Renters Insurance in Philadelphia
Philly is a relatively safe city to live in, but break-ins still happen, and without a renters insurance policy you could be out thousands of dollars. And this is just one form of protection renters insurance offers.
A policy can also protect your financial life after storm damage, water damage, or vandalism at your rental unit in the City of Brotherly Love.
Renters insurance can even help make medical payments if a friend gets injured at your apartment or shield you from personal liability after an injury.
So let’s walk through some need-to-know information about getting renters insurance 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:
- 🏆 Lemonade: Best Overall Renters Insurance in Philadelphia
- State Farm: Best Customer Experience
- USAA: Best Military Coverage
- Allstate: Best Claims Process
- Nationwide: Best Online Experience
- Liberty Mutual: Best Discounts
- Farmers: Best for Bundling Insurance Policies
Lemonade is our top pick for renters insurance in Philadelphia because of the company’s 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 (and homeowners insurance) policies.
Lemonade offers policies starting at $5, one of the lowest rates of any carrier.
You can also file claims on Lemonade’s app and get paid within a few minutes.
And, unique from other providers, Lemonade charges you a flat rate and donates excess premiums to causes you’re passionate about.
- Charitable giving
- Online experience
- Fast claims approval
- Low rates
State Farm is there for renters in Philadelphia, providing policyholders with top-notch customer experience and top-rated coverage for renters’ personal belongings and personal liability.
State Farm has earned the highest scores from credit rating agencies and from J.D. Power, so you can count on the company’s financial strength and its customer service.
And with State Farm, you get in-person help 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, such as auto insurance and life insurance, making the company a perfect pick for bundling, which can save you money and time.
- Customer experience
- Multi-policy discounts
- Local agents
- Online quotes
USAA is one of the nation’s best insurance companies, with tons of financial products for military personnel, vets, and their families.
USAA offers some of the lowest renters rates in Philly, and it provides impressive coverage for military families.
With USAA, you get coverage for earthquakes and floods automatically included in your policy, which is rare.
The company gets the most applause 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.
Only families with military connections can get renters insurance from USAA, but the coverage is so good I had to include it.
- Best customer service
- Military-focused coverage
- Great rates
- Flood and earthquake coverage
Allstate is a solid alternative to State Farm. This carrier also has local agents all over town, dependable coverage, and a wide variety of insurance products all within one insurance agency.
Allstate also offers 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.
- Bundling options
- ID theft
- Claims processing
Nationwide is another outstanding provider that you’re already familiar with. This company offers great insurance policies to Philadelphia renters.
You can buy other lines of insurance from Nationwide as well, like pet insurance, auto policies, and life insurance — all from the same insurance agent.
In addition to personal property coverage and personal liability coverage inside your rental unit, Nationwide also protects your budget against damage from water backups and some other perils that many companies don’t cover.
Nationwide deserves praise for its outstanding online experience. The company’s website is a great resource whether you’re getting a renters insurance quote, filing a claim, or simply learning more about the product.
- Easy online access
- Useful and affordable add-ons
- Identity theft protection
- Additional financial products available
If you’re looking for the most renters insurance discounts, Liberty Mutual is a solid choice.
This nationally known brand offers some of the cheapest renters insurance rates in Philadelphia, thanks to a slew of discounts for bundling policies, opting for automatic payments, and more.
Liberty Mutual’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 their depreciation.
- Customizable policies
- Replacement cost coverage
- Online claims center
If you’re looking to find a one-stop-shop for all of your insurance products in Philly, look for a Farmers office.
You can simplify your financial life and get discounts by bundling your renters insurance with your car insurance 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.
- Claims satisfaction
- Multiple lines of insurance
- Online tools
We used a handful of metrics to narrow down the long list of renters insurance companies in Philadelphia, Pennsylvania, and the surrounding Tri-State area.
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.
Do You Need Renters Insurance in Philadelphia?
A lot of people skip renters insurance coverage because, unlike car insurance, it isn’t legally required (though your landlord might insist you buy a policy).
Whether your landlord requires it or not, though, renters insurance is an important purchase every renter should consider.
Compared to other types of insurance, renters insurance is 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 — either by a burglar, a fire, or a storm. Your landlord’s insurance may fix your building but it will not protect your personal belongings.
- Additional living expenses to pay for housing if your apartment suffers damage from a covered peril and you can’t live there until you get the place fixed back up.
- Liability coverage in case you’re responsible for damage to someone’s property or their injury at your home.
- Medical payments in case you or a guest gets hurt at your place and has 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 most of Philly is overall, it is susceptible to burglars, vandalism, and storm damage. Renters insurance covers these kinds of perils so you don’t have to face the expense of replacing your belongings.
How Much is Renters Insurance in Philadelphia?
Overall, the average cost of renters insurance in Philadelphia is around $20 a month.
In reality, your renters insurance cost will depend on the level of coverage you buy and a few other variables:
- Location: Your neighborhood within Philly affects the price tag of your policy. Insurance providers track crime rates and property damage in each ZIP code. Areas where you’re more likely to file a claim often cost more in premiums. Insurers also consider your proximity to a police or fire department.
- Property: The kind of structure you rent could influence the amount you pay for a renters policy, too. Older buildings without fire suppression systems cost more to insure, for example.
- Security measures: Safety features within your home can secure lower insurance premiums. Alarm systems and monitored security cameras help a lot, for example.
- Coverage: The level of coverage you buy and any endorsements you add can bump up the cost of your policy. You may need an endorsement for collectible items or high value items such as jewelry.
- Company: Every provider weighs risk differently, so your rates are likely to differ from one provider to the next. This is why shopping around can help you save money.
- Claims history: Your track record with renters insurance claims matters. The more claims you’ve filed in your history, the higher your rates could be.
Philly residents pay the highest renters insurance rates in Pennsylvania, but coverage in Philadelphia costs less than it does in some other major cities.
Is Renters Insurance in Philadelphia Worth It?
Renters insurance in Pennsylvania is a purchase you won’t regret — even if you never have to file a claim.
Having a renters insurance policy means you have a plan in place in case something goes wrong and you lose your valuable belongings.
As you debate whether to buy a policy, look around at your belongings and make a ballpark estimate of how much it would cost to replace your essentials. Replacing your laptop, TV, and microwave alone could cost a couple thousand dollars.
What about your clothes, furniture, or books?
Compare these costs to a few renters insurance quotes. At $20 a month, you’d pay $240 a year. In exchange, you could get $30,000 worth of personal property coverage and $100,000 in personal liability coverage each year.
From my point of view, it’s well worth it.