Goodcover’s Guide to Renters Insurance in Phoenix, AZ

In Phoenix, Arizona, the housing landscape is shifting dramatically. With the average selling price of a home soaring to $440,000 — a staggering 35% increase from three years earlier — the dream of homeownership can feel increasingly far away.

As a result, many people are turning to renting as a more feasible option. 

Whether you’re new to the area or simply moving within the metro, you’re probably in the market for a home to rent in Phoenix. 

But while demand is high, so is crime. Phoenix residents have a 1 in 27 chance of being the victim of either violent or property crime, so you want to protect yourself and your things.

There’s a lot to cover about insuring your apartment in the Valley of the Sun. So, let’s go over everything you need to know about renters insurance in Phoenix, AZ.

Here’s what we’ll cover:

• Is Renters Insurance Required in Arizona?
• What Does Renters Insurance in Phoenix Cover?
• How Much Is Renters Insurance in Phoenix?
• How To Shop for Renters Insurance Coverage in Phoenix
• Resources for Phoenix Tenants

Is Renters Insurance Required in Arizona? 

The Arizona Residential Landlord and Tenant Act of May 2023 brought some good updates, like more notice for evictions and rental assistance programs. However, there’s still no legal requirement for renters in the Grand Canyon State to have renters insurance. 

That said, there are no restrictions on landlords who want to require it, either. And many landlords, particularly in high-demand cities like Scottsdale and Phoenix, like it when their tenants have renters insurance. 

Here’s why: 

If you have a policy, it can cover some of the cost of damages to the home if you’re found legally responsible. So, they might not need to make an insurance claim on their own policy if you accidentally cause an apartment fire or something similar.

Basically, while renters insurance isn’t a legal requirement, you’ll probably find that most landlords expect it.

And it’s a good idea to have a policy just in case you experience a fire, theft, or another disaster. Not to mention, your landlord’s insurance probably won’t cover your personal property. Honestly, with the amount of coverage most Arizona renters insurance provides, it’s a no-brainer.

What Does Renters Insurance in Phoenix Cover? 

Renters insurance in Phoenix covers a lot of different issues, from water damage to vandalism and theft of your personal belongings. Plus, the best renters insurance companies also cover some of the area's most common natural disasters, like wildfires, dust storms, and extreme heat.

The one caveat is wildfires, which may or may not be covered by a basic renters insurance policy. So, you’ll need to check if your insurance company covers damage from wildfires. 

Renters insurance in Phoenix isn’t just for natural disasters, however. Basically, renters insurance covers a few different categories. 

One part of your policy is for your personal property. This is the amount of coverage you buy to cover your own items when you rent a home or apartment. The amount you select should be close to what you would need to cover the replacement cost of your items.

For example, say you conduct a home inventory and find out most of your items add up to roughly $28,000. In that case, you’d probably want to choose a policy with $30,000 of personal property coverage.  

You also have a subsection here called “Loss of Use.” Say you have to stay in a hotel while your place is getting fixed up. This part of your policy covers your additional living expenses, including your temporary housing.

In addition to covering your own belongings, your policy has liability coverage. This covers accidental property damage, so you may not need to get out your wallet if your friend breaks a window. 

You also usually have a separate section here that helps cover medical expenses if someone gets hurt at your place and you’re found responsible, like if a visiting relative slips and falls.

What Is Not Covered by Renters Insurance in Phoenix?

Renters insurance includes a lot of liability coverage and helps protect your personal property. Still, it doesn’t cover everything. 

It won’t cover your car, for example. That’s why you should have auto insurance, too. 

Most renters insurance doesn’t cover flooding, either. So, if the place you’re looking at is one of the few in Phoenix in a flood zone, you’ll need to pay for additional coverage. Unfortunately, we’re unable to offer flood insurance. However, you can get it through the National Flood Insurance Program.  

How Much Is Renters Insurance in Phoenix?

Renters insurance in Phoenix, AZ, can be affordable. On average, you can expect to pay around $11-27 per month for your renters policy. Your costs will vary a little depending on the insurance company you work with, the type of coverage you choose, and how high your deductible is.

That said, the average rate for renters insurance in Phoenix for Goodcover Members falls right in line with the average and ranges from around $132 to $320 annually, depending on the deductible and the amount of liability and personal property coverage.

The reason you can find affordable renters insurance could be due in part to the slight decrease in crime in the city. While crime rates in Phoenix are still significantly higher than in most of Arizona, thankfully, property crime in Phoenix dropped 19% in the first half of 2023 compared to the same period in 2022.

Still, keep in mind that things like the type of building you live in, how old it is, and any security features will all impact the cost. For example, if your unit has a deadbolt, fire extinguisher, and smoke detectors, they may help reduce your insurance premium.

Basically, you won’t know exactly how much you’ll pay until you request a renters insurance quote. But here’s some good news: Getting a quote with Goodcover takes no time at all. You can get a quote faster than you can listen to your favorite song, and you can bind your policy from the comfiest spot on your couch.

How To Shop for Renters Insurance Coverage in Phoenix

Shopping for a new renters insurance policy has never been easier. 

First, you need to figure out who needs coverage. If you live alone, this is easy. If you live with anyone, though, either they’ll need their own policy, or your insurance provider will need to cover them, too. Luckily, with Goodcover, if everyone’s on the lease, they can be on your policy.

Then, you need to figure out what’s getting covered. Try to do a quick home inventory, so you have a better idea of how much stuff you have and how much it's worth. 

You also want to check out if you’ll need to pay for certain coverage options. You might need increased coverage limits for those items if you have some valuable jewelry or musical instruments. 

Now that you know who’s going on the policy and what you want to cover, you can start shopping around. It’s a good idea to compare a few renters insurance rates so you can be sure you’re not overpaying. 

Remember that a company offering the cheapest renters insurance might not have the best policy for you. Make sure the policy covers everything and everyone who needs it. 

Luckily, getting a renters insurance quote from Goodcover is faster than ever, so you can compare rates and coverage amounts. 

Resources for Phoenix Tenants

Before we wrap things up, we’d like to leave you with a list of additional resources to help you out. Here, you’ll find links to local information for Phoenix residents who may have questions about their apartments or rental policies:

• City of Phoenix Rental Opportunities 
• Arizona Landlord and Tenant Rights and Responsibilities
• Arizona Rental Assistance Program
• Arizona Residential Landlord and Tenant Act
  

While finding a new home in a big city like Phoenix can seem overwhelming sometimes, at least your renters insurance is something you don’t have to worry too much about. 

Renters insurance in Phoenix is affordable, comprehensive, and, while not always required, certainly a good idea. Goodcover has you taken care of, with renters coverage all over the state of Arizona. Get a transparent Arizona renters insurance quote from Goodcover today.

Note: This post is meant for informational purposes; insurance regulation and coverage specifics vary by location and person. Check your policy for exact coverage information.

For additional questions, reach out to us – we’re happy to help.