The Best and Cheapest Renters Insurance in Tacoma, WA, for 2024: Rankings, Reviews and Rates

bestrenters insuranceTacoma

2024

The Cheapest and Best Renters Insurance in Tacoma

Cheapest renters insurance in Tacoma - Allstate

Best renters insurance in Tacoma - Allstate

For residents of Tacoma, cost should be a determining factor since most insurance companies offer similar core averages. To find the best policy, compare renters insurance quotes from different insurance companies.

If you're looking for affordable options, MoneyGeek found that the companies offering the cheapest renters insurance in Tacoma are:

• Allstate: $82 per year
• Farmers: $98 per year

These prices are based on policies with $20,000 in personal property coverage, $100,000 in liability coverage and a deductible of $500. Keep in mind that your actual costs will vary. Check the table below for personal property coverage limits and see how the prices change.

Washington renters living outside Tacoma can compare renters insurance in the state.

Average Annual Rates for Personal Property Insurance

Personal Property Coverage:

$20,000

Scroll for more

Expand All Rankings +

1

Allstate

Score:95

-

COMPARE QUOTES

by MoneyGeek

5/5

Affordability

4.2/5

User Satisfaction

4.5/5

Financial Stability

Geek Quick Take

Allstate is overall the best renters insurance provider in Tacoma. It has a perfect score for affordability and high rankings for financial stability and customer satisfaction.

More About Allstate

Allstate is consistently one of the country's most affordable renters insurance providers. You can also add identity protection to your policy to monitor your digital footprint and protect you from identity theft. If you waive your off-premises theft coverage with Allstate, you can save a few dollars each month. However, items stolen outside your home will no longer be covered.

2

Farmers

Score:91

-

COMPARE QUOTES

by MoneyGeek

4.7/5

Affordability

4.6/5

User Satisfaction

4/5

Financial Stability

Geek Quick Take

Farmers placed second to Allstate. It scored high in affordability, financial rating, and customer satisfaction.

More About Farmers

Farmers makes it easy for applicants to bundle their renters with their car insurance policies and save money. Moreover, you can add Farmers Identity Shield for credit monitoring services and pay back your losses related to identity theft.

On average, renters in Tacoma pay $119 per year for insurance or around $10 per month. This is $40 less than the national average cost of renters insurance, which is $159 per year.

While several factors impact your renters insurance cost, the following are the most impactful on the amount you will spend.

1. Personal property coverage amount. When looking for renters insurance in Tacoma, you should consider the amount of coverage you need since this is the most significant factor affecting cost.
2. Location within a city. You may have to pay slightly higher rates if your rental is in a high-crime area or is susceptible to natural disasters.
3. Deductible. This is the fee you pay to the insurance company to cover a claim. A higher deductible means a lower premium. You will, however, have to pay more out of pocket if you file a claim.
4. ACV vs. RCV. Renters policicies may reimburse you based on the actual cash value (ACV) or replacement cost value (RCV). An ACV policy reimburses you based on an item's depreciated value. In contrast, RCV policies do not consider depreciation and will reimburse you for the cost of replacing items with new ones of the same quality.Because they pay out more claims, RCV policies are more expensive than ACV policies.
5. Liability coverage amount. This has a minor effect on the cost of your renters insurance. A standard policy includes $100,000 in liability coverage, but you can increase this by thousands of dollars for a few more per 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.

clothing & accessories

Clothes, shoes, bags, belts, hats, gloves, etc.

Pants

$

Shirts

$

Outerwear

$

Shoes

$

Accessories

$

Other

$

Total clothing & accessories: $0

Skip

Next

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.

Back

Your neighborhood has little to do with the cost of renters insurance. According to MoneyGeek's findings, where you live has a minor impact on your monthly insurance premium.

In Tacoma, renters insurance is not mandatory, but some landlords may require that you purchase it. Nonetheless, MoneyGeek strongly recommends renting insurance as an affordable way to protect your assets.

When shopping for renters insurance in Tacoma, ensure you get the right coverage for your needs. Protecting yourself from unforeseen expenses caused by theft or other damages is less expensive. According to the FBI, Tacoma's property crime was 4,398 in 100,000 residents in 2018, which is 122% above the national average.

Additionally, residents of Tacoma's apartments and rental homes can purchase additional insurance to protect themselves from risks such as fires and water damage. Renters insurance policies in Burlington typically include the following coverages:

• Personal property coverage protects the contents of your rented home against perils such as vandalism, theft, electrical failures, and weather-related damage.
• Additional living expenses: Your rented property may become uninhabitable due to a covered peril. This insurance will pay for your temporary lodging expenses.
• Liability insurance: This covers you in the event of an accident on your rental property that results in injury to others. It aids you in the payment of legal fees and court judgments.
• Medical payments coverage: If someone is injured while staying at your rented property, this coverage will help you pay the medical bills. This is regardless of who is at fault.

Renters insurance in Tacoma covers your personal property but not the building or structure of the home. That is the responsibility of the property owner. There may be other specific events not covered by renters insurance, so it's best to get additional coverage.

Renters insurance may cover some water-related damages, but most standard insurance policies will not cover damage caused by flooding. You can protect your rented property from flood damage by purchasing additional insurance from the National Flood Insurance Program (NFIP).

Additionally, most renters insurance policies exclude roommates' belongings, earthquake damage, car damage, jewelry and items that exceed your policy limits. Not all policies are created equal, so read yours carefully.

Tacoma renters should look for a company that balances quality and cost to suit their needs. To learn more, here are some of the most frequently asked questions about renters insurance in Tacoma.

About Mark Fitzpatrick

---

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.

Read Full Bio »

---