Renters insurance is an affordable, easy way for apartment renters in Los Angeles to protect themselves from financial adversity if their property is damaged or stolen, as well as guard their assets against liability claims. There's a substantial difference in price among Los Angeles insurance companies, but all provide approximately the same benefits, so shopping around for the best deal is a smart move to get the best price. California leads the nation in the portion of renters who are covered by renters insurance, but nearly half of Californians still don't have it. Buying renters insurance is a very good idea if you could not afford to replace your belongings if they are damaged or stolen.
Who Has the Cheapest Renters Insurance in Los Angeles?
We collected quotes from 34 renters insurance companies across 14 neighborhoods in the City of Los Angeles to get a detailed understanding of which company provides the best deals. Overall, the cheapest renters insurance quotes universally came from PURE insurance (Privilege Underwriters Reciprocal Exchange), with renters paying an average of $62 for a year of coverage. AAA, Grange, Safeco and State Farm round out the top five, with annual prices coming in between $100 and $130 for each. These are all substantially lower than the city average of $224 and work out to around $10 per month, making them all very affordable.
See the full list of renters insurance companies below.
How Does The Cost of Renters Insurance Compare Across Los Angeles Neighborhoods?
The average cost of insurance is fairly stable across Los Angeles. Renters in the cheapest neighborhood, Westchester, only save $26 per year compared to renters in the most expensive neighborhood, Mid-City. And the best deal for renters insurance in the city, PURE insurance, charges only $15 more in Mid-City than Westchester. So LA renters don't need to worry about spending too much more on renters insurance as a result of where they live.
|Neighborhood||Average Renters Insurance Rate||Rank|
|Central LA||$231||10 (tie)|
|Echo Park/Silverlake||$231||10 (tie)|
|La Mar Vista/Culver City||$210||2|
Best Renters Insurance Companies in Los Angeles
While finding a low price is a key part of selecting the best renters insurance company, it's not the whole picture. Consider whether you're looking for top-notch customer service, extra perks and benefits, lots of protection for your valuables, or simply the most coverage for your money, before choosing your insurer.
Best Customer Service: State Farm
If you place a strong emphasis on customer service, take a look at State Farm for renters insurance. They are the fifth-most affordable option for renters insurance in Los Angeles, with rates coming out to a little over $10 per month. But they're the only renters insurance company in the top five to get four or more stars in J.D. Power's renters insurance rankings, and have a low amount of complaints registered to the NAIC. This suggests they're the best choice for people looking for a combination of low premiums and quality service.
You might also consider State Farm if you feel more comfortable insuring your apartment with a nationally known insurance company. State Farm is the largest insurance company in the U.S., and their financial strength is excellent, having received an A++ from A.M. Best—the highest available rating.
Best Perks: AAA
AAA offers the second-best rates overall for Los Angeles residents, and anyone can get coverage from them so long as they have a AAA Auto Club membership. Being a member of AAA has lots of perks and discounts on things like travel, hotels and roadside service. It's possible to save more money with this company beyond getting a low price for renters insurance. But given that renters insurance only costs $100 to $200 per year, it may not be worth signing up for AAA ($65 annually) just to get a better deal on renters insurance.
Best Overall Prices (But Difficult to Qualify): PURE Insurance
The best prices we found overall were from PURE Insurance, an insurer that specializes in providing coverage for high-value homes. They have highly rated customer service and low rates for the amount of coverage they offer.
However, PURE has very strict requirements for who it will insure. For example, PURE typically only offers insurance to renters or condo owners with more than $1 million of personal property, with a few exceptions. If you rent your home but have a lot of high-value possessions like art or jewelry, PURE is the best choice.
Why Los Angelenos Should Have Renters Insurance
Renters insurance protects Los Angeles residents from a variety of different financial dangers. From fire and theft to liability claims or loss of use, renters insurance is an inexpensive and worthwhile investment in the L.A. area. Here are some common scenarios where renters insurance comes in handy.
Fires caused over $100 million in damage in Los Angeles County in the last year for which data is available. Wildfires are a common occurrence in Southern California, and any damage to your property due to fire, no matter the cause, is covered by renters insurance.
Theft occurs every day in Los Angeles—last year, more than 16,000 burglaries were reported citywide, and the average burglary results in about $1,600. A renters insurance policy will reimburse you for anything you lose from theft.
If you have a dog, you may be on the hook if it ever bites someone—even if it's an accident. California led the nation in dog bite liability claims last year, and the average claim amount exceeded $40,000. The liability portion of your renters insurance will protect your personal property from being seized if someone makes a liability claim.
Los Angeles Renters Insurance Companies by Price
|Rank||Company||Annual Renters Insurance Premium|
|1||Privilege Underwriters Reciprocal Exchange (PURE)||$62|
|2||AAA (Interinsurance Exchange)||$107|
|8||Stillwater Ins Co||$150|
|10 (tie)||Horace Mann||$152|
|10 (tie)||Horace Mann P & C||$152|
|13||Farmers (Fire Insurance)||$160|
|17||Liberty Insurance Corp||$180|
|22||Tokio Marine America||$190|
|25||American Bankers Insurance||$208|
|28||AIG Prop Casualty||$268|
|31||ASI Select Insurance Corp||$302|
|32||Cincinnati Insurance Co||$304|