Factors that Affect Renters Insurance Premiums in California
Coverage Level
All renters insurance policies will insure you up to a certain price––often $100,000, $200,000, or even $300,000. A claim that costs more than that previously determined threshold may not be considered a fully covered loss. The higher your insured coverage level, the more expensive your premiums will be.
Deductible
A deductible is the amount of money you have to pay out of pocket when you file an insurance claim. The lower your deductible, the higher your monthly premiums––and vice versa.
Value of Property
The greater the value of your belongings, the more expensive your personal property will be to insure. A Los Angeles penthouse owner with a cherished collection of jewelry and racing bicycles will likely pay more for their renters insurance than a studio-dwelling college student in Anaheim.
Residence Type
Renters living in buildings with more security measures will pay less for their renters insurance, due to a lower likelihood of vandalism or theft.
Credit Score
Renters insurance is often more expensive for those with a low credit score.
Owning Pets
Because pets frequently contribute to property damage, a furry friend may raise your renters insurance rates.
California Specific Factors
In California the average cost of renters insurance annually is $182, almost exactly as expensive as the American average of $180 per year.
Though California is prone to natural disasters (like earthquakes and wildfires ) that tend to drive up the cost of homeowners and renters insurance, California renters insurance still costs less on average than in other states like Texas or Florida. California ’s average annual renters insurance costs are similar to those in New York.
Average Annual Cost of Renters Insurance