8 Best Renters Insurance Companies in Arizona of 2023

If you’re renting a property in Arizona, such as a house or an apartment, you should strongly consider purchasing a renters insurance policy. 

Renters insurance protects your belongings during an emergency or an unforeseen event.

For example, if there’s a kitchen fire in your rental, your renters insurance coverage can reimburse you for the loss of use of your damaged belongings.

Choosing the right renters insurance policy involves looking at prices, coverage options, and customer service.

A good rule of thumb about purchasing renters insurance is that if you can't afford to replace your belongings, you should purchase renters insurance.

According to PropertyNest research, the average cost of basic renters insurance in Arizona is $16.67 per month.

Fortunately, you can find renters insurance in Arizona that is relatively cheap and cost less than the state average.

With all the different companies, it can be hard to decide which is best for you. We researched the top insurers and put together the renters insurance providers that offer the most affordable renters insurance in the state.

Compare Renters Insurance Rates in AZ

The Best Renters Insurance in Arizona

• Lemonade – Best Online Presence
• Allstate – Best Affordable Renters Insurance
• Liberty Mutual – Best for Additional Coverage
• Progressive – Best for Discounts
• State Farm – Best for Local Agents
• American Family – Best for Diminishing Deductible
• Farmers Insurance – Best for Personal Property Coverage
• Amica Mutual – Best Policy That Allows You to Save For Buying a Home

Lemonade: Best Online Presence

Lemonade insurance is powered by artificial intelligence, which means that the insurer only does business online.

There are no physical offices, live agents, or customer service reps.

Using the website or the mobile app means you can do everything online.

And because technology often translates to saving time, using either the site or the app allows you to take care of your insurance needs whenever you like, and wherever you are.

You can sign up for a policy, adjust your coverage, add-on additional coverage, file claims, ask questions online, and do many more things.

Lemonade’s monthly premiums start as low as $5.

That’s because Lemonade’s renters insurance is so basic that it necessitates customers to increase their coverage limits.

If you increase coverage for personal belongings by adding $25,000, you will only be paying for that coverage for $3.17 a month, which is cheap. But when you add that to the basic policy cost, you’ll usually end up paying $15 a month.

Read a full editor's review of Lemonade's home insurance.

Allstate: Best Affordable Renters Insurance

Allstate is the second most affordable renters insurance in Arizona.

Allstate’s rates were among the most affordable we found, costing only $14 per month. That’s only $2 more per month than the cheapest insurer, State Farm.

And your premium can be even lower if you take advantage of the insurer’s discounts.

If you bundle renters and auto insurance with Allstate, you get 10% off your auto policy and 25% off your renters policy.

That leads to a lot of savings.

You can also lower your premium if you are claims-free and enroll in autopay. And if you are retired or older than 55, you also get a discount.

People of that certain age get a discount because they are often home all day. Burglaries often happen during the day because that’s when most people are at work. But a burglary when the person is home during the day significantly lowers your chance of theft.

Read a full Allstate renters insurance review.

Liberty Mutual: Best for Additional Coverage

Besides its very competitive rates, Liberty Mutual is also known for offering add-ons or riders so you can expand coverage to protect your personal property in full.

Some of Liberty’s best add-ons include:

Blanket Jewelry Coverage

This added coverage kicks in when your jewelry gets damaged or stolen. You’ll have enough coverage to fully cover that diamond ring, unlike a basic policy that only pays up to the policy limit.

Replacement Cost Coverage

ACV or actual cash value comes standard in Liberty Mutual’s basic renters policy. So, if your property is damaged or destroyed due to a covered peril, the basic policy will only reimburse you for the depreciated value.

But if you purchase replacement cost coverage, the insurer will pay in full the amount needed to replace, say, your laptop. If your laptop is three or four years old, unlike ACV, you’ll be reimbursed for a new laptop at today’s price.

The average cost of Liberty Mutual’s renters insurance in Arizona is an affordable $15 a month.

But because each add-on has a cost, and because you need these add-ons for comprehensive coverage, your premium will be around $20 per month, which is high in comparison to other similar insurers.

