The Best and Cheapest Renters Insurance in Wichita, KS, for 2024: Rankings, Reviews and Rates

bestrenters insuranceWichita

2024

The Cheapest and Best Renters Insurance in Wichita

Cheapest renters insurance in Wichita - State Farm

Best renters insurance in Wichita - State Farm

When shopping for renters insurance in Wichita, the cost is an important factor since companies offer the same core coverages. It’s best to compare quotes to find the best deal for your needs and situation.

If you’re looking for the cheapest renters insurance, MoneyGeek found that the most affordable companies in Wichita are:

• State Farm: $100 per year
• Nationwide: $109 per year

The prices in this study are for a policy with $20,000 in personal property coverage, $100,000 in liability coverage and a deductible of $500. You can check the table below to see how prices change by adjusting the personal property coverage limit.

If you live somewhere else in the state, you can compare renters insurance in Kansas as a whole.

Average Annual Rates for Personal Property Insurance

Personal Property Coverage:

$20,000

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1

State Farm

Score:95

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by MoneyGeek

5/5

Affordability

4.1/5

User Satisfaction

5/5

Financial Stability

Geek Quick Take

As MoneyGeek’s top pick in Wichita for renters, State Farm earned high ratings across all categories, including a perfect score for affordability. It offers unique add-on coverages, like identity restoration coverage.

More About State Farm

State Farm is consistently one of the most affordable options for renters insurance across the country. Its policyholders can purchase inflation coverage, so their personal property coverage limit automatically increases over time. They can also add identity restoration coverage to a renters policy to protect against the costs of identity fraud.

2

Nationwide

Score:92

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COMPARE QUOTES

by MoneyGeek

4.7/5

Affordability

4.3/5

User Satisfaction

4.5/5

Financial Stability

Geek Quick Take

Nationwide is the second-best renters insurance company in Wichita. It received high scores for affordability and customer service. The company offers add-on water backup coverage.

More About Nationwide

Nationwide offers optional coverages that you can add to your renters insurance policy. One of them is water backup coverage, which protects you against losses caused by backed-up sewers or drains. Nationwide also has Valuables Plus coverage, providing additional coverage for high-value items like jewelry and fine art.

The average cost of renters insurance in Wichita is $128 per year or $11 per month. That rate is $31 lower than the national average of $159 per year.

While several factors affect the cost of renters insurance in Wichita, the following are the most impactful.

1. Personal property coverage amount. Your coverage amount has the most significant influence on the cost of renters insurance in Wichita. Keep in mind that the more coverage you purchase, the higher your rate.
2. Location. Your ZIP code can impact your insurance premium. For example, renting an apartment in a neighborhood with a history of property theft or the risk of severe weather can increase the cost of your premium.
3. Deductible. This is the amount you pay out of pocket when your insurer accepts a claim to replace your items. Choosing a higher deductible lowers the cost of your renters policy. Meanwhile, a lower deductible increases your insurance premium.
4. ACV vs. RCV. Insurance providers may reimburse you based on actual cash value (ACV) or replacement cost value (RCV). With ACV, you get the depreciated value of items. Meanwhile, with RCV, you are reimbursed the equivalent cost of a new item that’s similar in kind and quality.
5. Liability coverage amount. Your coverage level only has a minor effect on your premium. A standard renters insurance policy has $100,000 in liability coverage, but you can add thousands of dollars for a few dollars yearly.

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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While your neighborhood location does affect your renters insurance cost, the impact is only minimal. According to MoneyGeek’s research, where you live may only increase the cost of your premium by a few dollars per month.

Purchasing renters insurance in Wichita is not a legal requirement, but MoneyGeek recommends, given the low cost, to have a policy to protect your assets. Additionally, some landlords require renters insurance as part of your lease agreement.

When you shop for renters insurance, make sure you select the right coverage to meet your needs. Having enough coverage can financially protect your personal belongings against theft. According to the FBI, the number of property crimes reported in Wichita reached 4,731 per 100,000 residents in 2019, 150.31% above the national average.

Renters insurance also covers various risks that can happen anywhere, including fire and water damage. Here are the things that renters insurance in Wichita covers:

• Personal property: Renters insurance protects your personal items against covered perils such as fire, vandalism, theft, plumbing issues and weather.
• Additional living expenses: If your apartment is uninhabitable due to a covered peril, your renters policy covers temporary living expenses, like hotel accommodations and meals, to policy limits.
• Personal liability: Your renters insurance includes personal liability coverage to protect you against the cost of accidents that are your fault. It usually pays for legal representation and the settlement or judgment in case your injured guest ends up suing you.
• Medical payments: If a guest sustains an injury on your property, your renters policy covers the medical expenses, regardless of who is at fault, to the policy limit.

Although renters insurance covers personal property, it does not cover the building’s physical structure. It’s the landlord’s responsibility to purchase insurance that protects the building's structure. Additionally, your renters policy doesn’t cover some events.

For example, renters insurance coverage doesn’t apply to flood damage. You need to purchase incremental insurance through the National Flood Insurance Program (NFIP) to protect your personal property from water damage due to flooding.

Other things that are not covered by renters insurance are your roommate’s possessions, damage from earthquakes, damage to your car, and jewelry or similar items that cost more than your policy limit.

Remember that not all policies are the same. That’s why it’s best to review your policy before purchasing it to ensure you’re getting enough coverage.

To learn more about renters insurance in Wichita, read MoneyGeek’s answers to some frequently asked questions 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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