The Cheapest and Best Renters Insurance in Oakland
The Companies With the Cheapest Renters Insurance in Oakland
Since many insurers offer similar coverages, it’s important to consider the cost of a policy while looking for renters insurance in Oakland. Shopping around and comparing rates can help you find affordable policies. MoneyGeek’s research shows that the following companies are the best options for cheap renters insurance in the city:
- Lemonade: $113 per year
- State Farm: $130 per year
These costs are based on policies with $20,000 in personal property coverage limits, $100,000 in liability coverage limits and a deductible of $500. The table below will help you understand how policy costs change depending on personal property coverage limits.
If you live elsewhere in the state, you can also compare renters insurance in California.
Average Annual Rates for Personal Property Insurance
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What Are the Best Renters Insurance Companies in Oakland?
MoneyGeek found the following companies offer the best renters insurance in Oakland:
- Best Overall: USAA (only offers policies to current and former military members)
- Runner-up: State Farm
We ranked these companies based on a unique rating system that incorporates affordability, customer satisfaction ratings from J.D. Power and financial stability ratings from AM Best. USAA and State Farm policies also include coverages not all renters insurance companies offer.
Since USAA scores well across all categories, including customer satisfaction and affordability, MoneyGeek found it to be the best insurer. However, the company only offers policies to current and former military members.
USAA is consistently one of the country’s cheapest options for renters insurance. Its policies automatically include flood and earthquake damage coverage. If the policyholder moves abroad or is deployed, the company will continue to provide coverage. USAA also offers many discounts to serving military members, making renters insurance even cheaper.Read MoneyGeek's USAA renters Insurance Review
State Farm has high customer service and affordability scores, making it the second-best option for renters insurance in Oakland.
State Farm consistently offers one of the most affordable renters insurance policies. The company provides identity restoration coverage, which protects you against the costs of identity fraud and can be added to your policy for $25 per year. With State Farm, policyholders can also add earthquake coverage if they live in an area susceptible to earthquakes.Read MoneyGeek's State Farm renters Insurance Review
The Average Cost of Renters Insurance in Oakland for 2023
renters insurance is equal to the average.
The average cost of renters insurance in Oakland is $290 per year. Compared to the national average of $159 annually, a policy in Oakland costs $131 more.
What Factors Impact Renters Insurance Costs in Oakland?
While several factors impact your renters insurance cost, the following carry the most weight:
- Personal property coverage amount. The more belongings you want to cover, the higher your personal property coverage limit, resulting in increased premiums.
- Location. Insurers will charge you higher rates if you live in a high-crime area.
- Deductible. With a higher deductible, policy costs are lower, but out-of-pocket costs are higher if you make a claim.
- ACV vs. RCV. An RCV policy usually costs more, as it reimburses you for the cost of replacing your damaged items with new ones of the same quality. On the other hand, an ACV policy costs less and pays you based on the depreciated value of your used items.
- Liability coverage amount. Your liability coverage amount has a negligible effect on the cost of your policy. You can add thousands in coverage for a few dollars more per year.
Calculate How Much Renters Insurance You Need
Does My Oakland Neighborhood Impact Cost of Renters Insurance?
Where you live doesn’t significantly impact the cost of your renters policy. MoneyGeek’s research shows that your neighborhood affects your policy costs by only a few dollars per month.
Understanding Renters Insurance in Oakland
California law doesn't require having renters insurance. However, MoneyGeek strongly recommends purchasing a policy as it's a very low-cost way of protecting your personal items from theft, loss or other damage.
What Does Renters Insurance Cover in Oakland?
Considering how much personal property you own, and other essential details can help you choose a policy that best fits your needs. A standard renters insurance policy protects against the theft of your valuable items, making it beneficial for individuals who live in areas with a high crime rate. FBI’s data shows that the property crime rate in Oakland was 5,259 per 100,000 people in 2019, which is 178% above the national average.
Renters insurance also provides coverage against the risk of fire or water damage, which can happen anywhere. In Oakland, renters insurance policies generally include:
- Personal property coverage: Helps cover the cost of replacing your valuable personal items in case of fire, water damage, theft or other covered perils.
- Additional living expenses: Pays for temporary living arrangements if you’re displaced from the rental unit.
- Liability insurance; Offers protection against claims if an accident occurs at your rented unit and results in injuries to other people or causes damages.
- Medical payments coverage: Pays for medical bills and other hospital-related expenses if someone gets injured in your rental.
What Is Not Covered by Renters Insurance in Oakland?
While renters insurance covers the replacement cost of your personal items, it doesn't cover your home's structure, which is the landlord’s responsibility.
Standard renters insurance comes with water damage coverage, but not if it’s caused by flooding. Renters who want protection against flood damage can buy incremental insurance from the National Flood Insurance Program (NFIP).
In addition, most renters policies don’t cover your roommate's possessions, damage from earthquakes, damage to your car, and jewelry or similar items that are more valuable than the policy limits. Since all policies are different, you must read your policy carefully before purchasing it.
Frequently Asked Questions About Renters Insurance in Oakland
The cost of your renters policy will depend on several factors. MoneyGeek researched the following frequently asked questions about renters insurance in Oakland to help you understand its cost and other essential details.
Renters Insurance in Oakland Analysis: Methodology
MoneyGeek analyzed hundreds of renters insurance quotes in Oakland to help you find cheap renters insurance. The best renters insurance rankings were determined using data from J.D. Power, AM Best and affordability metrics derived from a comprehensive analysis of quotes provided by Quadrant.
About Mark Fitzpatrick