The Cheapest and Best Renters Insurance in Riverside
The Companies With the Cheapest Renters Insurance in Riverside
Most renters insurance companies in Riverside offer similar core coverages, so cost is an important factor when comparing the best renters insurance companies.
If you are looking for cheap renters insurance in Riverside, the most affordable companies are:
- Lemonade: $88 per year
- Allstate: $117 per year
These rates are based on policies with $20,000 in personal property coverage limits, $100,000 in liability coverage limits and a deductible of $500. You can use the table below to look up renters insurance rates based on varying personal property limits.
If you live in other parts of California, you can also compare the cost of renters insurance in the state.
Average Annual Rates for Personal Property Insurance
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What Are the Best Renters Insurance Companies in Riverside?
MoneyGeek's analysis found that the companies offering the best renters insurance in Riverside are:
- Best Overall: USAA (only available for current and former military members)
- Runner-up: State Farm
These companies ranked highest on our unique rating system, which incorporates affordability, customer satisfaction ratings from J.D. Power and financial stability ratings from AM Best. The best renters insurance providers also provide unique coverages that other insurers don't usually offer.
USAA is our top pick because it ranks highest for customer satisfaction and financial stability and also scores well in affordability. However, only renters with a military background are eligible for a USAA policy.
USAA's renters insurance offers flood and earthquake coverage, which is not available with most insurers. USAA also reimburses you for damages or loss at replacement cost, ensuring that you receive items of the same quality and value you lost. This policy also extends coverage when you are deployed or move abroad, so your coverage will remain in effect.Read MoneyGeek's USAA renters Insurance Review
State Farm is Riverside's second-best company for renters insurance. This provider scores well in affordability, financial stability and customer satisfaction.
State Farm's renters insurance offers unique coverage options, including inflation coverage. This automatically adjusts your personal property limits over time. You can also get additional coverage for valuable items like jewelry. Renters can protect themselves from identity fraud by getting identity restoration coverage as an add-on.Read MoneyGeek's State Farm renters Insurance Review
The Average Cost of Renters Insurance in Riverside for 2023
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The average cost of renters insurance in Riverside is $241 per year. This is $82 higher than the national average cost of renters insurance, which is $159 per year.
What Factors Impact Renters Insurance Costs in Riverside?
The cost of renters insurance in Riverside depends on several factors. The most important factors that determine how much you pay in premiums include:
- Personal property limits. This is the biggest factor in the cost of renters insurance. The more the value of the personal property to be covered, the higher the cost of your policy.
- Location. Location-specific factors like crime rates in a particular neighborhood may impact renters insurance costs. People living in areas with higher crime rates may pay slightly higher rates.
- Deductible. The deductible on your policy is the amount you will pay out of pocket when you file a claim. If you opt for a policy with a high deductible, your monthly premiums will be lower than a policy with a lower deductible.
- Actual cash value (ACV) vs. replacement cost value (RCV). Renters policy can either reimburse you based on the actual cash value (ACV) of your items or based on replacement cost value (RCV). RCV policies do not consider depreciation and reimburse you for the same value and quality of the item you lost, so they cost more than ACV policies.
- Liability coverage amount. The amount of liability coverage on your policy will have minimal effect on renters insurance costs. A standard policy will have $100,000 in liability coverage, but you can choose to increase it to higher limits for only a few dollars more per year.
Calculate How Much Renters Insurance You Need
Does My Riverside Neighborhood Impact Cost of Renters Insurance?
Your neighborhood may only have a limited impact on the cost of renters insurance in Riverside. MoneyGeek found that in most cases, your location will only impact your premiums by a few dollars per month.
Understanding Renters Insurance in Riverside
Some landlords in Riverside may require you to get renters insurance, but even when it is not needed, MoneyGeek strongly recommends purchasing a policy. This is because renters insurance is relatively cheap and can help protect you in case of theft or other damages to your assets.
What Does Renters Insurance Cover in Riverside?
The best renters insurance for you will depend on your specific needs. According to the FBI, Riverside's property crime rate was 2,490 per 100,000 in 2019. This is 32% above the national average. Therefore, Riverside residents need to get renters insurance to protect their property against risks like theft and vandalism.
Renters insurance will also help cover damages to your personal property from risks such as fire and water damage.
When you purchase a standard renters insurance policy, you will get the following coverages:
- Personal property coverage: This coverage will reimburse you for loss or damage to your property caused by covered risks such as theft, fire, vandalism or water damage.
- Additional living expenses: In cases where your rented home becomes uninhabitable due to covered risks such as fire, this coverage will reimburse you for any additional costs you incur for alternative living arrangements.
- Liability insurance: Protects you in case a third party is injured while on your property, and you are liable for the damages.
- Medical payments coverage: This coverage will help pay for the medical expenses incurred when a third party suffers bodily injury while in your home. It covers the medical expenses regardless of who is at fault.
What Is Not Covered by Renters Insurance in Riverside?
Renters insurance covers the personal property in your rented home but not the structure or building. The property owner should have insurance to cover the building or structure of the home. Renters insurance also has exclusions to the types of perils covered.
For instance, most policies do not cover flood or earthquake damage, so you may need to purchase a separate policy for them. Additional coverage from the National Flood Insurance Program (NFIP) will safeguard your property from water damage caused by flooding.
It is also important to note that a standard renters policy does not cover your roommates’ possessions, damage to your car, jewelry or other valuables that exceed your policy limits. Always read the terms on your policy carefully since coverages and exclusions can vary depending on the insurer.
Frequently Asked Questions About Renters Insurance in Riverside
MoneyGeek answered commonly asked questions to help you learn more about the average cost of renters insurance in Riverside and the best providers in the city.
Renters Insurance in Riverside Analysis: Methodology
MoneyGeek analyzed hundreds of renters insurance quotes in Riverside 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 Mark Fitzpatrick
- United States Department of Justice, Federal Bureau of Investigation. "Crime in the United States, 2019." Accessed June 23, 2022.