The Top 7 Renters Insurance Providers in Wisconsin for 2023

Renting a home or apartment in Wisconsin comes with risks like theft, fire damage, and liability claims. That’s why renters insurance is so important – it protects your personal belongings and provides coverage in case someone is injured in your rental.

But with so many renters insurance companies to choose from, how do you know which one is the best fit for your needs?

This comprehensive guide examines the top renters insurance providers in Wisconsin based on cost, coverage, discounts, financial strength, and customer satisfaction. We’ll go over who we picked as the best and help you understand what to look for as you shop for renters insurance.

Our Top Picks for the Best Renters Insurance in Wisconsin

After extensive research, we chose the following renters insurance companies as the top providers in Wisconsin:

• Lemonade – Our top pick overall
• State Farm – Most affordable premiums
• Allstate – Best for retirees
• Liberty Mutual – Most discounts
• American Family – Top pick for customer service
• Nationwide – Best add-on endorsements
• Travelers – Coverage for high value items

Next, we’ll take a closer look at each company and why they stand out.

Lemonade

Lemonade is our choice for the best overall renters insurance in Wisconsin. Here’s why it stands out:

• Low cost: Average monthly premiums of $15, among the lowest prices for renters insurance in the state.
• Fast claims: Lemonade uses AI and an automated claims process for ultra-fast payouts.
• Giveback program: Unused premiums go to charitable causes voted on by customers.
• Discount for renters insurance bundled with other policies.
• Available earthquake coverage: Not included with most basic renters insurance policies.

The mobile app and bot-powered customer service cater to tech-savvy renters who value speed and efficiency. However, the lack of human agents may not work for everyone.

State Farm

State Farm offers the most affordable renters insurance premiums in Wisconsin, with average monthly costs around $10.

Pros:

• Very low rates, best for renters on a tight budget
• Bundling discount available
• Large insurer with over 90 years of experience

Cons:

• Limited discount opportunities beyond bundling
• Higher deductibles with basic policies

As the #1 provider of renters insurance nationwide, State Farm has a strong reputation for customer service and claims satisfaction. The basic policies favor affordability over customization, but additional coverages can be added.

Allstate

Allstate stands out for its 25% discount on renters insurance for retirees over age 55.

Pros:

• Sizeable discount for retired tenants over 55
• Bundling options to save money
• Established company with high financial strength ratings

Cons:

• Rates may be higher than competitors in some areas
• Lots of variability in cost between ZIP codes

Retirees who want to save on renters insurance should consider getting a quote from Allstate. Their products provide extensive coverage options tailored to renters’ needs.

Liberty Mutual

Liberty Mutual offers the most opportunities to save on renters insurance in Wisconsin through discounts.

Pros:

• Wide range of discounts to lower your rate
• Customizable coverage for valuables
• Streamlined claims process

Cons:

• No discount for protective devices like some other insurers
• Rates may be higher than average in Wisconsin

While Liberty Mutual isn’t the cheapest, all the potential savings through discounts like bundling and paying annually can add up. Policyholders also appreciate the enhanced coverage for personal property.

American Family

American Family stands out as a top pick for customer service and local expertise as a Wisconsin-based insurer.

Pros:

• Headquartered in Wisconsin
• Superior customer service ratings
• Bundling discounts

Cons:

• Online quotes not available
• Fewer discounts than some national competitors

Renters who want to work with a local company may appreciate American Family’s reputation for strong customer satisfaction and service. There are lots of ways to get quotes and talk to an agent.

Nationwide

Nationwide offers the most flexibility to customize your renters policy in Wisconsin.

Pros:

• Many add-on endorsements like water backup protection
• Higher coverage limits available
• Coverage guarantee if rates rise

Cons:

• Rates tend to be higher than competitors
• Online quotes only show bundled pricing

Nationwide policies really distinguish themselves with the range of optional coverages and ability to tailor the policy to your needs. Customers can get additional protection for valuables, property risks, and liability.

Travelers

Travelers provides robust coverage options for renters with expensive belongings.

Pros:

• Can insure high value items like jewelry, art, and electronics
• Replacement cost coverage on personal property
• Water backup add-on option

Cons:

• Limited discounts beyond bundling
• Mixed customer service reputation

For renters with costly possessions to cover, Travelers is a good choice. With additional coverages, you can get guaranteed replacement cost coverage even for items like jewelry.