Read a full Liberty Mutual home insurance review.

Progressive: Best for Discounts

Progressive teams up with third-party insurers to provide renters insurance.

It is the best in its class because of the many discounts it offers policyholders that will drive down their premiums.

That’s necessary, as Progressive’s basic renters insurance policy in Arizona is a high $23 a month, higher than any insurer on our list.

Without the discounts, it’s safe to say that Progressive is unaffordable to many.

In any event, since there are many discounts to choose from, here are the most popular ones.

Read a full Progressive renters insurance review.

State Farm: The Most Affordable Renters Insurance

State Farm is a large industry-leading insurance company. Going with a nationally-renowned renters insurer with 19,000 agents across the states means you’ll be financially protected.

You don’t have to worry about when this insurer will reimburse you for your claim and how long it takes. A behemoth company like State Farm has the financial strength, giving you peace of mind after you make a claim.

Because State Farm is so large, it can afford to give you great customer service and affordable prices.

On average, and without extra coverage, renters insurance with State Farm costs only $12 for a basic policy with $20,000 in personal property coverage, $100,000 in liability coverage, and a $500 deductible.

Meanwhile, Arizona's average renters insurance cost is $17 a month.

The national average is $19 a month.

This means State Farm costs are lower than the standard average in Arizona and even lower than the national average.

With great rates, State Farm offers optional coverage that you can add to your policy.

This includes earthquake coverage, identity restoration, additional business property (pays for laptops and printers if you do business in your home), and additional liability coverage.

Read a full State farm renters insurance review.

American Family: Best for Diminishing Deductible

American Family Insurance has an advantage over similar insurers. It offers a diminishing deductible, which you rarely see in competitors.

Diminishing the deductible means, that after you purchase a policy with the company, your deductible will automatically decrease with each renewal.

There’s only one catch: you can only get diminishing if you haven’t made a claim.

But it works in your favor when you do file a claim. If the claim is approved, your out-of-pocket expenses will be lower.

The company also features four main riders for renters insurance in Arizona. It’s a good mix of the common and the unique.

Pet insurance

This rider covers up to $1,000 in veterinary and funeral expenses.

Identity theft

This reimburses you the cost of restoring your stolen credit and identity.

Home business

This protects your property business items like a laptop or a copy machine for people who work at home at a small-scale business.

Travel

This covers theft, trip cancellation, and global medical insurance when traveling in the U.S. or abroad.

In addition, American Family has a good number of discounts that can lower your premium.

They are common, but they are also easy to qualify for. For example, if you pay your premium in full, bundle your policies, or meet certain age requirements, you’ll get a percentage off for each.

However, one major downside of American Family is that you can’t purchase renters insurance online.

Farmers Insurance: Best for Personal Property Coverage

Farmers will not only cover theft from your rental, as other insurance companies do but will also go the extra mile to pay you if you experience a loss due to theft from your car or rental vehicle or theft that occurs in your hotel room while traveling.

The company is most noted for its floater insurance.

Floater insurance is a type of policy that covers personal property or goods located in any place and while they are being moved from one place to another.

It provides additional coverage over what other insurance policies do not.

It is a separate policy not included in a basic policy that is best for expensive personal belongings like collectibles or jewelry.

To qualify, your personal belongings must be valued at above $500.

Occasionally, a floater will cover one thing, like a diamond ring.

However, a floater comes with high fees. For example, if you have $20,000 in scheduled jewelry on a policy, you can expect to pay $200 to $400 per year. 

But higher fees give you higher coverage.

Also, the Farmers mobile app is intuitive and easy to navigate. You can access bills and payments, policy documents, claim to file, and coverage management.

Amica: Best Policy That Allows you to Save For Buying a Home

Renters insurance will cover your rental apartment or rental house, but have you ever heard of an insurer that allows you to save to buy a home in the future?

You’d think Amica renters insurance would like to keep you on as a policyholder.

But if you’re renting and plan on owning a home or a condo someday, Amica lets you start saving now.

Here’s how it works.

You can earn a $100 credit for each year you have the policy, accruing up to $500.

