The Best and Cheapest Renters Insurance in Philadelphia,Illinois for 2024: Rankings, Reviews and Rates

The Cheapest and Best Renters Insurance in Philadelphia,Illinois

Since companies offer the same coverages, renters should consider the cost of renters insurance in Philadelphia,Illinois when choosing a policy. Keep in mind that comparing quotes is essential to find the best option for your needs.

CheapInsuranced found that the cheapest renters insurance in Philadelphia,Illinois is with:

• USAA: $74 per year (only available to military members and their families)
• State Farm: $101 per year

USAA policyholders get great value for their money since all renters insurance policies reimburse items at replacement cost. Plus, policies cover flood and earthquake damage.

The sample policy in this guide has $20,000 in personal property coverage, $100,000 in liability coverage, and a deductible of $500. Review the table below to see how prices can change when you adjust your personal property coverage limit.

AVERAGE ANNUAL RATES FOR PERSONAL PROPERTY INSURANCE

What Renters Insurance Companies Offer the Most Cheapest Coverage in Philadelphia,Illinois?

CheapInsuranced assessed and ranked the most budget-friendly renters insurance companies in Philadelphia,Illinois, and the results point to the top contenders:

Cheapest Option: USAA (exclusive to active/retired military and their families) Runner-Up: State Farm

Utilizing a distinctive rating methodology encompassing affordability, J.D. Power's customer satisfaction scores, and AM Best's financial stability ratings, CheapInsuranced identified these companies. Notably, these top providers extend coverage options that may be rare among other market competitors.

Overview of Rankings:

1. USAA
   • Score: 100
     • Affordability: 5/5
     • User Satisfaction: 5/5
     • Financial Stability: 5/5

Quick Take: USAA secured perfect scores in all categories, solidifying its position as CheapInsuranced's premier choice in Philadelphia,Illinois. Offering competitive rates nationwide, USAA's renters insurance is exclusively available to current and former military members and their families. Noteworthy features include coverage for earthquakes and flood damage, with additional discounts for active military personnel and continued coverage during overseas deployment.

More About USAA: USAA stands out for providing renters insurance policies inclusive of protection against earthquakes and flood damage. Military personnel currently in service are eligible for extra discounts, and coverage is maintained even during overseas deployment.

2. State Farm
   • Score: 87
     • Affordability: 4.3/5
     • User Satisfaction: 4.1/5
     • Financial Stability: 5/5

Quick Take: State Farm emerges as an excellent choice for non-military renters in Philadelphia,Illinois, garnering high ratings for affordability and customer service. State Farm distinguishes itself by offering add-on inflation coverage, a feature that sets it apart.

More About State Farm: State Farm consistently provides affordable options nationwide. It simplifies the process of increasing coverage limits for valuable items, such as jewelry, during the quoting phase. Additionally, State Farm offers the rare benefit of inflation coverage, automatically increasing the personal property coverage limit over time.

Average Cost of Renters Insurance in Philadelphia,Illinois for 2023:

• Philadelphia,Illinois: $122
• U.S.: $159

Renters insurance in Philadelphia,Illinois proves to be 23.0% more economical than the national average, with an annual cost of $122 or $10 per month. This cost is notably $37 less than the U.S. average of $159 per year.

Benefits of Renters Insurance in Philadelphia,Illinois

Renters insurance in Philadelphia,Illinois provides valuable protection for tenants, offering numerous benefits that extend beyond mere coverage. Understanding these advantages can help renters make informed decisions about securing the right policy for their needs. Here are the key benefits of renters insurance in Philadelphia,Illinois:

1. Protection for Personal Property:

Renters insurance safeguards your personal belongings, including furniture, electronics, clothing, and more. In Philadelphia,Illinois, where property crime rates exist, having coverage is crucial to recover the costs of stolen or damaged items.

2. Additional Living Expenses Coverage:

If your rented dwelling becomes uninhabitable due to a covered peril, renters insurance covers additional living expenses. This means the policy helps pay for temporary accommodation, meals, and other essential costs, ensuring you're not financially burdened during a crisis.

3. Personal Liability Coverage:

Renters insurance includes personal liability coverage, offering financial protection in the event you're responsible for accidental damage to someone else's property or if someone is injured on your rented premises. It covers legal expenses and court fees, providing peace of mind in potential liability situations.

4. Medical Payments Coverage:

In case of injuries sustained on your rented property, regardless of fault, renters insurance includes medical payments coverage. This covers medical expenses for the injured party, reducing the likelihood of legal disputes.

5. Protection Against Specific Events:

Renters insurance in Philadelphia,Illinois typically covers various perils, including fire, theft, vandalism, and plumbing issues. Given the occasional risks associated with natural disasters and accidents, having comprehensive coverage ensures you're financially prepared for unforeseen circumstances.

