Best and Cheapest Renters Insurance in Downey, CA (2024)

In Downey, California, the best renters insurance company is Nationwide, with a MoneyGeek score of 94 and an average annual premium of $125 for $20,000 in personal property coverage. The cheapest option is State Farm, with a MoneyGeek score of 94 and a yearly premium of $121.

Choosing the right homeowners insurance provider depends on your priorities. For instance, Travelers offers excellent service quality with an annual premium of $138. MoneyGeek reviewed the best and cheapest renters insurance in California for those who live elsewhere in the state.

The best renters insurance companies in Downey for a policy with $20,000 in personal property coverage are:

• Nationwide: MoneyGeek score of 94 out of 100 ($125 per year)
• Travelers: MoneyGeek score of 93 out of 100 ($138 per year)

Nationwide offers an excellent balance of cost and service quality, scoring 52 out of 55 for affordability and 28 out of 30 for customer satisfaction.

In Downey, State Farm offers the cheapest renters insurance with an average annual premium of $121 for $20,000 in personal property coverage with a $1,000 deductible.

• State Farm: $121 per year
• Nationwide: $125 per year

Personal property coverage helps replace or repair your belongings if they're damaged, lost or stolen. Cheaper policies often have lower coverage limits, so higher limits may increase your monthly costs but provide better protection for many belongings.

In Downey, Capital Insurance Group offers the cheapest renters insurance, with an annual premium of $80 for $20,000 in personal property coverage and a $2,000 deductible.

• Capital Insurance Group: $80 per year
• Nationwide: $99 per year

A deductible is the amount you pay out of pocket before your insurance covers the rest. While choosing a higher deductible can lower your premium, choosing an amount you can comfortably pay is crucial if you need to file a claim.

For renters in Downey who prioritize exceptional service over cost, the top providers for a policy with $20,000 in personal property coverage are:

• Travelers: MoneyGeek score of 96 out of 100 ($138 per year)
• Nationwide: MoneyGeek score of 95 out of 100 ($125 per year)

Excellent customer service is crucial when filing a claim, as it can make the process smoother during stressful times. MoneyGeek rates the best renters insurance for customer service based on J.D. Power surveys, which evaluate satisfaction in areas like policy offerings, price, billing and claims.

State Farm is the best renters insurance company for renters needing high personal property coverage in Downey. The top providers for $100,000 in coverage are:

• State Farm: MoneyGeek score of 95 out of 100 ($247 per year)
• Travelers: MoneyGeek score of 95 out of 100 ($330 per year)

High personal property coverage protects renters with many or valuable belongings against damage or theft. It often leads to higher premiums, so find a provider that balances cost and service. For high-value items like jewelry or art, additional coverage may be necessary.

For renters with military backgrounds in Downey, the top providers for a policy with $20,000 in personal property coverage are:

• USAA: MoneyGeek score of 100 out of 100 ($143 per year)
• Nationwide: MoneyGeek score of 94 out of 100 ($125 per year)

USAA provides products tailored to the needs of military members. Although not the cheapest option in Downey, USAA is worth considering for its discounts and coverages that suit the military lifestyle.

The average cost of renters insurance in Downey is $164 annually or about $14 monthly. This is $16 more per year than California's average of $148 and $19 more than the national average of $145. These rates reflect a policy with $20,000 in personal property coverage, $100,000 in liability coverage and a $1,000 deductible.

The average cost of renters insurance can vary based on your selected amount of personal property coverage, which protects your belongings from damage or theft. Use the calculator below to tailor your policy to determine the right amount of coverage for your needs.

The cost of renters insurance in Downey depends on several factors:

• Location: Crime rates and weather risks in your area can affect your premium.
• Coverage amount: Higher coverage limits increase your insurance costs.
• Deductible: A higher deductible lowers your monthly premium but means higher out-of-pocket costs in a claim.
• Claims history: A history of claims may lead to higher premiums due to increased perceived risk.
• Credit score: A better credit record can result in lower premiums.

Renters insurance covers personal belongings, liability and additional living expenses. It protects against theft, fire and certain natural disasters, offering financial security and peace of mind in case of unexpected events. Here’s what a typical policy includes:

• Personal property coverage: Protects items like furniture and electronics. For example, if a fire damages your belongings, this coverage helps replace them.
• Personal liability coverage: Covers legal expenses if you're liable for injuries or property damage. For instance, if a guest is injured in your home, it helps with legal fees.
• Loss of use coverage: Covers additional living expenses if your rental becomes uninhabitable. For example, if an earthquake makes your apartment unlivable, loss of use coverage pays for temporary housing.

While renters insurance provides a financial safety net, it doesn't cover every situation:

• Natural disasters: Standard policies typically exclude damage from floods.
• Roommate's belongings: Personal property coverage usually doesn't extend to a roommate's possessions unless they're specifically listed on the policy.
• High-value items: Expensive items like jewelry or electronics may require additional coverage if their value exceeds the policy limit.
• Business equipment: Property used for business purposes is generally not covered under standard renters insurance.
• Pest damage: Damage from pests like bed bugs or rodents is usually not covered.
• Car theft: While personal property stolen from your car may be covered, the theft of the vehicle itself is not.

The best renters insurance provider in Downey depends on your needs. We address some frequently asked questions to help you make an informed decision.