Table of Contents
- How much does renters insurance cost in Los Angeles?
- Average price of renters insurance in Los Angeles by company
- The cheapest renters insurance in Los Angeles: Lemonade
- The best renters insurance in Los Angeles: State Farm
- Other Los Angeles renters insurance providers to consider
- Learn more about renters insurance providers in Los Angeles
- What else do you need to know about renters insurance in Los Angeles?
- How we gathered our data on Los Angeles renters insurance prices
How much does renters insurance cost in Los Angeles?
The average price of renters insurance in Los Angeles is $19.95 per month, which is pretty much the same as the national average. The cheapest renters insurance we found in Los Angeles was offered by Lemonade ($11.84), and the most expensive we found was offered by Farmers ($33.43).
Because it’s a major city, Los Angeles tends to have higher renters insurance prices than smaller cities in California like Long Beach ($14.52) and Chula Vista ($13.76). This is unsurprising considering the high crime rate in certain areas, such as downtown and central LA. Crime is one of the main factors that determine the price of renters insurance.
Other factors that can affect your monthly insurance costs in Los Angeles include:
- Weather: Exposure to extreme weather or natural disasters affects the cost of your renters insurance premiums. Los Angeles (and California in general) is especially vulnerable to earthquakes, forest fires, floods, and mudslides. Renters insurance covers fire (including wildfires) but does not cover earthquakes, floods, or landslides. However, your susceptibility to these disasters still affects the price of your renters insurance.
- Zip code: The part of Los Angeles that you live in also impacts your premiums. Areas like Hollywood or Beverly Hills have higher premiums because residents usually have to insure high-value property and personal assets.
In the following section, we’ll give you the average monthly and yearly prices of renters insurance offered by the top insurance companies in LA. We’ll also go over how we collected this data at the end of the article.
Average price of renters insurance in Los Angeles by company
The table below shows the average monthly and yearly prices offered by each renters insurance provider in Los Angeles. It also shows the difference between each insurer’s prices and the average price of renters insurance in Los Angeles ($19.95).
|Difference from average
The cheapest renters insurance in Los Angeles: Lemonade
When it comes to the cheapest renters insurance in Los Angeles, Lemonade is the clear winner. Their policies cost only $11.84 per month on average, which is over 40% cheaper than the average.
While Lemonade’s low prices are definitely a bonus, you should consider some of the advantages and disadvantages of their renters insurance.
Advantages of Lemonade renters insurance in Los Angeles
- Zero-deductible option: Los Angeles is one of the few places where Lemonade offers a $0 renters insurance deductible. A deductible is the amount of money you’ll have to pay out-of-pocket when you file a renters insurance claim. Not needing to put any money down before you get your payout is definitely a perk that makes Lemonade stand out.
- Earthquake rider: Lemonade also offers renters insurance rider that covers earthquakes in the state of California. Considering their frequent occurrence in Los Angeles, the extra coverage is definitely worth the extra $10 or so per month that it’ll cost you.
Disadvantages of Lemonade renters insurance in Los Angeles
- Limited bundling options: In a city like Los Angeles, which has over 6 million registered vehicles, bundling your renters insurance with your auto insurance is a convenient way to save money. Unfortunately, Lemonade only offers a bundling discount on pet insurance and not for more popular options like auto or life insurance (which they don’t currently provide at all).
- Poor customer service: Lemonade has mixed reviews when it comes to its claims handling and customer service. Customers find it difficult to get in touch with an insurance agent because claims are processed via Lemonade’s mobile app. If you have a more complicated claim, you may end up feeling frustrated by the difficulty of getting in touch with a customer service rep over the phone.
Is Lemonade insurance worth it in Los Angeles?
It depends on what you’re looking for. If you’re on a budget, Lemonade’s cheap monthly premiums and $0 deductible are hard to beat. However, if you can afford to spend a little more, we recommend looking around at your other options before committing to Lemonade.
The best renters insurance in Los Angeles: State Farm
State Farm offers the best renters insurance in Los Angeles for a reasonable monthly price of $20.25. While it might not be as cheap as Lemonade, it’s still in line with the average cost of renters insurance in the city ($19.95).
Let’s look at some of the benefits and disadvantages of having State Farm renters insurance.
Advantages of State Farm renters insurance in Los Angeles
- Earthquake insurance: State Farm lets you purchase separate earthquake insurance directly through the California Earthquake Authority (CEA) for only $5-$10 per month. There’s a 75% probability of a strong earthquake in Los Angeles in the next 30 years, so we highly recommend you add this coverage to your renters insurance policy.
- Cybercrime coverage: Los Angeles is located in the state with the most cybercrime complaints. Luckily, State Farm is one of the few renters insurance providers that offer coverage for cybercrime, data theft, and malware protection for a small monthly fee.
- Other benefits: Unlike Lemonade, State Farm offers discounts for bundling your renters and auto insurance and has a good reputation for personalized over-the-phone service.
Disadvantages of State Farm renters insurance in Los Angeles
- Online experience: If you’re tech-savvy and like to handle your insurance online, State Farm’s website doesn’t exactly provide a seamless experience. However, the company does have a well-designed app that you can use instead of their website.
- Price: There are 5 other providers on our list that offer more affordable coverage in Los Angeles than State Farm does. If price is one of your main concerns, then you might prefer to save $4-$9 per month by getting renters insurance from GEICO, Progressive, Liberty Mutual, or Midvale.
Overall, we recommend State Farm because it offers very competitive coverage options for a reasonable price. It’s also the most widely used insurance provider in Los Angeles and one of the most well-established companies nationwide.
