One of the benefits of being a renter is that, if there are damages, you're not responsible for the physical structure you live in. But if you want to financially protect your personal belongings in case of fire, theft, or other covered event, you'll need renters insurance. A policy can also pay for restitution if you're found responsible for someone else's injuries or property damage.
No state mandates renters insurance, but a growing number of landlords are requiring tenants take out a policy when they sign their lease.
CNBC Select reviewed more than two dozen insurers that offer renters insurance in California and chose the best in price, coverage, convenience and other categories. (Read our methodology for more on how we made our selections.)
Best cheap renters insurance in California
Best for affordability: Nationwide
Who's this for? Nationwide offers some of the most affordable renters insurance premiums in California.
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.
Nationwide Renters Insurance
Availability
Nationwide offers renters insurance in all states except Alaska, Florida, Hawaii, Louisiana, Massachusetts, New Jersey, New Mexico and Oklahoma.
Coverage limits
Not available
Deductible
Not available
Add-ons
Replacement cost coverage, personal injury, water backup, earthquakes, identity theft, high-value items, theft of items stored in vehicle
Pros
- Policies cover unauthorized credit card transactions
- Discount for bundling, smoke detectors, living in gated community
Cons
- Not available in every state
- Online quotes not available in every state
Best for covering electronics: Amica
Who's this for? Amica's renters insurance allows you to add an electronics-specific rider that includes coverage for accidental damage to laptops, tablets and phones that wouldn't normally be covered.
Standout benefits: Amica offers replacement cost coverage, which reimburses you the full cost of getting a new item rather than the depreciated value after a loss. This can be especially useful for tech items, which depreciate rapidly.
Amica Renters Essentials® Insurance
Availability
Amica renters insurance is available nationwide except for Alaska and Hawaii.
Coverage limits
Personal property: $100,000, personal liability: $300,000, medical payments: $5,000, loss of use: $30,000
Deductible
$500 or $1,000
Add-ons
Replacement cost coverage, identity theft, electronics, high-end items
Pros
- Highly ranked for customer satisfaction on J.D. Power survey
- Bundling discount available
- Some renters policies are eligible for dividends
Cons
- Not available in Hawaii or Alaska
Best for buying online: Lemonade
Who's this for? Lemonade makes buying renters insurance online easy, with quotes available in minutes and policies available right from your phone. Lemonade claims its AI-powered system resolves 40% of claims instantly.
Standout benefits: Lemonade also offers extra coverage for expensive items like bicycles, cameras, jewelry and musical instruments.
Lemonade Renter's Insurance
Availability
Lemonade renters insurance is available in 30 states and Washington, D.C.
Coverage limits
Personal property coverage: $250,000, personal liability: $500,000, medical payments: $500,000, loss of use: $200,000
Deductible
$250 to $2,500
Add-ons
Extra coverage for jewelry and other valuables, no-deductible claims, coverage for accidental damage and mysterious loss
Terms apply.
Pros
- Speedy claims processing
- Reimburses based on replacement cost value
Cons
- High volume of complaints filed with NAIC
Best for educators: Horace Mann
Who's this for? While Horace Mann issues policies to the general public, teachers get added benefits as part of the Educator Advantage package, including free key replacement and identity fraud advocacy services. In addition, you won't pay a deductible on the first $1,000 of coverage if your personal property is stolen from a vehicle parked on or near school property or at a school-sponsored event.
Standout benefits: If you need to relocate while your home is being repaired, your policy covers lodging, food and other necessities. You can also save by bundling your renters policy with Horace Mann auto insurance, life insurance or annuities.
Horace Mann Renters Insurance
Availability
Horace Mann renters insurance is available in 40 U.S. states
Coverage limits
Not stated
Deductible
Not stated
Add-ons
Replacement cost coverage, scheduled personal property, identity fraud services
Pros
- Can get a rate quote and apply online
- Policies are available to anyone, not just educators
- Discount for bundling with auto insurance
Cons
- Not available nationwide
- Some benefits only available to educators
What is renters insurance?
Renters insurance is a coverage designed for those who rent their homes. While your landlord has insurance on the building you're living in, their policy typically doesn't cover your belongings. That's where renters insurance can step in.
But renters insurance can also help in other ways, too. Here are the three main things that it covers:
- Your belongings: Your furniture and any items in your home that you own would be covered by renters insurance.
- Your liability: If your pet bites someone or someone falls down your stairs and hurts themselves, you could be held liable for those damages. Renters insurance can cover legal fees and other damages in these situations.
- Additional living expenses: If your rented home isn't livable after an incident, this coverage can help you pay for another place to live while your home is being repaired or replaced.
How much is renters insurance in California?
The average renters insurance premium in California is $240 per year or $20 per month, according to Insurify. That's for $100,000 in liability coverage and $30,000 in personal property coverage.
The best way to lower costs is to shop around. Get several quotes for the same coverage and deductible amounts. Most of our top picks offer online quotes in just minutes.
Another easy way to save is to bundle your renters policy with a car, life or pet insurance policy from the same provider. Depending on the carrier, bundling can save you 20% or more.
What does renters insurance cover in California?
Like in any other state, renters insurance in California covers your personal property, your liability for damages to others and additional living expenses should you need to relocate while your home is being repaired.
Renters insurance protects you from losses caused by fire, theft and vandalism, but doesn't help with damage due to neglect or normal wear and tear. In addition, flooding from outside your home and earthquakes are typically not covered. (You'll need to either add riders to your policy or get separate earthquake and flood insurance policies.)
Many companies also limit how much they'll reimburse for electronics, precious metals, cash, collectibles and other valuable items. Renters insurance plans typically limit coverage for jewelry to $2,000, for example, but you can pay to increase coverage or get a standalone jewelry insurance policy.
Renters insurance FAQs
Is renters insurance worth it?
Yes, renters insurance is usually worth it, whether you're required to have it by your landlord or not. It protects your belongings in the event of an accident, theft, fire, or other covered event, and premiums are usually less than $20 a month.
Does Lemonade insurance cover California?
Yes, Lemonade renters insurance is available in California. The brand also offers pet insurance, condo insurance and homeowners insurance in the state.
Is renters insurance required in California?
There is no local or federal law mandating renters insurance in California or any other state. However, your landlord may require you to take out a policy as a condition of your lease.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed financial decisions. Every renters insurance review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of insurance products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
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Our methodology
To determine the best cheap renters insurance in California, CNBC Select analyzed more than two dozen renters insurance companies that offer policies in the state.
Using the California Department of Insurance's 2024 homeowners insurance rate tool, we examined rates for a renters insurance policy with $50,000 worth of coverage and a $500 deductible in San Diego County.
We prioritized companies with the most affordable rates and also considered coverage add-ons and discounts.
We compared customer satisfaction ratings from the renters insurance portion of J.D. Power's 2024 U.S. Home Insurance Study and complaint trends from the National Association of Insurance Commissioners.
We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.
Based on these criteria, our picks for best renters insurance in California are:
- For affordability: Nationwide
- For covering electronics: Amica
- For buying online: Lemonade
- For educators: Horace Mann
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