If you’re renting a property in Arizona, such as a house or an apartment, you should strongly consider purchasing a renters insurance policy. Renters insurance protects your belongings inside and outside of your home during an emergency. For example, if there is a kitchen fire in your property, your renters insurance coverage can reimburse you for the loss of use of your damaged belongings. Choosing the right renters insurance policy involves looking at prices, coverage options, and customer service. Fortunately, you can find renters insurance in Phoenix for relatively cheap. Below, we discuss the top insurance providers that offer the most affordable renters insurance in Phoenix.
What We'll Cover
- What Is the Cost of Renters Insurance in Arizona?
- The 6 Cheapest Renters Insurance Providers in AZ
- Lemonade Offers Premiums Starting as Low as $5 a Month
- State Farm Provides Good Renters Insurance for Low Prices
- Allstate Gives Renters Insurance Discounts to People 55 and Up
- Liberty Mutual Renters Insurance Policies Cover Your Basic Needs
- Travelers Provides Specialized Coverage for Renters Insurance
- Nationwide Offers More Coverage for a Little Extra Money
- Why Should I Have Renters Insurance in Phoenix?
- Final Thoughts on Renters Insurance in Phoenix
What Is the Cost of Renters Insurance in Arizona?
Whether you live in Phoenix, Glendale, or Tucson, the average cost of renters insurance in Arizona is $17 a month, or $204 a year. This means that renters insurance in Arizona is just slightly cheaper than the national average, which is $19 a month ($228). However, there are various factors that go into the monthly price of a renters insurance policy, including location, proximity to a fire station, and proximity to the coast. Another factor that will determine the monthly price you pay is the deductible, which is the price that you pay out of pocket when you make a claim with your insurance provider. Typically, the higher the deductible, the lower your monthly premium. Below, we talk about some of the factors that make having renters insurance in Phoenix important, including flood damage and wildfires.
The 6 Cheapest Renters Insurance Providers in AZ
Below, we discuss the six best insurance providers that offer cheap renters insurance in Phoenix and throughout the state of Arizona. Our top pick for cheapest renters insurance is Lemonade. Lemonade offers renters insurance for monthly premiums starting as low as $5. Each of these insurance providers below offers affordable rates for renters insurance, but not all of them offer the same coverage options. For example, Lemonade’s coverage options are not as extensive as State Farm’s. For each insurance company in Phoenix listed below, you will find an in-depth description of the prices and coverage options, in addition to a table that lists their pros and cons.
Lemonade Offers Premiums Starting as Low as $5 a Month
With monthly premiums starting as low as $5, Lemonade offers one of the cheapest renters insurance policies in Phoenix. We estimate that the average price for a renters insurance policy in Phoenix with Lemonade is around $12 a month. Lemonade renters insurance offers financial protection against fires, thefts, injuries, water damage, vandalism, and bad weather. Additional items that you can cover for an additional price include jewelry, bicycles, fine art, cameras, and musical instruments. However, damage to structures and personal property from floods, your roommates’ items, or your roommate’s personal injuries is not covered in a Lemonade renters insurance policy.
- Offers some of the lowest prices in the country
- Good customer service
- Quick Technology
- Young insurance company
- Not as many coverage options
- Few discount and bundling options
State Farm Provides Good Renters Insurance for Low Prices
We estimate that the cost of renters insurance with State Farm in Phoenix is $12 a month, or $144 a year. This price is significantly lower than both the national and state average of renters insurance. One of the perks of being a State Farm policyholder is that you will be financially protected by an industry-leading insurance company. This means affordable prices, plenty of coverage options, and good customer service. The standard renters insurance policy with State Farm includes accidents, loss of use, weather, and theft. Optional coverage that you can add on to your policy includes earthquake coverage, identity restoration, additional business property, and additional liability coverage.
State Farm insurance agents in Phoenix can help you purchase a renters insurance policy and save money. To get started, you can contact Lynn Buss, Marcella Busto, Andy Carrillo, and Stephanie Chavez. In nearby Glendale, you can get in touch with Al Lopez, Matt Flynn, Christine Park, and Amanda Hacopian.
- Industry-leading insurance company
- Customer service is highly regarded
- Many State Farm agents all over the Phoenix valley
- Specialized add-ons, including identity restoration and additional business property
- Does not cover property damage due to flooding or underground water
- Does not provide earthquake coverage on the standard policy, but it can be added on
Allstate Gives Renters Insurance Discounts to People 55 and Up
Allstate is a national insurance provider that offers renters insurance at cheap prices. The estimate for the price of Allstate renters insurance in Arizona is $14 a month, which is $3 less than the state average. For retirees in Phoenix who are renting property, Allstate renters insurance is an excellent choice. Allstate offers discounts on renters insurance for policyholders who are at least 55 years old. In addition to this discount, policyholders of all ages may be eligible for policy-bundling discounts and discounts for having home protective devices. When it comes to coverage, Allstate offers adequate options, but nothing too special. To your policy, you will be able to include personal property coverage, liability protection, reimbursement for living expenses, and guest medical coverage.
Several independent insurance providers in the Phoenix area partner with Allstate to provide affordable renters insurance to the community, including Courtesy Insurance, The Russ George Agency, and The Markham and Smith Agency. Phoenix insurance agents that you can discuss Allstate renters insurance with include Jay LaSalle, Sonia Bhushan, Christine Yap, and Heather Everette.
