The Best and Cheapest Renters Insurance in Riverside, CA, for 2023: Rankings, Reviews and Rates

bestrenters insuranceRiverside

2023

The Cheapest and Best Renters Insurance in Riverside

Cheapest renters insurance in Riverside - Lemonade

Best renters insurance in Riverside - USAA

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

Personal Property Coverage:

$20,000

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Compare Renters Insurance Rates

Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.

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1

USAA

Score:96

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by MoneyGeek

4.7/5

Affordability

5/5

User Satisfaction

5/5

Financial Stability

Geek Quick Take

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.

More About USAA

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

2

State Farm

Score:94

-

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by MoneyGeek

4.9/5

Affordability

4.1/5

User Satisfaction

5/5

Financial Stability

Geek Quick Take

State Farm is Riverside's second-best company for renters insurance. This provider scores well in affordability, financial stability and customer satisfaction.

More About State Farm

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 is $241 per year. This is $82 higher than the national average cost of renters insurance, which is $159 per year.

The cost of renters insurance in Riverside depends on several factors. The most important factors that determine how much you pay in premiums include:

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.

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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.

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.

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.

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.

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.

About Mark Fitzpatrick

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Mark Fitzpatrick is a senior content director at MoneyGeek with over five years of experience analyzing the insurance market, conducting original research and creating content that can be personalized for every buyer. He has been quoted on insurance topics in several publications, including CNBC, NBC News and Mashable.

Mark 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 economics and insurance knowledge to bring transparency around financial topics and help others feel confident in their money moves.

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