Best and Cheapest Renters Insurance in Downey, CA (Sept 2024)


Updated: September 13, 2024

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In Downey, California, the best renters insurance company is Nationwide, with a MoneyGeek score of 94 and an average annual premium of $125 for $20,000 in personal property coverage. The cheapest option is State Farm, with a MoneyGeek score of 94 and a yearly premium of $121.

Choosing the right homeowners insurance provider depends on your priorities. For instance, Travelers offers excellent service quality with an annual premium of $138. MoneyGeek reviewed the best and cheapest renters insurance in California for those who live elsewhere in the state.

MoneyGeek Logo IconBest & CheapestRentersDowney, CA
2024

Table of Contents

Why Trust MoneyGeek? To determine the top renters insurance in Downey, we analyzed data from the California Department of Insurance and Quadrant Information Services.

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Renters insurance premiums in Downey represent the most competitive estimates as of September 2024.

768Quotes Analyzed
 
8Providers Analyzed
 
2ZIP Codes

Overall Best Renters Insurance in Downey, CA

The best renters insurance companies in Downey for a policy with $20,000 in personal property coverage are:

  • Nationwide: MoneyGeek score of 94 out of 100 ($125 per year)
  • Travelers: MoneyGeek score of 93 out of 100 ($138 per year)

Nationwide offers an excellent balance of cost and service quality, scoring 52 out of 55 for affordability and 28 out of 30 for customer satisfaction.

Company logo for Nationwide
Best OverallNationwide
MoneyGeek Score:
94/ of 100

Overview

Nationwide ranks first for coverages in Downey, with an annual premium of $125. Renters benefit from Nationwide's credit card forgery insurance, which covers unauthorized transactions on credit cards, debit/ATM cards and forged checks. Additionally, theft from vehicles coverage protects personal belongings stored in or on motor vehicles, trailers or watercraft, offering comprehensive protection for renters' valuables.

Best Renters Insurance in Downey, CA
Data filtered by:Results filtered by:
Coverage:
Coverage:$20K Personal Property
NationwideMoneyGeek Score94Annual Premium$ 125
TravelersMoneyGeek Score93Annual Premium$ 138
State FarmMoneyGeek Score93Annual Premium$ 121
AllstateMoneyGeek Score88Annual Premium$ 115
Capital Insurance GroupMoneyGeek Score82Annual Premium$ 103
FarmersMoneyGeek Score79Annual Premium$ 182
ChubbMoneyGeek Score61Annual Premium$ 366

Cheapest Renters Insurance in Downey, CA

In Downey, State Farm offers the cheapest renters insurance with an average annual premium of $121 for $20,000 in personal property coverage with a $1,000 deductible.

  • State Farm: $121 per year
  • Nationwide: $125 per year

Personal property coverage helps replace or repair your belongings if they're damaged, lost or stolen. Cheaper policies often have lower coverage limits, so higher limits may increase your monthly costs but provide better protection for many belongings.

Cheapest Renters Insurance in Downey, CA
Data filtered by:Results filtered by:
Coverage:
Coverage:$20K Personal Property
State FarmMoneyGeek Score94Annual Premium$ 121
NationwideMoneyGeek Score93Annual Premium$ 125
TravelersMoneyGeek Score92Annual Premium$ 138
AllstateMoneyGeek Score92Annual Premium$ 115
Capital Insurance GroupMoneyGeek Score89Annual Premium$ 103
FarmersMoneyGeek Score78Annual Premium$ 182
ChubbMoneyGeek Score49Annual Premium$ 366

Cheapest Renters Insurance With a High Deductible in Downey, CA

In Downey, Capital Insurance Group offers the cheapest renters insurance, with an annual premium of $80 for $20,000 in personal property coverage and a $2,000 deductible.

  • Capital Insurance Group: $80 per year
  • Nationwide: $99 per year

A deductible is the amount you pay out of pocket before your insurance covers the rest. While choosing a higher deductible can lower your premium, choosing an amount you can comfortably pay is crucial if you need to file a claim.