What To Look For in Renters Insurance in Wisconsin

When picking the best renters insurance company for your needs, here are key factors to consider:

Cost: Compare quotes from multiple insurers to find the best rate. Ask about any ways to save through bundling or discounts.

Coverage inclusions: Make sure the policy provides adequate coverage limits and protection for your most valued possessions.

Optional add-ons: Look for a company that offers endorsements to expand your protections as needed. Flood insurance, for example.

Company ratings: Choose a financially stable insurer with positive customer satisfaction scores. These indicate good claims service.

Deductible: Pick a deductible you can afford to pay out-of-pocket if you have a claim. A lower deductible costs more per month.

Discounts: Finding a company that offers lots of discounts or reductions can potentially save you hundreds on your policy over time.

Average Cost of Renters Insurance in Wisconsin

The average annual premium for renters insurance in Wisconsin is approximately $215 per year, based on our rate analysis. That breaks down to around $18 per month. However, your individual premium will depend on your desired coverage limits, deductible, and the insurer you select.

Here are some of the main factors that affect renters insurance costs in Wisconsin:

• Location: Premiums tend to be higher in urban areas like Madison and Milwaukee that have elevated property crime risk.

• Apartment vs. house: Insuring a rented house typically costs more than an apartment.

• Coverage limits: Higher coverage for personal property and liability raises your costs.

• Deductible: Choosing a lower deductible increases your monthly premium.

• Discounts: Taking advantage of available discounts from your insurer helps lower your premium.

• Personal property value: The higher the value of your belongings, the more it costs to insure them.

Bundling your renters policy with auto or life insurance from the same provider is one of the best ways to save money. Make sure to ask about available discounts when getting quotes.

Typical Renters Insurance Claims in Wisconsin

These types of losses are some of the most common renters insurance claims in Wisconsin:

• Theft: Burglary and theft make up a large share of renters insurance claims. Wisconsin has over 100,000 property crimes per year.

• Fire damage: Cooking fires account for the biggest share of home fires in the U.S. Heating equipment fires are also common.

• Water damage: Burst pipes, appliance failures, and water leaks all frequently create water damage claims for renters.

• Storm damage: From winter storms to tornadoes and hail, Wisconsin weather can wreak havoc. Make sure your policy covers wind, snow, and other storm losses.

• Liability claims: If someone gets injured in your apartment and claims it’s your fault, your renters insurance can provide coverage for their medical bills and other costs.

Choosing appropriate coverage limits and endorsements can help make sure you have adequate protection against the most likely losses.

Is Renters Insurance Required in Wisconsin?

Wisconsin state law does not mandate renters insurance for tenants. However, many landlords require you to carry a minimum level of coverage as a condition of your lease.

Even if it’s not obligatory, renters insurance is highly recommended to safeguard your personal belongings. The landlord’s insurance only covers the dwelling itself, not your possessions inside.

Without renters insurance, you could face major out-of-pocket costs if your items are damaged or stolen. A policy also gives you liability coverage in case someone is injured in your rental.

Before signing a lease, check to see if your landlord requires you to purchase renters insurance. If so, make sure you understand the minimum policy limits and any other requirements.

Tips for Finding the Best Renters Insurance in Wisconsin

Follow these tips when shopping for the ideal Wisconsin renters insurance policy for your situation:

• Get quotes from multiple insurers to compare coverage and pricing. Rates can vary significantly between companies.

• Ask about discounts like bundling with auto insurance or paying annually to save money.

• Insure your possessions for their replacement cost, not just their depreciated value. This provides better coverage.

• Consider flood insurance since it’s not included in standard policies.

• Review policy exclusions carefully so you know what’s not covered.

• Pick a deductible you can afford to pay out-of-pocket if needed.

• Read online reviews and ratings to gauge customer satisfaction before choosing an insurer.

• Talk to an agent if you want expert guidance building the right renters policy.

The Bottom Line

Securing renters insurance is an important step for tenants in Wisconsin seeking protection for their belongings and peace of mind.

For an all-around excellent value, we picked Lemonade as the best overall choice. But make sure to compare quotes from several of the top insurers.

Key factors to evaluate include premium costs, coverage inclusions, discounts, ratings, and customer service reputation.

Getting renters insurance rates from a few different providers takes just minutes. But it could end up saving you hundreds of dollars per year and give you greater security as a renter.