Then you can apply these credits toward a future Amica home insurance policy ($100 per year).

Amica is also a solid, affordable insurance company, and it earned good scores from insurance review websites for the number of discounts it offers, its claims handling process, and the types of insurance options it makes available.

However, when it comes to customer reviews and ratings, Amica gets an average rating compared to its top competitors.

Plus, Amica’s NAIC rating is 1.95, which means the company has received more complaints than its industry peers.

Consumer complaints about Amica focus on poor customer service, unexpected surcharges, delays in claims payments, and unsatisfactory settlements.

The delays and settlements suggest that, despite receiving an excellent grade from AM Best, Amica has average financial strength.

This explains why, in certain instances, Amica can’t reimburse you after a claim promptly.

Read a full Amica renters insurance review.

Is Renters Insurance Mandatory to Rent an Apartment in Arizona?

Renters insurance is an important measure renters should take when renting an apartment in Arizona.

Although renters insurance is not mandatory by law in the state of Arizona, it may be required as a condition of signing a lease agreement with certain landlords.

Having renters insurance can prove financially beneficial for renters as it helps protect their property and assets from loss due to theft, fire, vandalism, and other unexpected incidents.

To ensure renters are fully aware and equipped with the knowledge necessary to protect their assets within their rental unit, they should ask their landlord if renters insurance is required before signing a lease agreement.

Why Do You Need Renters Insurance?

Besides the four policies that come standard with renters insurance, you should purchase the insurance if your expensive laptop gets stolen or is damaged due to unexpected events that you can’t know about, like natural disasters.

With renters insurance, your policy will pay for the laptop.

If you didn’t have renters insurance and your laptop was stolen, you’ll have to pay out of pocket for a replacement.

However, if you lose that laptop, that’s not covered.

What is the Average Cost of Renters Insurance in Arizona?

The average price of renters insurance in Arizona is $204 a year, or $16.67 a month.

These costs are for a policy that includes personal property coverage of $15,000, liability coverage of $100,000, and a deductible of $500.

You should always compare renters insurance quotes to find the cheapest policy that covers your needs.

What Determines Your Renters Insurance Premium?

The premium you pay differs from another policyholder. Each person will get a different quote due to certain factors.

The following factors determine your premium.

No Flood Area

If you live in a neighborhood that is not prone to flooding, your rate will be low.

However, if you live in an area where hurricanes and flood damage are common, such as in Phoenix, you’ll most likely pay more.

Crime Rate

You'll also pay more if your city or suburb has a high crime rate.

Safe Neighborhood

You'll pay less if you live in a safe, crime-free neighborhood and have installed security cameras or alarm systems.

The safer your rental, the less chance you’ll have of a burglary happening.

Fire Department Proximity

If you live near a fire hydrant or live near a professional, not volunteer, fire department station, your premium will be reduced.

Gated Community

If your rental is in a gated community or is fortified by guards, or if you have a doorman or live on a high floor in an apartment complex, you’ll also pay less.

These additional securities mean insurers will worry less that you’ll make a claim.

Credit Score

You'll get a cheaper rate if you have a high credit score above 700.

If your score is low, around under 650, you can expect a higher premium.

Claims History

You'll pay less if you have never made a claim for a period that your insurer decides.

High-Priced Possessions

You'll pay more if you plan on insuring high-value personal belongings with additional coverage.

Additional coverage, or an add-on, mostly comes with a fee for most insurers. So, your premium will go up if you purchase extra coverage.

Pets

Dog bites are common. Your liability insurance covers injuries caused by your dog, but you will pay a higher premium if you have a breed that is considered high-risk, such as a pit bull or a Doberman pinscher.

Some insurers will flat-out not cover these types of dogs.

Deductible

If you raise your deductible, your rate will be lowered.

Claims History

If you have never made a claim before with another insurer and then move on to a new insurer with a clean record, your rate will go down.

The Insurer You Choose

Your premium will vary from company to company for the same level of coverage.

This is why it’s essential to compare policies from different companies so you can make an educated decision.

