Best and Cheapest Renters Insurance in Richmond, CA (September 2024)


Updated: September 12, 2024

The best renters insurance company in Richmond, California, is Nationwide with a MoneyGeek score of 92 and an annual premium of $102. The cheapest renters insurance provider in Richmond, California, is Capital Insurance Group with a MoneyGeek score of 89 and an annual premium of $77.

The best homeowners insurance provider should offer a balance of customer service with affordability. Depending on your needs, other providers may be best, such as Travelers, which excels in service quality with an annual premium of $131. We also looked into the best and cheapest renters insurance in California for those who live elsewhere in the state.

Table of Contents
MoneyGeek Logo IconBest & CheapestRentersRichmond, CA
2024

Why Trust MoneyGeek? To determine the best renters insurance in Richmond, California, we evaluated data from the California Department of Insurance and Quadrant Information Services.

recency icon

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

2,880Quotes Analyzed
 
8Providers Analyzed
 
3ZIP Codes

Overall Best Renters Insurance in Richmond, CA

The best renters insurance in Richmond, California, is Nationwide with a MoneyGeek score of 92 out of 100 and an annual premium of $102. For a policy with $20,000 in personal property coverage, $100,000 in personal liability, and a $1,000 deductible, the following providers are the two best renters insurance providers in Richmond:

  • Nationwide: MoneyGeek score of 92 out of 100 ($102 per year)
  • Travelers: MoneyGeek score of 87 out of 100 ($131 per year)

Nationwide balances both cost and affordability perfectly, with an affordability score of 50 out of 55 and a customer satisfaction score of 28 out of 30.

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

Overview

Nationwide ranks 1st in Coverage in Richmond, California, with an annual premium of $102. It offers credit card forgery coverage, which pays for unauthorized transactions on your credit cards and bank debit/ATM card. This coverage also applies to forged checks and counterfeit money, providing an extra layer of financial security.

Additionally, its theft from vehicles coverage extends protection for your personal belongings stored in or on any motor vehicle, trailer, or watercraft. This ensures your valuables are safeguarded even when you're on the go.

Best Renters Insurance in Richmond, CA
Data filtered by:Results filtered by:
Coverage:
Coverage:$20K Personal Property
NationwideMoneyGeek Score92Annual Premium$ 102
TravelersMoneyGeek Score87Annual Premium$ 131
State FarmMoneyGeek Score86Annual Premium$ 121
AllstateMoneyGeek Score83Annual Premium$ 111
Capital Insurance GroupMoneyGeek Score82Annual Premium$ 77
FarmersMoneyGeek Score73Annual Premium$ 162
ChubbMoneyGeek Score61Annual Premium$ 259

Cheapest Renters Insurance in Richmond, CA

In Richmond, California, Nationwide offers the cheapest renters insurance with an annual premium of $77 for $20,000 in personal property coverage. The following providers are the two cheapest providers in Richmond for $20,000 in personal property coverage and a $1,000 deductible.

  • Nationwide: $102 per year
  • Capital Insurance Group: $77 per year

We rated these companies with minimal consideration for customer service. Personal property coverage helps protect your belongings, such as furniture and electronics, against damage or loss. Cheap renters insurance policies often have low personal property coverage limits. Higher coverage limits can increase monthly costs but offer better protection if you have many personal belongings.

Cheapest Renters Insurance in Richmond, CA
Data filtered by:Results filtered by:
Coverage:
Coverage:$20K Personal Property
Capital Insurance GroupMoneyGeek Score89Annual Premium$ 77
NationwideMoneyGeek Score91Annual Premium$ 102
AllstateMoneyGeek Score85Annual Premium$ 111
State FarmMoneyGeek Score85Annual Premium$ 121
TravelersMoneyGeek Score84Annual Premium$ 131
FarmersMoneyGeek Score70Annual Premium$ 162
ChubbMoneyGeek Score49Annual Premium$ 259

Cheapest Renters Insurance With a High Deductible Richmond, CA

In Richmond, California, Capital Insurance Group offers the cheapest renters insurance for a policy with $20,000 in personal property coverage and a $2,000 deductible at an annual premium of $60. The following providers are the two cheapest providers in Richmond for $20,000 in personal property coverage and a $2,000 deductible:

  • Capital Insurance Group: $60 per year
  • Nationwide: $80 per year

A deductible is the amount you pay out of pocket before your insurance covers the rest and can affect your rates. A higher deductible often leads to cheaper premiums, while a lower deductible means higher premiums. It's important to balance both to ensure affordable premiums and manageable out-of-pocket costs if you need to file a claim.

