Renters Insurance California
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In 2013, the average estimated cost of renters insurance in California was $135 a year. Compared to that the average homeowners insurance is $630 a year in California, thus renters insurance is cheaper than most people realize.
Comparing Renters and Owners Insurance in 2013 in California
The landlord's policy does not cover renter's damages like burglary. There were 245767 burglaries reported in California in 2012. So, to protect one from events like fire, burglary or other disasters renters insurance is required.
Renters Insurance Coverage Types:
Actual cash value policy:
The Actual cash value policy covers the depreciated value of loss. An example of this is – a $2080 Personal Computers might be worth only $1040 in six months and that is the amount the insurance pays for.
Replacement Coverage Policy in California:
- By means of the same example, the insurance need not necessarily pay for the Personal Computers, but it will get you enough to buy another laptop of the same kind. In California, the replacement cost insurance costs around $33.75 more than the actual cash value policy.
- Considering the median rent of $1700 per month in California, the average renters insurance of $10 per month is 0.59% of median monthly rent.
Estimated Renters Insurance for Different House Types in California
| House Type |
Median Rent |
Estimated Renters Insurance |
|---|
| Single Fam |
$1,800 |
$126 |
| Duplex |
$1,460 |
$102 |
| Studio |
$1,030 |
$72 |
| Two Bed |
$1,650 |
$115 |
| Three Bed |
$1,800 |
$126 |
| Four Bed |
$2,000 |
$140 |
| Many Bed |
$2,300 |
$161 |
Deductibles in California:
By opting for a $500 deductible over a $250 deductible, an average of $14.85 can be saved on the insurance premium.