6 Best Renters Insurance Companies in Wisconsin of 2022
Many people who live in Wisconsin rent an apartment, condo, or even a house, whether they rent in a major city like Milwaukee or Green Bay, or in a smaller place like LaCrosse or Muskego.
No federal or state law requires Wisconsin renters to buy renters insurance, but some landlords require it to avoid disputes and protect their tenants.
We recommend renters insurance for every Wisconsin renter because many people don’t have enough savings to replace their belongings if they were stolen or destroyed.
The average cost of renters insurance in Wisconsin is $110 per year, which works out to just $9 per month, although you may pay more if you add riders or choose a high coverage limit.
We’ve taken the time to research the best renters insurance companies for Wisconsin renters, including details about the average cost, available discounts, and coverage riders.
Best Renters Insurance Companies in Wisconsin
- Lemonade: Best for Convenient Online Services
- Liberty Mutual: Best for Renter’s Insurance Discounts
- Allstate: Best for Affordable Renters Insurance
- State Farm: Best for High Coverage Limits
- Farmers: Best for Non-Smokers
- American Family: Best for Add-On Coverage
Lemonade: Best for Convenient Online Services
- Insurance claims are processed at record speed.
- Available in 29 states.
Lemonade is a relatively new company in the world of renters insurance, but we’ve selected it for our list because it has the best and most convenient online and mobile services.
Many of today’s renters prefer to conduct business online, and Lemonade makes it easy to research coverage and obtain a quote in just a few minutes.
Lemonade is a company that gives back, donating unclaimed money from policyholders to charitable organizations each year.
We also like that Lemonade provides basic coverage at affordable prices with the option to buy more coverage for renters who need it.
Basic coverage with Lemonade starts at just $5 per month, which is below Wisconsin’s already-low average for renters insurance.
Of course, if you add riders or live in a high-risk area, you should expect to pay more.
Read a full Lemonade home insurance review.
What Renters Insurance Discounts Are Available with Lemonade?
Lemonade doesn’t have a long list of discounts, but they have two that many Wisconsin renters will be able to layer to save money on their coverage.
- Safety devices. This discount provides savings for anybody with installed alarms in their rental, something that’s required by Wisconsin law–so everybody can get this discount.
- Bundling. You can save money if you buy two or more insurance policies from Lemonade, which also sells pet insurance and car insurance.
Lemonade Renters Insurance Pros & Cons
- Lemonade has stellar online and mobile services and you can get a quote in minutes.
- You can buy basic coverage for as little as $5 per month.
- Customer service is convenient and available online and on their mobile app..
- Claims can be filed online or via the app and some claims are paid immediately.
- Lemonade is a charitable company that donates a substantial amount of unclaimed premiums each year.
- Policy discounts are limited, with only two available.
- Lemonade does not yet have the strong financial ratings of some other companies.
- Not ideal for renters who prefer personal service and human interactions.
|J.D. Power (out of 1,000)||853|
|NAIC Complaint Index||1.94|
Liberty Mutual: Best for Renter’s Insurance Discounts
For over 100 years, Liberty Mutual has been a reliable insurance carrier for a variety of coverages.
Liberty Mutual offers a wide array of discounts on renters insurance, which is why we chose the company for our list.
You can buy standard coverage to replace damaged, destroyed, or stolen items, with riders to personalize your coverage to get the protection you need.
Prices for basic coverage from Liberty Mutual can be as low as $5 per month, which makes them an affordable option for Wisconsinites.
Now, let’s review the pros and cons of Liberty Mutual renters insurance as we see them.
Read a full Liberty Mutual Renters Insurance Review.
Liberty Mutual Renters Insurance Pros & Cons
- Customer support is available online 24/7/365.
- Multiple discounts can be layered for maximum savings.
- Filing claims can be done online and is quick and easy.
- Liberty Mutual is highly rated for both financial strength & customer service.
- Depending on where you live, you may not be able to get a quote online.
- Water damage coverage is not included.
- The maximum policy limit for renters insurance is $25,000.
- Replacement value and theft coverage will increase the cost of insurance.
What Renters Insurance Discounts Are Available with Liberty Mutual?
