Renters Insurance Washington

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Finding the Best Renters Insurance in Washington

In Washington, more than a third of residents live in rented residences. If you're reading this now, there's a good chance that you are in search of the best renters insurance in Washington. Re. Before going into that, though, you might want to know what you gain when you opt for renters insurance. You might be aware that your landlord has insurance, but that is only to protect their asset, which is the building you have rented. Suppose you are responsible for any damages sustained to the property or any damages to any of your personal possessions. In that case, your landlord's insurance won't cover that, and you will be bound to pay out of your own wallet. If anyone is accidentally injured on your rented property, or there is any need for relocation if the property becomes uninhabitable, renters insurance can save you from having to part with your hard-earned money. You might be looking for the best renters insurance in Washington, or maybe just cheap renters insurance, but we are here to make sure you get the best renters insurance for you.

An Overview of Renters Insurance in Washington

Washington places at 30 when ranking the costs of premiums for renters insurance in the United States. The average cost of renters insurance in Washington is $163 every year, according to the Insurance Information Institute, which is below the national average, but not by a considerable amount. That comes to an average premium of $13.58 every month. This doesn’t seem like a lot of money, but when you realize that 45.2% of renters in Washington spend more than 30% of their income on rent and utilities, it makes sense that every dollar counts. However, that will become more evident in the case of any additional costs that could have been covered by renters insurance. In Washington, you’ll find yourself paying as much as $16 a month or $192 a year – some of the highest prices - if you live in Tacoma. Meanwhile, residents of Lacey pay as little as $14 a month or $168 annually, closer to the average cost of renters insurance in Washington.
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Is Renters Insurance Required in Washington

If you have been asking yourself whether or not renters insurance is required in Washington, then the answer is that renters insurance is not made mandatory by state law. Regardless of this, a landlord may require their tenants to have valid renters insurance as part of the lease agreement. This type of arrangement protects the landlord in a manner, as they can then be assured that payment for any damages will not be dependent on your financial stability at the time. Irrespective of whether the landlord requires it, it is always in your best interest to have renters insurance to keep yourself protected in case of any unexpected circumstances. After all, the state of Washington has a property crime rate that is higher than the national average, meaning your personal belongings are more likely to be stolen or damaged, and in the event of such, you’ll be glad to have opted for renters insurance. Though Washington is relatively safe from natural disasters historically, renters insurance typically protects against extreme weather conditions like hailstorms or lightning, which may make the property uninhabitable.

How Much is Renters Insurance in Washington

Although the average renter's insurance rates in Washington are below the national average, the premium paid for renters insurance can differ based on various factors. For instance, your credit score or the city you live in can greatly impact the amount you pay for renters insurance annually. Larger cities like Seattle and Tacoma will most likely present with higher annual renters insurance premiums than smaller population centers, such as Lacey or Olympia, which would be more likely to provide low-cost renters insurance in Washington. Not only that, but factors that may indicate an increased likelihood of damage to property or personal possessions - such as owning pets or living with a higher number of tenants – can influence the premium that you may be charged. We have compiled information on the average costs of renters insurance in Washington to make the process of finding great renters insurance so much easier for you.

What Does Renters Insurance Cover in Washington

By this point, you may be getting interested in getting insurance on your rented property in Washington, but first, you want to know the answer to the question, "what does renters insurance cover in Washington?". Well, the most basic packages will include at least' personal property coverage' – that is, coverage against damage or theft of your personal belongings – and 'liability coverage', which is to provide insurance against injury of another individual ultimately due to your negligence while on your property. Some plans will include liability coverage even in the absence of negligence, known as 'no liability coverage'. There is also known as 'loss of use coverage, which kicks in to pay for any expenses that may arise in finding alternative residency if your rented property is uninhabitable. For precious items that the policy's value cannot cover in that regard, the extra coverage can be purchased to cover the full value of the item in case of damage or disappearance. It is important to pay a premium that provides coverage for as many potential circumstances as possible.
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Best Renters Insurance Companies in Washington Based on Consumer Ratings

If you’ve decided to go through and get a renters insurance plan, you’ll want to know the best renters insurance company in Washington. When considering companies, it is important to know that the premiums between different companies vary, but understand that price is not always directly related to quality. In comparing different insurance companies, rating systems like JD Power and NAIC can prove invaluable. For instance, State Farm has a full JD Power rating of 5 and an NAIC rating of 0.35, which essentially means they receive 35% of the complaints normally expected of a company of their caliber. The USAA, though only open to military personnel, has a JD Power rating of 5 and an NAIC rating of 0.49. On the other end of the spectrum, however, Allstate received a JD Power rating of 2 out of 5 and had a high NAIC Complaint Index of 0.77. However, the lowest NAIC score goes to Chubb with 0.12, while the highest is The Hartford with a shocking 1.90. View our table below to view and compare these ratings between companies easily.

Compare Renters Insurance in Washington for the Best Rates

With all the knowledge you have gained by this point regarding renters insurance, the final step is to figure out which provider to choose, and that honestly comes down to your personal criteria. While the insurance premiums cost is a major factor to consider, the relatively low price per month may make that criterion easy to gloss over. It is important to compare renters insurance companies in Washington to select the one that is best for you. Which types of coverage do you consider to be the most important? Do you have any expensive valuables that might need extra coverage, and which provider can give you that at the best price? Do you have automobile insurance on any provider, and will they offer you multi-policy benefits if you stay with them for renters insurance? Do you have sprinklers in your home that will open you up for a discount on your premium? These are the questions you need to ask to ensure that you can move towards the best renters insurance in Washington and leave you with a smile on your face and peace of mind.