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Location and renters insurance rates

A person can have a range of different insurance policies. If they rent, rather than own, the place they live, one type of policy they may have is a renters insurance policy.

Among the things there is a fair amount of variation in when it comes to such policies is their cost. One of the things that can have implications on what a renters insurance policy ends up costing for a renter is where they live.

This can be seen in a report on renters insurance rates in California. The report put the average cost of renters insurance in the state at $321 a year (based on a sample property and policyholder).

However, some of California’s cities are seeing significantly larger rates. For example, Los Angeles’ average rate is $509 a year, while Beverly Hills’ came in at $531 a year. In addition to outpacing the state rate, these rates reportedly outpace the rates of some of the U.S.’s other major cities (like Chicago and New York City).

One wonders what impacts the particularly high rates in some California cities are having on renters and on how common renters insurance is among renters in those cities.

In addition to the cost of renters insurance, another thing that could end up varying from renter to renter is how things end up going when they file a claim in relation to a renters insurance policy. Sometimes, such a claim goes through smoothly. Other times though, claims hit snags. Sometimes, these snags come about because an insurer didn’t act the way they were supposed to. If a renter suspects that a problem that has come up with a renters insurance claim they made may be due to bad faith on the part of their insurer, they should consider speaking to an attorney skilled in insurance bad faith cases.

Source: Nasdaq, “Why California Has High Renters Insurance Rates,” Oct. 12, 2016

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