The Cheapest and Best Renters Insurance in Long Beach
The Companies With the Cheapest Renters Insurance in Long Beach
Since insurance providers offer policies with similar core coverages, policy cost is often the most important differentiator between insurers. To get the cheapest renters insurance in the city, MoneyGeek recommends comparing quotes from many companies.
The following are companies that offer the cheapest renters insurance in Long Beach:
- Lemonade: $98 per year
- Allstate: $123 per year
The prices in this guide are for policies with $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible. Note that your actual rate may differ. To see how rates vary, you can modify the personal property coverage limits in the chart below.
Renters who live outside of Long Beach may compare renters insurance across the entire state of California.
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What Are the Best Renters Insurance Companies in Long Beach?
MoneyGeek identified the top-rated renters insurance providers in Long Beach:
- Best Overall: USAA (only available for current and former military members)
- Runner-up: State Farm
MoneyGeek’s unique rating methodology evaluated companies for affordability, customer satisfaction ratings from J.D. Power and financial stability ratings from AM Best to rank USAA and State Farm as the overall best insurers in Long Beach. Furthermore, MoneyGeek found that both providers offer unique coverages that other renters insurers do not.
USAA is our top pick due to its perfect J.D. Power customer satisfaction and financial stability scores, as well as a high MoneyGeek affordability score. However, only current and former military members and their families can access this provider.
In addition to being an inexpensive insurance option, USAA offers a variety of specialized coverages. In contrast to other insurers, USAA provides coverage for flood and earthquake damage, as well as discounts to active military personnel and those serving abroad.Read MoneyGeek's USAA renters Insurance Review
State Farm received the highest ratings in financial stability and affordability, as well as a relatively high rating for customer service. Furthermore, State Farm renters insurance policies are widely available.
State Farm's renters insurance is typically among the most affordable in the United States. Adding restoration coverage to your policy for an extra $25 per year will help protect you against identity theft. You may also get earthquake insurance through State Farm if you live in a high-risk area.Read MoneyGeek's State Farm renters Insurance Review
The Average Cost of Renters Insurance in Long Beach for 2023
renters insurance is equal to the average.
Long Beach renters pay an average of $241 per year for insurance, or about $20 per month. This is $82 more annually compared to the national average of $159.
What Factors Impact Renters Insurance Costs in Long Beach?
Although there are a lot of factors that affect the cost of your renters insurance, the following are the most important:
- Personal property. The amount of personal property you want to insure has a significant impact on your coverage amount. When shopping for the best and cheapest Long Beach renters insurance, this is the most important factor.
- Location. Your renters insurance premium is determined by your ZIP code due to an area’s susceptibility to natural disasters and crime rate. In areas with a history of theft or severe weather, renters insurance rates may be higher.
- Deductible. You must pay the deductible when an insurance company replaces your belongings. Higher deductibles lower monthly rates, but you’ll pay more out of pocket when you make a claim.
- ACV vs RCV. Insurance companies may provide actual cash value (ACV) or replacement cost value (RCV) after an accident. With ACV insurance, the provider will reimburse you the depreciated value of your possessions at a lower monthly rate. However, RCV insurance, though more expensive, covers the cost of a comparable new item.
- Liability coverage amount. Renters insurance liability coverage normally begins with a $100,000 claim limit. However, the quantity of coverage you choose will have only a minimal effect on the amount you pay for renters insurance. You may add thousands of dollars in coverage for a few dollars every year.
Calculate How Much Renters Insurance You Need
Does My Long Beach Neighborhood Impact Cost of Renters Insurance?
In contrast to many other types of insurance, your location has a minor effect on renters insurance prices. According to MoneyGeek's study, where you live has minimal influence on your monthly insurance costs.
Understanding Renters Insurance in Long Beach
Long Beach does not mandate renters insurance, but having it might help you pay for repairing or replacing lost or stolen belongings. This policy may also cover accidents at your home. Annual rates for insurance policies are often relatively inexpensive. It's important to know that your landlord's property insurance does not cover your personal possessions.
What Does Renters Insurance Cover in Long Beach?
The right level of coverage is important while looking for Long Beach renters insurance since it will cover the cost of replacing or repairing your belongings in the case of theft or damage. The 2019 property crime rate in Long Beach, as reported by the FBI, was 1,910 per 100,000 people, approximately 1% more than the national average.
Some Long Beach residents may also purchase additional insurance policies that cover other risks, such as fire and water damage. Insurance providers in Long Beach often provide the following coverages for renters:
- Personal property coverage: Personal property includes furniture, gadgets and apparel. This kind of coverage helps repair or replace your possessions after a covered loss, such as a theft or fire.
- Additional living expenses (ALE): When a policyholder's home is temporarily uninhabitable additional living expenses coverage pays for their living expenses.
- Liability insurance: You are covered by renters liability insurance if you injure others due to an accident or negligence. It may pay legal bills if you are sued for a home-related accident.
- Medical payments coverage: Regardless of who is at fault, coverage covers the medical expenses of anybody injured on your property in an accident.
What Is Not Covered by Renters Insurance in Long Beach?
Long Beach renters insurance covers your personal belongings but not the building itself. In addition, there are some perils that renters insurance does not cover. It may be prudent to have additional coverage for such risks.
For instance, water damage is covered by renters insurance. However, most conventional policies exclude flood-related water damage. If you want extra protection against flood damage, you may get it via the National Flood Insurance Program (NFIP).
Most renters insurance policies also exclude your roommates' belongings, earthquake damage, automobile damage, jewelry and other valuables that exceed the policy limits. Before making your purchase, read the policy carefully to ensure that you are adequately covered.
Frequently Asked Questions About Renters Insurance in Long Beach
Customers looking for renters insurance should opt for a carrier that offers the best price without compromising service quality. MoneyGeek answers some of the most commonly asked questions about Long Beach renters insurance.
Renters Insurance in Long Beach Analysis: Methodology
Moneygeek analyzed hundreds of renters insurance quotes in Long Beach 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 that are derived from a comprehensive analysis of quotes provided by Quadrant.
About Mark Fitzpatrick
- United States Department of Justice. "2019 Crime in the United States." Accessed June 8, 2022.