Cheapest High Deductible Renters Insurance in Downey, CA
Data filtered by:Results filtered by:
Coverage:
Coverage:$20K Personal Property
Deductible:
Deductible:$ 2,000
Capital Insurance GroupMoneyGeek Score82Annual Premium$ 80
NationwideMoneyGeek Score94Annual Premium$ 99
TravelersMoneyGeek Score94Annual Premium$ 112
AllstateMoneyGeek Score85Annual Premium$ 115
State FarmMoneyGeek Score90Annual Premium$ 119
FarmersMoneyGeek Score76Annual Premium$ 178
ChubbMoneyGeek Score61Annual Premium$ 338
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HOW TO SET YOUR DEDUCTIBLE

When selecting a deductible for your insurance policy, ensure it's an amount you can pay out of pocket if you need to file a claim. If you can afford it, opting for a higher deductible could decrease your annual premiums, leading to savings over time while still providing the financial protection you need.

Best Renters Insurance for Customer Service in Downey, CA

For renters in Downey who prioritize exceptional service over cost, the top providers for a policy with $20,000 in personal property coverage are:

  • Travelers: MoneyGeek score of 96 out of 100 ($138 per year)
  • Nationwide: MoneyGeek score of 95 out of 100 ($125 per year)

Excellent customer service is crucial when filing a claim, as it can make the process smoother during stressful times. MoneyGeek rates the best renters insurance for customer service based on J.D. Power surveys, which evaluate satisfaction in areas like policy offerings, price, billing and claims.

Company logo for Travelers
Best Service QualityTravelers
MoneyGeek Score:
96/ of 100

Overview

Travelers ranks first in Downey for customer satisfaction, coverages and financial stability, with an average annual premium of $138. Travelers' contents replacement cost add-on covers personal property losses at full replacement value without deducting for depreciation. Its scheduled personal property coverage offers higher coverage limits for special items like jewelry and fine art without needing appraisals.

Best Renters Insurance For Service Quality in Downey, CA
Data filtered by:Results filtered by:
Coverage:
Coverage:$20K Personal Property
TravelersMoneyGeek Score96Annual Premium$ 138
NationwideMoneyGeek Score95Annual Premium$ 125
ChubbMoneyGeek Score93Annual Premium$ 366
State FarmMoneyGeek Score86Annual Premium$ 121
AllstateMoneyGeek Score77Annual Premium$ 115
FarmersMoneyGeek Score77Annual Premium$ 182
Capital Insurance GroupMoneyGeek Score61Annual Premium$ 103

Best Renters Insurance for High Personal Property Limits in Downey, CA

State Farm is the best renters insurance company for renters needing high personal property coverage in Downey. The top providers for $100,000 in coverage are:

  • State Farm: MoneyGeek score of 95 out of 100 ($247 per year)
  • Travelers: MoneyGeek score of 95 out of 100 ($330 per year)

High personal property coverage protects renters with many or valuable belongings against damage or theft. It often leads to higher premiums, so find a provider that balances cost and service. For high-value items like jewelry or art, additional coverage may be necessary.

Company logo for State Farm
Best High Personal Property LimitState Farm
MoneyGeek Score:
95/ of 100

Overview

State Farm is the top choice for renters with expensive homes in Downey. With a $247 annual premium, it offers affordability and high customer satisfaction. It provides crucial coverages like cyber event/ID theft, which covers the costs of recovering from identity theft, and earthquake damage coverage, which protects your home and belongings from earthquake-related risks.

Best Renters Insurance for High Personal Property Limits in Downey, CA
State FarmMoneyGeek Score95Annual Premium$ 247
TravelersMoneyGeek Score95Annual Premium$ 330
NationwideMoneyGeek Score92Annual Premium$ 388
AllstateMoneyGeek Score86Annual Premium$ 352
FarmersMoneyGeek Score81Annual Premium$ 488
Capital Insurance GroupMoneyGeek Score80Annual Premium$ 315
ChubbMoneyGeek Score61Annual Premium$ 1,273
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SCHEDULED PERSONAL PROPERTY COVERAGE

You need additional coverage if you own valuables like fine jewelry or art since standard policies often don't cover these items. Choose a provider offering scheduled personal property coverage to protect your high-value possessions.

Best Renters Insurance for Military Families in Downey, CA

For renters with military backgrounds in Downey, the top providers for a policy with $20,000 in personal property coverage are:

  • USAA: MoneyGeek score of 100 out of 100 ($143 per year)
  • Nationwide: MoneyGeek score of 94 out of 100 ($125 per year)

USAA provides products tailored to the needs of military members. Although not the cheapest option in Downey, USAA is worth considering for its discounts and coverages that suit the military lifestyle.

