Table of Contents
- How much does renters insurance cost in Dallas?
- Average price of renters insurance in Dallas
- The cheapest renters insurance in Dallas: Farmers
- The best renters insurance in Dallas: Farmers (again)
- Other Dallas renter insurance providers to consider
- Learn more about renters insurance providers in Dallas
- What else do you need to know about renters insurance in Dallas?
- How we gathered our data on Dallas renters insurance prices
How much does renters insurance cost in Dallas?
Renters insurance in Dallas costs $24.51 per month on average, above both the statewide average of $22.75 per month and the national average of about $20 per month.
The cheapest provider we found, Farmers, halved this price and then some, offering renters insurance for just $10.58 per month. The most expensive provider, Progressive, averaged $37.68.
Some of the major factors that affect the price of renters insurance in Dallas include:
- Climate: Renters insurance companies raise their premiums in places where property damage due to weather is more likely. Dallas is hot and humid in the summertime, and is prone to severe thunderstorms and tornadoes. As with other cities in Tornado Alley, renters insurance in Dallas costs more due to the danger of destructive windstorms.
- Crime: High crime rates also tend to drive up the price of renters insurance. Dallas’s crime rate isn’t particularly high for a large city, but it’s still significantly higher than it is for inhabitants of rural Texas.
- Credit score: Like most states, Texas allows insurers to check your credit score before selling you a policy. This means that if you have a low score, it will increase the price of your renters insurance.
- Your policy: Finally, you’ll have to pay more if you buy more renters insurance coverage or if you opt for a lower deductible because your insurer will have to pay more when you file a claim.
As you know, the price of renters insurance also depends on which company you buy it from. Keep reading to learn more about the different providers in Dallas.
Average price of renters insurance in Dallas
The table below shows monthly and yearly prices from the major renters insurance providers in Dallas, TX, as well as how each price differs from the citywide average. For more on how we obtained these numbers, see the section at the end of this article.
| Insurer | Price (monthly) | Price (yearly) | Difference from average |
|---|---|---|---|
| Allstate | $25.00 | $300.00 | +$0.49 |
| GEICO | $22.50 | $270.00 | -$2.01 |
| Progressive | $37.68 | $452.16 | +$13.17 |
| State Farm | $26.88 | $322.56 | +$2.37 |
| Liberty Mutual | $28.50 | $342.00 | +$3.99 |
| Nationwide | $16.72 | $200.64 | -$7.79 |
| Lemonade | $19.25 | $231.00 | -$5.26 |
The cheapest renters insurance in Dallas: Farmers
With an average price of only $10.58 a month, Farmers blows its competitors out of the water in terms of price. The second-cheapest option, Nationwide, is $75 more expensive per year.
Are there any hidden costs to this deal? Below are the pros and cons of choosing Farmers for renters insurance in Dallas.
Pros of Farmers renters insurance in Dallas
- Identity theft protection: In 2020, there were more than 130,000 reports of identity theft in Texas. Dallas’s per capita rate of identity theft is even higher. Given this, Farmers’ Identity Shield policy stands out as a particularly useful renters insurance rider. It expands your policy so that it will cover the costs of recovering your identity and compensate you for related expenses.
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Professional discounts: Farmers offers discounts on renters insurance to members of several professions, including people employed in:
- Medicine
- Engineering
- Education
- Law enforcement
- Fire protection
- Flood protection: Although renters insurance doesn’t cover flooding, Farmers offers optional flood insurance through the National Flood Insurance Program (NFIP). This is a worthwhile add-on due to Dallas’s location on the flood-prone Trinity River.
Cons of Farmers renters insurance in Dallas
- Demographic penalties: All insurance companies consider your age and credit score when they determine your pricing. However, Farmers tends to weight those categories more heavily than their competitors, which means that if you’re young or have a low credit score (or both), they may raise your premiums significantly. While this is a downside, Farmers’ low base prices mean they’re still probably our cheapest option overall.
The best renters insurance in Dallas: Farmers (again)
Farmers is always a solid choice for renters insurance. They have a good reputation for customer service, and they’re a stable company with a long track record. They’re particularly attractive in Dallas because they offer renters insurance so much more cheaply than their competitors.