6. Affordable Financial Security:

Renters insurance is relatively affordable, with policies tailored to fit different budgets. For an average cost of $122 per year in Philadelphia,Illinois, tenants gain substantial financial security, ensuring they don't face significant financial setbacks in the event of covered incidents.

7. Compliance with Lease Agreements:

Many landlords in Philadelphia,Illinois may require tenants to have renters insurance as a condition of the lease agreement. Securing coverage ensures you comply with these requirements, preventing any lease violations that could lead to eviction.

8. Peace of Mind:

Knowing that your personal property is protected, and you have coverage for unforeseen events, brings peace of mind. Renters insurance allows you to enjoy your rented space without constant worry about potential financial losses.

9. Flexibility and Customization:

Renters insurance policies in Philadelphia,Illinois are flexible, allowing you to customize coverage based on your specific needs. Whether you have high-value items or unique requirements, you can tailor your policy accordingly.

10. Ease of Replacement for Lost Items:

In the unfortunate event of theft or total loss of personal belongings, renters insurance ensures a smoother recovery process by providing funds to replace lost items. This ease of replacement helps tenants recover more quickly after a covered incident.

Renters insurance in Philadelphia,Illinois is a practical and cost-effective way to safeguard your belongings and ensure financial stability in unexpected situations. Whether it's complying with lease agreements or protecting against specific perils, the benefits extend far beyond the policy premium.

Several factors contribute to the computation of renters insurance costs, and being aware of these elements is crucial for making an informed decision. Here are the primary aspects that significantly impact the expenses associated with renters insurance:

1. Personal Property Coverage Amount: The foremost determinant affecting renters insurance costs in Philadelphia,Illinois is the coverage amount you choose. Generally, opting for higher coverage translates to a higher premium.
2. Location: Your geographical location is a pivotal factor in determining insurance costs. Renters situated in neighborhoods with a history of property theft or susceptibility to severe weather events may face increased coverage expenses.
3. Deductible: The deductible amount you select influences your out-of-pocket expenses when filing a claim for item replacement. Opting for a higher deductible often results in a lower premium.
4. ACV vs. RCV: Insurance reimbursement can follow either actual cash value (ACV) or replacement cost value (RCV). ACV considers the depreciated value of your used items, while RCV covers the equivalent cost of a new item of similar kind and quality.
5. Liability Coverage Amount: While your liability coverage amount has a marginal impact on your premium, standard renters policies typically include $100,000 in liability coverage. Additional coverage can be added at a nominal cost per year.

Determining the Appropriate Level of Renters Insurance

Understanding Renters Insurance in Philadelphia,Illinois While renters insurance is not obligatory in Philadelphia,Illinois, having a policy is a prudent and cost-effective measure to safeguard your possessions from potential theft or damage. Some landlords may even make it a requirement as part of your lease agreement.

Coverage Offered by Renters Insurance in Philadelphia,Illinois Choosing the right coverage is crucial when shopping for renters insurance. Sufficient coverage is vital for financially protecting your personal items, especially in a city like Philadelphia,Illinois, where the property crime rate was 43.91% above the national average in 2019, as per FBI statistics.

Renters insurance in Philadelphia,Illinois typically covers:

1. Personal Property: This includes coverage for damage or theft of personal belongings such as clothing, electronics, and appliances within your residence.

2. Additional Living Expenses: In case your dwelling becomes uninhabitable due to a covered event, your renters insurance policy can cover temporary housing costs up to policy limits.

3. Personal Liability: Renters insurance includes personal liability coverage, protecting you in the event of an accident in your rented property resulting in damages or injuries to others. This coverage often covers legal expenses and court fees.

4. Medical Payments: The policy usually includes medical payments coverage, catering to injuries sustained on your property, irrespective of fault, up to policy limits.

Exclusions in Renters Insurance in Philadelphia,Illinois It's essential to be aware of what renters insurance doesn't cover. Notably, it doesn't cover the physical structure of the building, which is the landlord's responsibility. Moreover, damages caused by floods are generally not covered, requiring additional insurance through the National Flood Insurance Program (NFIP).

Additionally, renters insurance usually excludes coverage for your roommate's possessions, earthquake damage (with most companies), damage to your vehicle, and high-value items like jewelry exceeding your policy limit. Thoroughly reviewing your policy before purchase is recommended to ensure adequate coverage.

Remember, while renters insurance is optional in Philadelphia,Illinois, having a policy is recommended by CheapInsuranced to protect your personal assets, and your landlord may also require you to have coverage.