How to Get Affordable Renters Insurance in Arizona

Get Multiple Quotes

The easiest way to get affordable renters insurance in Arizona is to get quotes from as many insurers as possible.

Then compare the quotes from different companies.

Usually, you can get an instant quote on the insurer’s website.

But if you can’t because you need to complete you application by speaking to a live agent, this takes away from your precious time and can raise a red flag.

The less convenient it is to get a quote, the more you’ll turn to other insurers who have a good online presence.

• Get Discounts: All renters insurance companies offer discounts that can lower the cost of your premium. Here are a few discounts you can get in Arizona.
• Multi-Policy: Bundling renters and auto insurance with the same company will get you a discount.
• Being Claims-Free: If you don’t make a claim in a set period of time determined by your insurer, you’ll receive a discount.
• Home Security: If you install a security system, a smoke detector, or an alarm, you’ll get a discount. If your rental building has security cameras and doormen, that’s even better.
• Paperless: If you go paper-free and choose to receive information about your policy electronically, you’ll also get a discount.
• Payment: If you sign up for autopay using your checking account, you’ll get a discount.
• Coverage Options: You should always check an insurer’s coverage options.

What Does Renters Insurance Cover?

In Arizona, the standard renters insurance policy covers liability, theft, medical treatment, and loss of use.

But no matter what the state, the standard policy never changes from what it offers.

What makes a basic policy unique is the customization you can get to tailor your policy to your needs, as well as any add-ons or endorsements you may want to purchase for additional coverage or protection.

The standard coverage includes the following:

• Liability Coverage
• Liability protects you against lawsuits from someone who has bodily injuries or property damages that you or your family caused to them
• Liability also covers your legal defense

Personal Property Coverage

This pays to repair or replace the property that’s stolen or vandalized or that has been damaged due to fire, windstorms, smoke damage, and other perils your policy may cover.

A covered peril is a damaging event that’s carried in your policy, such as theft, vandalism, or fire, for example.

Loss of Use

This policy covers basic living expenses and temporary housing costs if you can’t live in your rental unit due to damage and destruction from fire, smoke, and heavy winds.

Medical Payments

This policy pays for medical care if there is bodily injury to a person that occurs in your rental unit, regardless of fault.

What Natural Disasters are Covered by a Standard Renters Policy?

The following natural disasters, often called covered perils, are covered.

• Fire
• Wildfires
• Lightning
• Windstorm and hail damage
• Smoke damage
• Volcanic eruption
• Explosion
• Weight of ice, sleet, or snow
• Hurricanes
• Water damage unrelated to natural floods
• The following natural disasters are not covered in a standard renters insurance policy.
• Earthquakes
• Natural floods

If you want to be protected from natural floods, you can buy a flood policy from your renters insurance company at an added cost.

Since earthquakes are uncommon in Arizona, there’s no reason to purchase coverage for this natural disaster.

What are the Risks to Consider in Arizona?

Arizona is at risk for two major natural disasters, fire and flash floods.

Fire

Arizona is most susceptible to extreme heat, which is why the Grand Canyon State averages 2,200 wildfires per year and has many fires occurring in the desert and parch-dry suburbs.

Fire is common in Arizona because the hot and dry climate lasts longer than average. It is particularly common at the end of the summer.

The average temperature in August is between 99°F and 110°F statewide.

But the fire is also due to carelessness, maliciousness, and lighting.

Flash Floods

Flash floods come and go quickly, leaving behind a trail of extensive damage to rental or owners’ homes.

Flash floods occur in Arizona’s monsoon season (June to September) and during the state’s copious tropical storms.

Are Fire & Flash Floods Covered in a Renters Insurance Policy?

So what types of natural disaster policies should your purchase in Arizona?

Since the standard renters policy covers wildfires and fires, residents here don’t need to purchase these as riders.

As for floods, it’s a little more complicated.

In general, an insurer will not cover damage to your personal possessions caused by water coming from outside the house.

This is considered flood damage rather than water damage and flood damage is not covered.

For example, if a storm surge produces a flood and ruins your personal property, your insurer will not reimburse you for the damage.