Liberty Mutual offers five discounts, many of which can be layered to help you maximize your savings.
- Autopay. Sign up to pay your monthly premium online, and you’ll save on your renters insurance.
- Bundling. You'll save money if you buy two or more policies with Liberty Mutual.
- Claims-free. You'll get a break on your premium if you’ve never filed a renters insurance claim.
- Early shopper. Buy your policy before your existing renters insurance policy expires to save.
- Online purchase. Buy your renters insurance online to get this discount.
|J.D. Power (out of 1,000)||834|
|A.M. Best - Financial Strength Rating||A|
|NAIC Complaint Index||2.37|
Allstate: Best for Affordable Renters Insurance
Allstate Insurance is one of the largest insurance carriers in the US and a Fortune 500 company.
The company has a convenient mobile app plus online options that make buying renters insurance secure and easy–and the same goes for filing a claim.
We chose Allstate for our list because they have the most affordable average price in Wisconsin, in addition to offering some discounts to help you save.
The cost of a $20,000 renters insurance policy from Allstate is just $80 per year in Wisconsin, putting it below the state average.
Here’s how we see the pros and cons of choosing Allstate as your renters insurance company in Wisconsin.
Read a full Allstate renters Insurance review.
Allstate Renters Insurance Pros & Cons
- Choose between actual cash value or replacement cash value.
- Easy-to-use mobile app to file and track claims.
- Free online tool to estimate the value of your belongings (and how much coverage you need.)
- There are four available discounts, including one to help retirees save on renters insurance.
- Additional coverage is available for ID theft, flood insurance, and your high-value belongings.
- The average cost of a policy is well below the state average for Wisconsin.
- The resources on Allstate’s website could be more robust, particularly those that explain available coverage.
- Coverage limits begin at $25,000, which may be too high for some renters.
- The company has received a slightly-higher-than-average volume of customer complaints.
What Renters Insurance Discounts Are Available from Allstate?
Allstate offers a total of four potential discounts on renters insurance, including one that can help retirees save on renters insurance.
- Bundling. Wisconsin renters who purchase two or more policies from Allstate can get a discount on their premium.
- Easy pay. Enrolling in Allstate’s automatic payment option will give you a break on your premium.
- Safe home. Every Wisconsin renter can benefit from this discount since landlords are required to install smoke detectors.
- 55 and retired. You can get this discount if you’re over 55 and retired (not actively seeking employment).
|J.D. Power (out of 1,000)||837|
|A.M. Best - Financial Strength Rating||A+|
|NAIC Complaint Index||2.05|
State Farm: Best for High Coverage Limits
State Farm is the largest property & casualty insurance company in the US.
Because it’s a well-established and financially strong company, it’s a good choice for any Wisconsin renter who wants to be confident that their renters insurance claim will be paid.
We chose State Farm for our list because they offer coverage limits higher than some of the other companies on our list, making it a good choice for anybody with a lot of personal belongings to protect.
State Farm’s average cost for renters insurance in Wisconsin is just $115 a year, which is less than $10 per month.
Remember that this average includes people in big cities and small towns, as well as those who have opted for high coverage limits.
Now, let’s review the pros and cons of buying Wisconsin renters insurance from State Farm.
Read a full State Farm renters insurance editor's review.
State Farm Renters Insurance Pros & Cons
- High coverage limits are available.
- Identity restoration is available as an add-on.
- The company has a long history of paying claims quickly.
- The cost of renters insurance is lower than the national average.
- Lowest coverage limit is $10,000.
- Only two discounts are available.
- Only online customer support is FAQ.
- Telephone customer support is not available 24/7.
Does State Farm Offer Renters Insurance Discounts in Wisconsin?
State Farm doesn’t offer many discounts; they offer just two that most Wisconsin renters can take advantage of.
- Alarm & security. Every renter in Wisconsin can take advantage of this discount thanks to the state law requiring smoke detectors in rental units.
- Bundling. Buy both auto insurance and renters insurance with State Farm to get a discount on your premium.
|J.D. Power (out of 1,000)||836|
|A.M. Best - Financial Strength Rating||A++|
|NAIC Complaint Index||1.77|
Farmers: Best for Non-Smokers
Farmers Insurance has been in business since 1927 and covers renters, homeowners, vehicles, and businesses.
