Best Renters Insurance in California
If you rent your home, a landlord’s insurance policy won’t cover your personal belongings. This is where renters insurance comes in, protecting your possessions from fire, theft, or other covered events. It can also provide liability coverage if someone is injured in your home.
With a significant 44.5% of California residents renting, the second-highest percentage after New York, renters insurance is essential. While not mandated by state or federal law, many landlords now require tenants to have it. Fortunately, you can find plans for less than $20 per month.
CNBC Select analyzed over two dozen renters insurance companies in California, evaluating them on price, coverage, convenience, and more to bring you these recommendations.
Best Cheap Renters Insurance in California
- Best for affordability: Nationwide
- Best for electronics coverage: Amica
- Best for buying online: Lemonade
- Best for educators: Horace Mann
Best for Affordability: Nationwide
Nationwide offers some of the most affordable renters insurance premiums in California for tenants. While not available in every state, California residents can usually find coverage with relative ease.
Standout benefits: A standard renter’s insurance policy doesn’t cover earthquake damage, but Nationwide offers the option to add this coverage to your plan.
Best for Electronics Coverage: Amica
Amica provides renters insurance and the ability to add an electronics-specific rider – covering accidental damage to laptops, tablets, and phones, which aren’t normally covered.
Standout benefits: Amica provides replacement cost coverage, reimbursing you for the full cost of a new item, not the depreciated value following a loss.
Best for Buying Online: Lemonade
Lemonade makes buying renters insurance online easy, offering quotes in minutes. Lemonade’s AI-powered system is fast, with 40% of claims resolved instantly.
Standout benefits: Lemonade also offers extra coverage for expensive items like bicycles, cameras, jewelry, and musical instruments. It’s a great choice for simplicity and speed in the insurance process.
Best for Educators: Horace Mann
Horace Mann offers renters insurance and provides additional benefits, especially to educators. As part of the Educator Advantage package, teachers receive a free key replacement and identity fraud advocacy services. Additionally, you can save on the deductible if your personal property gets stolen from your car parked near a school. Bundling options are also available.
Standout benefits: If you need to temporarily relocate while your home is being repaired, Horace Mann’s policies cover lodging, food, and other necessities. You can also save by bundling your renters policy with Horace Mann auto insurance or other products.
What is Renters Insurance?
Renters insurance is designed for those who rent their homes.
Here’s what it covers:
- Your belongings: Covers furniture and items you own in your home.
- Your liability: Covers legal fees and other damages if you’re held liable for someone’s injuries in your home.
- Additional living expenses: Pays for a temporary living space if your rented home becomes uninhabitable during repairs.
How Much is Renters Insurance in California?
The average renters insurance premium in California is approximately $177 per year, or about $14.75 per month.
To lower your costs, get quotes from several companies for the same coverage amount and deductible. Bundling car insurance or other policies with your renters insurance is another way to potentially save.
Is Renters Insurance Required in California?
No, California doesn’t mandate renters insurance by state or federal law. However, your landlord may require it.
What Does Renters Insurance Cover in California?
Renters insurance in California covers your personal property, your liability for damages to others, and extra living expenses if you need to relocate while your home is repaired.
Covered events typically include fire or vandalism. However, it doesn’t cover normal wear and tear, neglect, damage from external flooding, or earthquakes, unless you add a separate policy or coverage.
Many policies limit coverage for electronics, precious metals, cash, collectibles, and valuables. For example, jewelry coverage may be limited to $2,000 and require a standalone jewelry insurance policy.
Renters Insurance FAQs
Is renters insurance worth it?
Renters insurance is worth it regardless of requirements, and it can cover your belongings in the event of damage that a landlord’s insurance policy won’t cover.
Does Lemonade insurance cover California?
Yes, Lemonade renters insurance is available in California, as well as pet, condo, and homeowners insurance.
What is the best renters insurance company in California?
Based on price and customer service analysis, Lemonade, Amica, and Nationwide are top choices.