Other Los Angeles renters insurance providers to consider
There’s no one-size-fits-all renters insurance policy that meets everyone’s needs. The company that’s best for one person may not be right for you. This is why we’ll also go over the best renters insurance companies in Los Angeles for:
- Military servicemembers and veterans
- College students and first-time renters
- Dog owners
- Car owners
Best renters insurance in Los Angeles for military members and veterans: USAA
With a strong reputation for customer service and an efficient claims-handling process, USAA offers some of the best renters insurance policies in Los Angeles and the United States in general.
However, not everyone is eligible for their coverage. It’s only available to military service members, veterans, and the immediate family of USAA members. With that said, if you fall into one of these categories, then we recommend getting your renters insurance from USAA.
Unlike their competitors’ policies, USAA’s standard renters insurance policies provide coverage for floods and earthquakes at no extra cost. Since Los Angeles is prone to both earthquakes and floods, this unique benefit makes USAA particularly attractive.
Best renters insurance in Los Angeles for college students and first-time renters: Lemonade
Lemonade’s user-friendly app and affordable cost make the experience of buying renters insurance a breeze for students on a budget. They’re also a great option if you only need basic coverage, such as if you’re renting your first apartment, and their well-designed website explains insurance terms in simple, easy-to-digest language.
Lemonade is also ideal if you’re a tech-savvy student who prefers handling your transactions on a smartphone. Once you buy your policy through their website, you can adjust your coverage or file a claim through their app.
Best renters insurance in Los Angeles for dog owners: State Farm or USAA
Renters insurance usually covers dog bites and other damage caused by your pup under what’s known as pet liability coverage. However, breed blacklisting is legal in Los Angeles and the state of California, and some providers refuse to cover certain breeds they consider dangerous.
State Farm and USAA are the only major insurance providers that don’t ask about your dog’s breed. Instead, they decide whether to offer coverage for your dog based on whether they have a history of causing injury or property damage.
Best renters insurance in Los Angeles for people with auto insurance: your current provider
Los Angeles definitely has a car culture. If you live in the city and commute to work, then you may already have an auto insurance provider. In this case, you should consider buying your renters insurance policy from them.
This is how you bundle insurance policies, which can save you up to 10% on the cost of your insurance. Car insurance is a lot more expensive than renters insurance, and a 10% discount can save you a few hundred dollars each year.
Almost all major insurance companies offer bundling options for auto insurance, so you should contact your current provider and ask what they can offer you before you look elsewhere.
Learn more about renters insurance providers in Los Angeles
If you’re still undecided and want to learn more about each insurer, check out our reviews of the top renters insurance companies. We break down each company’s coverage options as well as their ratings according to organizations like J.D. Power and AM Best.
You can find our reviews here:
What else do you need to know about renters insurance in Los Angeles?
There are a few other things you should know about renters insurance in Los Angeles. Below, we’ll answer some of the most frequently asked questions about the City of Angels.
Is renters insurance mandatory in Los Angeles?
No, renters insurance is not required by law in Los Angeles. That being said, landlords can make it mandatory for you to get renters insurance when you sign a lease. Landlords require renters insurance to help them avoid potential disputes with tenants.
Does renters insurance require a credit check in Los Angeles?
No, California is one of the few states where you can get renters insurance without a credit check. If you live in LA, insurers are forbidden to use your credit score to decide how much to charge you, so your credit score won’t affect the price of your monthly premiums.
Is renters insurance worth having in Los Angeles?
Yes, renters insurance is worth having in Los Angeles. It’s one of the cheapest kinds of insurance you can get and it offers wide-ranging protection.
In addition to covering your belongings in the event of countless perils (theft, vandalism, fire, etc), renters insurance includes personal liability coverage and loss-of-use coverage, potentially saving you a lot of money down the line.
Renters insurance is particularly important in Los Angeles because it covers fire and smoke damage. Wildfires are becoming an increasingly dangerous natural disaster in California, and several parts of Los Angeles County are at high risk. If you live in LA, then this coverage can save you a lot of money in the event of a fire.
Does renters insurance cover earthquakes in Los Angeles?
No, standard renters insurance doesn’t cover earthquake damage. The only exception is USAA, but as we mentioned, their insurance is only open to members of the military and their families.
Some insurance companies give you the option to add an earthquake rider or endorsement to your basic renters insurance policy for a small fee. You can also buy earthquake insurance directly from the California Earthquake Authority, a nonprofit organization that provides coverage to people in LA and the rest of California.
We recommend you add earthquake coverage to your renters insurance policy, as Los Angeles is due for a big earthquake in the next 30 years.
How we gathered our data on Los Angeles renters insurance prices
To find the average cost of renters insurance in Los Angeles, we obtained quotes from 10 of the major providers in LA. The quotes are based on the following criteria:
- Insured party: 30-year old male, employed, unmarried, with no pets
- Personal property coverage: $30,000
- Personal liability coverage: $100,000
- Guest medical coverage: $1,000
- Loss-of-use coverage: Insurer’s default (usually based on personal property coverage)
- Deductible: $500
Insurance companies consider several factors (like your age and other demographic characteristics) when determining the price of your renters insurance premiums. For this reason, your quotes will probably be a bit different from the ones we’ve provided. However, because renters insurance is relatively cheap, this difference in price shouldn’t have a significant impact on the overall cost.
Our monthly rates don’t include installation fees or down payments. However, there are a few ways you can get renters insurance with no down payment.
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