The Best and Cheapest Renters Insurance in Irvine, CA, for 2022: Rankings, Reviews and Rates

In Irvine, California, the average cost of renters insurance is $208 per year or $17 per month. Renters insurance shoppers may save an average of $48 per month by shopping around and comparing rates from several providers. MoneyGeek found Lemonade to be the cheapest provider at $6 per month and Nationwide the most expensive at $54 per month, on average.

MoneyGeek ranked the best renters insurance providers in Irvine to help you discover the best option for you if you're searching for a provider that balances cost and quality.

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Last Updated: 7/15/2022
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The Cheapest and Best Renters Insurance in Irvine

The Companies With the Cheapest Renters Insurance in Irvine

When shopping for a renters insurance policy in Irvine, the most important factor is insurance cost since most providers offer comparable core coverages. MoneyGeek recommends that you compare quotes from different providers if you are looking for the cheapest renters insurance provider in the city.

The top two most affordable renters insurance providers in Irvine are:

  • Lemonade: $69 per year
  • Allstate: $117 per year

The rates in this guide are for personal property coverage limits of $20,000, liability coverage limits of $100,000 and a $500 deductible. Keep in mind that your actual rate may vary. Adjust the personal property coverage limits in the table below to observe how premiums can change.

Renters living outside of Irvine may also compare renters insurance for the entire state of California.

Average Annual Rates for Personal Property Insurance

Personal Property Coverage:

$20,000

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Compare Renters Insurance Rates

Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.

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What Are the Best Renters Insurance Companies in Irvine?

MoneyGeek analyzed various Irvine renters insurance providers and found the following to be the best companies for renters insurance.

  • Best Overall: USAA (only available for current and former military members)
  • Runner-up: State Farm

MoneyGeek used a unique rating methodology that incorporated affordability, customer satisfaction ratings from J.D. Power and financial stability ratings from AM Best to calculate the final scores. Furthermore, MoneyGeek found that both companies provide unique coverages that other renters insurance providers do not typically offer.


1
USAA
Score:98

4.8/5

Affordability

5/5

User Satisfaction

5/5

Financial Stability

Geek Quick Take
Geek Quick Take

USAA is our top pick and it received a perfect J.D. Power customer satisfaction score and a high MoneyGeek affordability score. However, this provider is only accessible to current and former military members and their families.

More About USAA

In addition to being a low-cost choice, USAA provides various unique coverages. For example, unlike other insurance companies, USAA’s policy covers flood and earthquake damage right off the bat. Military personnel who are currently on active service can get an extra discount on their policy to make it even cheaper. Its coverage extends to personnel serving or living overseas.

2
State Farm
Score:93

4.8/5

Affordability

4.1/5

User Satisfaction

5/5

Financial Stability

Geek Quick Take
Geek Quick Take

State Farm received a perfect J.D. Power score and ranked high across other categories to emerge as the runner-up. Unlike USAA, State Farm is widely accessible to all renters in Irvine. The insurer offers increased limits for jewelry and business property.

More About State Farm

Renters insurance from State Farm is consistently one of the most affordable options in the country. For an additional $25 a year, you may add restoration coverage to your policy, which will cover you in the event of identity theft. State Farm also offers the option to add earthquake insurance if you reside in a high-risk location.

The Average Cost of Renters Insurance in Irvine for 2022

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renters insurance is equal to the average.

Renters in Irvine pay an average of $208 per year or about $17 per month for insurance. This is $49 higher per year than the $159 national average.

What Factors Impact Renters Insurance Costs in Irvine?

While several factors impact your renters insurance cost, the following are the most impactful to your spending.

  1. Personal property coverage amount. Your coverage amount is heavily influenced by the volume of personal property you want to insure. This is a key consideration when shopping for the best and cheapest renters insurance in Irvine.
  2. Location. Your renters insurance quote is determined by your ZIP code and factors like weather trends and crime rate in the area. In communities with high rates of property theft or extreme weather, renters insurance costs may be higher.
  3. Deductible. You must pay the deductible when an insurance provider replaces your possessions. Higher deductibles decrease monthly premiums since you pay more out-of-pocket.
  4. ACV vs. RCV. After an accident, insurance companies may give actual cash value (ACV) or replacement cost value (RCV). ACV insurance pays you less for your goods since it takes depreciation into account. RCV insurance pays for a comparable new item. ACV insurance saves you money on your monthly premium, but you'll collect less in a claim. RCV plans cost more, but payouts are higher.
  5. Liability coverage amount. Renters insurance liability coverage typically starts with a claim limit of $100,000. However, the amount of coverage you choose will only have a minor impact on the cost of your renters insurance. With a few dollars each year, you can add thousands of dollars in coverage.

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Does My Irvine Neighborhood Impact Cost of Renters Insurance?

Your locality has little effect on renters insurance premiums compared to many other types of insurance. MoneyGeek's research shows that the area you reside in has little impact on your monthly insurance cost.

Understanding Renters Insurance in Irvine

Although renters insurance is not required by law in Irvine, it can help you repair or replace your property that has been damaged or stolen. It may also provide coverage in case of an accident at your home. Annual premiums for policies are often relatively low. It is important to note that your landlord's property insurance does not cover your belongings and that some landlords may require tenants to have renters insurance.

What Does Renters Insurance Cover in Irvine?

When shopping for renters insurance in Irvine, it is important to get the appropriate level of coverage since this will cover the cost of replacing or repairing your property in case of theft or damage. According to the FBI, the property crime rate in Irvine in 2019 was 1,251 per 100,000 people. This is 33.8% below the national average.

Residents in Irvine apartments and rental homes may also get supplemental insurance to cover a variety of perils, such as fires and water damage. Insurers in Irvine often provide renters insurance plans that cover the following:

  • Personal property coverage: Personal property coverage covers items such as furniture, gadgets and clothing. This form of coverage helps repair or replace your items after a covered loss, such as theft or fire.
  • Additional living expenses: When a policyholder is temporarily displaced from their primary home, their extra living expenses are covered by an insurance policy called additional living expenses (ALE).
  • Liability insurance: Renters liability insurance protects you if you cause injury to others due to an accident or negligence. It may cover legal fees if you are sued for incidents such as home accidents.
  • Medical payments coverage: Medical payments coverage pays for the medical bills of people injured on your property by accident, regardless of who is at fault.

What Is Not Covered by Renters Insurance in Irvine?

Renters insurance in Irvine protects your personal property but not the structure of the building. There are also particular risks that renters insurance does not cover. It may be preferable to get extra coverage for such perils.

Water damage, for example, is covered by renters insurance. However, most standard plans exclude water damage caused by floods. If you wish to be protected against flood damage, you may get additional insurance through the National Flood Insurance Program (NFIP).

Other items excluded from most renters insurance plans include the property of your roommates, damage from an earthquake, damage to your car, jewelry and other valuables that cost more than the policy limits. Before finalizing your purchase, read the policy thoroughly to confirm that you have adequate coverage.

Frequently Asked Questions About Renters Insurance in Irvine

Customers shopping for renters insurance should look for the provider that gives the best value for money without sacrificing service quality. MoneyGeek answers some of the most frequently asked questions about Irvine renters insurance.

Renters Insurance in Irvine Analysis: Methodology

Moneygeek analyzed hundreds of renters insurance quotes in Irvine 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 the Author


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Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.


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