Average Price Renters Insurance – The best cheap rental insurance in California is offered by Lemonade, with an average price of $9 per month, 45% less than the state average.
Choosing the best rental insurance provider means choosing a company with reasonable rates, convenient policy features and high-quality customer service. We’ve collected over 170 quotes from across California to help you find the cheapest and best renters insurance in the state.
Average Price Renters Insurance
Lemonade has the cheapest rental insurance in California. Its average rate is 45% lower than the state average of $9 per month.
Renters Insurance In California Vs. Other States
The cost of coverage in California is slightly more affordable than in the U.S. as a whole, with the average cost of renter’s insurance at $215 per year.
Lemonade is our top recommendation for California renters insurance. The company’s average price in the Golden State is $9 per month, 32% less than the next cheapest option.
Lemonade facilitates a streamlined quoting process and can approve claims extremely quickly using an artificial intelligence (AI) system. It has a good set of coverage options, including water backup coverage, earthquake coverage, and the ability to quickly add a significant other to your policy.
According to the National Association of Insurance Commissioners (NAIC), Lemonade’s biggest negative is customer service, which drew twice as many complaints as average. Many complaints focused on communication about requirements or changing guidelines.
The Price Of Peace Of Mind: States With The Most Expensive Renters Insurance
State Farm’s basic policies include some coverage for commercial property with options to extend coverage. Standard coverage includes some protection for business property, including products, with options to expand that coverage or add protection against business liability.
State Farm has some of the cheapest coverage we’ve found in California. An average policy is only $14 per month.
State Farm renters will not have the option to add many additional types of coverage or protection. The company’s customer service is no different, as it received more than double the expected size of complaints in California.
Amica is a top rental insurance option for customer service in California. Amica receives only a third of the complaints that would be expected given its market share size, meaning customers are generally satisfied with the company.
Best Renters Insurance In California Of 2023
Customer service is essential after an incident that could leave you without most of your possessions or eviction from your rental home. However, it will cost you more, as Amica is the most expensive insurance company in California at $254 per year.
Amica doesn’t offer much beyond the standard options for coverage or discounts. You can get replacement cost coverage and identity fraud protection, but you can’t extend your insurance to cover water backup or earthquake damage. Considering the earthquake risk in California, renters should consider a separate earthquake policy.
Santa Rosa has the cheapest renters insurance among major California cities, with an average cost of about $13 per month – or $161 per year.
By contrast, renters insurance in Irvine is the most expensive in the state at $24 per month – $293 per year.
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According to the NAIC, each company receives a small number of complaints relative to its size, and USAA is the top company in J.D. Power’s Customer Satisfaction Survey. However, USAA is only available to military members and certain members of their families.
Renters insurance in California costs an average of $17 per month. The cheapest company in California, Lemonade, offers renters insurance for $9 a month.
Renters insurance is not required by law in California, but property management companies or landlords are allowed to purchase coverage for you as part of the rental agreement.
Lemonade has the best rental insurance for most people in California. Quotes from Lemonade are much cheaper at an average of $9 per month. It also has a good set of coverage options.
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Renters in Sacramento pay about $17 per month for insurance, which is 4% less than the California average. By comparison, people living in San Jose pay $15 for the same coverage.
To find the cheapest renters insurance in California, we got 172 quotes from addresses across the state using an example renter profile: a 30-year-old, single, pet-free renter who lives by herself.
We received quotes for $30,000 in personal property policies, $100,000 in personal liability and $1,000 in medical coverage for others. Where possible, our sample policies had a $500 deductible.
National Association of Insurance Commissioners (NAIC) Complaint Index, J.D. Power’s annual customer satisfaction survey and editor’s review.
Average Landlord Insurance Cost
To get an insurance quote over the phone, call: (855) 596-3655 Agents are available 24 hours a day, 7 days a week! The average cost of renter’s insurance is $18 per month nationally, but your quote may vary depending on where you live. Because the probability of events like fire, storm and theft, also known as hazards, varies from place to place.
The average cost of renters insurance is highest in Louisiana, where a typical policy costs $34 per month or $409 per year.
Renters living in Mississippi, Alabama, Georgia and Florida also pay much more than average for renters insurance — between $27 and $31 per month.
Renters may pay more for insurance in these states because they are more likely to experience hurricanes and other risk factors. Another reason renters insurance costs may be higher may be the average age or condition of the buildings the tenants live in.
Renters Insurance: What To Know Before You Rent
Renters in New Hampshire, South Dakota and Maine pay the lowest rates in the nation at about $12 per month. Renters insurance can be cheaper in these states because they are less exposed to natural disasters.
The average cost of renters insurance in the 48 most populous US cities is $21 per month.
That’s about $3 more per month than the overall national average. However, renters in Seattle, Los Angeles, New York City and Chicago have cheaper rates – between $14 and $16 per month.
The cheapest rental insurance offers are usually found at Lemonade. The average cost of rental insurance from Lemonade is about $12 per month, or $140 per year.
Reasons Why You Need Renters Insurance
Not all claims are treated equally. Insurance companies will consider the type of claim you submit and the settlement amount when determining your insurance quote. Large claims and liability claims are the most likely to increase renters insurance rates.
Insurance companies may charge you more for insurance if you have a bad credit score. Statistically, tenants with low credit scores file claims more often than those with high credit scores. This makes it risky for them to insure people with bad credit, leading to higher rates for those people.
The amount of coverage you get directly affects the cost of rental insurance. While it can be tempting to get the cheapest policy, it’s important not to cut your coverage so low that you leave yourself unprotected should something happen.
For example, a Dallas resident with $15,000 in personal property pays about $15 per month for renter’s insurance. It costs $19 per month if you increase your coverage to $25,000. Even if it’s $4 more per month, the difference will seem minimal if your things are destroyed in a fire and you don’t have enough money to replace them.
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Pricing is based on a renter living in Dallas with $100,000 in liability coverage and a $500 deductible.
Additionally, the landlord may require you to purchase a policy with a minimum amount for liability coverage.
Increasing your personal property coverage costs a lot more than increasing your liability limit. Extending renters liability coverage from $100,000 to $300,000 increases the average cost of renters insurance by about 7%.
It costs about $1 per month to increase personal liability coverage from $100,000 to $300,000. Upgrading liability coverage from $300,000 to $500,000 also costs about $1 more per month.
Renters Insurance: What Does It Cover And How Much Does It Cost?
Pricing is based on a renter living in Dallas with $25,000 in personal property coverage and a $500 deductible.
If you file a claim, the amount you have to pay to replace your belongings is deductible for rental insurance. A typical deductible for renters insurance is $500 or $1,000, but most companies offer a variety of options.
You should choose a deductible based on how much you can afford to pay out of pocket if you suffer a loss.
Quotes are based on a renter living in Dallas with personal property coverage of $25,000 and liability coverage of $100,000.
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Choosing a higher deductible means you’ll pay less for insurance, but you’ll also be responsible for a larger portion of the costs if you ever make a claim. A lower deductible means better protection, but at a higher monthly cost.
High value items such as jewelry or art are usually covered up to lower, category-specific limits or excluded entirely. Endorsements are upgrades to your rental agreement that you can purchase to add or extend coverage for valuable items
Adding additional coverage increases the cost of renter’s insurance. However, that coverage may be needed if you have valuables that are not protected by the basic policy. Be sure to review what limits