Renters Insurance in Philadelphia

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The City of Brotherly Love is a hotspot for renters, home to a vibrant social scene, popular sports teams, historical sites, and professional opportunities.

If you’re one of the millions of renters in Philadelphia, you should seriously consider a renters insurance policy.

Even though Philly is a relatively safe city to live in, robberies still take place, and without a policy in place, you could be out thousands of dollars if someone breaks into your home. And that’s just one form of protection offered by renters insurance.

It can also protect you in the face of storm damage, or even shield you financially if a friend is injured at your apartment and takes legal action against you.

Below, we’ll walk through some need-to-know information about getting insured and show you the top renters insurance companies in Philadelphia.

The Best Renters Insurance In Philadelphia

If you live in Philly, you have more than a few options for renters insurance, but not all of them offer the same caliber of coverage and customer experience.

We’ve compared numerous carriers and found the companies below to be the best renters insurance companies in Philadelphia.

Here are the top 7 providers of the best renters insurance in Philadelphia:

  1. 🏆  Lemonade: Best Overall Renters Insurance in Philadelphia
  2. State Farm: Best Customer Experience
  3. USAA: Best Military Coverage
  4. Allstate: Best Claims Process
  5. Nationwide: Best Online Experience
  6. Liberty Mutual: Best Discounts
  7. Farmers: Best for Bundling Insurance Policies

Lemonade

Lemonade is our top pick for renters insurance in Philadelphia, based on its coverage, low cost, and customer experience.

Though it’s only been around a few years, Lemonade has built a stellar reputation with its intuitive online platform and affordable basic renters insurance.

Lemonade offers policies starting at $5, one of the lowest rates of any carrier.

You can also file claims on Lemonade’s website and get paid within a few minutes.

And unique from other providers, Lemonade charges you a flat rate and donates excess premiums to the causes that you’re passionate about.

Pros

  • Charitable giving
  • Online experience
  • Fast claims approval
  • Low rates

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State Farm

Like a good neighbor, State Farm is there for renters in Philadelphia, providing policyholders with grade-A customer experience, among other things.

State Farm has the highest scores from credit rating agencies and J.D. Power alike, meaning you can count on the company’s financial strength and their customer service.

With State Farm, you get top-notch assistance from local agents, making it a great choice if you’re looking for a personalized experience with hands-on help.

You also get access to several other lines of insurance, making the company a perfect pick for bundling, which can save you money and time.

Pros

  • Customer experience
  • Multi-policy discounts
  • Local agents
  • Online quotes

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USAA

USAA is one of the nation’s best insurance companies, with tons of financial products for military personnel, vets, and their families.

It offers some of the lowest renters rates in Philly, in exchange for impressive coverage.

With USAA, you get coverage for earthquakes and floods automatically included in your policy, which is rare.

The company is most applauded for its customer service, though, leading the pack in the J.D. Power renters insurance survey, which gauges customer experience, cost, coverage, and communication with clients.

Pros

  • Best customer service
  • Military-focused coverage
  • Great rates
  • Flood and earthquake coverage

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Allstate

If you choose Allstate as your insurer, you can guarantee that you and your stuff are in good hands.

The popular insurer offers a similar experience to Allstate, with local agents, several additional products, and a dependable brand.

They also offer unique protections, like scheduled property riders for costlier items, flood coverage, and even identity theft protection.

Allstate’s biggest standout feature is its claims process, which is quick and efficient thanks to the company’s online claims center and network of agents.

Pros

  • Bundling options
  • Endorsements
  • ID theft
  • Claims processing

Nationwide

Nationwide is another outstanding provider you’re probably familiar with, offering great insurance policies to Philadelphia renters.

You can purchase other lines of insurance from Nationwide as well, like pet, auto, and life insurance.

In addition to the fundamental coverages offered by other carriers, Nationwide includes damage from water backup and some other perils that most companies don’t.

Nationwide is also hailed for its outstanding online experience.

The company’s website lets you do a lot, providing an informational, easy-to-navigate experience whether you’re shopping for quotes, making payments, or filing a claim.

Pros

  • Easy online access
  • Useful and affordable add-ons
  • Identity theft protection
  • Additional financial products available

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Liberty Mutual

If you’re looking to take advantage of all the savings you can, Liberty Mutual is a solid choice.

