Renters Insurance

Who Has the Cheapest Renters Insurance in San Francisco?

Who Has the Cheapest Renters Insurance in San Francisco?

Find Cheap Renters Insurance Quotes in San Francisco

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The average cost of renters insurance in San Francisco is $20 per month, or $236 per year.

Although San Francisco is one of the most expensive cities in the country in which to rent an apartment, that shouldn't stop tenants from obtaining financial security against sudden and unexpected events. We analyzed the cheapest renters insurance companies in the San Francisco area and also provided our recommendations for the best renters insurance companies in the City by the Bay.

Cheapest Renters Insurance Companies in San Francisco

We collected quotes for the San Francisco area from 43 renters insurance companies and found that Mercury Insurance offered the cheapest renters insurance policies in the city at approximately $125 annually. The cheapest five companies are rounded out by PURE insurance (Privilege Underwriters Reciprocal Exchange), Farmers, State Farm and Lemonade, with prices ranging from $126 to $134 per year. Given that the average cost of tenant insurance in San Francisco is $236 per year, these five renters insurance companies offer savings of more than $100 per year.

San Francisco Quotes

Find Cheap Renters Insurance Quotes in San Francisco

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Annual renters insurance cost
1Mercury Insurance$125
2Privilege Underwriters Reciprocal Exchange (PURE)$126
3State Farm$130
6Tokio Marine America$144
7Stillwater Insurance$150
8AAA (Interinsurance Exchange)$158
11California Casualty$181
12California Capital$181
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Sample renters insurance quote included a policy with $30,000 of personal property coverage and a $500 deductible.

How Does the Cost of Renters Insurance Differ Among San Francisco Neighborhoods?

We looked at four neighborhoods in San Francisco—Glen Park, Mission District, Nob Hill and Sunset District—and found that the average cost of renters insurance only differed by a few dollars between locations. Renters insurance covers you for theft or damage to your property and legal liability exposure, and its price is unlikely to vary widely in any given city in California. Renters insurance prices may vary throughout the state, however, given differing local risks.

When collecting quotes for renters insurance in San Francisco, more than half of the insurers offered identical prices across several locations if coverage features were held consistent. However, some insurer quotes varied by as much as $70, highlighting why it's important to shop among a variety of insurers and find the best deal for you.

Average renters insurance rate
Glen Park$235
Mission District$235
Nob Hill$236
Sunset District$237

Best Renters Insurance Companies in San Francisco

No single renters insurance company will be best for every San Francisco resident given differing features and prices across policies. Below we've given our views on some of the best policies for specific types of shoppers.

State Farm: Best for Customer Satisfaction

Among available insurers in San Francisco, State Farm rates as the best for overall customer satisfaction. J.D. Power's 2018 renters insurance study ranked State Farm fourth out of 14 for customer experience. However, the top-rated insurers in the study are Auto Club of Southern California, Erie Insurance—neither of which are available in San Francisco—and USAA, the latter only available for military members, veterans or their families. State Farm rated well on policy offerings, billing process and customer interaction, and was also tied for the third cheapest policy in San Francisco based on our analysis.

If you are eligible for USAA renters insurance, you should definitely consider it. USAA renters insurance covers both flood and earthquake damage, a feature rarely offered by insurers and particularly important for San Francisco residents.

Lemonade: Best for Low Prices and Quick Coverage

Lemonade, a growing renters insurance company, offers both great value and accessibility for San Francisco tenants. With Lemonade, you can get a quote online in only a few minutes. Lemonade's chat-bot functionality means you won't even have to talk to an insurance agent to buy a policy, and its intuitive quote tool and clear explanations of coverage make it easy to adjust policy features and understand what you're buying.

If you're a California resident concerned about tremors, Lemonade will even help you set up earthquake coverage through a partnership with Palomar Specialty Insurance, a danger typically not covered by renters insurance.

At a price of $134 per year, Lemonade's renters insurance policies also rated as the fifth cheapest in San Francisco, so its coverage is both accessible and affordable.

Jetty: Best for San Francisco Residents Fearing Bed Bugs

Nobody wants to face the psychological horror of bed bugs, let alone the cost of professionally exterminating the pests. Jetty is one of the rare renters insurance companies that will provide you with financial support in the event of a bed bug infestation, offering an automatic $300 reimbursement if pest control certifies you have bed bugs. And San Francisco residents in particular have reason to be worried: A recent study by Orkin, the pest control company, found that the Bay Area ranked ninth in the country for most bed bug treatments.

Jetty renters insurance policies are easy to sign up for online and reasonably affordable, too. The renters insurance specialist ranked middle of the pack for quotes in the San Francisco area at approximately $233 per year.

Why San Francisco Locals Need Renters Insurance

Although renters insurance is not required by law in San Francisco or any other city, prospective tenants should know that it is possible your landlord will include a requirement for renters insurance in your lease. There are no laws against landlords including this mandate, and if they do, you must have a policy if you are to rent their property.

Regardless of whether it is required by your landlord, we generally recommend the purchase of a renters insurance policy. Considering the costs of renting an apartment in San Francisco, residents may be wary of additional living expenses. But renters insurance provides affordable financial protection for damage to or theft of your personal property, legal liability and the costs of living elsewhere if your apartment becomes uninhabitable.

Renters insurance covers...

  • Personal property coverage: If your personal belongings are damaged by a fire or stolen from your car or apartment, your renters insurance policy will reimburse you up to your coverage limits.
  • Liability coverage: If you're liable for injury to other people or for damaging their property, liability coverage will cover the costs of their damages and your legal defense, typically up to $100,000 in coverage.
  • Additional living expenses coverage: Sometimes called loss of use coverage, this feature covers expenses incurred above and beyond your normal expenses if your apartment becomes uninhabitable after a covered event. For example, it will cover the cost of staying in an Airbnb downtown after a fire damages your condo.

Given that San Francisco has the highest rate of property crimes among the largest cities in the country, renters insurance is a sensible way to protect yourself from the cost of theft. Other dangers particular to San Francisco, such as fires caused by earthquakes, will also be covered.

Beyond renters insurance, San Francisco's unique location means its tenants have to take extra precautions to fully insure their personal belongings against potential dangers. Given its proximity to the coast and active fault lines, San Francisco is particularly vulnerable to both flooding and earthquakes, two perils not covered by most renters insurance policies.

Renters in San Francisco should check if they can get flood and earthquake insurance from their renters insurance carrier. The provider itself may underwrite the policy, partner with another insurer to provide you coverage or offer you government-backed insurance through the California Earthquake Authority or National Flood Insurance Program.

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