Renters Insurance in Philadelphia,Illinois Analysis: Methodology CheapInsuranced conducted an extensive analysis of hundreds of renters insurance quotes in Philadelphia,Illinois to assist you in finding affordable options. The best renters insurance rankings were determined using data from J.D. Power, AM Best, and affordability metrics derived from a comprehensive analysis of quotes provided by Quadrant.

Frequently Asked Questions About Renters Insurance in Philadelphia,Illinois

1. How much is renters insurance in Philadelphia,Illinois on average? On average, renters insurance in Philadelphia,Illinois costs $122 per year or $10 per month.

2. What is the cheapest renters insurance company in Philadelphia,Illinois? Based on average rates, the most affordable insurers in Philadelphia,Illinois are USAA ($74 per year for eligible military members) and State Farm ($101 per year).

3. What is the best renters insurance company in Philadelphia,Illinois? CheapInsuranced identifies USAA (for military families) and State Farm (for non-military members) as the best renters insurance companies in Philadelphia,Illinois.

4. Do I need renters insurance in Philadelphia,Illinois? Renters insurance in Philadelphia,Illinois is optional. However, CheapInsuranced recommends getting a policy to protect your personal assets, and your landlord may require you to have coverage.

5. What does renters insurance in Philadelphia,Illinois cover? Renters insurance typically covers personal property, additional living expenses, personal liability, and medical payments. It protects against events like theft, fire, and plumbing issues.

6. What is not covered by renters insurance in Philadelphia,Illinois? Renters insurance doesn't cover the physical structure of the building, damage caused by floods (requires separate flood insurance), earthquake damage (with most companies), your roommate's possessions, damage to your car, and high-value items exceeding your policy limit.

7. How can renters insurance benefit me in Philadelphia,Illinois? Renters insurance in Philadelphia,Illinois offers financial protection for your personal belongings, covers living expenses if your dwelling becomes uninhabitable, provides liability coverage for accidents, and includes medical payments coverage for injuries sustained on your property.

8. Is renters insurance required by law in Philadelphia,Illinois? No, renters insurance is not mandatory by law in Philadelphia,Illinois. However, it is a recommended and cost-effective way to safeguard your belongings and meet potential lease requirements set by landlords.

9. How was the analysis of renters insurance conducted in Philadelphia,Illinois? CheapInsuranced conducted a comprehensive analysis of hundreds of renters insurance quotes in Philadelphia,Illinois. Rankings were determined based on data from J.D. Power, AM Best, and affordability metrics derived from a thorough analysis of quotes provided by Quadrant.

10. Are there specific considerations for military members in Philadelphia,Illinois? Yes, military members in Philadelphia,Illinois may find USAA to be a particularly affordable and beneficial option for renters insurance, tailored to their specific needs.

• Contents

• Mercury General

• Mercury General Corporation is a multiple-line insurance organization that offers personal automobile, homeowners, renters, and business insurance. Founded in 1961 and located in Los Angeles, Mercury has assets of over $4 billion,[5] employs 4,500 people, and more than 8,000 independent agents in Arizona, California, Florida, Georgia, Illinois, Nevada, New Jersey, New York, Oklahoma, Texas, and Virginia.[5]

• Mercury's primary focus is automobiles and homeowners' insurance. However, the company also writes personal liability policies (umbrella), business insurance, mechanical breakdown protection (similar to an extended warranty for vehicles), renters, service line protection, home systems protection, identity management protection and ride-hailing insurance.[6]

• History [ edit ]

• Mercury founder George Joseph, who flew 50 World War II missions over Africa and Italy as a navigator before graduating from Harvard on the G.I. Bill in 1949, decided his Ivy League math degree fit into the actuarial world of insurance. Joseph then spent more than a decade in the insurance industry before founding Mercury Insurance in 1961 as a low-cost alternative to larger insurance companies.[7]

• Mercury General Corp, which consisted of six employees sold its first policy April 1, 1962. Mercury is now one of California's largest insurance providers in the state.[8]

• Mercury's California expansion began in 1964 with the opening of its first Orange County office.[9] Two years later, the company spread into the San Fernando Valley and also began operations in San Diego. Mercury offices opened in Northern California by 1968.[10]

• Mercury wrote $1 million in premiums every month by 1970, sold its first homeowners policy in 1972 and in 1973 the company celebrated its 10th consecutive year of revenue growth.[10] Newly created Mercury Insurance Company wrote its first auto policy in 1977.[10]

• In 1989, Mercury began expansion outside of California, opening offices in Georgia and Illinois.[11]

• The company insured more than 1 million vehicles in California by 1998.[10] This led to further expansion to Florida (1998), New York (2001), and Virginia (2001).[10]

