Renters Insurance in California

People have been rushing to live in California since the settlers came searching for fast fortunes. Are you renting an apartment, condo or house in the Golden State? If so, you likely need information about renter's insurance. This type of insurance policy can help cover losses due to theft, damage, and other issues. Here’s our guide to the best renters insurance in California.

Quick Look: The Best Renters Insurance in California

• Best for Seamless 100% Digital Singup: Lemonade
• Best for Existing Policyholders: State Farm
• Best for Customizable Policies: Nationwide
• Best for First-Time Policyholders: Amica

Best Renters Insurance in California

Now that you have a quick grasp on how renters insurance works in California, here’s your chance to find the best company for affordable renters insurance.

1. Lemonade

Did you know most of our readers prefer to work with Lemonade for their renter's insurance needs?

Lemonade is an innovative renter insurance provider that tries to make getting a new policy as quick and easy as ordering an Uber. The company’s robust app interface and tech-savvy focus make it perfect for college students.

Lemonade looks to turn the insurance industry upside down by donating a percentage of leftover profits to charity. 

Because of this focus, the savings are passed to the end user. Affordable pricing helps college students who live on a tight budget and don’t have time for complicated processes. You can get a quote from Lemonade in less than 2 minutes.

You’ll be choosing an up-and-coming company with financial stability that is digital-friendly, affordable and socially responsible.

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Lemonade offers fast, easy coverage through its seamless application and claims process. Get personal property and liability protection with Lemonade Renters Insurance.

2. State Farm

State Farm is a household name ranked by J.D. Power for its customer service. It has the exceptional financial strength and has an A++ rating with AM Best, the credit agency.

State Farm provides comprehensive renters coverage at competitive prices. You can tailor your renter's insurance to your family’s needs and finances.

One way to save money and lower your monthly payment is to choose a higher deductible. You’ll pay more out of pocket if you have a claim. But it’s still one way to protect yourself with coverage if you don’t believe you’ll use it, but need to meet your landlord’s requirement.

3. Nationwide

Are you looking for low-cost renters insurance? Put Nationwide on your checklist. Nationwide has some of the most affordable policies in all of California.

The company gives you the choice to tailor your policy to your needs. You can save a dollar and still add the company’s Valuable Plus coverage for your expensive items such as watches, antiques or jewelry. Nationwide also gives credit card protection that covers you from fraudulent financial transactions at no added cost.

You can stack up the savings with the protective device discount or zero-claims discount. Nationwide’s quote tool is secure and efficient. You’re only a few clicks away from protecting your possessions.

4. Amica

Seniors value customer service along with competitive prices for their fixed incomes. Amica delivers and tops J.D. Power’s home insurance rankings, and it ends up beating the competition according to Consumer Reports as well. In fact, 94% of the company’s customers have a lasting relationship with Amica. 

Seniors can maximize discounts by bundling with auto insurance, life insurance or small business insurance. Amica even has retirement products that could add to your savings. Significant discounts include loyalty, which happens after 2 years with the company, and claim-free when you have no claims in the past 3 years.

An Overview of Renters Insurance in California

Renters insurance differs from car insurance because you’re not legally required to have it. But it offers some unique coverages that are affordable when compared to other types of insurance. Some landlords require renters insurance before you can sign a lease.

Renter's insurance functions like homeowners insurance:

1. Expect to pay your monthly premiums to the insurance company to keep your coverage current after you sign up for a policy.
2. You’ll pay to replace or repair any damaged or lost belongings when you have a claim.
3. The insurer will then reimburse claims up to the limits of coverage. You can expect to pay a deductible before the insurance takes care of the remainder of the replacement costs.

Your renter's insurance policy is more affordable than a homeowners insurance policy because it only covers your contents and not the dwelling itself. Renters' insurance provides no coverage for damages to the physical structure of your unit or apartment — that’s the landlord’s responsibility. Landlord insurance protects the dwelling and renters insurance is just for the contents you have inside.

Average Annual Renters Insurance Premium in California

Renter's insurance is surprisingly affordable. The average cost for a California resident is $200 per year, about $17 per month. You can find discounts to lower your renter's insurance policy even more. 

Different renters insurance companies offer various discount programs depending on the customers they want to attract. These discounts are standard throughout the industry:

• Payment option discounts: Most insurers offer a discount for paying your policy in full. If that’s not a possibility for you, you could lower your bill by choosing paperless statements or autopay.
• Multi-policy discount: Bundling is 1 of the best ways to save money with the renter's insurance company. Add car insurance and life or business insurance to increase your discounts all around.
• Safety discounts: Have you bought a security system, smoke detector or fire alarm? The insurance company you choose might give you a deal for that.

Renters Insurance Coverage Explained

You can expect most renters insurance policies to have 3 types of coverage:

• Personal property: Personal property coverage pays for the replacement or repair of your belongings up to the coverage limit for covered perils. Electronics, clothing, furniture and other personal possessions are all protected under this coverage. But personal property coverage doesn’t cover your vehicle — you need comprehensive car insurance for that.
• Additional living expenses: What happens if the damage is so significant that it causes your home to be unlivable? Additional living expenses pay the cost of your new living arrangement while you wait for your apartment or unit to be repaired. Hotel, transportation and food expenditures are all standard costs covered under this protection.
• Personal liability coverage: Personal liability coverage provides legal protection and pays judgments if someone is injured on your property. Personal liability coverage will also pay if you damage someone else’s property.

Most Affordable Cities for Renters Insurance in California

Where can you expect the best rates among the many California cities? Let’s look at the most affordable cities for renters insurance in California:

1. Fremont
2. Bakersfield
3. Fontana
4. Fresno
5. Oakland

Most Expensive Cities for Renters Insurance California

California is known for its high real estate costs. You can expect to pay a little more for renters insurance in Los Angeles and if you live in any of these cities:

1. Fresno
2. San Jose
3. San Francisco
4. San Diego
5. Irvine

Protecting Your Home With Renters Insurance in California 

Everyone wants to save as much as possible when buying insurance. But how do you know you got the best deal? The best strategy is to get quotes from several representatives before choosing a policy.

Renters insurance is like car insurance or homeowners insurance in that each company has a unique way of calculating your rate. Submit 5 applications seeking the same level of coverage with 5 insurance companies gets you 5 different prices.

People invest time in finding the best place to live. But often selecting renters insurance is only a box to check on your lease. Don’t let it be an afterthought. Make sure you shop around to get the best price for you and your family.

Frequently Asked Questions