None of the other insurance companies in Dallas offer anything that justifies their higher prices. Given Farmers’ lack of downsides and their reputation for reliability, they’re our pick for the best overall renters insurance company in Dallas, TX.
Other Dallas renter insurance providers to consider
While Farmers is an excellent choice, they’re not the best fit for everyone. You might want to consider another provider if you:
- Come from a military family
- Own a car
- Are a college student
Best Dallas renters insurance for military families: USAA
If you’ve served in the military or you come from a military family, we strongly recommend USAA for their top-notch service and affordable rates. They’re consistently the highest-rated renters insurance provider in the country, and they’re the only major company that offers flood and earthquake coverage in their basic renters insurance policies. As we mentioned, that’s a big deal in flood-prone Texas.
The catch is that USAA only sells insurance to military servicemembers, veterans, and the spouses and children of other USAA members. If you don’t fall into one of those categories, you’re not eligible for their renters insurance.
Best Dallas renters insurance for car owners: Your auto insurer
Most insurers will offer you a discount when you buy more than one insurance policy. This is known as a bundling discount.
If you have a car, you should try to purchase your renters insurance and auto insurance from the same company if possible to take advantage of this type of deal. Since auto insurance costs over $1,500 a year, getting a small discount on it can make your renters insurance policy essentially pay for itself.
Best Dallas renters insurance for college students: Farmers
With 41 institutions of higher learning, Dallas has the most colleges and universities of any metropolitan area in the state. We’ve already emphasized the affordability of Farmers, which is a clear benefit for students that are strapped for cash.
For the smartphone-addicted, the company also provides a well-designed mobile app — one of the highest-rated on both Google Play and the App Store.
Learn more about renters insurance providers in Dallas
If you’re still not sure which company to go with, read our reviews of some of Dallas’s top renters insurance providers to learn more:
What else do you need to know about renters insurance in Dallas?
Before buying a policy, there’s a few other things you should know about renters insurance in Dallas.
Does renters insurance cover natural disasters in Dallas?
It depends. Renters insurance covers most natural disasters, including tornadoes and many forms of hurricane damage.
However, renters insurance doesn’t usually cover earthquakes or flooding. Fortunately, earthquake coverage isn’t relevant in Dallas, but flooding unfortunately is. Look for companies that offer extra flood coverage through the National Flood Insurance Program (NFIP), such as Allstate, Farmers, and Liberty Mutual.
Does renters insurance cover guns in Dallas?
Yes, guns fall under the category of protected personal property. However, because they present a theft risk, most providers place sub-limits on them, which restricts how much they’ll pay out if you have to file a renters insurance claim for your lost or stolen guns.
That means that if you have a large collection, your provider won’t cover it up to its full cost. If you’re a gun owner, consider purchasing a scheduled property rider to remove or increase your policy’s sub-limit on guns.
Is a credit check required for renters insurance in Dallas?
Yes, in Dallas, insurers can and will run a credit check when you apply for renters insurance.
Unfortunately, this means that if you have a low credit score, your provider will increase your premiums. However, the check they run won’t affect your score itself. For more info, read our guide on how to get renters insurance with no credit check.
Is renters insurance required in Dallas?
No, renters insurance isn’t required by law. However, it’s legal for your landlord to require it. If your lease makes renters insurance mandatory and you refuse to get it, your landlord can decline to rent to you (and potentially evict you, if you’ve already moved in).
How we gathered our data on Dallas renters insurance prices
There are many variables that affect the price of renters insurance. When we collected our quotes, we used the following profile:
- Insured party: 30-year old male, employed, unmarried, with no pets
- Personal property coverage: $30,000
- Personal liability coverage: $100,000
- Guest medical coverage: $1,000
- Loss-of-use coverage: Insurer’s default (usually based off personal property coverage)
- Deductible: $500
Your prices will deviate from the averages we obtained (unless you have exactly this profile). However, the differences in pricing will be fairly minor.
The quotes we obtained don’t include installation fees or down payments, which are additional charges that insurers sometimes tack onto your first month’s premium. You can learn to avoid these fees by reading our guide on how to get renters insurance with no down payment.
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