The Cheapest and Best Renters Insurance in Anaheim
The Companies With the Cheapest Renters Insurance in Anaheim
Since most insurers offer similar coverages, insurance costs should be an essential consideration for Anaheim renters. Compare renters insurance quotes from different providers to find the best policy for you.
If you’re looking for affordable renters insurance, MoneyGeek’s research found that the cheapest options in Anaheim for the average consumer are:
- Lemonade: $69 per year
- Allstate: $125 per year.
The prices mentioned in this research are based on policies with $20,000 in personal property coverage, $100,000 in liability coverage and a deductible of $500, but your actual costs will differ based on your needs. Check the table below for different personal property coverage limits and see how the prices vary.
California renters living outside Anaheim can compare renters insurance for California.
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What Are the Best Renters Insurance Companies in Anaheim?
MoneyGeek ranked the best renters insurance in Anaheim and found that the top renters insurance companies in the city are:
- Best Overall: USAA (exclusive for current and former military members)
- Runner-up: State Farm
To gather this data, MoneyGeek used a unique rating system that incorporates affordability, customer satisfaction ratings from J.D. Power and financial stability ratings from AM Best. They also offer special coverages that not all renters insurance companies provide.
A perfect score in customer satisfaction and financial stability, plus a high score in affordability, made USAA our top pick. Only military families are eligible to buy USAA policies.
USAA is consistently one of the most affordable choices across the country, and it also has unique coverages. Unlike other insurance companies, its policies cover flood and earthquake damage. USAA also provides significant discounts to those currently serving in the military.
State Farm ranked second in our analysis and earned a perfect score in financial stability and high ratings in customer satisfaction as well as affordability. This insurer offers inflation coverage.
State Farm is one of the most affordable renters insurance providers in the country. Plus, if you pay an additional $25 per year, you can add restoration coverage to your policy to protect yourself against possible expenses due to identity fraud. With State Farm, you can even buy inflation coverage so that your property coverage limits automatically increase over time.
The Average Cost of Renters Insurance in Anaheim for 2023
renters insurance is equal to the average.
On average, renters in Anaheim pay $215 per year for insurance or around $18 per month. This is roughly $56 more per year than the national average of $159.
What Factors Impact Renters Insurance Costs in Anaheim?
Several factors affect your renters insurance costs. The following are the most impactful to the amount you will spend.
- Personal property coverage amount. When looking for the best renters insurance in Anaheim, the value and amount of property you want to be covered are the most essential determining factors in calculating a policy’s cost.
- Location within a city. The neighborhood you live in may also affect your renters insurance costs in Anaheim. Neighborhoods with high crime rates can have slightly higher premiums.
- Deductible. This pertains to the fee you will pay the insurance carrier to cover a claim. Selecting higher deductibles will lead to lower premiums because you will pay more out of pocket if you file a claim.
- ACV vs. RCV. Depending on the kind of insurance, you may get reimbursements based on either the actual cash value (ACV) or the replacement cost value (RCV). If you have an ACV policy, your insurance provider will reimburse you based on your used items’ depreciated value. On the other hand, RCV policies reimburse the equal cost of buying a new product similar in quality and type without considering depreciation. Since RCV policies pay more claims, they cost more than ACV policies.
- Liability coverage amount. Your coverage level will have a minor effect on your renters insurance price. A standard policy has $100,000 in liability coverage, but you can add thousands more in coverage for a few dollars per year.
Calculate How Much Renters Insurance You Need
Does My Anaheim Neighborhood Impact Cost of Renters Insurance?
In contrast with other kinds of insurance, neighborhood locations don’t significantly affect renters insurance rates. MoneyGeek’s research found that the neighborhood you live in will only affect your premium by a couple of dollars per month.
Understanding Renters Insurance in Anaheim
Renters insurance in Anaheim is not a legal requirement. However, MoneyGeek highly suggests buying a policy to protect your assets against theft or damages at an affordable price. Moreover, some landlords may require it.
What Does Renters Insurance Cover in Anaheim?
When looking for the right renters insurance, it is important to ensure that you get enough coverage to meet your needs as an Anaheim renter. It is a more cost-effective way to safeguard yourself against unexpected expenses due to theft and other damages.
According to the FBI, Anaheim had a property crime rate of 1,986 per 100,000 people in 2019, which is roughly 5% higher than the national average.
Additionally, apartment and rental home residents in Anaheim may also buy additional insurance to protect them from risks like fires and water damage. Insurance providers in Anaheim typically offer renters insurance policies that include:
- Personal property coverage: This covers the contents of your rented home from specific hazards like vandalism, theft, electrical malfunctions and some weather-related damages.
- Additional living expenses: In some instances, the rented property may become uninhabitable after a covered peril. This coverage takes care of the expenses for your temporary housing.
- Liability insurance: This protects you if an accident in your rental property causes damages or injuries to other people. It helps you with legal fees and court judgment payments.
- Medical payments coverage: When someone gets injured while staying in your rented property, this helps cover the medical expenses related to the specific injury. It pays out regardless of who’s at fault.
What Is Not Covered by Renters Insurance in Anaheim?
Renters insurance in Anaheim covers your personal property but not the structure of the building you’re residing in. Your landlord needs coverage for the property structure.
Certain other perils won’t be covered by renters insurance. In these instances, it’s best to get additional coverage.
Some water damages may be covered by renters insurance. However, if the water damage is caused by flooding, most standard policies won’t cover it. If you want to protect your rented property from flood damage, you can buy incremental insurance from the National Flood Insurance Program (NFIP).
Other things excluded in most renters insurance policies are your roommates’ possessions, earthquake damages, car damages, jewelry and items that cost more than the policy limits.
There’s no one-size-fits-all in policies. Make sure you read the policy carefully and have accurate coverage for your needs.
Frequently Asked Questions About Renters Insurance in Anaheim
Renters should search for the insurer that offers the best combination of affordability and quality. Here are some of the most common questions about renters insurance in Anaheim.
Renters Insurance in Anaheim Analysis: Methodology
MoneyGeek analyzed hundreds of renters insurance quotes in Anaheim to help you find cheap renters insurance. The best renters insurance rankings were determined using data from J.D. Power, AM Best and our affordability metrics derived from a comprehensive analysis of quotes provided by Quadrant.
About Mark Fitzpatrick
- CrimeGrade.org. "The Safest and Most Dangerous Places in Anaheim, CA: Crime Maps and Statistics." Accessed June 7, 2022.
- United States Department of Justice, Federal Bureau of Investigation. (September 2020). "Crime in the United States, 2019." Accessed June 22, 2022.