The Best and Cheapest Renters Insurance in Washington, DC, for 2024: Rankings, Reviews and Rates

bestrenters insuranceWashington

2024

The Cheapest and Best Renters Insurance in Washington

Cheapest renters insurance in Washington - USAA

Best renters insurance in Washington - USAA

Most insurance providers have similar coverage. If you’re buying renters insurance in Washington, D.C., the cost is an important factor to consider. It’s a good idea to compare insurance quotes from different companies to ensure you’ll get the best deal.

To help you find affordable renters insurance in Washington, D.C., MoneyGeek studied the city’s insurance providers. We found that the cheapest options for average consumers are:

• USAA: $87 per year (Only veterans, current military members and their families can apply)
• Allstate: $101 per year

If you’re eligible for USAA, you can get better value for your money. This company reimburses items at replacement cost, and all their renters insurance policies cover damages from floods and earthquakes.

The policies we reviewed have a limit of $20,000 in personal property coverage and $100,000 in liability coverage. They also come with a $500 deductible. Use the table below to see how rates change based on your preferred coverage limits.

Average Annual Rates for Personal Property Insurance

Personal Property Coverage:

$20,000

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1

USAA

Score:100

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COMPARE QUOTES

by MoneyGeek

5/5

Affordability

5/5

User Satisfaction

5/5

Financial Stability

Geek Quick Take

USAA is the top option in Washington, D.C., and received perfect scores for affordability, stability and customer service. However, only veterans, active military personnel and their family members are eligible to buy from this company.

More About USAA

Consistently one of the cheapest options in the country, USAA also offers unique coverages that increase their overall value proposition. They automatically include flood and earthquake coverage on their policies. Plus, they reimburse damaged items at a replacement cost. They also provide additional discounts if you’re currently serving in the military.

2

Allstate

Score:89

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COMPARE QUOTES

by MoneyGeek

4.6/5

Affordability

4.2/5

User Satisfaction

4.5/5

Financial Stability

Geek Quick Take

Allstate is our runner-up pick in Washington, D.C., with excellent scores for affordability, stability and customer service. Renters can add flood coverage to their policies.

More About Allstate

Allstate has coverage options that aren’t usually found with other companies. They allow you to add identity protection coverage to your policy, which covers expenses related to identity theft and monitors your digital footprint. Although Allstate's standard policy doesn’t cover flood damage, you can buy a separate flood policy from the company. This is helpful if you’re living in a flood-prone area.

The average renter in Washington, D.C., pays $123 per year for renters insurance. This means they pay $36 per year less than the national average of $159 per year.

Several factors affect the cost of your renters insurance. The following factors have the most impact on your premiums.

1. Personal property coverage amount. The amount of coverage you choose greatly affects your insurance cost. It’s the most important factor to consider when buying renters insurance.
2. Location within a city. Your renters insurance is also affected by your location. If you’re living in a neighborhood with a high crime rate, you’ll have slightly higher premiums compared to someone residing in another area.
3. Deductible. This refers to the amount you need to pay before the insurer reimburses your claim. If you have a high deductible amount, you’ll have lower monthly premiums since you’ll be paying more out of pocket when you file a claim. Conversely, getting a lower deductible amount will result in lower out-of-pocket payments, but they are more expensive.
4. ACV vs. RCV. When insurance companies pay for your claims, they reimburse either based on the actual cash value (ACV) or the replacement cost value (RCV). ACV policies consider the depreciation of your belongings and pay less. Meanwhile, RCV policies pay the cost of getting a new item of the same kind and quality. ACV policies are cheaper, but you’ll receive less if you make a claim.
5. Liability coverage amount. The liability coverage amount you choose has a minor effect on the cost of your renters insurance. You can add thousands of coverage for only a few dollars 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.

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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 does not have a huge effect on your renters insurance rates in Washington, D.C. MoneyGeek’s analysis found that the area you’re living in will only impact your premiums by a few dollars per month.

You’re not required to get renters insurance in Washington, D.C., unless your landlord asks for it. Regardless, MoneyGeek strongly recommends that you get a renters insurance policy. It protects your belongings against theft and damages for a relatively low cost.

It’s important to understand the coverages that come with a renters policy in Washington, D.C. This way, you can make sure that you’re getting enough coverage for your possessions.

First, renters insurance provides financial protection in case you’ve been a victim of theft. According to the FBI, there are 3,920 incidents of property crime per 100,000 residents in the city, which is 107% higher compared to the national average.

It’s also a good idea for apartment and rental home residents in Washington, D.C., to get renters insurance. Aside from theft, a renters policy will cover damages from events such as fires and water damages.

Typically, you’ll get the following coverage from renters insurance companies in Washington, D.C.:

• Personal property coverage: This pays for damages to your belongings from events such as theft, fire, plumbing issues, electrical malfunction and weather-related incidents. Check with your company what specific perils they do and don’t cover.
• Additional living expenses: If your rented unit becomes uninhabitable after a covered incident, this pays for your temporary housing costs.
• Liability insurance: This coverage pays for damages if an accident in your rented property causes injuries to another person and you’re found to be at fault.
• Medical payments coverage: If someone becomes injured in your apartment or rented home, this will help pay for the person’s medical expenses. Note that this coverage settles expenses regardless of who’s at fault.

It's also a good idea to understand what items aren't covered by your renters insurance policy.

Since renters insurance primarily covers your possessions, they don't provide protection for damages to your building's structure. Your landlord is the one responsible for insuring the structure.

Additionally, although a renters policy covers certain types of water damage, they don't usually cover damages from external flooding. If you're looking to protect your belongings from a flood, it's best to buy incremental insurance through the National Flood Insurance Program (NFIP).

You should also know that your renters insurance policy doesn't extend to your roommate's possessions. It won't also cover damages from earthquakes and damages to your car, jewelry and similar items that exceed policy limits. As such, it's important that you carefully read your policy to know what it will and won't cover.

If you’re shopping for renters insurance in Washington, D.C., it’s best to find companies that provide a balance of affordability and quality. MoneyGeek answered some frequently asked questions to help you learn more about the topic.

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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