• Forbes lists Mercury Insurance on its “100 Most Trustworthy Companies” in 2012[12] “America’s 50 Most Trusted Financial Companies” in 2014,[13] 2015[14] and 2016. It has been rated A “Excellent” by insurance industry rating agencies A.M. Best and Fitch.[15]

• In 2017, the company was named a “Top Five Best Auto Insurance Company” by Insure.com, who surveyed more than 3,700 U.S. insurance customers on the criteria of “customer service,” “claims handling,” “pricing,” “plans to renew current policy,” and “would recommend the insurer.”[16] Additionally, Mercury Insurance was named one of “America’s Best Midsize Employers” by Forbes in 2017.[17]

• Mercury is led by president and CEO Gabriel Tirador, with Joseph being chairman of the board.[18]

• Products [ edit ]

• Personal Auto Insurance – Mercury provides liability, collision, comprehensive, medical, personal injury protection, uninsured/underinsured motorist, rental car reimbursement, and roadside assistance.[19][20]

• Homeowners Insurance – A policy specifically tailored to individual needs for single-family homes that includes the structure, belongings and liability coverage. It may also provide additional living expenses if policyholders are forced to vacate their homes due to a covered loss or peril.[21]

• Renters Insurance – Renters insurance provides coverage for personal property and liability protection. It also covers temporary living expenses should one's property become uninhabitable due to a covered loss or peril.[22]

• Condo Insurance – Specifically designed for condo owners, these policies provide coverage for personal property, liability protection, guest medical protection, and condo unit additions and alterations. It also covers temporary living expenses should one's property become uninhabitable due to a covered loss or peril.[23]

• Umbrella Insurance – Additional liability protection for personal auto and/or homeowners in the event losses exceed the underlying policy's liability limits.[24]

• Dwelling Fire Insurance – A policy specifically designed for landlords to protect rental properties – providing coverage for the structure, contents and general liability. Should the property become uninhabitable due to a covered loss or peril, fair rental value will be provided for lost rents until the property is livable again.

• Business Auto Insurance – Provides protection for individuals, sole proprietorships, partnerships and corporations with vehicles that are used for business purposes.[25]

• Business Insurance – Three different policies – Business Owners Policies (BOPs), Commercial Property, and Commercial Liability – that protect various aspects of a business. The most common policy coverages include liability, medical, building coverage, business personal property and business income.

• Mechanical Protection – Commonly referred to as extended warranty coverage, Mercury's mechanical protection pays for covered vehicle repairs after the vehicle manufacturer's warranty expires. Certain benefits are also available during the vehicle manufacturer's warranty period.[26]

• Ride-Hailing Insurance – An endorsement to Mercury's personal auto policy that covers the gaps between auto insurance and a ridesharing company's commercial insurance coverage when the driver working for a ridesharing company turns on the ride-hailing app.

• Service Line Protection – An endorsement to a homeowner's policy that covers damage to exterior underground service lines, which includes water piping, sewer lines, power lines and more.[27]

• Home Systems Protection – An endorsement to a homeowner's policy that covers HVAC systems, appliances, electronics and more.[28]

• Identity Management Protection – An endorsement to a homeowner, condo or renters' policy that help protect a person's identity from fraud.[29]

• Mercury Insurance Blog [ edit ]

• Mercury Insurance helps educate consumers about insurance by publishing insurance articles on its blog. The articles discuss a variety of topics, including: how insurance protects homeowners, renters and their property, how to save money and reduce debt through proper budgeting; insurance considerations surrounding weather events; how to prepare for and handle natural disasters; insurance claim instructions; advice on finding the insurance deals and coverage options; instructions on how to protect personal property while away on extended trips; and articles promoting financial literacy. The blog also features lifestyle pieces, covering subjects such as travel, technology, parenting and teen driving.[30]

• Driver Safety Program [ edit ]

• Mercury Insurance created the Drive Safe Challenge[31] in 2016 to help promote teen driver safety. It began as a collaboration between Mercury Insurance, the Anaheim Ducks and the California Highway Patrol in Anaheim,[32] and has since expanded to Florida through a partnership with the Tampa Bay Lightning and Tampa Police Department.[33] The program has also been broadened to include drivers 55 and older to help improve their driving skills.

• The Drive Safe Challenge includes an interactive classroom session and behind-the-wheel training to teach drivers of all ages the necessary skills to help them stay safe while driving. Participants learn collision avoidance tactics, car-handling, maneuvering on slippery surfaces, emergency braking maneuvers and more.

• Mercury has also developed a free online extension that includes a variety of interactive tools, quizzes, driving safety information and discussion topics to help parents prepare their children for driving.[34]

• See also [ edit ]

• References [ edit ]

• External links [ edit ]