We chose them for our list because they offer a unique discount to non-smokers as well as one for first responders.
Farmers also has a low number of customer complaints and receive high scores for its customer service.
The average annual cost of Wisconsin renters insurance with Farmers is $130 a year, which comes to just under $12 per month.
Here are some pros and cons of Farmers Insurance for Wisconsin renters to consider.
Farmers Renters Insurance Pros & Cons
- There is a special discount for non-smokers.
- Farmers Insurance has a low volume of customer complaints.
- There are high coverage limits available for those who need them.
- You can file claims using the mobile application.
- Average cost of renters insurance is high compared to some companies on our list.
- The discount for first responders is not available everywhere.
What Renters Insurance Discounts Does Farmers Offer?
Farmers offers a total of four discounts on renters insurance.
- Bundling. With Farmers’ bundling discount, you can save if you bundle your renters insurance with auto, life, or umbrella insurance.
- Non-smoking. There is a special discount available for renters who do not smoke.
- Security. All Wisconsin renters can take advantage of the security discount for installed alarms.
- First responders. There is a discount available for first responders and other professionals in some areas, including firefighters, police, doctors, nurses, engineers, and teachers.
|J.D. Power (out of 1,000)||831|
|A.M. Best - Financial Strength Rating||A|
|NAIC Complaint Index||0.56|
American Family: Best for Add-On Coverage
American Family Insurance has a nearly century-long tie to Wisconsin, starting in Madison in 1927.
Known as AmFam for short, they offer reasonably-priced renters insurance in 19 states, including Wisconsin.
We selected them for our list because they have more riders to allow renters to customize their policies than any other company on our list, including pet coverage, travel protection, and even a diminishing deductible option.
What Renters Insurance Discounts Does American Family Offer?
American Family offers six discounts for renters, including one to make renters insurance more affordable for people getting their first apartment.
- Bundling. You’ll save if you bundle two or more policies with American Family.
- Paperless Billing/Autopay. Sign up for paperless billing or automatic payments to save.
- Upfront payment. Pay your annual premium in full upfront to get this discount.
- Loyalty. After you’ve had your renters insurance with American Family for at least a year, you can qualify for this discount.
- Smart home device. You’ll get a discount if you have an installed smart home device.
- Young renters. You can get this discount if you’re between 18 and 30 and have parents who are American Family customers.
American Family Renters Insurance Pros & Cons
- American Family offers a wide array of riders, including travel protection, pet insurance, and home-based business protection.
- You can enroll in the diminishing deductible plan to get $100 per year knocked off your deductible (up to a maximum of $500.)
- American Family has solid ratings and well-regarded customer service.
- The company’s website is informative about discounts and riders.
- The average cost of renters insurance with American Family is higher than the Wisconsin state average.
- Coverage isn’t available in every state (although it is available in Wisconsin.)
|J.D. Power (out of 1,000)||833|
|A.M. Best - Financial Strength Rating||A|
|NAIC Complaint Index||0.37|
How We Chose the Best Renters Insurance Companies for Wisconsin
We always want to be transparent about how we choose the companies on our lists, so here are the five criteria we used to select the best renters insurance companies for Wisconsin residents.
We recognize that rent is expensive and that many renters prioritize price when shopping for renters insurance.
For that reason, we focused on carriers who had affordable prices compared to the national and state averages.
Every renter is unique, with some needing more coverage or add-ons than others.
We prioritized companies with flexible policy options and deductibles, plus an array of riders to allow renters to get the exact coverage they need.
Many of us dread filing an insurance claim because we’ve come to expect a drawn-out and stressful process, and renters insurance is no exception.
Wisconsin renters deserve a hassle-free claims experience and reliable customer support, so we chose companies with a range of support options and a reliable history of honest communication and helpful customer service.
We prioritized Wisconsin renters insurance companies that provide an array of discounts for renters, including discounts for loyalty, autopay, bundling, and security in their rental unit.
Discounts can make even the higher-cost companies more affordable, and we gave extra points to companies with discounts that can be layered for maximum savings.