Cheapest High Deductible Renters Insurance in Richmond, CA
Data filtered by:Results filtered by:
Coverage:
Coverage:$20K Personal Property
Deductible:
Deductible:$ 2,000
Capital Insurance GroupMoneyGeek Score82Annual Premium$ 60
NationwideMoneyGeek Score93Annual Premium$ 80
TravelersMoneyGeek Score89Annual Premium$ 106
AllstateMoneyGeek Score80Annual Premium$ 111
State FarmMoneyGeek Score83Annual Premium$ 119
FarmersMoneyGeek Score70Annual Premium$ 159
ChubbMoneyGeek Score61Annual Premium$ 239
mglogo icon
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 Richmond, CA

In Richmond, California, Travelers stands out as the best renters insurance company for service quality, with an annual premium of $131. The following providers are the two best providers in Richmond, California, for a policy with $20,000 in personal property coverage, for those who value great customer service without considering affordability

  • Travelers: MoneyGeek score of 96 out of 100 ($131 per year)
  • Nationwide: MoneyGeek score of 95 out of 100 ($102 per year)

We scored renters insurance providers and their customer satisfaction based on J.D. Power surveys, which assess the overall satisfaction of policyholders. Great customer service is important for renters looking for insurance because it ensures a smooth and stress-free claims process. For example, if you need to make a claim, excellent customer service can help you quickly and efficiently resolve your issue.

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

Overview

In Richmond, California, Travelers ranks first in customer satisfaction and coverage, making it the top choice for renters. With an annual premium of $131, it is the cheapest provider in the area.

Travelers offers contents replacement cost coverage, which settles covered personal property losses based on replacement cost at the time of the loss, with no deduction for depreciation. Additionally, its valuable items insurance protects special property like jewelry and fine art for an extended variety of losses, without requiring an appraisal or listing of items.

Best Renters Insurance for Service Quality in Richmond, CA
Data filtered by:Results filtered by:
Coverage:
Coverage:$20K Personal Property
TravelersMoneyGeek Score96Annual Premium$ 131
NationwideMoneyGeek Score95Annual Premium$ 102
ChubbMoneyGeek Score93Annual Premium$ 259
State FarmMoneyGeek Score86Annual Premium$ 121
AllstateMoneyGeek Score77Annual Premium$ 111
FarmersMoneyGeek Score77Annual Premium$ 162
Capital Insurance GroupMoneyGeek Score61Annual Premium$ 77

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

For renters in Richmond, California needing high personal property coverage, State Farm is the standout choice with an annual premium of $262. . In Richmond, the two providers for $100K in personal property coverage are:

  • State Farm: MoneyGeek score of 93 out of 100 ($262 per year)
  • Travelers: MoneyGeek score of 93 out of 100 ($312 per year)

High personal property coverage ensures that renters have sufficient protection for their belongings, especially if they own items of significant value. Renters with a substantial number of possessions often require higher personal property coverage. This type of coverage safeguards their belongings from potential risks such as theft, fire, or water damage.\

Higher coverage levels typically come with higher premiums, so find a provider that offers an optimal mix of affordability and excellent service. High-value items like jewelry or art might exceed standard coverage limits and may necessitate additional protection.

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

Overview

State Farm ranks first in Richmond for insuring expensive homes, offering an affordable annual premium of $263. It has a MoneyGeek score of 93 and excels in customer satisfaction.

State Farm provides valuable coverages like cyber event/ID theft, which helps restore your identity if compromised. This coverage can save renters from significant financial loss and stress. Additionally, bundling renters and auto insurance can save you up to $722 annually, while installing home safety devices may qualify you for further discounts.

Best Renters Insurance for High Personal Property Limits in Richmond, CA
State FarmMoneyGeek Score93Annual Premium$ 263
TravelersMoneyGeek Score93Annual Premium$ 312
NationwideMoneyGeek Score92Annual Premium$ 306
AllstateMoneyGeek Score83Annual Premium$ 341
Capital Insurance GroupMoneyGeek Score82Annual Premium$ 236
FarmersMoneyGeek Score79Annual Premium$ 407
ChubbMoneyGeek Score61Annual Premium$ 790
mglogo icon
SCHEDULED PERSONAL PROPERTY COVERAGE

If you own valuables such as fine jewelry or art, you would need additional coverage as these items are not usually covered by standard policies. Opt for a provider that offers scheduled personal property coverage, which extends coverage to such valuables.

