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The Cheapest and Best Renters Insurance in San Francisco

The Companies With the Cheapest Renters Insurance in San Francisco

Since most companies offer similar insurance coverage, renters insurance cost is one of the most important factors that renters in San Francisco should consider while choosing a policy. According to MoneyGeek’s study, the following are the cheapest renters insurance companies for the average tenants in San Francisco:

  • Lemonade: $81 per year
  • Allstate: $121 per year

MoneyGeek used policies with $20,000 in personal property coverage, $100,000 in liability coverage and a deductible of $500 for this study. Your actual insurance costs will be different based on your coverage limits and deductible. Check out the table below to see how rates change for various personal property coverage limits. Renters who live elsewhere in the state can compare statewide renters insurance quotes for California.

Average Annual Rates for Personal Property Insurance

Personal Property Coverage:


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


What Are the Best Renters Insurance Companies in San Francisco?

Based on MoneyGeek’s ranking, the following two are the top renters insurance companies in San Francisco:

  • Best Overall: State Farm
  • Runner-up: Allstate

USAA received the highest score in San Francisco by MoneyGeek's rating system. However, because USAA is only available to military members, veterans and their families, it is not listed as best overall.

MoneyGeek’s unique rating system placed these companies on top based on affordability, customer satisfaction ratings from J.D. Power and financial stability ratings from AM Best. Furthermore, MoneyGeek found that these providers have exclusive coverages that are not available with other renters insurance companies.





User Satisfaction


Financial Stability

Geek Quick Take
Geek Quick Take

USAA consistently rates as one of the cheapest insurers across the country. Its highlight is that it covers flood and earthquake damage in all of its policies. Besides, all its policies reimburse you for replacement costs so you can replace your destroyed or lost items with ones that are similar in quality.

More About USAA

With 97 out of 100 points, our top pick, USAA, earns high scores across multiple categories, including J.D. Power’s customer service ratings. They only serve current and former military members and their families.

State Farm




User Satisfaction


Financial Stability

Geek Quick Take
Geek Quick Take

State Farm is one of the cheapest renters insurance companies across the country, along with USAA. The company’s policies allow you to increase limits for your valuable items like jewelry. Plus, for those living in an area susceptible to earthquakes, the company has policies offering earthquake coverage.

More About State Farm

State Farm is MoneyGeek’s runner-up and the best widely available insurer in San Francisco. It rated high across various categories, including MoneyGeek’s affordability ratings.


The Average Cost of Renters Insurance in San Francisco for 2024


renters insurance is equal to the average.

In San Francisco, renters pay an average insurance cost of $277 a year, or around $23 per month. Compared to the national annual average of $159, the average renters insurance cost in San Francisco is $118 more per year.

What Factors Impact Renters Insurance Costs in San Francisco?

While several factors impact your renters insurance cost, the following are the most impactful to the amount you will spend:

  1. Personal property coverage amount - When looking for the best renters insurance in San Francisco, analyze the number of items you want to insure and how valuable they are. How much personal property protection you choose is the most important determinant in calculating the insurance cost.
  2. Location - The crime rate in your neighborhood within San Francisco can have a minor impact on the insurance cost. Areas with high crime rates have higher insurance rates.
  3. Deductible - When you file an insurance claim, you’ll have to pay a certain amount as a deductible. The insurer will pay the claim after subtracting the deductible. With higher deductibles, your insurance premiums will be low, and vice versa.
  4. Actual Cost Value (ACV) vs. Replacement Cost Value (RCV) - An ACV insurance policy considers the depreciation of your assets and possessions and pays less for the damage or loss of older items. An RCV insurance plan reimburses you to replace them with new items of similar quality. An RCV insurance policy will cost more due to its higher insurance payout. In contrast, an ACV policy will cost less due to its lower payouts.
  5. Liability coverage amount - The coverage level will have a slight effect on the cost of insurance. The liability coverage on a basic policy might be $100,000. But, for a few extra dollars per year, you can add thousands more to the insurance coverage.

