out of 100 ($221 per year)
• Nationwide: MoneyGeek score of 91 out of 100 ($273 per year)

High personal property coverage ensures that renters have sufficient protection for their belongings in case of loss or damage. Renters with a substantial amount of personal belongings often need higher coverage to protect their assets. Personal property coverage is insurance that provides reimbursement for lost, damaged, or stolen personal items within a rental property.

Higher coverage levels typically result in higher premiums, so find a provider that offers a balance of cost and excellent service, especially when owning numerous items. High-value items such as jewelry or art may not be fully covered under standard policies and could require additional coverage to ensure full protection.

In Phoenix, USAA is the winning company for renters with military backgrounds, boasting an annual premium of $109. The following providers are the two best providers in Phoenix for veterans for a policy with $20,000 in personal property coverage:

• USAA: MoneyGeek score of 100 out of 100 ($109 per year)
• Nationwide: MoneyGeek score of 92 out of 100 ($137 per year)

USAA offers a range of products tailored for those with a military background, with discounts and coverages that suit the military lifestyle. While Nationwide offers a cheaper option, USAA's specialized offerings make it a strong contender for military members.

The top renters insurance company for those with poor credit in Phoenix is Nationwide, with an annual premium of $217 for a policy with $20,000 in personal property coverage. The following providers are the best in Phoenix for renters with poor credit for the same type of policy:

• Nationwide: MoneyGeek score of 92 out of 100 ($217 per year)
• American Family: MoneyGeek score of 92 out of 100 ($254 per year)

Renters in Phoenix with poor credit often face higher rates because they are viewed as higher-risk by providers. Providers associate poor credit with a greater likelihood of filing claims. However, renters can work on improving their credit to lower rates and should seek out discounts to reduce their premiums.

The average cost of renters insurance in Phoenix, Arizona, is $216 annually, or $18 monthly. This is higher than the state average of $195 and the national average of $145. Phoenix renters pay $21 more annually than the state average and $71 more than the national average. 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 note that the average cost of renters insurance in Phoenix may vary greatly depending on the amount of personal property coverage you purchase. Personal property coverage protects your belongings, such as furniture, electronics and clothing, from damage or theft. Use the calculator below to see how prices change based on the value of your personal property.

The cost of renters insurance in Phoenix, 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 or 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 Phoenix ultimately depends on your needs. Below are some common questions to help you make an informed decision.