Renters Insurance in Arizona

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Cheapest Renters Insurance in Arizona

The average cost of renters insurance in Arizona is $20 a month, or $238 a year. This is close to the national average of $219 a year, but we found annual premiums as low as $165. That means you can protect your belongings from wind, fire, theft and other events for only a few bucks a month.

Our comprehensive guide to renters insurance in Arizona, includes:

Cheapest renters insurance companies in Arizona

Although renters insurance in Arizona costs only $20 a month in Arizona on average, you can save even more money on a policy by comparing rates from multiple insurance companies. Amica is the cheapest renters insurance company in our study, with an average rate of $205 a year, or $17 a month.

Company Average cost per month
Allstate $230
Farmers $303
Travelers $181
Nationwide $272
Amica $205
Note: Average rates are based on online quotes from provider websites. Your rates may vary.

If you're looking to find even cheaper rates, there are a handful of things you can do to lower your premium. For example, you can:

Best renters insurance companies in Arizona

Renters insurance companies in Arizona can offer different types of options, customer service, and discounts. We researched renters insurance companies in Arizona to help you find the best insurance company for your needs.

Best rates: Travelers

If you want the cheapest rates in Arizona, we recommend looking at Travelers' renters insurance policy. Travelers has an average annual premium of $181, which is 27% lower than the state average. On top of cheap rates, Travelers also offers a few discounts, including a bundling discount, a no-claim discount and a protective device discount.

Best for coverage options: Nationwide

On top of standard coverages you would typically see in a renters insurance policy, Nationwide also provides credit card coverage as well as building additions and alterations coverage. Building additions and alterations coverage pays for alterations, improvements or installations in your home if they are damaged due to a covered loss.

Nationwide also offers optional coverages such as water backup, valuable plus and theft extension coverage. Valuable plus and theft extension coverages provide additional protections for expensive items and personal belongings that are in or on any motor vehicle, trailer or watercraft.

How to compare Arizona renters insurance companies

Many national companies offer renters insurance in Arizona, like State Farm and Allstate. If you're deciding between multiple renters insurance companies, you compare their customer service and satisfaction ratings. Here are some of the top renters insurance companies in Arizona, along with customer satisfaction ratings.

Company 2021 J.D. Power overall satisfaction (out of 1,000)
Allstate 833
Farmers 831
Travelers 815
Nationwide 834
Amica -
Note: Ratings from J.D. Power 2021 U.S. Home Insurance Study.

Taking J.D. Power ratings into account, both Nationwide and Allstate have the strongest customer service.

Cost of renters insurance in Arizona by city

Renters insurance rates vary from city to city in Arizona. Phoenix has an average rate of $270 a year, which is the most expensive average annual rate of the cities we surveyed. Gilbert has the least expensive rate of $238 a year.

City Average annual premium
Phoenix $270
Tucson $255
Mesa $243
Chandler $243
Scottsdale $244
Glendale $244
Gilbert $238
Tempe $244
Peoria $243
Surprise $245
Note: Average rates are based on online quotes from provider websites. Your rates may vary.

Renters insurance quotes in Arizona

Getting the most out of your renters insurance policy starts with your quote. It can be tempting to just go with the cheapest quote, but all quotes are not made the same. We recommend taking coverage limits and the replacement type into account.

Coverage limits are an important part of your quote because they indicate the maximum amount of money the company will pay out after a covered loss. There are normally four coverage limits:

  • Personal property
  • Personal liability
  • Medical payments to others
  • Loss of use

For instance, imagine your personal property coverage, which protects your belongings, has a coverage limit of $15,000. If you experience an apartment fire and find that you have $25,000 of damaged belongings, your policy won't cover all of the damage. This can leave you with a massive bill. That's why paying attention to coverage limits is important. Your stuff can add up quickly, so you should be sure your coverage reflects its value.

Actual cash value vs. replacement cost value

Your quote will specify whether your coverage is actual cash value (ACV) or replacement cost (RC). ACV policies factor depreciation into a claims payment, while RC policies do not.

For example, imagine you have a $2,000 couch that is destroyed in a fire. If you have a replacement cost policy, renters insurance will reimburse you based on the cost to replace your couch. On the other hand, if you have an ACV policy, the insurance company will factor in depreciation. So, if your couch depreciated by 50% since you bought it, you'll only be reimbursed based on the depreciated value, which is $1,000.

RC policies are typically more expensive than ACV policies because they provide more coverage. That means although RC policies are not the cheapest option, they provide more protection, making them a good choice if you want to minimize out-of-pocket costs after a disaster.

Arizona renters insurance laws and regulations

Every state has a department of insurance that regulates the insurance industry. All insurance companies in Arizona are subject to the rules set by the Arizona Department of Insurance. The regulations protect people with renters insurance by setting guidelines for canceling, renewing and altering policies, among other rules.

Renters insurance is not required by law in Arizona, but landlords can require their tenants to have renters insurance. Your landlord probably has an insurance policy that covers your home's structure, but landlord insurance does not cover your belongings. That's why we recommend that all tenants have their own renters insurance policy.

Methodology

We collected quotes from 51 addresses in Arizona for a renters insurance policy. We used the following coverages:

  • $30,000 personal property coverage
  • $500 deductible
  • $100,000 personal liability
  • $1,000 medical payments to guests
  • Loss of use: 30%

We used quotes from the following insurance companies:

  • Allstate
  • Farmers
  • Travelers
  • Nationwide
  • Amica

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