Nearly 50% of the residents of California are renters and if you are one of them, you need to know that if you rent, you will need a policy of your own if you want to protect your personal property.
Getting renters insurance quotes online have never been this easy and the application process has never been faster.
We have reviewed 5 of the best renters insurance companies in California for 2020 to make your search for coverage and the buying process super easy.
Our #1 Pick
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Learn Who Made Our Best Renters Insurance In California List!
Plus More Details On Each Company, Why You Need Renters Insurance, What Does It Cover, And How To Apply For Coverage.
If you follow Lemonade on Instagram, you might notice that they have an untraditional feed that involves a faceless person dipping everyday items into thick pink paint.
What does that have to do with insurance, you ask? Well, it turns out that they take their slogan, “We cover your stuff” literally, and covering it in paint that matches their signature logo.
Lemonade has turned the insurance industry on its head by powering their quote and claims process with AI. The application process is incredibly simple, and, dare we say, fun.
All you have to do is grab your smartphone and enter your address. You’ll answer a few simple questions about your living situation, share some information about your belongings and how much coverage you want, and voila! You’ve got a quote.
Prices start as low as $5 per month, and the company sweetens the deal by donating to a variety of charitable causes.
The claims process is probably our favorite part of Lemonade.
Instead of filling out mountains of paperwork and digging for receipts, all you have to do is record a video explaining your situation (use your smartphone for ultimate convenience) and then list the items that need to be replaced.
Your claim could be approved, and your refund processed almost instantly.
Want to learn more? Read our full Lemonade Insurance review here.
RATES FROM $5.00/Month
(Based On Newer Construction In The State Of Georgia, A Good Insurance Score, And Other Desirable Factors.).
2. Quote Wizard
Not sure which company is your best bet for renters insurance? Take the guesswork out of finding insurance and compare several companies side by side.
QuoteWizard can give you several quotes from top companies in just 60 seconds. The average customer could save up to 40% on their insurance premium when they use them.
Quote Wizard is not an insurance company, but it is the best place to find easy price comparisons among renters insurance plans and companies.
They also have an A+ rating from the BBB and are headquartered in Seattle.
Since 2006, they have helped more than 32 million shoppers find the right policy for their insurance needs.
Their process is quick and seamless. It takes less than five minutes for you to answer about ten questions, then they email you a quote comparison.
Progressive has been in business since 1937, and they offer renters insurance in 50 states and D.C.
They are the best renters insurance for discounts and are rated A+ by both BBB Rating and A.M. Best
Progressive is another company that allows you to bundle your policies to save. However, Progressive rates start at about a dollar a day, which is significantly higher than what Lemonade charges.
Specific to renters insurance, several items in your apartment might qualify you for a discount. These include smoke detectors, deadbolts on exterior doors, and an alarm system.
Still, if you’re uncertain about Lemonade’s startup status (they’re less than five years old) and you want a more established company, then you might prefer to purchase your policy through Progressive.
4. State Farm
If you already have car insurance, then you might want to bundle your renter’s insurance with your automobile coverage.
By structuring this policy this way, you can save significant funds. In some cases, the discounts are so generous that you’re essentially getting your renter’s insurance for free.
However, not everyone qualifies for this bundling discount, so you’ll have to confirm eligibility by contacting State Farm directly.
Amica has an A rating from A.M. Best and an A+ Rating from the BBB.
They are known for having the best customer service for a renters insurance company in California -
A J.D. Power study ranked Amica highest in property claims experience for the eighth year in a row.
When the time comes to file a claim, you want someone who will be prompt and efficient with your claim.
Amica’s high customer service reputation speaks to this need.
Is renters insurance required In California?
California state law does not mandate renters insurance. However, it is legal for landlords to require renters insurance from their tenants.
Not all landlords ask for proof of renters insurance, so if you do not want it, you can pick somewhere else to live.
The landlord’s insurance will only cover the building you are living in, so it is wise to consider protecting your property with renters insurance.