Company logo for USAA
Best for MilitaryUSAA
MoneyGeek Score:
100/ of 100

Overview

USAA is the top renters insurance provider in Downey for military members, leading in customer satisfaction, coverage and affordability with an annual premium of $143

USAA provides contents replacement cost coverage, which replaces belongings at current market value in case of theft or damage. Additionally, its worldwide personal property coverage protects possessions, offering peace of mind for deployed military members.

Best Renters Insurance for Veterans in Downey, CA
Data filtered by:Results filtered by:
Coverage:
Coverage:$20K Personal Property
USAAMoneyGeek Score100Annual Premium$ 143
NationwideMoneyGeek Score94Annual Premium$ 125
TravelersMoneyGeek Score93Annual Premium$ 138
State FarmMoneyGeek Score93Annual Premium$ 121
AllstateMoneyGeek Score88Annual Premium$ 115
Capital Insurance GroupMoneyGeek Score82Annual Premium$ 103
FarmersMoneyGeek Score79Annual Premium$ 182
ChubbMoneyGeek Score61Annual Premium$ 366

Average Cost of Renters Insurance in Downey, CA

The average cost of renters insurance in Downey is $164 annually or about $14 monthly. This is $16 more per year than California's average of $148 and $19 more than the national average of $145. These rates reflect a policy with $20,000 in personal property coverage, $100,000 in liability coverage and a $1,000 deductible.

The average cost of renters insurance can vary based on your selected amount of personal property coverage, which protects your belongings from damage or theft. Use the calculator below to tailor your policy to determine the right amount of coverage for your needs.

Personal Property Coverage Calculator

When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.

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Factors That Impact Renters Insurance Costs in Downey

The cost of renters insurance in Downey depends on several factors:

  • Location: Crime rates and weather risks in your area can affect your premium.
  • Coverage amount: Higher coverage limits increase your insurance costs.
  • Deductible: A higher deductible lowers your monthly premium but means higher out-of-pocket costs in a claim.
  • Claims history: A history of claims may lead to higher premiums due to increased perceived risk.
  • Credit score: A better credit record can result in lower premiums.

What Renters Insurance Covers in Downey, CA

Renters insurance covers personal belongings, liability and additional living expenses. It protects against theft, fire and certain natural disasters, offering financial security and peace of mind in case of unexpected events. Here’s what a typical policy includes:

  • Personal property coverage: Protects items like furniture and electronics. For example, if a fire damages your belongings, this coverage helps replace them.
  • Personal liability coverage: Covers legal expenses if you're liable for injuries or property damage. For instance, if a guest is injured in your home, it helps with legal fees.
  • Loss of use coverage: Covers additional living expenses if your rental becomes uninhabitable. For example, if an earthquake makes your apartment unlivable, loss of use coverage pays for temporary housing.
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COMMONLY COVERED PERILS

Renters insurance typically covers losses from incidents like theft, fire and water damage. Understanding your policy's specific coverage is key to ensuring protection. Here are common situations renters insurance covers:

  • Fire or lightning
  • Windstorm or hail
  • Explosions
  • Riots
  • Aircraft
  • Vehicles
  • Smoke damage

What Renters Insurance Does Not Cover in Downey

While renters insurance provides a financial safety net, it doesn't cover every situation:

  • Natural disasters: Standard policies typically exclude damage from floods.
  • Roommate's belongings: Personal property coverage usually doesn't extend to a roommate's possessions unless they're specifically listed on the policy.
  • High-value items: Expensive items like jewelry or electronics may require additional coverage if their value exceeds the policy limit.
  • Business equipment: Property used for business purposes is generally not covered under standard renters insurance.
  • Pest damage: Damage from pests like bed bugs or rodents is usually not covered.
  • Car theft: While personal property stolen from your car may be covered, the theft of the vehicle itself is not.

FAQ: Renters Insurance in Downey, CA

The best renters insurance provider in Downey depends on your needs. We address some frequently asked questions to help you make an informed decision.

How much is renters insurance in Downey, California, on average?
What is the cheapest renters insurance company in Downey, CA?
What is the best renters insurance company in Downey, CA?
Do I need renters insurance in Downey, CA?

About Mark Fitzpatrick


Mark Fitzpatrick headshot

Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.