Calculate How Much Renters Insurance You Need


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Does My San Francisco Neighborhood Impact Cost of Renters Insurance?

Unlike most other forms of insurances, renters insurance costs are not significantly affected by where you live. According to MoneyGeek's research, the neighborhood you live in will only influence your insurance premium by a few dollars per month.

Understanding Renters Insurance in San Francisco

Renters insurance is not a mandatory requirement for every tenant in San Francisco. But MoneyGeek strongly encourages purchasing a policy as it is a smart and affordable way of protecting your assets against theft and damages. Besides, some landlords insist on having a renters insurance policy for leasing their property.

It's best to understand what the policy covers and exempts before choosing a renters insurance plan. A standard renters insurance policy in San Francisco covers personal property, additional living expenses, liability insurance and medical payments.

What Does Renters Insurance Cover in San Francisco?

While buying renters insurance in San Francisco, ensure that you opt for enough coverage to protect your assets. A renters insurance policy is a great way to protect your assets against damages caused by natural calamities or theft. According to the FBI, the city's registered property crime rate in 2019 was 5,026 per 100,000 residents. That is 166% above the national average.

San Francisco apartment and rental home tenants might need renters insurance to protect against risks such as fire and water damage, which can occur anywhere. Various insurers in San Francisco offer renters insurance policies including the following features:

  • Personal property coverage - This coverage protects your rental home’s assets against risks like fire, theft and weather-induced damages. Possessions like furniture, electronics and clothes are generally covered. For valuables like jewelry, additional coverage might be necessary.
  • Additional living expenses - Getting additional living expenses coverage will benefit you if you need to live elsewhere due to a covered risk. It will cover the costs of your temporary lodging, such as food and hotel accommodations.
  • Liability insurance - Liability coverage covers your legal liability if someone is injured or their property is damaged in your rented apartment, and you’re found responsible. It covers legal expenses and other costs if they sue you.
  • Medical payments coverage - If someone is injured while on your property, the medical payments coverage covers their medical bills regardless of who is at fault.

What Is Not Covered by Renters Insurance in San Francisco?

Even the best renters insurance in San Francisco covers only your personal belongings and not any structural damages. The homeowner should have insurance for the building’s structure. Some risks are also not covered by renters insurance.

A certain level of water damage, like that from a broken pipe, is covered. However, most standard insurance policies don't cover damages caused by weather-related floods. Considering how common flooding is in California, it's best to buy extra coverage against flood damages through the National Flood Insurance Program (NFIP).

Remember, renters insurance does not compensate for earthquake-induced damages or damage to your car. It also does not protect your roommate's assets from damages or theft. However, not all insurers offer the same amount of coverage for renters insurance. Before finalizing the insurance plan, carefully read the policy document to ensure you have adequate coverage.

Frequently Asked Questions About Renters Insurance in San Francisco

For renters looking to purchase insurance, it is a good idea to compare quotes and find a company that offers affordability as well as quality service. Here are some frequently asked questions about renters insurance in San Francisco.

On average, renters insurance in San Francisco costs $277 per year. That is around $23 per month.

Based on annual average rates, Lemonade ($81 yearly) is the cheapest renters insurance provider for San Francisco renters.

According to MoneyGeek’s unique scoring system, USAA is the best renters insurance company in San Francisco. Since USAA is only available for military personnel, State Farm is the best widely available insurer for renters insurance.

California law doesn't mandate renters insurance. It's only necessary if your landlord requires you to have it before leasing their property to you. That said, given San Francisco's high property crime rate, getting a renters insurance policy is a wise and cost-effective way to safeguard your belongings. You must analyze your assets and determine how much coverage you require to protect them.

Renters Insurance in San Francisco Analysis: Methodology

Moneygeek analyzed hundreds of renters insurance quotes in San Francisco 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

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Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick 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.