- Affordability makes it a good choice for retirees above 55
- Many discount options that you could qualify for
- Good coverage for those looking for a basic policy
- Coverage options are not as extensive
- Some complaints of low-quality customer service
- Not great for high-coverage needs
Liberty Mutual Renters Insurance Policies Cover Your Basic Needs
If you are a renter in the Phoenix area, you can expect to receive a quote for renters insurance with Liberty Mutual for around $15 a month, which is slightly less than the average renters insurance policy in Arizona. However, depending on your area, you could receive a monthly premium starting as low as $5. Despite this lower price, you can still find great coverage with Liberty Mutual. Renters insurance with Liberty Mutual covers your clothing, electronics, jewelry, and more. The standard coverage options that you will have include personal property, liability and medical payments, and additional living expenses.
If you’re interested in starting a renters insurance policy with Liberty Mutual, you can contact the Liberty Mutual office in Scottsdale. Some of the sales representatives that will help answer your questions include Heather Heimkes, Jazmyn Miller, Adan Khan, and Joseph Uribe. You can also find other Liberty Mutual offices in the towns of Mesa, Litchfield Park, and Chandler.
- Prices start as low as $5 a month
- Four Liberty Mutual offices in the Phoenix area, including Scottsdale, Mesa, Litchfield Park, and Chandler
- Price is less than the state average
- Standard coverage options
- Coverage for damage caused by earthquakes is an add-on, as well as blanket jewelry and personal property replacement costs
Travelers Provides Specialized Coverage for Renters Insurance
The estimated price of a Travelers renters insurance policy in Phoenix is $204 annually, which is equivalent to the state average. This means that Travelers renters insurance is not the cheapest option in Phoenix, but it’s not the most expensive option, either. One factor that sets Travelers insurance apart from other insurance providers is that you do not have the option to pay for your renters insurance policy monthly. Instead, you must pay the full year at once.
However, some people may find that the coverage that Travelers offers is worth that extra detail. With Travelers renters insurance, you can receive coverage for housing improvements, liability protection, renters personal liability coverage, personal property, and medical payments. On the downside, to protect your high-value items, you’ll need to add that coverage on to the basic policy.
There are plenty of independent insurance agencies in the Phoenix area that will help you start a renters insurance policy with Travelers, including Contractors Insurance Agency, Independence Insurance Group, and Touchdown Insurance. In the Tucson area, you can contact Tucson Insurance Solutions, Mooney Insurance Agency, and Quiroz Insurance.
- Extensive coverage options to choose from, including specialized coverage for equipment breakdowns
- Many independent insurance agencies in the Phoenix area partner with Travelers
- Discount options
- Average price of renters insurance in the state
- Must purchase a year’s worth of coverage at once
- Extra coverage for valuable items
Nationwide Offers More Coverage for a Little Extra Money
Nationwide is typically not among the cheapest insurance providers. However, it offers great coverage options for those who are willing to spend a little extra money. Renters insurance with Nationwide includes coverage for your belongings, personal liability coverage, medical and liability coverage, and loss of use coverage. Some extra coverage that Nationwide’s renters insurance covers includes credit card coverage and coverage for building additions and alterations. Some of the optional coverages that you can add on to your policy include coverage for water backups, theft extension, high-value items, as well as earthquake coverage. Nationwide also offers various discounts on renters insurance that you may be able to take advantage of, including bundling Nationwide policies and installing protective devices in your rental.
To get started, you can find independent insurance agencies that work with Nationwide across the entire state of Arizona, including Phoenix, Tempe, Scottsdale, and Queen Creek. In the Phoenix area, you can contact Ernie Barten, The Delbrocco Agency, Garland Insurance & Financial Services, and Pro Financial Insurance Agency. In the Tempe area, you can contact Benefits Mutual Insurance Services or Arizona Insurance Agency.
- Extensive coverage options, including credit card coverage and coverage for building alterations
- Optional add-ons for earthquake coverage
- Offers various discounts
- Plenty of independent agents who work with Nationwide across Arizona
- Not the cheapest options, but still affordable
- Separate coverage for flood insurance
Why Should I Have Renters Insurance in Phoenix?
In the state of Arizona specifically, there are certain factors that determine the price of renters insurance. Whether you are new to Phoenix, Arizona, or have lived in the area your whole life, it’s important to have a renters insurance policy that will financially prepare you for the worst. Arizona is desert land, but the state receives its fair share of rain and flash floods throughout the year. If possible, it’s important to include in your policy damage caused by inclement weather, such as wind, hail, and rain. Because Phoenix is a valley, certain areas of the city tend to get more rainfall than others, especially during the annual monsoon period, which lasts from June 15 to September 30. The Phoenix valley areas that get the most rain are:
- The East valley (Mesa, Apache Junction, and Queen Creek)
- The Northern valley (Carefree, Cave Creek, and Anthem)
- The Northwestern valley (Wickenburg and Prescott)
While some renters insurance policies offer coverage for flood damage, not all do. You may have to seek separate coverage for floods. Another reason for renters in the Phoenix area to purchase renters insurance is the possibility of desert fires. In 2020, Arizona suffered from one of its worst wildfire seasons in state history. As a Phoenix-area renter, you should find renters insurance that will protect your belongings in the event of a fire. Fortunately, this is a common type of coverage that most renters insurance policies include at an affordable price.
Final Thoughts on Renters Insurance in Phoenix
Having renters insurance, although not required by state law, is a smart financial decision. In Phoenix, Arizona, you can find several insurance providers that offer cheap renters insurance and quality coverage options. The Phoenix valley is susceptible to inclement weather, flooding, and wildfires. As a renter in the Phoenix area, you should make sure that your renters insurance policy will protect you in the event of one of those emergencies—at an affordable price. The cheapest option for renters insurance in Phoenix is Lemonade. With monthly premiums starting as low as $5 a month, you can receive good coverage. However, the other insurance providers mentioned in this article are also great options for cheap renters insurance in the Phoenix area.