The nationally known brand offers some of the cheapest renters insurance in Philadelphia, thanks to a slew of discounts for bundling policies, opting for automatic payments, and more.

Liberty’s policies are easy to customize, too, letting you get anything from cheap basic coverage to more comprehensive protection with endorsements.

You can also get total replacement cost coverage, which grants you the full cash value needed to replace your items today, regardless of depreciation.

Pros

  • Discounts
  • Customizable policies
  • Replacement cost coverage
  • Online claims center

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Farmers

If you’re looking to find a one-stop-shop for all of your insurance products, look no further than Farmers.

You can simplify your account management and get discounts by bundling your renters insurance with home and auto at Farmers.

The company offers the basic coverage you need, with full replacement cost and identity theft protection as an added bonus.

Farmers also ranks high in the J.D. Power survey for its claims satisfaction.

Pros

  • Claims satisfaction
  • Multiple lines of insurance
  • Discounts
  • Online tools

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Our Methodology

We used a handful of metrics to narrow down the long list of renters insurance companies in Philadelphia.

The companies above stood out from the crowd based on the following:

  • Cost of coverage: As long as a renters insurance company is in good financial shape and has the coverage you need, it ultimately comes down to cost. The companies above offer some of the best rates to Philly renters.
  • Types of coverage offered: It’s also important that the company you choose has the type of coverage you depend on to be truly protected. The top 7 companies featured here offer the coverage most Philadelphia residents need.
  • Amounts of coverage and deductibles: We also considered the amounts of coverage offered by each company. You should also make note of any required deductibles as you compare providers.
  • Reputation: Last, you need to choose a renters insurance company with a solid reputation among renters and experts in the industry. The companies above are vetted using metrics like J.D. Power, credit scores, and online reviews.

Why You Need Renters Insurance in Philadelphia

A lot of people don’t prioritize renters insurance because it isn’t legally required (though a landlord might ask you to buy a policy).

Whether your landlord requires it or not, though, renters insurance is an important purchase that every renter should make.

Compared to other types of insurance, renters insurance is really affordable. You can get thousands of dollars of protection for $10 or $20 a month.

Basic renters insurance policies grant you coverage for things like:

  • Personal property protection that replaces your belongings if they get damaged, stolen, or broken.
  • Additional living expenses that pay for housing if your home is hit by a covered peril and you can’t live there.
  • Liability coverage in case you’re responsible for damage to someone’s property or their injury at your home.
  • Medical expense coverage if you or a guest get hurt at your place and have to seek medical care.

These policy features are just a starting point. As you can see from the list of companies above, some provide additional coverage.

As safe as Philly is overall, it is susceptible to burglary. You also need to consider the effects of the natural elements, with snowstorms and flooding as potential sources of damage in the area.

How Much is Renters Insurance in Philadelphia?

Overall, the average cost of renters insurance in Philadelphia is around $19.

But, the real answer is, it depends. While renters insurance companies often quote a low monthly rate on their website, your actual premiums are based on a few specific factors. They include:

  • Location: Which part of Philly you call home can have an impact on the price tag of your policy, with crime rates and your proximity to a police or fire department factored in.
  • Property: What kind of structure you rent could influence the amount you pay for a renters policy, too.
  • Security measures: Safety features can go a long way in securing you lower rates, such as having an alarm system in place.
  • Coverage: The level of coverage you buy and any endorsements you add can bump up the cost of your policy.
  • Company: Every provider weighs risk differently, so your rates are likely to differ from one provider to the next.
  • Claims history: Your track record with renters insurance claims will also be taken into account. The more claims you’ve filed in your history, the higher your rates might be.

Philly residents pay the highest amount for coverage statewide, on average, though coverage is cheaper there than in many cities across the country.

Is Renters Insurance in Philadelphia Worth It?

Renters insurance in Pennsylvania is a purchase you won’t regret making, even if you never have to file a claim.

The peace of mind of knowing your most treasured belongings are covered in case things go wrong is unmatched.

With rates as low as they are in Philadelphia, renters insurance is a no-brainer, potentially saving you thousands down the line.

As you deliberate about buying a policy, list out your belongings, compare a few quotes, and see how a policy could fit into your budget.

It’s well worth it.

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