With nearly 40 million residents, California is enormous, and so is its renter population. Stockton, Anaheim, Santa Ana and San Bernardino are all cities where renters outnumber homeowners. Californians spend most of their household income on rent, the highest in the country, so renters insurance is especially critical for extra protection. California prices for the best renters insurance are more expensive than other states, averaging an annual total of $223.
Renters insurance protects your belongings if they are damaged or lost in circumstances like fire, theft and vandalism. Although renters insurance is not required of residents, it comes highly recommended nonetheless. It will provide protection for your most valued belongings.
With so many renters insurance companies, it’s more important than ever to do your due diligence when looking for the best cheap renters insurance in California.
The best cheapest renters insurance companies in California
Unlike California car insurance, there are no state requirements for California renters insurance.
Renters insurance includes personal property and personal liability coverage, medical payments and even additional living expenses should you have to vacate the property for protected events. The cost of renters insurance is also based upon the number of policies and claims filed within the state. This includes the total cost of all insured items.
There are many factors that insurance companies consider when creating your quote. Things like your neighborhood, coverage and deductible will all determine what you pay.
These are California’s best cheapest renters insurance companies:
- Allstate: Allstate’s plans cover living expenses, personal liability, personal property coverage and guest medical. You can also get add-ons like identity theft protection.
- Farmers: Farmers is a good option for people who want to customize their policy. It offers claim forgiveness, an eco-rebuild option and cosmetic damage coverage.
- Liberty Mutual: Liberty Mutual has flexible, comprehensive coverage. It offers inflation protection, the full replacement cost of personal property, loss forgiveness and lots of discounts.
- Nationwide: Nationwide offers good add-on coverage like earthquake and theft extension options. It also has many discounts to help people save money.
- State Farm: State Farm offers the standard things you’d expect in your renters insurance policy and add-on options like business property and earthquake damage.
Best renters insurance company for customer service: State Farm
State Farm is known for its reliable customer service, particularly in California, and boasts a perfect score from J.D. Power, which judges customer satisfaction.
Best renters insurance company for eco-friendly options: Farmers
While its customer service is average, Farmers offers many protections that other companies do not, such as an eco-build discount if you rebuild damaged property with green materials.
Best for inflation coverage: Liberty Mutual
Liberty Mutual does not rank high on customer satisfaction, but it does take inflation into account when it renews your policy. You’ll keep the same coverage level you signed up for no matter how much inflation happens.
Best renters insurance company for extended coverage: Nationwide
Nationwide is excellent for its many coverage options, offering theft extension, which covers the valuables within your stolen vehicle, and Valuables Plus, which provides additional coverage for your most cherished things.
Best renters insurance for medical guest coverage: Allstate
Among its unique add-ons, Allstate offers special guest medical coverage, which will take care of any medical expenses if there are any injuries to a visitor on your property.
Ratings for Cheapest Renters Insurance Companies: California
There are different rankings that determine whether a company is good for renters insurance. JD Power and the Better Business Bureau judge a company’s customer satisfaction, while AM Best conveys a company’s financial stability.
| Company | J.D. Power | AM Best | BBB |
|---|---|---|---|
| State Farm | 5/5 | A++ (Superior) | A+ |
| Nationwide | 2/5 | A+ (Superior) | A+ |
| Farmers | 2/5 | A (Excellent) | A+ |
| Liberty Mutual | 2/5 | A (Excellent) | A |
| Allstate | 2/5 | A+ (Superior) | A+ |
The cost of California renters insurance varies greatly depending on where you live, so you should always research your options before committing to a renters insurance policy.
We gathered quotes using a sample policy that included $30,000 in personal property coverage.
- Farmers: $168
- State Farm: $162
- Liberty Mutual: $175
- Allstate: $269
- Nationwide: $351
Many companies will discount renters insurance policy if you also bundle auto insurance. Inquire to see what incentives the best California renters insurance companies can offer you.
Frequently asked questions
How much renters insurance do I need in California?
Renters insurance is not required in California, but some landlords will include a clause within the lease that requires coverage. Regardless of the requirements for your property, renters insurance is still highly recommended to protect you against unexpected damages and loss.
What is the best renters insurance company in California?
No one person is the same, so no renters insurance is the same. The best renters insurance company in California differs from person to person, so use the rankings and information provided here to make an educated decision on the best California renters insurance companies for you.
What kinds of events does my renters insurance policy cover?
California is known for its wildfires, so that’s an integral part of coverage. That’s not all that can happen to your home. Things like theft, fire, smoke, lightning and flooding can all wreak havoc on your home and turn your life upside down. When interviewing different renters insurance companies, make sure that there is the right coverage for your property and all of your things inside.
Are there discounts for my renters insurance?
Most companies offer additional discounts for qualifying parties. Multi-policy discounts are common, as are extra savings for homes with home or fire alarm systems. There are also exclusive discounts that could apply to your renters insurance policy, like Allstate’s claims-free discount for renters without a history of claims. Every discount can save you precious dollars when you’re living on a budget.
The post The Cheapest California Renters Insurance Companies 2019 appeared first on The Simple Dollar.
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