Having a renters insurance policy is a great way to protect yourself from financial loss while renting a house or apartment. A quality renters insurance policy should be from a reputable company, cover all of your belongings and pay out their full replacement value. To help you find the right policy, our partners at ConsumerAffairs researched the best renters insurance in Kansas City.
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Renters insurance is in demand in Kansas City because of the city’s large amount of renters and relatively high crime rates. In 2017, there were over 22,000 property crimes in Kansas City, and more than 17,000 of those were burglary or theft. Luckily, renters insurance covers your personal property in case of a fire, theft or vandalism.
Having renters insurance in Kansas City can save you money in the long run — especially if you live in an area with many renters, such as Waldo and Grandview. Single-family homes there are more likely to get broken into than apartments, so renters there should prioritize renters insurance. In fact, many apartment complexes and landlords require renters insurance.
Areas near colleges also have more crime because students sometimes leave their doors unlocked and own expensive items such as laptops. However, not all Kansas City college students need renters insurance. If their parents’ homeowners insurance covers dependents’ personal property, they do not need to purchase additional coverage.
It’s worth noting that renters insurance doesn’t cover certain events like floods, earthquakes and pest damage.
How to build a renters insurance policy in Kansas City: step by step
First: choose coverage amounts
Renters insurance covers personal property and liability.
Personal property includes your belongings inside and outside your home
Liability coverage protects you if you’re responsible for accidental injury to someone else or damage to their property
To decide how much property coverage you want, take inventory of all of your belongings and add up the total cost you would face if an accident destroyed your residence. The average renter has around $30,000 in possessions. Using this figure, decide how much coverage you need for your belongings.
Here are the typical amounts for a renters insurance policy with a $500 deductible:
Personal property: $25,000
Having a low deductible and a higher premium typically saves you more money if you eventually file a claim. You can opt to get a higher deductible to save money on your monthly premium, but it often doesn’t offer significant savings.
Second: choose your type of coverage
Decide how you want your renters insurance policy to pay out your claims. You have two options for compensation: actual cash value and replacement cost.
Actual cash value: After a covered event, your renters insurance will pay for your lost items, factoring in depreciation. The insurance company decides how much your items were worth and, often, the payment isn’t enough to buy a replacement item. So, while premiums are cheaper month to month, if you do have a claim, you may be out more money in the long run.
Replacement cost: Unlike ACV, replacement value policies will pay you the full cost of your item so that you can go out and buy new versions of what you lost. These policies are more expensive monthly but will give you the best return if you have a claim.
Third: Pick your renters insurance provider
The good news is that renters insurance is relatively cheap for either type of policy. In 2016, Kansas renters paid an average of $177 per year, and Missouri residents paid only slightly more at $181 per year. You’ll have to get a quote from a provider to see your exact payments.
If you want to save on your renters insurance, you have a few options:
Bundle your insurance policies. Most providers offer discounts when you have multiple policies like auto coverage and renters insurance.
Search for discounts. Insurance companies offer discounts for people such as teachers, nurses, retirees and credit union members. Many also offer discounts for installing safety features like deadbolts, alarms and security systems.
Compare insurance providers. The easiest way to save money is to shop between insurance agents in Kansas City. Actual premiums and policies vary from company to company, so take some time to see what your options are.
Policygenius is an insurance comparison service that helps you find the best policy based on your needs and budget. Policygenius has helped over 4.5 million customers find better rates on their insurance policies — some for as little as $8 per month. Users mention receiving helpful, individualized customer service.
Using EverQuote’s online dashboard system is a straightforward way to find and compare Kansas City renters insurance policies. This free service analyzes your options from top-rated insurance carriers and gives you access to licensed agents with in-depth knowledge and experience. EverQuote estimates that it has saved consumers more than $2 billion in the last seven years. However, reviewers mention receiving large numbers of 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.