The Cheapest and Best Renters Insurance in Moreno Valley
The Companies With the Cheapest Renters Insurance in Moreno Valley
Renters in Moreno Valley should consider cost while choosing an insurance policy because many insurers offer similar core coverages. To obtain the best deals, it’s best to compare renters insurance quotes from several providers.
The following are the cheapest renters insurance companies in the city for the average consumer according to our research:
- Lemonade: $88 per year
- State Farm: $130 per year
Take note that all of these plans have personal property coverage limits of $20,000, liability coverage limits of $100,000 and a $500 deductible. By changing the personal property coverage limits in the table below, you can observe how renters insurance rates fluctuate.
You may also compare renters insurance for the entire state of California if you live elsewhere in the state.
Average Annual Rates for Personal Property Insurance
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What Are the Best Renters Insurance Companies in Moreno Valley?
Based on MoneyGeek’s ranking of the best renters insurance in Moreno Valley, the following companies are your top options in the city:
- Best Overall: USAA (only available for current and former military members)
- Runner-up: State Farm
MoneyGeek uses a proprietary scoring methodology that combines affordability, J.D. Power customer satisfaction ratings and AM Best financial stability scores to arrive at its final ranking. Furthermore, MoneyGeek observed that some companies provide unique coverages that are not available from all renters insurance companies.
USAA was our top pick due to its high ratings in all areas, including flawless scores in financial stability and customer satisfaction. USAA insurance is only available to current and former military personnel, as well as their families.
USAA offers quality insurance policies at affordable prices. Its insurance policies include a rarely offered coverage, flood and earthquake damage coverage, which is especially valuable if you rent in an area prone to natural disasters. USAA also gives large discounts to active-duty military personnel, so policies may be even cheaper for you, if you’re eligible.Read MoneyGeek's USAA renters Insurance Review
We ranked State Farm as the runner-up for the best insurance provider in Moreno. The insurer received great ratings across all the evaluated categories and offers unique policies like inflation coverage.
State Farm is also one of the most affordable renters insurance providers nationwide. For an extra $25 per year, you can add restoration coverage to your policy to protect yourself against potential identity fraud fees. Also, while getting an insurance quote from State Farm, you can easily increase limits for valuable possessions like jewelry.Read MoneyGeek's State Farm renters Insurance Review
The Average Cost of Renters Insurance in Moreno Valley for 2023
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The average cost of renters insurance in Moreno Valley is $246, which is around $21 per month. Compared to the national average of $159 per year, residents in Moreno Valley pay $87 more per year, on average.
What Factors Impact Renters Insurance Costs in Moreno Valley?
While there are a number of factors that influence the cost of renters insurance, the following are the most important:
- Personal property coverage amount. The personal property coverage amount included in your policy has the greatest impact on the cost. To get adequate coverage at at a lower cost, you should accurately assess the value of your personal property before purchasing a policy.
- Location within a city. Because weather patterns and crime rates impact premiums, your renters insurance pricing is somewhat influenced by your location. Apartments in areas where there has been a history of property theft or where there is a danger of severe weather may have slightly higher rates, but the differences are minimal.
- Deductible. This is the amount you will pay your insurance company to cover a claim. Higher deductibles result in cheaper rates since you will pay more out of pocket if you need to submit a claim.
- ACV vs RCV. Following an accident, insurance companies can reimburse you in two ways: actual cash value (ACV) or replacement cost value (RCV). With ACV insurance, your policy will cost less per month, but you’ll be repaid the depreciated value of your possessions. RCV policies, on the other hand, will compensate you for a comparable new item. Because of this, RCV plans are more expensive, but if you file a claim, you'll collect more money.
- Liability coverage amount. The amount of liability coverage you choose will have a modest impact on the price of your renters insurance. Standard insurance includes $100,000 in liability coverage, but for a few dollars extra every year, you can add thousands more.
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Does My Moreno Valley Neighborhood Impact Cost of Renters Insurance?
Where you live in Moreno Valley has a considerably small impact on your renters insurance premiums. According to our research, your insurance costs are only adjusted by a few dollars per month when taking into account your location.
Understanding Renters Insurance in Moreno Valley
Although certain landlords or property management companies may require it, renters insurance is not legally required in Moreno Valley. MoneyGeek, however, strongly advises that renters purchase insurance to protect their valuables in the event of a disaster or theft.
What Does Renters Insurance Cover in Moreno Valley?
When shopping for renters insurance in Moreno Valley, it’s important to purchase a policy with adequate coverage for your needs.
Residents in Moreno Valley apartments and homes may choose renters insurance coverage to protect themselves against common dangers like fire and water damage, which can occur anytime. Renters insurance providers in the city usually offer the following coverages:
- Personal property coverage: This covers fire, theft, vandalism, plumbing troubles, electrical failures and some weather-related damages to the contents of your rental unit.
- Additional living expenses: After a covered peril, the rental apartment may become uninhabitable. This insurance will cover the costs of your temporary lodging.
- Liability insurance: This insurance covers legal fees and court hearings if an accident on your rented property results in property damage or injury.
- Medical payments coverage: This coverage pays for medical bills if someone is hurt while visiting your rented property. It compensates you regardless of who is to blame.
What Is Not Covered by Renters Insurance in Moreno Valley?
Renters insurance in Moreno Valley covers your personal belongings but not the structure of the building, which is the responsibility of the owner. There are also other risks that renters insurance does not cover. In such circumstances, getting supplementary coverage may be the best option.
Renters insurance, for example, only provides coverage for certain water damage — floods are typically excluded from most renters insurance plans. If you wish to be protected from flood damage, the National Flood Insurance Program (NFIP) offers incremental insurance.
Your roommates' belongings, earthquake damage, automobile damage, jewelry and other items worth more than the policy limits are also excluded from most renters insurance policies. Not all policies are created equal so before completing your purchase, read the policy thoroughly to confirm that you have proper coverage.
Frequently Asked Questions About Renters Insurance in Moreno Valley
Customers looking for renters insurance should opt for a company that provides the most value for their money. To help with that, here are some of the most frequently asked questions concerning Moreno Valley renters insurance.
Renters Insurance in Moreno Valley Analysis: Methodology
Moneygeek analyzed hundreds of renters insurance quotes in Moreno Valley to help you find the best renters insurance at the most affordable rates. The best renters insurance rankings were determined using data from J.D. Power, AM Best and our affordability metrics that are derived from various quotes provided by Quadrant.
About Mark Fitzpatrick
- United States Department of Justice, Federal Bureau of Investigation. "2019 Crime in the United States." Accessed June 8, 2022.