Does cost of rental insurance depend on house price in California?

Hi,

I obtained a rental insurance quote from my insurance agent a month ago on a property and the quote is about $ 460 per year; today I obtained another quote from her on a different property that worths half as much, but the quote is about $ 520… How come rental insurance for a less expensive house costs more? She said this is because the quote depends on the city, not the property price – Is she telling the truth?

P.S. We are comparing apple to apple here (i.e. same deductible and coverage).
Thanks for the answers. Just to clarify: I am getting “rental” insurance as a property owner, NOT “renter” insurance as a renter. What I wanted to know was why rental insurance for a less expensive house costs more?

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