Cheapest & Best Renters Insurance In Madison 2026
Erie provides the cheapest renters insurance in Madison, WI, with an average cost of about $6 per month. However, State Farm stands out as the best overall option in the area.
We’ve saved shoppers an average of $200 per year on their renters insurance.
Erie offers the lowest-priced renters insurance in Madison, with an average monthly premium of around $6. However, if you prioritize top-notch customer service and more add-on options, State Farm is a strong contender, though its coverage costs about $12 per month.
Known as The City of Four Lakes, Madison sees more than 6,500 property crimes annually, impacting roughly 24 out of every 1,000 residents. Given the city’s crime rate and the risk of natural disasters, having renters insurance is a wise decision. It safeguards your belongings while providing financial security and peace of mind.
Cheapest Renters Insurance Companies In Madison
If you’re looking for budget-friendly renters insurance in Madison, Erie offers the lowest rates, with an average monthly premium of around $6. To help you decide, the table below highlights the five most affordable providers.
| Company | Average Monthly Cost |
| Safeco | $7 |
| State Farm | $12 |
| West Bend Insurance | $8 |
| AAA | $10 |
| Erie | $6 |
Best Renters Insurance Companies In Madison
For renters in Madison seeking budget-friendly insurance, Erie is a solid option. However, the lowest price doesn’t always guarantee the best coverage or service. State Farm, in my view, is the best overall provider. It excels in customer service, offers extensive policy customization options, and provides competitive bundling rates for auto and renters insurance.
| Company | Average Monthly Cost |
| Allstate | $14 |
| Nationwide | $15 |
| American Family | $20 |
| State Farm | $12 |
| Auto-Owners | $16 |
Average Cost Of Renters Insurance In Madison
Renters in Madison typically spend around $16 per month or $192 per year on insurance. However, your actual premium may differ depending on factors like coverage limits, location, deductible, and the insurer’s pricing model. The table below outlines the average rates from five leading providers in the city.
| Company | Average Monthly Cost |
| American Family | $23 |
| Nationwide | $17 |
| Allstate | $15 |
| State Farm | $13 |
| West Bend Insurance | $11 |
Average Cost Of Renters Insurance In Madison By Deductible
A deductible is an amount you must pay out of pocket before your renters insurance begins covering a claim. Opting for a higher deductible can reduce your monthly premium, while a lower deductible usually results in higher monthly costs. The table below shows how renters insurance rates in Madison vary based on different deductible choices.
| Deductible Amount | Average Monthly Cost |
| $250 | $16 |
| $500 | $15 |
| $1,000 | $13 |
| $1,500 | $12 |
| $2,000 | $10 |
Factors That Impact Renters Insurance Costs In Madison
Several factors impact the cost of renters insurance in Madison:
Location: Areas with higher crime rates or increased risk of natural disasters, like blizzards or tornadoes, often have higher premiums.
Home Safety Features: Installing security systems, smoke detectors, or sprinkler systems can lower risks and may qualify you for discounts.
Coverage Limits: Policies with more extensive coverage or optional add-ons, such as replacement cost coverage or identity theft protection, typically cost more.
Deductible Amount: Choosing a higher deductible lowers your monthly premium, while a lower deductible increases costs since the insurer assumes more risk.
Credit Score: Insurers often factor in credit scores, with lower scores generally leading to higher premiums.
Claim History: If you’ve filed multiple claims in the past, insurers may view you as a higher risk, which can result in increased rates.
Common Causes Of Loss In Wisconsin
Renters in Wisconsin frequently file claims for theft, fire, water damage, floods, snowfall, and tornadoes. Knowing these risks helps tenants choose the right coverage to protect their belongings and finances.
Snowfall
Madison is known for its harsh winters, bringing heavy snow and occasional blizzards that can put your property at risk. The good news is that many renters insurance plans typically include protection against snow-related damage.
Tornadoes
Wisconsin experiences strong storms, including tornadoes and high winds, which can lead to significant damage. Fortunately, most renters insurance policies cover storm-related losses.
Water Damage
Leaks from plumbing issues, burst pipes, or roof problems can lead to costly repairs. Standard renters insurance typically covers internal water damage, but flood-related damage requires separate coverage.
Fire
Fires, especially in multi-unit buildings, can spread rapidly and cause severe losses. Renters insurance helps cover the cost of replacing personal belongings damaged by fire.
Floods
Madison is prone to flooding, but standard renters insurance does not cover flood damage. Purchasing a separate flood insurance policy ensures better protection.
Theft
With over 6,500 property crimes reported annually in Madison and 70,000 across Wisconsin, renters insurance is crucial. Many policies also include liability coverage if someone is injured during a break-in, though they typically exclude damage to vehicles or the rental unit itself.
Other Covered Losses
Renters insurance may also protect against vandalism, accidental damage, and certain natural disasters, providing additional financial security.
By recognizing these risks, renters can make informed choices and select a policy that offers comprehensive coverage.
Our Methodology
To assess renters insurance providers, we considered several important factors, including pricing, coverage options, claims handling, and customer service. Our research involved gathering quotes from multiple insurers in Madison for standard policies that include $20,000 in personal property coverage and $100,000 in liability protection.
We also evaluated deductible choices, coverage for risks like floods and earthquakes, and discounts for bundling renters and auto insurance. Customer satisfaction was a key factor, with insights from J.D. Power and Consumer Reports helping us identify insurers known for reliable service and smooth claims processing.
Additionally, we factored in Madison-specific risks, such as theft and water damage, which can impact coverage needs. By analyzing all these elements, our guide offers a thorough comparison of renters insurance options in Wisconsin.
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About Bob Phillips
