Renters insurance can provide peace of mind and help you afford replacement costs when your personal property is damaged. To help you determine the best renters insurance company for your Arizona rental, the This Old House Reviews Team examined the top providers in the state and included tips on how to choose the right policy for your home.
Best Renters Insurance Companies in Arizona
Nationwide, Farmers, and Liberty Mutual are some of the best renters insurance providers for Arizona residents based on coverage options, pricing, endorsements, and unique benefits.
Nationwide renters insurance offers more than just personal property, liability, medical payments to others, and loss of use coverage. With every policy, you get credit card protection to detect unauthorized charges, ordinance or law protection to help bring your unit back up to code after repairs, and building additions and alterations protection to cover the cost of damage to minor changes you made to your rental.
If that coverage still isn’t enough, you can add one of Nationwide’s nine endorsements to your policy:
- Personal injury
- Limited water backup
- Increased building additions and alterations
- Refrigerated property
- Scheduled personal property
- Flood insurance
- Personal liability umbrella coverage
- Additional insureds
Here are some other benefits of signing up for Nationwide renters insurance:
- Choice between an actual cash value (ACV) or replacement cash value (RCV) policy
- Nearly 95 years of industry experience
- Customer portal, mobile app, and customer service lines to manage your policy and claims
One of the benefits of a Farmers renters insurance policy is the deductible options. Farmers has more deductible options than Liberty Mutual and Nationwide, and you can choose a much lower deductible of $100, while the lowest options for the other two are $250 and $500.
Farmers renters insurance provides standard liability, personal property, loss of use, and medical payments to others coverage with one endorsement option to protect your identity from being stolen.
Here are a few other other unique features of a Farmers policy:
- Unique discount for not smoking in your home
- No limit on personal property coverage
- Claims center open 24/7
3. Liberty Mutual
Liberty Mutual has the best liability coverage out of the providers in this review. You can go up to $1 million worth of liability coverage, while the other two companies have a cap of $500,000. This ensures that you won’t have to pay for any liability claims out of pocket.
In addition to the liability, medical payments to others, loss of use, and personal property coverage, you can add endorsements for earthquakes, jewelry, and identity theft.
Liberty Mutual also provides the following benefits:
- Over 100 years in the business
- Choice of $5,000 deductible, while the other two providers cap it at $2,500
- Starting premium price of $5 per month
Arizona Renters Insurance Coverage
Here’s a breakdown of what an Arizona renters insurance typically policy covers:
- Personal property coverage—This part of your policy protects the cost of replacing your personal belongings when a covered event, like fire or vandalism, damages your items.
- Loss of use coverage—If you get kicked out of your home for major repairs, your policy will cover additional living expenses during that time, including the cost of staying in a hotel or temporary rental.
- Liability coverage—This coverage protects you from liability claims when you’re responsible for causing bodily injury to someone or damage to their personal property.
- Medical payments to others coverage—If a guest is injured in your home, this part of your policy will cover their medical bills.
- Endorsements—Each insurance provider will offer different endorsements, or additional coverage, with common options including identity theft, jewelry, and earthquakes.
How Much Does a Renters Insurance Policy Cost in Arizona?
According to the Insurance Information Institute, a resource that helps customers make educated decisions, manage risk, and appreciate the essential value of insurance, the cost of renters insurance in Arizona is about $178 per year, or a little under $15 per month. This is just under the national average of $180 a year.
Factors to Consider Before Purchasing Renters Insurance
As you begin searching for a renters insurance policy, keep these factors in mind:
- Safety features—Note any safety features, like smoke detectors, fire extinguishers, and security systems, you have in your home. Some renters insurance providers will lower your premium if you have a variety of safety features in your home.
- Natural disasters—Arizona is prone to flash floods and thunderstorms, so you’ll want to see if your policy covers those events. Most basic insurance policies cover thunderstorms, but you may have to purchase an add-on or separate policy for flooding. Look into a USAA policy if you’re eligible, as the company offers flood and earthquake coverage to all policyholders.
- Proximity to fire station and fire hydrant—How far your apartment is from a fire station or fire hydrant will determine how quickly you can get help if your apartment catches fire. If you live more than five miles from a station or 1,000 feet from a fire hydrant, your renters insurance rate will be higher.
- Deductible—If you’re looking for a more affordable renters insurance policy, choose a higher deductible to decrease the amount you pay each month for your policy.
Compare Renters Insurance Coverage Options
If you’re not sure which renters insurance policy is best for you, compare the following Arizona renters insurance providers:
Compare Renters Insurance Companies
|Types of coverage||Personal property, loss of use, liability, medical payments to others, ordinance or law, building additions and alterations, credit card||Personal property, loss of use, liability, medical payments to others||Personal property, loss of use, liability, medical payments to others|
|Personal property coverage limits||No limit||No limit||$15,000, $20,000, or $25,000|
|Liability coverage limits||$100,000, $200,000, $300,000, $400,000, or $500,000||$100,000, $200,000, $300,000, or $500,000||$100,000, $200,000, $300,000, $500,000, or $1,000,000|
|ACV or RCV||ACV or RCV||ACV||ACV or RCV|
|Monthly price||About $20||About $30||As low as $5|
|Unique add-ons||Limited water backup, additional insureds||Identity theft protection||Blanket jewelry|
Nationwide, Farmers, and Liberty Mutual are the best renters insurance options for Arizona residents because of their high coverage limits and ability to cover your belongings if they’re damaged from Arizona’s extreme weather conditions. We recommend getting renters insurance quotes from all three providers so that you can compare coverage and pricing.
Frequently Asked Questions About Renters Insurance in Arizona
Can I cancel my Arizona renters insurance policy?
Yes. You can cancel your renters insurance policy at any time. Check with your provider to learn about the cancellation policy and see if you’re eligible for a prorated refund.
What does my landlord’s insurance cover?
The insurance your landlord has only protects the building itself, which is why you want renters insurance that covers your personal belongings.
Does personal property coverage protect my computer?
Your policy will cover your computer as long as it doesn’t exceed your provider’s coverage limit. Both Nationwide and Farmers offer an unlimited amount of personal property coverage.
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