If you do decide to live where renters insurance is required, a landlord can have you put their name or the property manager’s name as an “additional insured” individual on the policy.
They can also select a minimum amount of coverage.
Average renters insurance premium in California
The average cost for renters insurance in California is less than $20 per month and hovers around the $17 per month range.
Different companies offer discounts, such as bundling discounts or no-claims discounts.
Sometimes you can also find discounts through member organizations, such as alumni groups or professional organizations.
The price you will pay is also impacted by the amount of coverage you require, as well as the deductible you select.
Usually, the higher the monthly payment, the lower your deductible. The reverse is also true—a higher deductible means a lower monthly payment.
What does renters insurance cover?
Renters insurance, also called personal property insurance, covers everything you own that’s portable. This includes:
In addition to giving you either full replacement cost of these items for the cash value equivalent, renters can also get temporary housing if their home becomes uninhabitable.
There’s also liability protection, which covers the cost of any injuries sustained by other people at your residence.
The events that are covered under renters insurance fall into three categories:
We go into a bit more detail about the areas of coverage for renters insurance:
Personal property coverage means that if something happens to your belongings, the insurance company will give you money to replace them at either cost or current value (depending on your type of policy).
Personal liability insurance will cover you in case someone decides to sue you after getting hurt at your house. The insurance company will pay the legal costs and any settlement to the injured party.
Medical payments go hand in hand with personal liability coverage. If someone sues you because they hurt themselves at your house, this coverage will take care of their medical bills.
Loss of use (also called Additional Living Expenses - ALE)
Loss of use coverage means that if something happens to your home and you cannot live there because of the damage, your insurance company will reimburse your living costs.
Some companies have time limit caps, and others have monetary caps on this benefit.
Will renters insurance cover my roommate?
With such high housing costs, many California residents have roommates to offset expenses.
Your roommate may or may not have coverage under the renters insurance policy you purchase.
Renters insurance will cover anyone listed on the policy. Thus, if your roommate’s name is on the policy, they have coverage.
If their name is not on the plan, though, the insurance does not apply to them or their possessions.
You might also want to consider getting separate policies because your items may have a different value than your roommates.
If your policy only covers you for let’s say $50,000, this means if there is a total loss, you might not get the full value because you will need to split that with your roommate
How To Apply For Renters Insurance
Applying for renters insurance is easy, and can take just a few minutes. The best way to do it is to go online because most companies have a free online process that will deliver a quote within seconds or minutes.
View Your Instant Quote
First, you want to click here or any of the above buttons to start the quote process, you won't need any personal information other than the address to get your quotes fast. Once you have your quotes and pick the coverage option that works best for you, it's time to get covered.
Get Your Personal Information Together
You will need your name, address, and Social Security number. The online forms guide you through several questions to learn more about the rental you will be living in and what coverage you need.
Start Your Online Application
Once you have all of your personal information together, your next step will be to start the application. This will be easy by just following the prompts after you complete your quote.
Know The Safety Features Of Your Rental
The application might ask about smoke detectors, sprinkler systems, and deadbolts. The best renters insurance will offer discounts for those features.
Sometimes, the intake form may also ask if you have pets, especially certain dog breeds. Overall the process can take less than five minutes.
Answer Your Questions Honestly
Be sure to answer every question, truthfully. If you do not, and something happens, the company may deny your claim. Even if they do not deny your claim, you still may be committing fraud.
Add Any Additional Interest
Some landlords may require you to add them as an additional interest; this will let them know if the policy has lapsed or when you have renewed your policy. Most companies can add this during the application process or immediately afterward.
Print Your Proof Of Insurance
Once your policy has been approved and paid for, simply print out your proof of insurance, and you're covered.
Take Action - You Decide
The best overall renters insurance in California is Lemonade.
Their business model gives them a competitive edge because they can payout quickly and also give money back to the community and other socially responsible causes.
Lemonade is easy (and quick) to apply for, and the app means that you can file a claim, no matter where you are which makes them clearly the front runner.
You can click here to start your path to renters insurance coverage instantly, today.
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