Today’s renters are tech-savvy, and they expect to be able to access customer support, policy information, and claims filing options online or on a mobile device.
For that reason, we chose companies with robust customer portals, user-friendly websites, free mobile apps, and other online resources for policyholders.
Why Should You Buy Renters Insurance?
Now that you know who we’ve chosen as the six best renters insurance companies in Wisconsin and the criteria we used to select them let’s talk about why we recommend renters insurance for every renter in the Badger State.
- The cost of renters insurance is lower than the cost of replacing everything you own.
- Most people don’t have enough savings to replace their belongings if they were destroyed or lost–and those who do have other plans for their money.
- Your landlord’s property insurance does not cover your personal belongings.
- Your liability will be covered if someone gets hurt while in your rental unit.
- You’ll have the comfort of knowing you can replace everything if your belongings were to be stolen or damaged.
- Your belongings will be covered even if they’re not in your apartment when they’re damaged or stolen.
- You can buy extra coverage to cover high-value items like jewelry, electronics, or artwork.
In most cases, the monthly cost of renters insurance is about the same as the cost of a large pizza.
That’s a small tradeoff to make for the peace of mind of knowing you can replace your belongings if you need to, pay for a place to stay if your rental isn’t livable, and have protection for your personal liability.
What Factors Can Affect the Cost of Renters Insurance?
The average cost of renters insurance is affordable for most, but you should know that there are four key factors that can impact how much you pay.
If you have a lot of personal belongings, then you may opt to buy a policy with a higher-than-usual coverage limit, and in that case, you should expect to pay more than you would for a standard limit.
You can choose a low or a high deductible, but you will pay more if you opt for a low deductible instead of a higher one.
Typical add-ons for renters insurance include replacement value for your belongings or scheduling high-value items, and if you choose to add riders to your policy, they will increase your cost.
The location of your rental plays a role in determining the cost since insurance companies typically charge more for rentals in high-crime areas or where severe weather may damage rental units.
How Much Renters Insurance Coverage Do You Need?
We can’t tell you how high a limit you need for renters insurance, but we suggest beginning with a complete inventory of your belongings, including the following items.
- Small appliances & kitchen items
- Home decor items
We also suggest taking pictures to ensure you have proof of what was damaged or lost and consider the cost of replacing each item when you choose between actual cash value or replacement value coverage.
What Does Renters Insurance Cover (and Not Cover)?
Before you purchase renters insurance, you’ll need to know what it covers and what it doesn’t cover.
Let’s start with what’s covered.
- Your personal property. Whether your property is in your rental or not, your renters insurance will cover the loss if anything is lost, stolen, or damaged.
- Your personal liability. If a guest is injured or has their property damaged while in your rental, your personal liability for the event is covered.
- Medical payments. Along with your personal liability, your renters insurance will also provide limited coverage for the injured party's medical expenses.
- Additional living expenses. If your rental should become damaged to the point where it becomes uninhabitable, your renters insurance will provide payments for you to live somewhere else until you can move back in.
There are a few things that your renters insurance policy may not (and in some cases, will not) cover. Here they are.
- Damage over your policy limit. Renters insurance claims can run the gamut from the loss of a single item to a total loss of all your belongings; in the event you lose everything, you will receive reimbursement up to your policy limit–and if your losses exceed that amount, you will pay for them out of your own pocket.
- Damage caused by non-covered events. There are a few standard exclusions in most renters insurance policies, and if the damage to your property occurs as the result of a non-covered event, your claim will be denied.
- Loss or damage of unscheduled valuables. High-cost belongings such as art, jewelry, or electronics must be scheduled on a policy rider at an additional cost; if you do not schedule your valuables, your policy will not pay for their replacement.
Before you buy a policy, make sure to read the fine print to be sure you understand your coverage.
At Property Nest, we recommend renters insurance for every renter in the state of Wisconsin to provide financial peace of mind.
As a reminder, your landlord’s insurance covers only their property and will not protect you against the loss of your personal belongings.
Renters in Wisconsin who live near the water may want to consider adding extra coverage, including flood coverage.
You should always get quotes from at least three companies and compare costs and coverage before you buy a policy.