Choosing a renters insurance policy is an important step in the apartment search process. Not only do many landlords require you to have some sort of coverage, but it provides considerable peace of mind.
However, needing something doesn’t justify overpaying for it. You still need to shop around to find the best deal. Most insurance companies will provide you with the same or similar coverage, so don’t worry about a cheaper policy exposing you to too much risk, although coverage will vary from policy to policy.
In Alabama, the average cost of rental insurance is $239/year. But, as you will see, this number varies quite a bit and may not reflect what’s realistic for you. Yet when it comes time to pick an insurance company, you have lots of choices, and this competition helps make it easier to get a great rate. To help you find the best deal, we’ve researched who’s offering the cheapest quotes. Below you will find the five companies who offer the cheapest renters insurance quotes in Alabama:
State Farm – $289/year
Headquartered in Hartford, Conn., State Farm is one of the largest insurance companies in the entire country. Most of us know this company from its car insurance ads, but they also offer a competitive renters insurance policy for Alabama residents. Of course, the actual quote you receive may be slightly less depending on the type of property you are currently renting.
As a result, your search for renters insurance should start here, and if you happen to have another State Farm policy, make sure to ask about bundling, as this can often save you a good bit of money on both policies. But keep in mind that that this lower rate is in part due to the fact that water and sewer damage are not covered by standard policies. If you need to add this protection—because you live near the coast and flooding is a risk—your actual quote may be higher.
Liberty Mutual – $399/year
Another large, national company, Liberty Mutual could be a good option for you, especially if you already have an existing policy with the company. However, the quote we received of $399 per year is more than $100 more than that which we received from State Farm. However, Liberty Mutual is known for having above average customer service, so keep that in mind as you’re collecting quotes for your policy.
Allstate – $480
Another company that is perhaps better known for their car insurance, Allstate also offers some excellent renters insurance policies. For example, unlike other companies, Allstate’s renters insurance policies include coverage for water and sewer damage, and they also tend to have higher replacement values for more expensive items, meaning you can get all or most of your money back in the event of a loss.
However, the quote we received is significantly higher than those received from State Farm and Liberty Mutual, so this extra coverage will come at a cost. If you feel you need protection from these risks, then Allstate could be a great option for you. And if you have the chance to bundle with auto insurance, you may be able to save, making these extra benefits all that much more attractive.
Farmers – $530
Farmers offers some of the more expensive renters insurance quotes in Alabama, but its policies have some interesting features which may make the extra money worth it. For example, Farmer’s offers variable deductible policies, meaning you can adjust how much you will be responsible for based on the item being covered.
For example, if you own some expensive jewelry you’re worried could be stolen, you can set a lower deductible for these items than for, say, electronics. This allows you to have more control over the price of your policy, although, on average, Farmers gives more expensive quotes than some of the other companies we contacted.
Nationwide – $635
Nationwide provided us with the most expensive quote on this list, but there are still reasons to buy an insurance policy from this company. First, it provides you with the opportunity to fully customize your policy so that you can get coverage for what you need and avoid paying for what you don’t.
Furthermore, Nationwide is known for having some of the best customer service in the insurance industry. However, all of these extras do come at a cost, and they might not always be relevant to you, so keep this in mind as you compare quotes.
Choosing the right renters insurance company can be difficult no matter which state you call home. However, our research has helped uncover which companies tend to offer the cheapest quotes. Of course, your exact rate will depend on a number of different factors, but we recommend you get quotes from the five companies on this list and compare prices and coverage so that you can stay protected without breaking the bank.