Renter's insurance not on L.A.'s radar

Renter's insurance is not incredibly popular with Los Angeles-area residents, according to recent findings from Allstate. Although 35% of the California renters the company surveyed carry protection for their belongings, only 27% in L.A. do. In contrast, 53% of Bay Area renting respondents opted for such insurance.

Another area in the falling-down department: Allstate notes that 80% of L.A. renters haven't compiled a home inventory checklist, compared with 73% statewide.

Whether one is an insured renter or a homeowner, that checklist is going to come in handy should the need arise to file a claim. Allstate has a downloadable form, as does State Farm, among others.

What's such insurance going to set you back? Allstate puts the statewide average at $15 a month, or $180 a year, while the Insurance Information Institute places the annual average premium at $257.

-- Lauren Beale

Comments? Thoughts?

Photo: Glenn Koenig / Los Angeles Times

Comments

[jason]

Your Renter's Insurance premium seems low. I rent a
one-bedroom in Hollywood, 90068, and have content
insured (fire/theft) for 65K with a 1K deductable.
I pay $600. a year, currently with State Farm. I'm covered
for replacement cost on any item of personal property
up to $2,500. per item. There's a cap on electronics
which I can't recall at the moment. Paper and canvas
art and collectables aren't covered but other antiques
made of wood or metal are up to the $2,500. limit.
I've been told this is pretty standard. Yes, I'm guilty
of not having an inventory. A photo inventory is the
only way to go. Keep a copy out of state in case of
fire after earthquake. Of course, earthquake is not
covered, directly. Post earthquake theft may be(?)
I raise the policy limits 5%, every year.

[Laker]

Rental insurance in LA is low relative to bay area simply because many of LA renters are poor and can't afford to have renters insurance. They barely have money for gas and food. Also, since they are mostly poor, they have nothing of value, so nothing really to insure. The bay area renter are much wealthier, these are high paid earners, high tech guys, etc. So they have much more toys in their apartments so more reason to insure...also they can afford it.

No issue in this topic, next please!

[some investor guy]

The same firm which does my auto insurance offered a discount for having other lines of coverage. For a 3 Br house we are renting, it came out to $5 per month.