Contents

Having a home or apartment building to rent out can give you extra cash each month, and Wisconsin is a beautiful place to live. However, you must protect your investment, and the best way to do that is through landlord's insurance. Once you have that, you think you're covered for almost anything, but it only goes so far. Your tenants should also have renters insurance.

The Wisconsin Commissioner of Insurance has put out a brief guide to renters insurance, but it doesn't provide much information. In fact, this article might offer more data and focus on you, the landlord, instead of the tenant.

Are you ready to learn about Wisconsin renters insurance and its benefits to you? This guide will help you understand what it is, how it works, what it covers, and which companies to seek from tenants.

What Is Wisconsin Renters Insurance?

Many things can go wrong with a rental property, including injuries and damages. It's important to protect your things, but tenants also have to ensure that their items are safe after a covered loss. Renters insurance is the way to go.

Overall, renters insurance in Wisconsin covers many unexpected events from covered losses. It protects the tenant with liability protection, personal property coverage, and additional living expenses. In fact, it's broad and will help in many situations.

However, tenants need to know what coverage options they have for renters insurance, choosing one that meets their needs and fulfills your requirements, too. Let's learn more!

Average Cost of Renters Insurance in Wisconsin Per Year

According to ValuePenguin, average renters insurance rates for renters insurance in Wisconsin is $13 per month or $156 per year. However, the price tenants pay will vary depending on many factors, including the property's location, how much personal property they have, the type of coverage they seek, their deductible amount, and coverage limits.

How Much Does Wisconsin Renters Insurance Cost (Based on Popular Cities)?

ValuePenguin states that Menomonee Falls, Waukesha, and New Berlin have cheaper renters insurance rates, which are $145 per year. However, Milwaukee is the largest city in the state, so it has higher rates of $190 per year. Let's take a look at the renters insurance cost aspect in other cities:

  • West Allis - $154/year
  • Sun Prairie - $153/year
  • Racine - $157/year
  • Oshkosh - $151/year
  • Manitowoc - $152/year
  • Madison - $148/year
  • Appleton - $152/year

Is Renters Insurance Required in Wisconsin?

Landlords and tenants often wonder: Is renters insurance required in Wisconsin? No legal statutes make it mandatory, but landlords can demand tenants get renters insurance coverage as a condition of the lease.

Overall, it's best for you to require renters insurance before the person even moves in. The prices are relatively low, and the protection offered can come in handy in many situations.

Some tenants understand that it's better protection against the unknown and will buy renters insurance automatically. Others want to save money as much as possible and will put it off until after an event leaves them devastated. You can help them make the right choice now!

What Does Renters Insurance Cover in Wisconsin?

Wisconsin is known for its untamed weather conditions, which can bring extreme cold and hot temperatures, severe storms, floods, and tornadoes. In most cases, a renters insurance policy covers most damage from storms and tornadoes, but it might not protect against flooding and high winds.

Here's a breakdown of what renters insurance will cover:

Personal Property Coverage

Personal property is the tenant's belongings. This coverage makes sure that their stuff is protected, whether they're at home or not.

Loss of Use

If the tenant can't live in the dwelling because of covered losses (fire, windstorms, etc.), loss of use coverage will reimburse them for temporary housing and other living expenses, such as parking fees, food, and laundry up to the coverage limit.

Liability Coverage

With liability coverage, the insurance company will cover property damage and legal fees when someone is hurt in the apartment or if they break someone's stuff.

Medical Payments Coverage

The insurer will cover medical bills if a guest is injured in the tenant's place or if they hurt anyone outside the home. However, the policy will not help with medical payments if the policyholders are hurt.

What Does Renters Insurance in Wisconsin NOT Cover?

Though renters insurance does many things, it won't cover everything. These events include:

  • Each policy has its own coverage limits to determine what the insurer will pay. Therefore, if the extent of the damages is over that amount, the tenant will have to cover the rest.
  • Some events will never be covered under a traditional or standard policy. For example, flood damage isn't part of the deal, but tenants can buy separate policies to cover those things.
  • Many times, renters insurance won't cover high-cost items, such as electronics, art, and jewelry. Tenants will need separate scheduled personal property coverage, which costs extra.

How to Choose the Right Policy

When tenants choose a renters insurance company, they need to ensure it protects them as much as possible. Here are a few tips you can pass on to them:

  • Cost - Renters insurance in Wisconsin doesn't have to be expensive, so they should get quotes from multiple companies to compare prices.
  • Discount Options - Discounts help tenants save money on renters insurance premiums, so they should check which ones are available from their preferred company.
  • Coverage Options - Basic policies are often similar between companies, but tenants might need extra coverage for their personal property and other needs. Therefore, there should be plenty of add-ons, deductible amounts, and policy limits.
  • Customer Service - When tenants must file a claim, they're frustrated and upset. The renters insurance claims process should be straightforward, with them contacting someone and getting assistance quickly.
  • Technology - Most people prefer convenience, and websites and mobile apps will help them file claims and buy renters insurance effortlessly. They should look for customer portals, mobile tools, and online resources.

