Best Renter's Insurance Companies in Federal Way, WA

FAQs

• How much do Federal Way residents pay for renters’ insurance?

  The annual renters' insurance premium in Federal Way varies between $133.48 and $172.0. This rate is based on the profile of a 20-year-old unmarried student with a claims-free record over the past five years. The coverage includes medical payments up to $1,000 and protection for personal property valued at $5,000.

• What risks are not covered by standard renters’ insurance policies in Federal Way?

  Residents of Federal Way should be aware that standard renters' insurance does not cover expenses related to earthquake damage. Flooding resulting from weather-related events is also not covered by this type of insurance. It is recommended that renters consider purchasing endorsements for their policies to protect against identity theft and cover high-value items.

• What are the factors that Federal Way residents must take into account when shopping for renters’ insurance?

  When looking for renters' insurance in Federal Way, applicants should assess their coverage needs by creating a risk profile specific to their rental home. It is best to compare quotes from various insurance providers based on the risk profile that has been established. It is also advisable to assess the insurer's reputation, particularly in terms of claim handling.

• How can Federal Way tenants lower their renters’ insurance costs?

  Renters receive discounts from Federal Way insurance companies, especially if they purchase both auto and renters' insurance from the same company. Discounts are also available for renters who install security and safety systems such as fire extinguishers and burglar alarms. Older people pay less than college students who live in apartments near educational institutions.

• How does the average annual renters' insurance cost differ among insurance companies operating in Federal Way?

  Nationwide has the lowest average annual renters' insurance rate in Federal Way, at $86.78. PEMCO and Allstate are close behind, with premiums of $90.63 and $115.16, respectively. Foremost, on the other hand, has the highest rate at $165.77. It is important to note that insurance rates differ depending on factors such as the location of the rental property, coverage limits, and deductible amounts.