Another example is that if damage ruins your belongings by the overflow of a nearby body of water, your insurer will also not cover the damage.

But if there’s water damage that ruins your belongings due to a burst pipe, a renters insurance policy will cover that.

A renters policy will also cover damage due to leaks from your ceiling,

For example, if water dripped from another apartment or the roof onto your expensive smart TV and laptop and destroyed them, you could make a claim with your insurer.

In sum, renters insurance covers water damage unrelated to weather, such as plumbing leaks.

For Arizona renters, purchasing a flood endorsement is highly recommended in case water damage ruins or destroys their property due to the weather.

For example, flood insurance is necessary if you live in a ground-floor apartment or the basement and will protect your property if the flood causes damage.

If a flood damages your belongings, and you don't have a flood insurance policy, you'll need to pay out of pocket to replace them.

As a renter, remember that you only need to purchase flood insurance that covers and protects your personal belongings.

Renters do not have to worry about the apartment's structure or the home they are renting because that’s the landlord’s responsibility.

What is Covered Under Renters Flood Insurance?

Renters flood insurance can protect the following and more from flood damage:

• Clothes
• Electronics
• Furniture
• Curtains
• Portable and window air conditioners
• Portable microwave ovens and portable dishwashers
• Carpets, unless they were installed over an unfinished floor

Does it have the coverage you need?

Do you need to add an additional policy because, for example, the coverage for personal belongings only goes up to the policy limit?

Do you thus need additional coverage because your jewelry or personal belongings will not be covered in full, and you have to pay out-of-pocket to replace them?

Then your policy will be raised.

What is Actual Cash Value vs. Replacement Cost?

An insurer will often offer you ACV or actual cost value.

ACV only pays the depreciated amount of your belongings. So, if your four-year-old laptop gets damaged or stolen in a covered peril, ACV will only pay the cost of a four-year-old laptop.

The better choice is replacement cost. RCV pays you in full.

For example, if that same laptop gets damaged, the replacement cost will give you a brand-new model that is comparable to the one you own at today’s prices.

Pay attention if you have to purchase RCV because some insurers will offer RCV as standard in their basic policy.

If you do have to pay, that insurer may not be right for you because you need to pay the added cost to get RCV, and your rate will go up.

Covering Customer Service

The best policy is not just because it’s affordable. It’s also because it has great customer service.

You should check to see how convenient it is to reach customer service, especially when rushing to make a claim.

If you can reach an agent via phone, text, chat, or online, that means you have many ways to connect to a rep.

You also need to know how friendly, knowledgeable, and respectful an agent is.

You can do that when talking to a rep while purchasing a policy.

You don’t want the rep to be a pushy salesperson.

The rep is the face of the company.

You want a rep that will take you through the entire renters insurance process with ease and patience.

One of the reasons you want great customer service is that when you make a claim, you’ll be confident knowing there will be no hassles.

Company Knowledge

Before signing with an insurer, ensure you know as much as possible about it.

One way to do this is to talk to an insurer’s agent or customer service rep.

Knowing all you can before taking out a renters insurance policy is essential.

Learn about the insurance company and its policies' protection before making a final decision.

Know and understand your policy limits and ask what additional coverages you can add for your protection.

The more you know about an insurer, the more you’ll be able to choose the right insurance.

For example, if you purchase additional coverage for your belongings and the insurer is affordable but will put a cap on the cost of the add-on, then that’s an insurer you don’t want.

Also, talk to them about floods, which can be confusing. Is damage from floods that emanate from your house the only way you’ll get coverage for water damage?

How Much Renters Insurance Do You Need?

When you buy renters insurance, you’ll need to figure out how much coverage you need.

Renters insurance is like any insurance policy, as the cost of your insurance depends on how much coverage you purchase.

Basic coverage plans typically start with $20,000 in personal property coverage.

Liability coverage starts with $100,000, which can pay damages and legal expenses if you are sued because you accidentally injured or hurt another person or damaged that person’s property.

It’s recommended by various sources that you should have enough coverage for your personal effects in the event they are damaged or destroyed.

