Best and Cheapest Renters Insurance in Wisconsin for 2024

The importance of getting renters insurance may not be as obvious as the importance of car or homeowners insurance. Many renters assume their personal items will be covered under their landlord’s insurance if they experience a peril in their Wisconsin apartment. But that’s not true! While your landlord’s insurance covers the structure of the building you’re living in, you’ll need renters insurance if you want coverage for your personal items you bring into the apartment — your TV, furniture, etc. Plus, liability issues also aren’t covered without renters insurance.

So if you want to ensure you’re properly covered while renting, it’s important to find one of the best Wisconsin renters insurance companies. But where do you start? In the table above, you can sort through all the renters insurance companies ranked on Clearsurance. The rating next to each company — the insurer’s Clearsurance score — is based exclusively on the thousands of ratings provided by customers. Note: Only those companies with at least 25 renters insurance reviews are eligible to appear in the best Wisconsin renters insurance rankings.

Interested in learning more about one of the companies on the list of the best renters insurance companies in Wisconsin? You can visit the company’s profile page to find more information about the company and read reviews to learn from the experiences of other policyholders.

On this page:

• Wisconsin renters insurance rates
• Average cost of renting in Milwaukee
• Renters insurance for Wisconsin college students
• Wisconsin property crime statistics

What are your coverage options on a renters insurance policy?

Just like any other policy, you can usually customize your renters insurance coverage to get exactly what you need. A standard policy contains some form of the following types of renters coverage:

• Personal property coverage – This type of coverage pays the replacement cost for the personal items you keep in your apartment should they be damaged or destroyed. The policy will usually have a list of covered losses or perils, so make sure to look this over closely.

• Liability coverage – Liability insurance pays for medical expenses if someone is injured in your apartment.

• Loss of use coverage – Loss of use pays for your hotel and food expenditures when you are unable to stay in your apartment because of damages. This may also be called additional living expense coverage or temporary living expenses coverage.

Beyond these basic coverage options, you may also be able to purchase additional coverage like identity theft protection, guest medical payments coverage, and other optional coverages.

People who keep expensive items in their rental unit, like musical instruments, jewelry, or sports equipment, may wish to increase their coverage limits for additional peace of mind.

Who offers the best Wisconsin renters insurance rates?

Out of the most popular companies in Wisconsin, AAA offers the cheapest Wisconsin renters insurance rates, on average.

While Wisconsin renters insurance rates depend on factors specific to you, such as your age, marital status, credit score, and ZIP code, insurance rates also depend on the specific company you choose. Some companies may offer renters insurance in Wisconsin for a cheaper rate than others. In the table below, you can see average cost of renters insurance in Wisconsin from some of the largest companies in the state.

These average renters insurance rates are based on a policy with $30,000 in personal property coverage (with a $500 deductible), $100,000 in personal liability and $1,000 in medical payments to others. The rates displayed should only be used for comparative purposes as individual rates in Wisconsin will differ. Rate data is provided by Quadrant Information Services.

How much does rent cost in Milwaukee?

In Milwaukee, Wisconsin, rent costs an average of $1,125 per month. The cost of rent in Milwaukee can vary based on factors including your apartment's size and location.

Milwaukee is the most populous city in Wisconsin and is located along Lake Michigan. The city is well-known for its breweries - it’s how Milwaukee’s Major League Baseball team, The Brewers, got its name. While the average cost of rent is $1,125 per month, rental costs can vary by location in the city. For example, the average cost of rent in the Kilbourn Town neighborhood is $1,432 per month while the average cost of rent in the Golden Valley neighborhood is $779 per month.

In addition to location, the size of the apartment also affects monthly rent costs. On average, studio apartments cost $825 per month, one-bedroom apartments cost $1,009 per month and three-bedroom apartments cost $1,440 per month. People who rent an apartment in Milwaukee might want to consider purchasing a renters insurance policy in order to protect their personal belongings from perils that can happen in an apartment such as theft or vandalism.

Do Wisconsin college students need renters insurance?

While attending school in Wisconsin, you may live in a campus dorm or rent an off-campus apartment. There are a few things for college students renting housing in Wisconsin to consider in order to protect their personal belongings.

Typically, college students who live in dorms located on the college campus are covered by their parents' homeowners insurance policy. That’s usually only the case for students who live on campus, though. Wisconsin college students who rent apartments off-campus should consider a renters insurance policy because their items won’t be covered under their parents’ policy, and without a renters insurance policy, they won’t have any protection.

College students will most likely have roommates in the apartment they rent. It’s not advised that students share renters insurance policies with roommates. Rather, each student should have their own renters insurance policy to protect their own belongings.

What are Wisconsin's property crime statistics?

Theft and vandalism or malicious mischief are among the 16 perils a standard renters insurance policy protects you from. So, how does crime in Wisconsin compare to other states around the country? The FBI published the following statistics on crime in Wisconsin for 2016:

• Property crime - 111,720
• Burglary - 19,425
• Larceny theft - 82,337

All three statistics for Wisconsin, when compared to the national average rate per 100,000 inhabitants, rank below the national average.

How can you save money on your renters insurance in Wisconsin?

While renters insurance may be more affordable than other types of insurance, no one wants to pay more than they have to. So what are the different ways that you can lower your Wisconsin renters insurance premium and have some extra spending money?

Here are the top 5 ways to save on your renters insurance:

• Raise your deductible
• Ask about potential discounts
• Bundle your policies
• Determine the value of your personal property
• Pay in full by check

If you bundle your auto policy with a homeowners or renters insurance policy with the same insurance provider, you will usually receive a multi-policy discount (this might also be available for bundling with other insurance products, such as a life insurance policy or boat insurance policy). Some insurance carriers also reduce your monthly premium for safety devices in your apartment, such as a smoke detector, protective devices like a burglar alarm, or for setting up automatic payments.

A wide range of discount options may be available, so make sure to ask renters insurance providers about your options when you're shopping around for quotes. If you're looking for the most affordable rate, get an online quote for a renters policy from at least three companies before making a decision.

How does Clearsurance rate and rank the best renters insurance companies in Wisconsin?

Consistent with its mission towards greater transparency, Clearsurance does not keep its rating and ranking formulas in a black box. Our algorithm analyzes a range of inputs from our independent community of insurance customers, including:

• Price
• Customer Service
• Claim service
• Likelihood to renew

The algorithm also takes into account the percentage of what customers say the company does well vs. the percentage of what customers say the company could do better.

The Clearsurance customer ratings and rankings are derived entirely from customer reviews and ratings.

Do you need a renters insurance guide?

As we mentioned above, there’s common misconceptions regarding what is and isn’t covered by a renters insurance policy. Before you purchase a policy from one of these best renters insurance companies in Wisconsin, it’s important to understand what your policy covers. For example, did you know that many renters insurance policies include liability protection in the event a non-resident is injured on the property. Plus, if your apartment becomes uninhabitable from an incident, some policies may cover your expenses as you find temporary housing in Wisconsin.

We want to make sure you’re equipped with a proper knowledge of renters insurance, so check out our renters insurance guide. Looking for more educational information about renters insurance? Check out our renters insurance blog for more information and topics related to renters insurance.