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Renters insurance in Philadelphia is an affordable way to protect your belongings and finances. Skipping coverage can lead to high out-of-pocket costs in the event of damage from natural disasters, vandalism, and more.
Though Pennsylvania law doesn’t require renters insurance, many landlords include it as a requirement in lease agreements. Even if your landlord doesn’t require it, having renters insurance is a good idea.
Here’s what you should know about renters insurance in Philadelphia.
How renters insurance works in Philadelphia
Renters insurance includes three main coverage components: personal property for your belongings, liability for lawsuits, and additional living expenses if covered damage makes your home uninhabitable.1
Before you select a policy, you need to figure out how much coverage you need. Follow these steps to obtain and use renters insurance coverage.
Make an inventory. List and add up the value of your belongings, including furniture, electronics, clothes, and kitchen gadgets.
Compare quotes. Check quotes from at least a few companies to compare renters insurance rates.
Buy coverage. Choose a policy, pay your premiums, and store your proof of insurance in a safe place. The cost of renters insurance will depend on where you live, how much protection you want, your deductible, and any discounts you might qualify for.
File a claim. You’ll file a claim in the event of covered damage. Companies typically handle renters insurance claims over the phone, online, or through a mobile app.
Best renters insurance companies in Philadelphia
Not every renters insurance company offers the same coverages and features. The best insurer for you will depend on your needs for coverage, customer service, and budget. It’s always a good idea to compare quotes and coverages from multiple insurers before buying a policy.
For example, State Farm is an excellent option for affordable renters insurance and local agent support, while GEICO offers customizable coverage options.
Below, you can compare average rates from some of the best renters insurance companies in Philadelphia. The monthly premiums reflect average insurance costs for Philadelphia renters with $15,000 in personal property coverage.
What renters insurance covers in Philadelphia
Think of renters insurance as a product that protects personal belongings and provides liability coverage when you unexpectedly need it. Standard renters insurance policies cover disasters, theft, and other perils that could otherwise put a strain on your bank account.
A typical Philadelphia renters policy covers the following:
Unique considerations for renters insurance in Philadelphia
Philadelphia renters have a few unique coverage considerations to keep in mind when purchasing a policy. For example, you probably shouldn’t skimp on natural disaster coverage in Philadelphia.
Spring and fall bring the biggest risk of wildfires. Summer heat waves in the city can knock out power for hours or days, which can result in hundreds of dollars’ worth of spoiled groceries. But flooding is likely the most significant issue, as it affects Pennsylvania more than any other state in the country.3
And Philly’s aging properties, low-quality construction, and decades-old plumbing can lead to mold and surprise water damage.4
Here’s what to keep in mind when shopping for renters insurance in the city:
Standard coverage doesn’t include flood protection. You’ll need separate flood insurance that covers flooding damage.
Verify coverage limits for food spoilage. Policies don’t always cover food loss if you experience a power outage or your refrigerator fails.
Look for policies with additional living expenses. This coverage picks up the cost of hotel stays and restaurant meals if covered damage forces you to live elsewhere.
Check for replacement cost coverage. Replacement cost coverage provides enough money to buy new versions of your damaged items. You’ll receive a lower payout if you have actual cash value coverage, which factors in your items’ depreciation.
How to save on renters insurance in Philadelphia
You can find cheap renters insurance without giving up the protection you need. Here are a few tips to help you save on coverage:
Bundle policies. Combining renters and auto insurance can reduce your costs.
Ask for renters insurance discounts. Check if you qualify for discounts for having smoke detectors and deadbolt locks in your rental property.
Get a higher deductible. A higher deductible lowers your premiums, but make sure you can cover the cost when filing a claim.
Invest in a security system. Making break-ins harder for would-be thieves with a security system can lower your insurance premiums.
Shop around. Rates vary widely from one company to the next. Compare renters insurance quotes to get the best deal.
Renters insurance in Philadelphia FAQs
The following information can help answer any questions that pop up while you’re shopping for Philadelphia renters insurance coverage.
Does Philadelphia require renters insurance?
Pennsylvania law doesn’t mandate having renters insurance coverage. But many landlords require it as part of a rental or lease agreement, so check your contract carefully.
How much renters insurance do you need in Philadelphia?
The amount of coverage you need depends on the value of your belongings. Many renters opt for between $15,000 and $50,000 in personal property protection.
How do you file a claim for renters insurance in Philadelphia?
Contact your insurer through its app, website, or phone number to file a renters insurance claim. Share photos and provide details of the damage, including a list of affected items and receipts for additional living expenses. Your insurer will then send you reimbursement for your covered claim.
What do you need to get renters insurance?
You’ll need to provide some information to your renters insurance company. When buying coverage, you’ll likely need to share your address, move-in date, value of personal belongings, and information about security features like smoke detectors or alarm systems in your rental property.
What are the best websites to get renters insurance quotes?
Use insurance comparison sites like Insurify to compare multiple renters insurance quotes at once. You can also get direct quotes from Progressive, State Farm, and other insurance companies.
What does renters insurance not cover?
Standard renters insurance policies don’t cover floods, earthquakes, expensive jewelry (beyond certain limits), your roommate’s belongings, or damage from pests like bed bugs or rodents.
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