Available Discounts in Wisconsin

All renters insurance companies offer discounts, but they are typically different. It's impossible to list each brand's options, but we have included the most common ones below:

  • Safety device discount (smoke detectors and other things)
  • Bundling discount (save money when you insure a car and rental with one brand)
  • Online purchase discount (buy online to save money)
  • Early shopper discount (buy a new policy before the old one expires)
  • Autopay discount (use automatic payments and save)
  • Claims-free discount (never file a claim and save money)
  • 55 and retired discount (retired seniors can save up to 25 percent in some cases)
  • Loyalty discount (stay with the company for a few years and save big)
  • Smart home technology discount

How Does a Wisconsin Renters Insurance Policy Protect the Landlord or Property Manager?

Most articles focus on how renters insurance in Wisconsin will benefit tenants, but how can it help you? Here are a few reasons to consider requiring it:

  • Lawsuit Protection - The biggest reason for tenants to have renters insurance is that it protects you from a lawsuit if their personal property is damaged because of a natural disaster or another covered peril. In most cases, your landlord's insurance won't help you.
  • Don't Have to Pay for Property Damage - Similar to lawsuits, the tenant can seek you out and ask you to pay for the damages to their personal belongings after an accident. You don't want to be put in that situation, and you can't guarantee that they will be nice about it.
  • Lowered Insurance Premiums - Without renters insurance, tenants are more likely to hit you with lawsuits and damage claims. This might raise your premiums or get you canceled altogether.

Top 5 Best Renters Insurance Companies in Wisconsin

Tenants are likely only interested in finding the cheapest renters insurance companies to fulfill your requirements. Here are the top choices:

1. Lemonade Renters Insurance

Lemonade Renters Insurance

Lemonade could be the best renters insurance company for those in Wisconsin. It has lower prices than other brands, solid customer service ratings, and provides a great online experience. The average rate is $8 per month, which is lower than the national average in the state.

Tenants will like the strong customer service at Lemonade. It's received few customer complaints. However, coverage options might not be ideal. Though it has some optional coverages, such as replacement cost coverage and valuable items coverage, there's no identity theft coverage or extended liability protection.

2. Nationwide Renters Insurance

Nationwide Renters Insurance

Tenants who require particular coverage options might like Nationwide. It has the best cheap renters insurance, though it's a little more expensive than Lemonade at $13 per month. Still, it's possible to add water backup coverage, valuable items coverage, and even replacement cost coverage.

3. State Farm Renters Insurance

State Farm Renters Insurance

State Farm is an excellent choice for renters insurance in Wisconsin. Though it's not as affordable as other options, it does score well in financial stability and user satisfaction. Likewise, it offers the personal liability umbrella policy, which no other company provides.

4. Amica Renters Insurance

Amica Renters Insurance

If the cheapest renters insurance is the primary goal, tenants might like Amica. It is about $3 higher than the top pick, but it offers quality service. This is good when dealing with claims because it's easier during a hectic moment.

5. Farmers Renters Insurance

Farmers Renters Insurance

Farmers might not be one of the cheapest renters insurance providers, but it's been around for decades and focuses on customer satisfaction. However, it doesn't have as many add-ons as other brands. Likewise, the mobile app isn't as great as Lemonade's version.

What Is DoorLoop?

Requiring renters insurance in Wisconsin is a step in the right direction as a landlord. However, will you know who is covered and when their policies run out? In most cases, you'll need property management software, and DoorLoop has you covered. This all-inclusive option works for everyone. Whether you have a commercial or residential property (or a mixed-use portfolio), you'll be able to:

  • Market vacancies through Zillow and Trulia because of the free, customized website
  • Allow tenants to apply online and pay rent automatically through the tenant portal
  • Handle accounting tasks
  • Let tenants schedule maintenance requests online without having to call or text
  • Manage your rental portfolio

DoorLoop has everything you need! Schedule your demo and learn more about the software today!

Why Work with DoorLoop

Though it's wise to require tenants to purchase renters insurance in Wisconsin, you also want to make it easy for them. DoorLoop is the answer you seek. They can submit a renters insurance policy themselves or apply for it directly on the tenant portal or application. It's all powered by SURE and Lemonade, depending on your state. Learn more today!

David is the co-founder & CMO of DoorLoop, a best-selling author, legal CLE speaker, and real estate investor. When he's not hanging with his three children, he's writing articles here!

Legal Disclaimer

The information on this website is from public sources, for informational purposes only and not intended for legal or accounting advice. DoorLoop does not guarantee its accuracy and is not liable for any damages or inaccuracies.

doorloop