Rental Insurance in Texas at the Lowest Price

Renters insurance is only a few dollars each month, but it is well worth the money. We gathered dozens of renters insurance quotes from around Texas in order to identify the best renters insurance providers in the state.

Lemonade has the best renters insurance rates in Texas, starting at $18 per month. Renters insurance in Texas costs an average of $26 per month, or $312 per year. However, we do not recommend purchasing solely on the basis of pricing; coverage alternatives and customer service are equally crucial.

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Travelers are the best choice for the majority of people.

Most Texas renters should get Travelers insurance. It had one of the best costs we found, at just $18 per month, with a wide selection of coverage options.

The variety of coverage options available at Travelers particularly pleased us. It has more alternatives than any other company we looked at, as well as a couple of options that are not typically offered at other companies. This includes coverage for water backup and equipment breakdown, which pays to fix things like your dishwasher if it breaks down.

The most significant disadvantage of Travelers is that all of its renters' plans are sold on an annual basis. While the overall average cost is $18 per month, you must pay the entire $216 cost upfront. However, if you decide to cancel in the middle of the year, you will receive a refund.

Furthermore, Travelers' customer service is barely adequate. It has a National Association of Insurance Commissioners (NAIC) complaint index of 0.98. That is, it has received 98 percent of the complaints one would expect given its size. This is slightly lower than the national average, but it is greater than many of the other companies we looked at in Texas. Its J.D. Power rating of 796 is also lower than that of the other corporations we looked at.

Lemonade is the best option for low-cost coverage.

Lemonade has the absolute lowest renters insurance pricing we investigated, with a mean monthly cost of $18. Rates for renters who choose smaller coverage limits are considerably lower – as little as $5 per month for $10,000 of coverage, depending on your deductible and where you live. Lemonade, on the other hand, isn't a good alternative for renters who require a wide range of coverage options. The company provides basic benefits such as valuables and loss of use coverage but does not provide others such as identity theft protection.

Lemonade is only available through its app. You can get a quotation and purchase insurance online, but you must download the app to manage your coverage or file a claim. Lemonade's customer service is also not exceptionally rated. It has an NAIC complaint index of 2.45, which means it has received 245 percent as many complaints as the average insurance firm.

State Farm provides the best customer service.

State Farm is a great option for renters insurance with excellent customer service. While its rates were not the cheapest we found, the favorable feedback from customers makes it an excellent alternative for renters looking for the best service possible.

The NAIC complaint index for State Farm is 0.38. That means it has received 38% fewer complaints than the average insurance company in the United States, indicating that State Farm consumers are generally satisfied with the service they receive.

State Farm's prices are around average in Texas. We discovered a mean monthly rate of $25, which is $1 less than the industry average. We really like the variety of coverage options. State Farm offers extended liability coverage as well as valuable item coverage, among other things.

State Farm, the nation's largest insurance firm, offers a diverse range of insurance products, including auto, boat, and life insurance. As a result, it's a convenient one-stop-shop for renters who want to handle all of their policies through a single firm.

How we chose the finest renters insurance in Texas

When analyzing Texas renters insurance companies, we look at three primary factors: price, coverage options, and customer service.

Affordability: Does the insurer provide low-cost renters insurance policies?

Coverage options: Does the insurer offer a variety of coverage alternatives that will appeal to renters?

Customer satisfaction: Are customers satisfied with the service they receive from this insurer?

Affordability: Obtaining low-cost renters insurance in Texas

The average cost of a renters insurance policy in Texas is $26, however, we discovered a significant pricing difference amongst insurers. Lemonade, the cheapest renters insurance company, was less than half the price of Farmers, the most expensive alternative. That means that switching renters insurance carriers can save Texans up to $275 each year.

Our coverage levels of choice were as follows:

$30,000 in personal property coverage

$100,000 in liability insurance

$1,000 in medical payments coverage

$500 is the deductible.

$0 in lost use

Options for coverage: comparing renters insurance policies and advantages

Each renter has different insurance needs. The sort of insurance you require might be influenced by where you live, how often property you own, and if you have a place to stay if something goes wrong. With this in mind, when making our selection, we seek a wide choice of beneficial renters insurance coverages. Here are some important optional coverages to think about when purchasing renters insurance:

• Replacement cost coverage: Pays the whole cost of replacing an item that has been damaged or stolen, rather than the depreciated worth.

• Important items: Pays the entire cost of high-value products such as musical instruments and technology, which are frequently underinsured under standard plans.

• Water backup: Covers the cost of repairing or replacing items damaged by a drain backup.

• Flood insurance can protect your property from flood damage, which is always excluded from ordinary renters insurance policies. It is often sold as a separate policy as opposed to an endorsement to renters insurance.

Every renter's insurance policy we looked at including all of the following basic coverages. If a renters insurance company does not provide all of the above benefits, you should look elsewhere:

• Personal property coverage pays to repair or replace any personal property that is destroyed or stolen. Furniture, clothing, appliances, electronics, and other items are all covered.

• Extra living expenses: If your flat is rendered unlivable owing to a covered risk, this coverage will pay for a short-term rental or another alternative lodging.

• Liability coverage: Pays for damages caused to others for which you are accountable, such as if a visitor is harmed in your house.

• Medical payments coverage: Pays for the cost of others' medical care while they are in your house, regardless of who is at fault.

Customer service: assessing insurer quality in terms of service and claims.

It is critical to select a renters insurance company that provides excellent customer service. An insurer with excellent customer service will be available to answer questions and guide you through your coverage, which is especially crucial when filing a claim. We analyzed three primary parameters to evaluate the customer service of Texas renters insurance companies: the NAIC Complaint Index, J.D. Power's rating, and the A.M. Best Financial Strength Rating (FSR).

The NAIC complaint index measures the number of complaints received by an insurance firm in relation to its size. A lower number indicates fewer complaints, and the national average is one. Complaints about homeowners and renters insurance are included.

J.D. Power rankings: A poll of renters insurance consumers and their attitudes toward their supplier. Price, coverage options, and customer service are all included. The national average is 835 points out of 1,000. A.M.

Best FSR: A rating of an insurer's financial strength ranging from D to A++. The higher a company's FSR, the more likely it is to pay claims, especially in times of increased claim demand (such as after a natural disaster) or economic crisis.

Costs of Texas renters insurance vary by city.

Aside from comparing statewide insurance rates, we also conducted a city-by-city examination of how much renters insurance costs in Texas, as well as how each city compared to the statewide average of $26.

The cost of renters insurance varies by state as well. See our renters insurance cost research to see how Texas renters insurance prices compare to national rates.

Methodology

To identify the best renters insurance in Texas, we obtained estimates from six major renters insurance carriers for sample renters in 25 towns across the state. All of our sample plans are written for a single 30-year-old guy who has never claimed on his renters insurance. He has $30,000 in personal property coverage with a $500 deductible and $500,000 in liability coverage.