The coverage should protect the full value of your personal belongings, from clothes to furniture and electronics to appliances, to name a few.

It’s important to know that one of the reasons why renters insurance is cheap is because the basic policy has very low coverage limits for valuable items.

Valuable items include jewelry, art, and collectibles such as old maps, stamps, and first-edition books.

So, you will have to purchase an endorsement for full coverage, which will increase your monthly rate.

Endorsements, also known as add-ons, are additional coverages added to your insurance to raise your personal property limits.

For each add-on, your premium will rise.

What is a Home Inventory & Why Should You Do It?

Like any insurance policy, the cost of your renters insurance depends on how many personal properties you have and how much coverage you need.

The more you have to lose, the more insurance you need.

But you don’t want to pay extra for coverage you don’t need.

You want to find the correct cost for each property you own.

You should do a home inventory to determine how much coverage you should buy.

A home inventory is simply a list of everything you own in your rental.

If you think you don’t have enough personal property to justify the cost of renters insurance, you aren’t calculating correctly how much you own and how valuable they are.

According to Allstate, the value of the average renter’s personal property who lives in a standard two-bedroom apartment is approximately $30,000.

We all have things to insure. The most basic items you use almost every day are your laptop, your furniture like a couch, your smart TV, and your expensive clothes.

All these things need coverage because they are expensive to replace, and you don’t want to pay out-of-pocket.

To do a home inventory, go through your entire rental and list in some spreadsheet all the belongings you have.

Then determine the price of each item.

Use a roundabout figure if you can’t remember how much you paid for an item or lost the receipt.

Another way is to go on the internet and find the item online. Usually, you can discover the price when you do this.

If the belonging is no longer being made, you can choose a similar item and use its price to determine the cost.

Along with the spreadsheet, take photos or videos of your items, or have them appraised if they are pricey.

The home inventory documentation can cover you if you need to file a claim because you can prove the value of everything you own.

And if you give your documentation to your insurer before the unexpected happens, the insurer will know precisely what needs to be covered and how much.

Our Methodology

We thoroughly researched 30 of the top renters insurance companies in the state and narrowed the list down to those that operated in Arizona. We surveyed insurance coverage prices for the major cities in Arizona. These included Tucson, Phoenix, Avondale, Gilbert, Prescott, New River, Peoria, Glendale, and Mohave Valley. Read our full in-depth renters insurance methodology.

How We Ranked and Picked the Best Renters Insurance Companies in Arizona

We gathered information from multiple trusted sources and Arizona's renters insurance companies. We narrowed our search down to the needs of Arizona residents by prioritizing the following:

Price

You shouldn’t pay high for renters insurance. We looked at insurers with rates lower than or near the state and national average and multiple discounts to lower the policy.

Coverage

A reputable insurance provider should have a range of policy coverages to cover your needs.

We looked at the basic or standard coverage option, unique features that other insurers didn’t have, and add-ons or riders to make sure your personal belongings would be sufficiently covered after a named peril destroys or damages them.

Customer Service

Excellent customer service is a necessity when searching for a renters insurance policy.

Customer service should have friendly reps who will make buying insurance much easier, save time, and reduce stress when filing a claim. Reps then should be patient and attentive to your needs.

In addition, we focused on customer service with live agents 24/7 and, if not, a helpful website where you could easily purchase a policy.

Discounts

All renters insurance companies offer discounts, and if they had many, this could lower a policyholder’s premium significantly.

So, the number of discounts a company had helped us narrow our list when it came to pricing.

Technology

An insurer with its own website and app makes the process of buying a policy or making a claim easier. Using technology helps you save time, as a company’s website and app allow you to pay your bill, check on a claim, review policy documents, and more whenever you feel like it.

So, we looked at only those companies that had useful and convenient websites and apps that were not difficult to use and were easy to navigate.

Customer Satisfaction

We reviewed published consumer ratings and reviews of homeowners insurance providers.

We spent a good amount of time looking at verified third-party reviews.

Insurers with a good number of quality consumer ratings and reviews were included in our list.