Best and Cheapest Renters Insurance in Los Angeles, CA (2024)

Travelers is the best renters insurance company in Los Angeles, California, with a MoneyGeek score of 90 and an average annual premium of $167. Capital Insurance Group is the cheapest renters insurance provider in Los Angeles, with a MoneyGeek score of 89 and an average annual premium of $108. The best and cheapest quotes are based on $20,000 in personal property coverage.

The best homeowners insurance provider should balance customer service with affordability. Depending on your needs, other providers may be best. For example, Travelers excels in service quality with an average annual premium of $167. MoneyGeek also looked into the best and cheapest renters insurance in California for those who live elsewhere in the state.

Travelers is the best renters insurance provider in Los Angeles, California, with a MoneyGeek score of 90 out of 100 and an average annual premium of $167. These are the top two best renters insurance providers in Los Angeles for a policy with $20,000 in personal property coverage, $100,000 in personal liability and a $1,000 deductible:

• Travelers: MoneyGeek score of 90 out of 100 ($167 per year)
• Nationwide: MoneyGeek score of 90 out of 100 ($158 per year)

Travelers has perfectly balanced customer satisfaction and affordability, with an affordability score of 46 out of 55.

In Los Angeles, California, Capital Insurance Group offers the cheapest renters insurance, with an average annual premium of $108 for $20,000 in personal property coverage. Below are the top two cheapest providers in Los Angeles for $20,000 in personal property coverage and a $1,000 deductible. MoneyGeek rated the cheapest renters insurance in Los Angeles with minimal consideration for customer service.

• Capital Insurance Group: $108 per year
• Allstate: $152 per year

Personal property coverage protects your belongings against risks like theft, fire and other damages. Cheap renters insurance policies often have low personal property coverage limits. While higher personal property coverage limits can lead to higher monthly costs, they offer better protection if you have many personal belongings.

In Los Angeles, California, Capital Insurance Group offers the cheapest renters insurance for a policy with $20,000 in personal property coverage and a $2,000 deductible at an average of $85 per year. The following providers are the top two cheapest in Los Angeles for $20,000 in personal property coverage and a $2,000 deductible:

• Capital Insurance Group: $85 per year
• Nationwide: $124 per year

A deductible is the amount you pay out of pocket before your insurance kicks in, and it can affect your rates. A higher deductible often leads to cheaper premiums, while a lower deductible means higher premiums. It’s important to balance both to ensure you can afford your deductible if you need to file a claim.

In Los Angeles, California, Travelers is the best renters insurance company for service quality, with an average annual premium of $167. For those who value excellent customer service without considering affordability, the following providers are the top two in Los Angeles for a policy with $20,000 in personal property coverage:

• Travelers: MoneyGeek score of 96 out of 100 ($167 per year)
• Nationwide: MoneyGeek score of 95 out of 100 ($158 per year)

Excellent customer service is important for renters looking for insurance because it ensures a smooth and stress-free experience, especially when you file a claim. MoneyGeek scores renters insurance providers based on J.D. Power surveys, which assess customer satisfaction and service quality.

Travelers offers the best value for renters in Los Angeles, California, who need high personal property coverage, with an average annual premium of $411 for $100,000 in coverage. For $100K in personal property coverage, the top two best providers in Los Angeles are:

• Travelers: MoneyGeek score of 95 out of 100 ($411 per year)
• State Farm: MoneyGeek score of 91 out of 100 ($425 per year)

Renters with a substantial number of possessions often require higher personal property coverage. This type of coverage protects items like furniture, electronics and clothing against risks such as theft or fire.

While higher coverage levels typically come with higher premiums, it's essential to find a provider that offers a good balance of cost and excellent service, especially when you have a lot to protect. Remember that high-value items such as jewelry or art may not be fully covered under a standard policy and might necessitate additional coverage.

USAA is the top-ranked renters insurance company for those with military backgrounds in Los Angeles, with an average annual premium of $153. The following providers are the top two best in Los Angeles for military members:

• USAA: MoneyGeek score of 100 out of 100 ($153 per year)
• Travelers: MoneyGeek score of 90 out of 100 ($167 per year)

USAA offers a range of products tailored for those with a military background, providing discounts and coverages that suit the military lifestyle. Although other insurers may have lower premiums, USAA's specialized offerings make it a better overall choice for service members in most cases.

The average cost of renters insurance in Los Angeles, California, is $185 annually or $15 monthly. This rate is higher than the California state average of $148 annually and the national average of $145. These rates are based on a policy with $20,000 in personal property limits, $100,000 in liability limits and a $1,000 deductible.

Renters should remember that the average cost of renters insurance in Los Angeles may vary greatly depending on the amount of personal property coverage you purchase. Personal property coverage protects your belongings in case of theft, damage or loss. Use the calculator below to see how much coverage you need based on the value of your personal property.

Various factors can influence the cost of renters insurance in Los Angeles, California. For instance, the crime rate and risk of natural disasters like earthquakes can significantly affect premiums. Understanding these factors is crucial when shopping for a policy, as it helps you choose the best coverage for your needs and budget. Below are some key factors that affect renters insurance costs:

• Location: Areas with higher crime rates or natural disaster risks tend to have higher insurance costs.
• Building Type: Older buildings or those with outdated safety features may result in higher premiums.
• Personal Property Coverage: The more coverage you need for your belongings, the higher your insurance cost.
• Deductible Amount: Choosing a lower deductible usually increases your premium.
• Claims History: A history of frequent claims can lead to higher insurance costs.

Renters insurance primarily protects your personal belongings from damage, but it also covers other aspects like liability and additional living expenses. Here's a breakdown of what renters insurance typically covers:

• Personal Property Coverage: This coverage protects your personal items from damage or theft. For example, if a fire damages your apartment in California, your policy would help replace your belongings.
• Personal Liability Coverage: This covers legal expenses if someone is injured in your rental. For instance, if a guest slips and falls in your California apartment, this coverage would help with legal costs and medical bills.
• Loss of Use Coverage: This pays for additional living expenses if your rental becomes uninhabitable. If an earthquake makes your California apartment unlivable, loss of use coverage would cover hotel stays and other related costs.

Renters insurance in Los Angeles does not cover everything, such as damages from earthquakes and floods. Understanding these exclusions can help you better prepare and protect your assets. Here are some other common exclusions:

• Earthquakes: Damages from earthquakes are typically not covered.
• Floods: Flood-related damages usually require separate insurance.
• Pest Infestations: Damages from pests like bedbugs or rodents are not covered.
• High-Value Items: Expensive items like jewelry may need additional coverage.
• Roommate Belongings: Your policy may not cover your roommate's belongings.
• Intentional Damage: Any intentional damage to the property is excluded.

The best renters insurance provider in Los Angeles, California, depends on your unique needs. We answered the frequently asked questions to help you make an informed decision.