Best Renters Insurance for Military Families in Richmond, CA

In Richmond, USAA is the top-ranked renters insurance company for those with military backgrounds, with an annual premium of $279. The following providers are the two best providers in Richmond for veterans for a policy with $20,000 in personal property coverage.

  • USAA: MoneyGeek score of 100 out of 100 ($279 per year)
  • Nationwide: MoneyGeek score of 92 out of 100 ($102 per year)

USAA is exclusively for military members and their families. It offers a range of products tailored for those with a military background, providing discounts and coverages that suit the military lifestyle.

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

Overview

USAA stands out as the premier renters insurance provider for those with a military background in Richmond, leading in customer satisfaction and offering the best coverage options.

Contents replacement cost coverage ensures that in the event of theft or damage, policyholders can replace their belongings without depreciation costs. Additionally, the worldwide personal property coverage offers peace of mind for deployed service members, protecting their possessions anywhere in the world.

Best Renters Insurance for Military in Richmond, CA
Data filtered by:Results filtered by:
Coverage:
Coverage:$20K Personal Property
USAAMoneyGeek Score100Annual Premium$ 279
NationwideMoneyGeek Score92Annual Premium$ 102
TravelersMoneyGeek Score87Annual Premium$ 131
State FarmMoneyGeek Score86Annual Premium$ 121
AllstateMoneyGeek Score83Annual Premium$ 111
Capital Insurance GroupMoneyGeek Score82Annual Premium$ 77
FarmersMoneyGeek Score73Annual Premium$ 162
ChubbMoneyGeek Score61Annual Premium$ 259

Average Cost of Renters Insurance in Richmond, CA

The average cost of renters insurance in Richmond, California, is $138 annually or $11 monthly. This is $10 cheaper than the California state average of $148 and $7 below the national average of $145. These rates are based on a renters insurance policy with $20,000 personal property limits, $100,000 liability limits, and a $1,000 deductible.

The average cost of renters insurance in Richmond may vary greatly depending on the amount of personal property coverage you purchase. Personal property coverage protects your belongings in case of damage or theft. Use the calculator below to see how prices change based on the value of your personal property.

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.

shirt icon

clothing & accessories

Clothes, shoes, bags, belts, hats, gloves, etc.

$
$
$
$
$
$

Factors That Impact Renters Insurance Costs in Richmond

The cost of renters insurance in Richmond, California, is influenced by multiple factors, including the location of the rental property and the amount of coverage desired. Understanding these variables is key to finding a policy that fits your budget and needs.

  • Location: The area where you live can affect your premium due to crime rates and weather-related risks.
  • Coverage Amount: Opting for higher coverage limits will increase your insurance costs.
  • Deductible: Choosing a higher deductible can lower your monthly premium, but you'll pay more out of pocket in the event of a claim.
  • Claims History: Renters with a history of claims may face higher premiums due to a higher perceived risk by insurance companies.
  • Credit Score: Insurance companies may factor in your credit history when determining your premium, with better credit records often leading to lower costs.

What Renters Insurance Covers in Richmond, CA

Renters insurance primarily provides coverage for your personal belongings, but it also covers additional areas such as liability and living expenses if your rental is rendered uninhabitable. Here’s what a typical policy includes:

  • Personal Property Coverage: This covers the cost to repair or replace your belongings if they're damaged or stolen. For instance, a renter in Texas may receive compensation for a stolen laptop.
  • Personal Liability Coverage: This protects you financially if a guest is injured in your rental or you cause property damage. A Texas renter could use this coverage if a guest slips and falls in their apartment.
  • Loss of Use Coverage: This helps with additional living expenses if your rental is unlivable due to a covered peril. A renter might rely on loss of use coverage to pay for a hotel stay after a fire.
mglogo icon
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 you're protected. 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 Richmond

Although renters insurance provides a financial safety net, it doesn't shield against every mishap. For instance, it typically excludes flood damage and your roommate's possessions.

  • Natural Disasters: Standard renters insurance often does not cover damage from earthquakes or floods.
  • Roommate's Belongings: Personal property coverage does not extend to items owned by a roommate unless they are listed on the policy.
  • High-Value Items: Expensive jewelry or electronics may exceed the policy's limit and require additional coverage.
  • Business Equipment: Property used for business purposes might not be covered under a standard renters insurance policy.
  • Pest Damage: Infestations and damage from pests like bed bugs or rodents are usually not covered.
  • Car Theft: Although personal property stolen from your car may be covered, the theft of the car itself is not.

FAQ: Renters Insurance in Richmond, CA

The best renters insurance provider for you in Richmond ultimately depends on your needs. Below, we address some of common questions to help you make an informed decision.

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

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.