No one wants to worry about the worst case scenario, but it pays to have your belongings covered in an emergency. When choosing a renters insurance policy, look for low cost, ease of management and complete coverage. That’s why our partners at ConsumerAffairs researched the best renters insurance in Milwaukee to protect you from financial loss.
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It is a common myth that your landlord will pay for your losses if something happens to your rental home. While your landlord is responsible for repairing any damage to your home’s structure, their insurance will not cover your belongings.
Who needs renters insurance in Milwaukee?
Here in Milwaukee, over 40 percent of residents are renters, and renters under the age of 30 make up over half the total renters in America. College students and young professionals are especially vulnerable without renters insurance because so many of them rent their homes and don’t have the means to replace their belongings on their own.
Milwaukee also has much higher rates of theft and burglary than the rest of the country. Even though neighborhoods like Shorewood and Wauwatosa have lower crime rates, they’re near areas that are prone to crime.
What does renters insurance in Milwaukee cover?
The good news is a renters insurance policy will protect you from financial fallout after covered events, including fires, smoke damage, thefts, vandalism, explosions, hail and damage from snow or ice. So, if a fire destroyed all of your personal property, renters insurance would help you pay for replacements.
It’s worth mentioning that renters insurance does not typically cover your car or natural disasters, such as earthquakes and flooding, or damage done by pests.
Some additional coverage in your policy might include:
Personal liability against others’ accidental injury or property damage; usually a minimum of $25,000
Living expenses such as hotel rooms and meals if you’re unable to stay in your home
Identity theft if a thief steals your credit card or checkbook
How much does renters insurance in Milwaukee cost?
Another common myth about renters insurance is that it’s expensive. A basic coverage policy only costs around $10-15 a month in Wisconsin. Your ZIP code and the amount of coverage you need typically determine your premium.
You can increase basic coverage limits, and if you have high-value items like art or jewelry, you may need additional coverage or standalone policies to fully cover your property.
Many renters insurance companies will offer discounts for bundling your policies, installing security and fire safety devices or even having electronic billing.
Policygenuis is an online insurance tool that provides different renters insurance policies. This company offers many discounts for the most popular brands and the simplicity of purchasing insurance policies from your computer, phone or tablet. Customers say that Policygenius is quick and easy to use.
EverQuote is the largest insurance marketplace in the United States. The company uses your data to find you the best rate on insurance and connect you with insurance providers. Although some customers have had a positive experience, many reviewers complained about receiving unnecessary phone calls after using EverQuote.
Our partners independently research and analyze the companies mentioned in our guides and work with subject matter experts to add valuable information that helps consumers make smart purchase decisions. Our partners will not include companies on these guides that do not meet specific quality standards. The compensation we receive from our partners may impact how and where companies appear on our site, including the order in which they appear.
Our partners independently research companies, and use editorial discretion to award companies with special recognition (i.e. Best Value) based on their staff’s judgement or subject matter expert’s judgement. Our partners do this to help you identify companies that will meet your specific buying needs, and do not receive compensation for these designations.