Renters Insurance in Milwaukee, WI: Everything You Need to Know

Overview of Renters Insurance

Renters insurance is an insurance policy that protects a renter’s personal property from damage or theft. Policies typically cover:

• Personal property – furniture, clothes, electronics, etc.
• Liability protection – if someone is injured in your rental
• Additional living expenses – pays for temporary housing if your unit is uninhabitable
• Medical payments – covers medical bills for injuries to guests

Renters insurance provides peace of mind at an affordable price, often less than $15 per month. It’s not legally required in most areas, but strongly recommended to protect your belongings.

Average Cost of Renters Insurance in Milwaukee

The average renters insurance premium in Milwaukee is around $10 per month or $115 per year. The national average is approximately $15 per month, so Milwaukee is on the cheaper side.

Factors that affect your renters insurance rate include:

• Personal property coverage amount – more coverage means a higher premium
• Location – some neighborhoods cost more due to claims history
• Deductible amount – higher deductibles mean lower premiums
• Liability limit – standard is $100,000, more coverage costs slightly more
• Discounts – bundling with auto insurance or being claim-free can save you money

Use the chart below to estimate how much renters insurance may cost based on your personal property coverage amount:

What Does Renters Insurance Cover in Milwaukee?

A standard renters insurance policy in Milwaukee covers:

• Personal property – Furniture, appliances, electronics, clothes, dishes, books, and more. Coverage amounts usually range from $15,000 to $30,000.

• Liability protection – If a guest is injured in your rental, liability coverage pays for their medical bills and legal fees if they sue. The minimum is typically $100,000.

• Additional living expenses – If your rental is damaged and unlivable due to a covered peril like fire or theft, this pays for a hotel and restaurant meals for a limited time, often around 12 months.

• Medical payments – Regardless of fault, this covers medical bills for injuries to guests at your rental up to a limit, typically $1,000-$5,000.

Make sure you have enough personal property coverage to replace all your belongings. Renters insurance also covers damage from common risks like fire, lightning, windstorms, hail, theft, vandalism, and water damage from burst pipes.

What’s Not Covered by Renters Insurance in Milwaukee?

There are certain exclusions to be aware of with renters insurance. Some common things not covered are:

• Flood damage – Requires separate flood insurance policy.

• Roommate’s possessions – They need their own policy.

• Expensive items – Jewelry, art, antiques may exceed limits. These require extra coverage called scheduled personal property or floaters.

• Earthquake damage

• Intentional damage

• Auto damage – Need a separate auto policy.

• Pre-existing damages

Carefully review the policy documents to know what is and isn’t covered. Consider supplemental insurance for high-value items that exceed your coverage limits.

Top Renters Insurance Providers in Milwaukee

While rates don’t vary significantly between insurers, you should compare quotes for the best deal. According to MoneyGeek, the top renters insurance companies in Milwaukee are:

• Allstate – Rates as low as $87 per year, perfect affordability score, and high customer satisfaction. Unique identity theft and digital asset protection available.

• State Farm – Average rates around $115 per year. Allows you to easily increase jewelry and business property coverage. Offers inflation protection.

• American Family – Local Wisconsin company with cheap rates starting around $100 per year. Coverage for identity theft and credit monitoring available.

Get quotes from these and other insurers like Farmers, Liberty Mutual, Travelers, and more. Look for discounts like bundling renters with auto or being claim-free.

How to Buy Renters Insurance in Milwaukee

Follow these steps to get renters insurance in Milwaukee:

• Determine coverage amount – Inventory your possessions and total their replacement cost. Pick a personal property coverage limit to match.

• Compare rates – Get quotes from multiple companies. Look for bundling discounts.

• Pick a deductible – This is what you pay out-of-pocket for a claim. A higher deductible lowers your premium.

• Review policy terms – Understand exclusions, limits, and optional coverages before signing up.

• Provide details – When applying, you’ll give your rental address, date of birth, claims history, and more.

• Make payments – Pay premiums monthly or in full. Set up autopay to avoid lapses.

• File claims – If you suffer a loss, file a claim right away per your insurer’s guidelines.

Tips for Saving on Milwaukee Renters Insurance

Follow these tips to get the cheapest renters insurance in Milwaukee:

• Compare quotes from at least 3 to 5 different insurance providers. Rates can vary up to $30 or more per year between insurers.

• Raise your deductible from $500 up to $1,000 or more. This cuts your premiums substantially.

• Ask about discounts like multi-policy, security system, good payer, and more. Every insurer offers different ways to save.

• Maintain good credit which can significantly reduce your rates on renters insurance.

• Review coverage annually and adjust as needed to avoid overpaying for more coverage than you need.

• Bundle your renters policy with auto insurance from the same provider for a multi-line discount.

Is Renters Insurance Required in Milwaukee?

Renters insurance is not required by law in Milwaukee or elsewhere in Wisconsin. However, your landlord may require you to have a policy as part of the lease agreement. Even if not mandatory, renters insurance provides cheap peace of mind so your possessions are protected.

Key Takeaways

• Renters insurance in Milwaukee costs approximately $10 per month or $115 per year on average
• It covers your personal property, liability, additional living expenses, and medical payments
• Top insurers are Allstate, State Farm and American Family
• Compare quotes to find the cheapest rate
• Raise deductibles, look for discounts and bundle to save
• Not legally required but highly recommended for all renters

Renters insurance provides affordable protection. Review your coverage options and consider getting a policy today to properly cover your personal possessions as a Milwaukee renter.